WORKING PAPER NO 06-9 NONTRADED GOODS, MARKET SEGMENTATION, AND EXCHANGE RATES pot
WORKING PAPER NO. 06-9 NONTRADED GOODS, MARKET SEGMENTATION, AND EXCHANGE RATES pot
... Then, the real exchange rate can be written as q = qTp, where22See, for example, Engel (1999).18 WORKING PAPER NO. 06-9 NONTRADED GOODS, MARKET SEGMENTATION, AND EXCHANGE RATES Michael ... particular,nominal and real exchange rates depreciate more in the absence of nontraded goods, and the role of these shocks in accounting for exchange rate volatility increases in the absenceof nontraded ... real exchange ratemovements.26As we shall see, this finding does not imply that nontraded goods do not playan important role in the behavior of exchange rates in our model.Nominal and real exchange...
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WORKING PAPER NO 13 CREDIT RISK TRANSFER AND FINANCIAL SECTOR PERFORMANCE Wolf Wagner & Ian Marsh potx
... 34 WORKING PAPER NO 13 CREDIT RISK TRANSFER AND FINANCIAL SECTOR PERFORMANCE Wolf Wagner & Ian Marsh The Working Paper is intended as a ... thoughts and findings may be communicated to interested readers for their comments. The paper should be considered preliminary in nature and may require substantial revision. Accordingly, a Working ... Working Paper should not be quoted nor the data referred to without the written consent of the author. All rights reserved. © 2004 Wolf Wagner & Ian Marsh Comments and suggestions...
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Working Paper No. 400 Liquidity-saving mechanisms and bank behaviour pot
... star. Working Paper No. 400Liquidity-saving mechanisms and bank behaviourMarco Galbiati and Kimmo Soramäki July 2010 Working Paper No. 400 July 2010 19Figure 6: Equilibria and planner’s ... This paper was finalised on 11 May 2010.The Bank of England’s working paper series is externally refereed.Information on the Bank’s working paper series can be found atwww.bankofengland.co.uk/publications/workingpapers/index.htmPublications ... changes). Working Paper No. 400 July 2010 21Figure 7: LSM costs, liquidity and threshold, standardised by the corresponding values without LSM 5 Conclusions This paper compares...
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WORKING PAPER NO. 40 FINANCIAL STRUCTURE AND THE INTEREST RATE CHANNEL OF ECB MONETARY POLICY pptx
... the exogenous variables are given in Tables A1, A2 and A3.ECB Working Paper No 40 l November 200028Table 1aStylised facts on the link between money market rates and bank deposit rates Table ... INTEREST RATE CHANNELOF ECB MONETARY POLICYBY BENOÎT MOJONNovember 2000EUROPEAN CENTRAL BANK WORKING PAPER SERIESECB Working Paper No 40 l November 200018The composition of household assets ... Basel, March.Boone L., C. Giorno and P. Richardson (1998): “Stock market fluctuation and consumptionbehaviour: Some recent evidence”, Economics Department Working Papers No. 208, December,OECD.Borio...
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WORKING PAPER NO. 72 BANK CONCENTRATION AND RETAIL INTEREST RATES pptx
... BANK WORKING PAPER SERIESECB EZB EKT BCE EKP WORKING PAPER NO. 72 BANK CONCENTRATION AND RETAIL INTEREST RATES BY SANDRINE CORVOISIER AND REINT GROPPJuly 2001ECB • Working Paper No ... appreciated. WORKING PAPER NO. 72 BANK CONCENTRATION AND RETAIL INTEREST RATES BY SANDRINE CORVOISIER AND REINT GROPP1July 2001ECB • Working Paper No 72 • July 200129Table 3. Euro area: Top Five Market ... between lending rates and money market rates. For deposits we used the difference between money market rates and deposit rates, in order to maintain comparability between loan and deposit products....
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WORKING PAPER NO. 136 RETAIL BANK INTEREST RATE PASS-THROUGH: NEW EVIDENCE AT THE EURO AREA LEVEL docx
... in De Bondt (2000). 11ECB • Working Paper No 136 • April 2002{Chart 2a and 2b} 4.2 Correlation analysis between retail bank interest rates and market interest rates This section presents ... Bulletin of Economics and Statistics, 54, 3, 325-348. 21ECB • Working Paper No 136 • April 2002Laudadio, L., 1987, Commercial banks: market structure and short-term interest rates, Journal ... relationships exist between retail bank interest rates and market interest rates, and most bank interest rates fully adjust to changes in market interest rates in the long term. {Table 2} 6. Robustness...
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WORKING PAPER NO. 192 IS THE EUROPEAN CENTRAL BANK (AND THE UNITED STATES FEDERAL RESERVE) PREDICTABLE? pptx
... current month. ECB • Working Paper No 192 • November 200218EUROPEAN CENTRAL BANK WORKING PAPER SERIESECB EZB EKT BCE EKP WORKING PAPER NO. 192IS THE EUROPEAN CENTRALBANK (AND THE UNITEDSTATES ... (2001). ECB • Working Paper No 192 • November 200214While longer-term money market rates provide a picture of how the market view the path of key ECB interest rates, they might not be devoid ... interest rates, Sveriges Riksbank, Woking Paper No 132. Bindseil, U., 2002, Equilibrium bidding in the Eurosystem’s open market operations, ECB Working Paper No 137. Bernhardsen, T and A. Kloster,...
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Working Paper No. 446 The business cycle implications of banks’ maturity transformation potx
... sector and there does not exist a representative bank. Working Paper No. 446 March 2012 18 Working Paper No. 446The business cycle implications of banks’maturity transformationMartin M Andreasen, ... impact on firms’ decisions compared to one-period nominal contracts as consideredin Christiano, Motto and Rostagno (2003) and Christiano, Motto and Rostagno (2007). The aimof this section is therefore ... pinttCiyf;tCi(39)subject to (38). Working Paper No. 446 March 2012 28 Working Paper No. 446The business cycle implications of banks’ maturitytransformationMartin M Andreasen,(1)Marcelo Ferman(2) and Pawel Zabczyk(3)AbstractThis...
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NATIONAL BANK OF POLAND WORKING PAPER No . 72: Central bank’s macroeconomic projections and learning potx
... a particular macroeconomic variable, depending on the specific macroeconomic environment inwhich it operates.Announcing expected inflation and output gap WORKING PAPER No. 72294E-stability ... particular macroeconomic variable, depending on the specific macroeconomic environment inwhich it operates.Figure 4: E-stability and root-t convergence under no announcement and underannouncement only ... interest rate path communication WORKING PAPER No. 72213Figure 1 compares the regions of E-stability in the (γx, γπ) space under no an-nouncement and under announcement of the interest rate...
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WORKING PAPER NO. 218 THE ZERO-INTEREST-RATE BOUND AND THE ROLE OF THE EXCHANGE RATE FOR MONETARY POLICY IN JAPAN potx
... BANK WORKING PAPER SERIESECB EZB EKT BCE EKP WORKING PAPER NO. 218THE ZERO-INTEREST-RATEBOUND AND THE ROLE OF THE EXCHANGE RATE FORMONETARY POLICY IN JAPANBY GÜNTER COENEN AND VOLKER WIELANDMARCH ... 2003EUROPEAN CENTRAL BANK WORKING PAPER SERIES*ECB • Working Paper No 218 • March 200329gaps under the linear and nonlinar rules for the Marshallian k, denoted by squares and diamonds respectively. ... http://www.volkerwieland.com. WORKING PAPER NO. 218THE ZERO-INTEREST-RATEBOUND AND THE ROLE OF THE EXCHANGE RATE FORMONETARY POLICY IN JAPAN**BY GÜNTER COENEN AND VOLKER WIELANDMARCH 2003EUROPEAN...
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