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This paper develops an analytical framework to explain how a liquidity shock or a shock to the aggregate haircut on … exogenous noise, the model shows that a liquidity shock leads asset prices and the exchange rate to depart from the steady state … level, triggering a financial crisis. Further, a negative shock to the interest rate differential also has the potential to …
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This paper analyzes the implications of currency crises in a model with unique equilibrium. Starting from a typical multiple equilibria model with self-fulfilling expectations we introduce noisy information, following Morris/Shin (1999). Under certain conditions for the noise parameter, all...
Persistent link: https://www.econbiz.de/10010504306
While virtually all currency crisismodels recognise that the fate of a currency peg depends on how tenaciously policy makers defend it, they seldom model how this is done. We incorporate themechanics of speculation and the interest rate defence against it in the model ofMorris and Shin (American...
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Alexandra Zaby The Decision to Patent Physica-Verlag Contents Introduction 1 1.1 The Patent System 6 1.1.1 Disclosure Requirement 10 ...
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2005 Mannheim Innovation Panel in combination with patent information from the European Patent Office provides strong …
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