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We analyze the impact of financial crises and monetary policy on the supply of wholesale funding liquidity, and also on the compositional supply effects through cross-border and relationship lending. For empirical identification, we draw on the proprietary bank-to-bank European interbank dataset...
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Basispunkten im ersten Halbjahr auf mehr als zwanzig Basispunke aus. Die Handelskosten - gemessen an der effektiven Geld … Verhältnis zwischen der effektiven Geld-Brief-Spanne und dem unerwarteten Handelsvolumen ist positiv und statistisch signifikant …, was auf die Existenz von nichtöffentlichen Informationen hindeutet. Den Anstieg der Geld-Briefspannnen während der …
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The turbulences in the international financial markets during the summer and autumn of 1998 put the price formation and liquidity provision mechanism in many markets under severe strain. As part of the large-scale portfolio rebalancing that took place, investors shifted a large part of their...
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We assess the effects of financial shocks on inflation, and to what extent financial shocks can account for the "missing disinflation" during the Great Recession. We apply a vector autoregressive model to US data and identify financial shocks through sign restrictions. Our main finding is that...
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