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The prices of futures contracts on short-term interest rates are commonly used by central banks to gauge market expectations concerning monetary policy decisions. Excess returns - the difference between futures rates and the realized rates - are positive, on average, and statistically...
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I study the spill-over effects of legislated discretionary tax changes in the United States, Germany, and the United … Kingdom to 11 Eurozone countries for the period 1980Q1-2018Q4 employing Local Projections (Jordà, 2005). In general, I find … spillovers from US tax legislation to have the smallest effects on Eurozone countries' real GDP and UK tax changes to exert the …
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The financial crisis has led to a far-reaching redesign of the European regulatory and supervisory framework for financial markets. This book provides students and professionals with a lucid guide to the new regulations and the policy context that led to the changes.
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