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Multiple Paths To Institutional-Based Trust Production And Repair: Lessons From The Russian Bank Deposit Market, Andrew Spicer, Ilya Okhmatovskiy Jun 2015

Multiple Paths To Institutional-Based Trust Production And Repair: Lessons From The Russian Bank Deposit Market, Andrew Spicer, Ilya Okhmatovskiy

Documents

No abstract provided.


Federal Reserve Collateral Guidelines, Federal Reserve System Jun 2015

Federal Reserve Collateral Guidelines, Federal Reserve System

Documents

No abstract provided.


Choice Of Enterprise Form: Spain, 1886-1936, Timothy Guinnane, Susana Martinez-Rodriguez Jun 2015

Choice Of Enterprise Form: Spain, 1886-1936, Timothy Guinnane, Susana Martinez-Rodriguez

Discussion Papers

No abstract provided.


The Effect Of Effectiveness: Donor Response To Aid Effectiveness In A Direct Mail Fundraising Experiment, Dean Karlan, Daniel Wood Jun 2015

The Effect Of Effectiveness: Donor Response To Aid Effectiveness In A Direct Mail Fundraising Experiment, Dean Karlan, Daniel Wood

Discussion Papers

No abstract provided.


Investment Horizons And Price Indeterminacy In Financial Markets, Shinichi Hirota, Juergen Huber, Thomas Stöckl, Shyam Sunder Jun 2015

Investment Horizons And Price Indeterminacy In Financial Markets, Shinichi Hirota, Juergen Huber, Thomas Stöckl, Shyam Sunder

Cowles Foundation Discussion Papers

We examine how different investment horizons, and consequently the number of hands through which a security passes during its life, affect prices in a laboratory market populated by overlapping generations of investors. We find that (i) price deviations are larger in markets populated only by short-horizon investors compared to markets with long-horizon investors; (ii) for a given maturity of security, price deviations increase as investment horizons shrink (and frequency of transfers increases); and (iii) short investment horizons create upward pressure on prices when liquidity is high and downward pressure when liquidity is low.


Edmond Malinvaud: A Tribute To His Contributions In Econometrics, Peter C.B. Phillips Jun 2015

Edmond Malinvaud: A Tribute To His Contributions In Econometrics, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper provides a tribute to Edmond Malinvaud’s contributions to econometrics. We overview the primary original contributions in Edmond Malinvaud’s masterful work The Statistical Methods of Econometrics . This advanced text developed a complete treatment of linear estimation theory using geometric methods and, for the first time, provided rigorous nonlinear regression asymptotics, using this theory as the basis of a rigorous development of the limit theory for simultaneous equations theory. Malinvaud’s treatise remained the most complete textbook study of econometric methods for several decades.


Pitfalls And Possibilities In Predictive Regression, Peter C.B. Phillips Jun 2015

Pitfalls And Possibilities In Predictive Regression, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Financial theory and econometric methodology both struggle in formulating models that are logically sound in reconciling short run martingale behaviour for financial assets with predictable long run behavior, leaving much of the research to be empirically driven. The present paper overviews recent contributions to this subject, focussing on the main pitfalls in conducting predictive regression and on some of the possibilities offered by modern econometric methods. The latter options include indirect inference and techniques of endogenous instrumentation that use convenient temporal transforms of persistent regressors. Some additional suggestions are made for bias elimination, quantile crossing amelioration, and control of predictive …


Hot Property In New Zealand: Empirical Evidence Of Housing Bubbles In The Metropolitan, Ryan Greenaway-Mcgrevy, Peter C.B. Phillips Jun 2015

Hot Property In New Zealand: Empirical Evidence Of Housing Bubbles In The Metropolitan, Ryan Greenaway-Mcgrevy, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Using recently developed statistical methods for testing and dating exhuberant behavior in asset prices we document evidence of episodic bubbles in the New Zealand property market over the past two decades. The results show clear evidence of a broad-based New Zealand housing bubble that began in 2003 and collapsed over mid 2007 to early 2008 with the onset of the worldwide recession and the financial crisis. New methods of analyzing market contagion are also developed and are used to examine spillovers from the Auckland property market to the other metropolitan centres. Evidence from the latest data reveals that the greater …


Business Cycles, Trend Elimination, And The Hp Filter, Peter C.B. Phillips, Sainan Jin Jun 2015

Business Cycles, Trend Elimination, And The Hp Filter, Peter C.B. Phillips, Sainan Jin

Cowles Foundation Discussion Papers

We analyze trend elimination methods and business cycle estimation by data filtering of the type introduced by Whittaker (1923) and popularized in economics in a particular form by Hodrick and Prescott (1980/1997; HP). A limit theory is developed for the HP filter for various classes of stochastic trend, trend break, and trend stationary data. Properties of the filtered series are shown to depend closely on the choice of the smoothing parameter (λ). For instance, when λ = O ( n 4 ) where n is the sample size, and the HP filter is applied to an I(1) process, the filter …


Minimum Distance Testing And Top Income Shares In Korea, Jin Seo Cho, Myung-Ho Park, Peter C.B. Phillips Jun 2015

Minimum Distance Testing And Top Income Shares In Korea, Jin Seo Cho, Myung-Ho Park, Peter C.B. Phillips

Cowles Foundation Discussion Papers

We study Kolmogorov-Smirnov goodness of fit tests for evaluating distributional hypotheses where unknown parameters need to be fitted. Following work of Pollard (1979), our approach uses a Cramér-von Mises minimum distance estimator for parameter estimation. The asymptotic null distribution of the resulting test statistic is represented by invariance principle arguments as a functional of a Brownian bridge in a simple regression format for which asymptotic critical values are readily delivered by simulations. Asymptotic power is examined under fixed and local alternatives and finite sample performance of the test is evaluated in simulations. The test is applied to measure top income …


Sociedad De Gestión De Activos Procedentes De La Reestructuración Bancaria, Emma Ortiz Risueno Jun 2015

Sociedad De Gestión De Activos Procedentes De La Reestructuración Bancaria, Emma Ortiz Risueno

Documents

No abstract provided.


Cdic: 2014 Annual Report, Taiwan: Central Deposit Insurance Corporation Jun 2015

Cdic: 2014 Annual Report, Taiwan: Central Deposit Insurance Corporation

Documents

No abstract provided.


Reserve Requirements As A Macroprudential Instrument – Empirical Evidence From Brazil, Christian Glocker, Pascal Towbin Jun 2015

Reserve Requirements As A Macroprudential Instrument – Empirical Evidence From Brazil, Christian Glocker, Pascal Towbin

Documents

No abstract provided.


Enhanced Guidance For Effective Deposit Insurance Systems: Multiple Deposit Insurance Organizations, International Association Of Deposit Insurers Jun 2015

Enhanced Guidance For Effective Deposit Insurance Systems: Multiple Deposit Insurance Organizations, International Association Of Deposit Insurers

Documents

No abstract provided.


Changes To The Federal Home Loan Bank System Since The Great Recession, John Simone Jun 2015

Changes To The Federal Home Loan Bank System Since The Great Recession, John Simone

Documents

No abstract provided.


Corruption Risks In The Process Of Establishing The Bad Bank In Slovenia, Peter Premrl Jun 2015

Corruption Risks In The Process Of Establishing The Bad Bank In Slovenia, Peter Premrl

Documents

No abstract provided.


Mortgage Market Review: "Hard-Wired Common Sense?", Sarah Nield Jun 2015

Mortgage Market Review: "Hard-Wired Common Sense?", Sarah Nield

Documents

No abstract provided.


Danish Act On Restructuring And Resolution Of Certain Financial Businesses, Danish Government Jun 2015

Danish Act On Restructuring And Resolution Of Certain Financial Businesses, Danish Government

Documents

No abstract provided.


Financial Reporting, Financial Regulation, And Financial Stability: Evidence From German Bank Failures In 2007-2008, Oana Maria Georgescu, Christian Laux Jun 2015

Financial Reporting, Financial Regulation, And Financial Stability: Evidence From German Bank Failures In 2007-2008, Oana Maria Georgescu, Christian Laux

Documents

No abstract provided.


Testing Mean Stability Of Heteroskedastic Time Series, Violetta Dalla, Liudas Giraitis, Peter C.B. Phillips Jun 2015

Testing Mean Stability Of Heteroskedastic Time Series, Violetta Dalla, Liudas Giraitis, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Time series models are often fitted to the data without preliminary checks for stability of the mean and variance, conditions that may not hold in much economic and financial data, particularly over long periods. Ignoring such shifts may result in fitting models with spurious dynamics that lead to unsupported and controversial conclusions about time dependence, causality, and the effects of unanticipated shocks. In spite of what may seem as obvious differences between a time series of independent variates with changing variance and a stationary conditionally heteroskedastic (GARCH) process, such processes may be hard to distinguish in applied work using basic …


The President's Wartime Detention Authority : What History Teaches Us, Anirudh Sivaram May 2015

The President's Wartime Detention Authority : What History Teaches Us, Anirudh Sivaram

Harvey M. Applebaum ’59 Award

This thesis examines the extent of the President’s wartime detention authority over citizens (in particular, detention authority pursuant to Article II of the U.S. Constitution) through a legal-historical lens. Some Presidents (Abraham Lincoln, Franklin Roosevelt, George W. Bush) have historically relied on Article II authority for detention, while others (Ulysses Grant, Barack Obama) have disclaimed the notion that such authority exists. Clarifying the scope and source of the Presidential detention authority over citizens bears both theoretical and real-world relevance. Theoretically, it lies at the confluence of two central American constitutional traditions – the separation of powers, and the protection of …


Moving The Needle: How Transparency Could Lower Costs And Improve Quality In United States Hospitals, Anna "Nina" Russell May 2015

Moving The Needle: How Transparency Could Lower Costs And Improve Quality In United States Hospitals, Anna "Nina" Russell

Harvey M. Applebaum ’59 Award

This thesis shows the limitations of price and quality information for improving the value of healthcare delivery in the United States. First, in four survey experiments to determine the impact of information on decision-making, consumers were more likely to choose the lower cost or higher quality option when relevant information was presented in straightforward ways with a minimized risk of information overload (n = 224, t = -3.7065, p = 0.0002). Second, hospitals on the U.S. News Best Hospital list between 2008 and 2011 were shown to be significantly more likely to be found in wealthy, highly populated areas, while …


Implementation Of Brrd, And Use Of And Experiences With Bail-In In Denmark, Jens Verner Andersen May 2015

Implementation Of Brrd, And Use Of And Experiences With Bail-In In Denmark, Jens Verner Andersen

Documents

No abstract provided.


The Activities Of The Government Finance Fund, Norway: Parliament May 2015

The Activities Of The Government Finance Fund, Norway: Parliament

Documents

No abstract provided.


Asset Management Corporation Of Nigeria (Amendment) Act, Asset Management Corporation Of Nigeria (Amcon) May 2015

Asset Management Corporation Of Nigeria (Amendment) Act, Asset Management Corporation Of Nigeria (Amcon)

Documents

Amendment extending, among other powers, enhanced debt collection powers


Nigeria's Amcon Recovers 57% Of Bad Debts Bought In Crisis, Paul Wallace May 2015

Nigeria's Amcon Recovers 57% Of Bad Debts Bought In Crisis, Paul Wallace

Documents

No abstract provided.


Graduate Archival Education In The United States; A Personal Reflection About Its Past And Future, Richard J. Cox May 2015

Graduate Archival Education In The United States; A Personal Reflection About Its Past And Future, Richard J. Cox

Journal of Contemporary Archival Studies

From one vantage, those who started their careers decades ago, graduate archival education has made tremendous leaps forward; from another perspective, those in the early years of their careers, education in this field may look spotty, disjointed, and confusing. As I near the end of my career (although old archivists don’t fade away, they get preserved), I have increasingly felt like an archival source in ongoing professional dialogue. In this essay, I briefly consider the evolution of graduate education since the 1970s, the emergence of a new archival professorial corps, the maturing of our field’s professional and scholarly research, and …


The Flight From Maturity, Gary B. Gorton, Andrew Metrick, Lei Xie May 2015

The Flight From Maturity, Gary B. Gorton, Andrew Metrick, Lei Xie

Documents

No abstract provided.


The Cyclicality Of Political Connections: An Investigation Into Changes In Reserve Requirements In China, Meng Miao May 2015

The Cyclicality Of Political Connections: An Investigation Into Changes In Reserve Requirements In China, Meng Miao

Documents

No abstract provided.


Publication In Accordance With Article 6 Of Directive 2001/24/Ec Of The European Parliament And Of The Council On The Reorganisation And Winding-Up Of Credit Institutions (2015/C 168/04), European Union: European Commission May 2015

Publication In Accordance With Article 6 Of Directive 2001/24/Ec Of The European Parliament And Of The Council On The Reorganisation And Winding-Up Of Credit Institutions (2015/C 168/04), European Union: European Commission

Documents

No abstract provided.