While many studies have demonstrated the impact of weather conditions along with lunar phases on stock markets, this paper explores the impact of lunar phases on the bank lending channel for a sample of European banks, using the GMM estimator methodology, suggested in Arellano and Bond (1991),...

The purpose of this paper is to examine whether the choice of exchange rate regime can affect the likelihood of banking crises in emerging countries. We estimate the impact of exchange rate arrangements on crises in a panel-data set of 56 emerging countries using a logit method. We find that...

We reconsider the potential for explaining inter-industry wage differences by decomposing those differences into parts due to individual and employer heterogeneity, respectively. Using longitudinally linked employer-employee data, we estimate the model for the United States and France. The part...

This paper provides an in-depth study on the history and evolution of Commercial Bank characteristic factors and other Macroeconomic variables on the financial industry performance indices in Nigeria from 1977 to 2010. The work employed a 3-stage procedure in the assessment of Commercial Bank...

Applying an open-economy macroeconomic model, incorporating the monetary policy reaction function and uncovering interest parity, this paper finds that the expected real exchange rate and real output exhibit an inverted J-shape relationship, suggesting that expected real depreciation increases...

This article examines the impact of news about the Bank of Japan monetary policy announcements regarding the Japanese yen, US dollar, and the Euro interest rates. Whether or not the announcements from the monetary authorities impact the domestic markets is related to the success of their...

Besides providing enhanced macroeconomic and financial stability, a commitment to optimum monetary policy conduct in a developing economy like Nigeria could better deliver greater long-run stability of both internal and external macroeconomic factors. The need for an ordered monetary policy...

The monetary transmission mechanisms have influence on saving and investment decisions of firms and households by affecting their balance sheets. This study examines the effects of monetary policy through the balance sheet channel (also known as ‘financial accelerator’), which affects net...

In order to better understand relationships between the real economy and financial economy, it is necessary to formulate a model of financing. New Keynesian theory emphasizes that a firm’s net worth influences investment decisions and business cycles under an imperfect capital market. We have...

In this paper, we attempt to estimate reaction functions of the Central Bank of the Republic of Turkey (CBRT) based on Taylor rule and Hybrid McCallum-Taylor rule. We apply Generalized Methods of Moments (GMM) and Limited Information Maximum Likelihood (LIML) methods for estimating monetary...