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Interbank money markets have been subject to substantial impairments in the recent decade, such as a decline in unsecured lending and substantial increases in haircuts on posted collateral. This paper seeks to understand the implications of these developments for the broader economy and monetary...
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The aim of this article is to take a critical look at how to perceive informal institutions within institutional theory …. Douglas North in his early works on institutional theory divided the national institutional framework into two main categories … important to take an overall critical look at the way in which institutional theory relate to a given societal context. This …
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We compare sparse and dense representations of predictive models in macroeconomics, microeconomics, and finance. To deal with a large number of possible predictors, we specify a prior that allows for both variable selection and shrinkage. The posterior distribution does not typically concentrate...
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