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Money markets, collateral and monetary policy

De Fiore, Fiorella; Hoerova, Marie; Uhlig, Harald - 2019

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...

Persistent link: https://www.econbiz.de/10012142083

International Business Studies and the Imperative of Context: Exploring the 'Black Whole' in Institutional Theory

Jakobsen, Michael - 2014

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 …

Persistent link: https://www.econbiz.de/10012142445

Economic predictions with big data: The illusion of sparsity

Giannone, Domenico; Lenza, Michele; Primiceri, Giorgio E. - 2018

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...

Persistent link: https://www.econbiz.de/10012144690

On the role of electricity storage in capacity remuneration mechanisms

Fraunholz, Christoph; Keles, Dogan; Fichtner, Wolf - 2019

In electricity markets around the world, the substantial increase of intermittent renewable electricity generation has intensified concerns about generation adequacy, ultimately driving the implementation of capacity remuneration mechanisms. Although formally technology-neutral, substantial...

Persistent link: https://www.econbiz.de/10012146971