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Bucher-Koenen, Tabea; Ziegelmeyer, Michael - 2011

We study how and to what extent private households are affected by the recent financial crisis and how their financial decisions are in uenced by this shock. Our analysis reveals that individuals with low levels of financial literacy are less likely to have invested in the stock market and thus...

Persistent link: https://www.econbiz.de/10009640632

Diversification in euro area stock markets

Moerman, Gerard - 2004

recent euro area stock markets data, we find clear evidence that diversification over industries yields more efficient … portfolios than diversification over countries. We show that this result is robust with respect to the information technology … and a different sample period, that country diversification strategies are superior. We regard this paper as a robustness …

Persistent link: https://www.econbiz.de/10009636550

Consumer inflation expectations in Poland

£yziak, Tomasz - 2003

Inflation expectations constitute a subject of particular contemporary interest to central banks, especially those pursuing a monetary policy based on a strategy of direct inflation targeting. Macroeconomic theory indicates that the transmission of monetary policy impulses and their impact on...

Persistent link: https://www.econbiz.de/10009635882

Sporadic manipulation in money markets with central bank standing facilities

Ewerhart, Christian; Cassola, Nuno; Ejerskov, Steen; … - 2004

In certain market environments, a large investor may benefit from building up a futures position first and trading subsequently in the spot market (Kumar and Seppi, 1992). The present paper identifies a variation of this type of manipulation that might occur in money markets with an interest...

Persistent link: https://www.econbiz.de/10009639459

Labour market reform and the sustainability of exchange rate pegs

Castrén, Olli; Takalo, Tuomas; Wood, Geoffrey - 2004

It is commonly thought that an open economy can accommodate output shocks through either exchange rate or real sector adjustments. We formalise this notion by incorporating labour market rigidities into an “escape clause” model of currency crises. We show that the absence of structural...

Persistent link: https://www.econbiz.de/10009639466

How much does the public know about the ECB's monetary policy?

Cruijsen, Carin van der; Jansen, David-Jan; Haan, Jakob de - 2010

Does the general public know what central banks do? Is this kind of knowledge relevant? Using a survey of Dutch households, we investigate these questions for the case of the European Central Bank (ECB). Our findings suggest that knowledge on the ECB’s objectives is far from perfect. Both a...

Persistent link: https://www.econbiz.de/10009640274

The ECB's New Multi-Country Model for the euro area

Dieppe, Alistair; González Pandiella, Alberto; Hall, … - 2011

Rational expectations has been the dominant way to model expectations, but the literature has quickly moved to a more realistic assumption of boundedly rational learning where agents are assumed to use only a limited set of information to form their expectations. A standard assumption is that...

Persistent link: https://www.econbiz.de/10009640692

Optimal dynamic risk sharing when enforcement is a decision variable

Koeppl, Thorsten V. - 2003

Societies provide institutions that are costly to use, but able to enforce long-run relationships. We study the optimal decision problem of using self-governance for risk sharing or governance through enforcement provided by these institutions. Third-party enforcement is modelled as a costly...

Persistent link: https://www.econbiz.de/10009635888

Perpetual youth and endogenous labour supply

Ascari, Guido; Rankin, Neil - 2004

In the “perpetual youth” overlapping-generations model of Blanchard and Yaari, if leisure is a “normal” good then some agents will have negative labour supply. We suggest a solution to this problem by using a modified version of Greenwood, Hercowitz and Huffman’s utility function. The...

Persistent link: https://www.econbiz.de/10009639400

Consumption and initial mortgage conditions

Masier, Giacomo; Villanueva, Ernesto - 2011

Economic theory predicts that the consumption path of unconstrained homeowners responds to the interest rate, while the consumption path of credit constrained homeowners is determined by the size and timing of payments (mortgage maturity). We exploit the rapid expansion of mort-gage markets...

Persistent link: https://www.econbiz.de/10009640630

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