Este trabajo estudia el contenido de los discursos de los funcionarios de la Fed, poniendo el foco en la estabilidad financiera, desde 1997 hasta 2018. En él se desarrollan indicadores que miden tanto la intensidad como el tono de los discursos de los miembros de la Junta de Gobernadores y los...

Summary of Banco de España Working Paper no. 2110

The ECB Working Paper Series seeks to disseminate economic research on issues that are relevant to the various tasks and functions of the ECB. The Series invites submissions of research work by ECB staff and visitors. Papers by researchers not affiliated with the ECB may also be considered for...

Since the 1990s, the effective global labor supply has increased strongly, in particular due to the integration of China and India into the global markets. This rise has also deteriorated the situation of low-skilled workers in advanced economies. This development raises important challenges for...

Unique and proprietary data of the illiquid, one-year non cancelable for three month Bermudan swaps (1Y NC 3M swaps) and one-year non callable for three months Bermudan CDs (1Y NC 3M CDs), provides evidence of market efficiency. The 1Y NC 3M swap and 1Y NC 3M CD markets efficiently reflected...

The financial crisis of 2007-2008 led to extraordinary government intervention in firms and markets. The scope and depth of government action rivaled that of the Great Depression. Many traded markets experienced dramatic declines in liquidity leading to the existence of conditions normally...