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Cross-country differences in monetary policy transmission

Berben, Robert-Paul; Locarno, Alberto; Morgan, Julian; … - 2004

This paper examines possible explanations for observed differences in the transmission of euro area monetary policy in central bank large-scale macroeconomic models. In particular it considers the extent to which these differences are due to differences in the underlying economies or (possibly...

Persistent link: https://www.econbiz.de/10009639460

Foreign direct investment and international business cycle comovement

Jansen, W. Jos; Stokman, Ad C. J. - 2004

This paper investigates the relationship between bilateral FDI positions and cross-country business cycle correlations in the period 1982–2001. We find that countries that have comparatively intensive FDI relations also have more synchronized business cycles during 1995–2001. Before 1995, we...

Persistent link: https://www.econbiz.de/10009639461

Forecasting euro area inflation using dynamic factor measures of underlying inflation

Camba-Méndez, Gonzalo; Kapetanios, George - 2004

use of measures of underlying inﬂation to formulate monetary policy and assist in forecasting observed inﬂation. Recent … measures of underlying inﬂation built from more traditional methods. The power to forecast headline inﬂation over horizons of …

Persistent link: https://www.econbiz.de/10009639462

Financial market integration and loan competition

Kaas, Leo - 2004

The paper analyzes how the removal of barriers to entry in banking affect loan competition, bank stability and economic welfare. We consider a model of spatial loan competition where a market that is served by less efficient banks is opened to entry by banks that are more efficient in screening...

Persistent link: https://www.econbiz.de/10009639463

An analysis of systemic risk in alternative securities settlement architectures

Iori, Giulia - 2004

This paper compares securities settlement gross and netting architectures. It studies settlement risk arising from exogenous operational delays and compares settlement failures between the two architectures as functions of the length of the settlement interval under different market conditions....

Persistent link: https://www.econbiz.de/10009639464

Labour market reform and the sustainability of exchange rate pegs

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

average inflation rate when the currency peg is more vulnerable to “busts” than “booms”. This interaction between …

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

Banking consolidation and small business lending

Takáts, Előd - 2004

The paper investigates small business lending as an information problem. It models the effects of information asymmetries within the bank combined with fixed wages. Two kinds of inefficiencies arise in equilibrium: the credit officer either sometimes shirks or he is occasionally fired. In both...

Persistent link: https://www.econbiz.de/10009639467

The great inflation, limited asset markets participation and aggregate demand

Bilbiie, Florin O. - 2004

policy should be passive, to ensure equilibrium determinacy and to minimize variations in output and inflation. This paper … presents evidence that asset markets participation in the US was limited over the Great Inflation period and the slope of the … IS curve had the ’wrong’ sign. Our results may help explain the ’Great Inflation’ and give optimism for FED policy. If …

Persistent link: https://www.econbiz.de/10009639468

Currency mismatch, uncertainty and debt maturity structure

Bussière, Matthieu; Fratzscher, Marcel; Koeniger, Winfried - 2004

The academic literature has so far little to say about the underlying causes of the large structural asset and liability imbalances of emerging markets that frequently contributed to financial crises. The aim of the paper is to contribute to filling this gap by proposing a theoretical model that...

Persistent link: https://www.econbiz.de/10009639469

Do options-implied RND functions on G3 currencies move around the times of interventions on the JPY/USD exchange rate?

Castrén, Olli - 2004

This paper focuses on changes in the currency options market’s assessment of likely future exchange rate developments around the times of official interventions in the JPY/USD exchange rate. We estimate the options-implied risk-neutral density functions (RNDs) using daily OTC quotes for...

Persistent link: https://www.econbiz.de/10009639470