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Haa Senior Bonds Drop On Haircut Speculation, Reuters Staff Dec 2013

Haa Senior Bonds Drop On Haircut Speculation, Reuters Staff

Documents

No abstract provided.


Italy: Technical Note On Safety Nets, Bank Resolution, And Crisis Management Framework, International Monetary Fund Dec 2013

Italy: Technical Note On Safety Nets, Bank Resolution, And Crisis Management Framework, International Monetary Fund

Documents

No abstract provided.


Office Of Financial Stability – Troubled Asset Relief Program (Fy 2013), United States: Department Of The Treasury Dec 2013

Office Of Financial Stability – Troubled Asset Relief Program (Fy 2013), United States: Department Of The Treasury

Documents

No abstract provided.


Annals Of Crony Capitalism: Revisiting The Aig Bailout, Malcom S. Salter Dec 2013

Annals Of Crony Capitalism: Revisiting The Aig Bailout, Malcom S. Salter

Documents

No abstract provided.


An International Review Of Occ's Supervision Of Large And Midsize Institutions, United States: Department Of The Treasury: Office Of The Comptroller Of The Currency (Occ) Dec 2013

An International Review Of Occ's Supervision Of Large And Midsize Institutions, United States: Department Of The Treasury: Office Of The Comptroller Of The Currency (Occ)

Documents

AN INTERNATIONAL REVIEW OF OCC'S SUPERVISION OF LARGE AND MIDSIZE INSTITUTIONS: RECOMMENDATIONS TO IMPROVE SUPERVISORY EFFECTIVENESS


Rating Action: Moody's Changes Outlook On Portuguese Banks' Government-Guaranteed Debt To Stable From Negative, Moody's Investor Service Dec 2013

Rating Action: Moody's Changes Outlook On Portuguese Banks' Government-Guaranteed Debt To Stable From Negative, Moody's Investor Service

Documents

No abstract provided.


Compensation To Bank Shareholders, Danish Consumer Ombudsman Dec 2013

Compensation To Bank Shareholders, Danish Consumer Ombudsman

Documents

No abstract provided.


Risk, Insurance And Wage In General Equilibrium, Ahmed Mushfiq Mobarak, Mark Rosenzweig Dec 2013

Risk, Insurance And Wage In General Equilibrium, Ahmed Mushfiq Mobarak, Mark Rosenzweig

Discussion Papers

No abstract provided.


Shadow Banking, Zoltan Pozsar, Tobias Adrian, Adam Ashcraft, Hayley Boesky Dec 2013

Shadow Banking, Zoltan Pozsar, Tobias Adrian, Adam Ashcraft, Hayley Boesky

Documents

No abstract provided.


Uncertain Growth And The Value Of The Future, Jaume Masoliver, Miquel Montero, John Geanakoplos, J. Doyne Farmer Dec 2013

Uncertain Growth And The Value Of The Future, Jaume Masoliver, Miquel Montero, John Geanakoplos, J. Doyne Farmer

Cowles Foundation Discussion Papers

For environmental problems such as global warming future costs must be balanced against present costs. This is traditionally done using an exponential function with a constant discount rate, which reduces the present value of future costs. The result is highly sensitive to the choice of discount rate and has generated a major controversy as to the urgency for immediate action. We study analytically several standard interest rate models from finance and compare their properties to empirical data. From historical time series for nominal interest rates and inflation covering 14 countries over hundreds of years, we find that extended periods of …


Information And Volatility, Dirk Bergemann, Tibor Heumann, Stephen Morris Dec 2013

Information And Volatility, Dirk Bergemann, Tibor Heumann, Stephen Morris

Cowles Foundation Discussion Papers

In an economy of interacting agents with both idiosyncratic and aggregate shocks, we examine how the information structure determines aggregate volatility. We show that the maximal aggregate volatility is attained in a noise free information structure in which the agents confound idiosyncratic and common components of the payoff state, and display excess response to the common component, as in Lucas (1972). The upper bound on aggregate volatility is linearly increasing in the variance of idiosyncratic shocks, for any given variance of aggregate shocks. Our results hold in a setting of symmetric agents with linear best responses and normal uncertainty. We …


Uniform Consistency Of Nonstationary Kernel-Weighted Sample Covariances For Nonparametric Regression, Degui Li, Peter C.B. Phillips, Jiti Gao Dec 2013

Uniform Consistency Of Nonstationary Kernel-Weighted Sample Covariances For Nonparametric Regression, Degui Li, Peter C.B. Phillips, Jiti Gao

Cowles Foundation Discussion Papers

We obtain uniform consistency results for kernel-weighted sample covariances in a nonstationary multiple regression framework that allows for both fixed design and random design coefficient variation. In the fixed design case these nonparametric sample covariances have different uniform convergence rates depending on direction, a result that differs fundamentally from the random design and stationary cases. The uniform convergence rates derived are faster than the corresponding rates in the stationary case and confirm the existence of uniform super-consistency. The modelling framework and convergence rates allow for endogeneity and thus broaden the practical econometric import of these results. As a specific application, …


Information And Volatility, Dirk Bergemann, Tibor Heumann, Stephen Morris Dec 2013

Information And Volatility, Dirk Bergemann, Tibor Heumann, Stephen Morris

Cowles Foundation Discussion Papers

In an economy of interacting agents with both idiosyncratic and aggregate shocks, we examine how the structure of private information influences aggregate volatility. The maximal aggregate volatility is attained in a noise free information structure in which the agents confound idiosyncratic and aggregate shocks, and display excess response to the aggregate shocks, as in Lucas [14]. For any given variance of aggregate shocks, the upper bound on aggregate volatility is linearly increasing in the variance of the idiosyncratic shocks. Our results hold in a setting of symmetric agents with linear best responses and normal uncertainty. We establish our results by …


Promises And Expectations, Florian Ederer, Alexander Stremitzer Dec 2013

Promises And Expectations, Florian Ederer, Alexander Stremitzer

Cowles Foundation Discussion Papers

We investigate why people keep their promises in the absence of external enforcement mechanisms and reputational effects. In a controlled laboratory experiment we show that exogenous variation of second-order expectations (promisors’ expectations about promisees’ expectations) leads to a significant change in promisor behavior. We provide evidence that a promisor’s aversion to disappointing a promisee’s expectation leads her to behave more generously. We propose and estimate a simple model of conditional guilt aversion that is supported by our results and nests the findings of previous contributions as special cases.


Emissions, Humberto Llavador, John E. Roemer, Joaquim Silvestre Dec 2013

Emissions, Humberto Llavador, John E. Roemer, Joaquim Silvestre

Cowles Foundation Discussion Papers

Mankind must cooperate to reduce GHG emissions to prevent a catastrophic rise in global temperature. How can the necessary costs of reducing GHG emissions be allocated across regions of the world, within the next few generations, and simultaneously address growth expectations and economic development? We postulate a two-region world and, based on sustainability and egalitarian criteria, calculate optimal paths in which a South, like China, and a North, like the United States, converge in welfare per capita to a path of sustained growth of 1% per year by 2080, while global CO2 emissions are restricted to the Representative Concentration Pathway …


Truthful Equilibria In Dynamic Bayesian Games, Johannes Hörner, Satoru Takahashi, Nicolas Vieille Dec 2013

Truthful Equilibria In Dynamic Bayesian Games, Johannes Hörner, Satoru Takahashi, Nicolas Vieille

Cowles Foundation Discussion Papers

This paper characterizes an equilibrium payoff subset for Markovian games with private information as discounting vanishes. Monitoring is imperfect, transitions may depend on actions, types be correlated and values interdependent. The focus is on equilibria in which players report truthfully. The characterization generalizes that for repeated games, reducing the analysis to static Bayesian games with transfers. With correlated types, results from mechanism design apply, yielding a folk theorem. With independent private values, the restriction to truthful equilibria is without loss, except for the punishment level; if players withhold their information during punishment-like phases, a “folk” theorem obtains also.


Dexia – Rise & Fall Of A Banking Giant, Nicholas Whitbeck Dec 2013

Dexia – Rise & Fall Of A Banking Giant, Nicholas Whitbeck

Documents

No abstract provided.


Historical Tables: Monetary And Financial Indicators, Banca D'Italia Dec 2013

Historical Tables: Monetary And Financial Indicators, Banca D'Italia

Documents

No abstract provided.


Luxembourg's Financial Centre And Its Deposits, Marcus Wintersteller Dec 2013

Luxembourg's Financial Centre And Its Deposits, Marcus Wintersteller

Documents

No abstract provided.


Annual Report, Report From The Board Of Directors, December 2013, Fundo Garantidor De Crèditos Dec 2013

Annual Report, Report From The Board Of Directors, December 2013, Fundo Garantidor De Crèditos

Documents

No abstract provided.


Frequently Asked Questions And Answers Regarding The Reorganization Of The Slovenian Banking System, Banka Slovenjie/Central Bank Of Slovenije Dec 2013

Frequently Asked Questions And Answers Regarding The Reorganization Of The Slovenian Banking System, Banka Slovenjie/Central Bank Of Slovenije

Documents

No abstract provided.


The Department Of The Treasury: Agency Financial Report, United States: Department Of The Treasury Dec 2013

The Department Of The Treasury: Agency Financial Report, United States: Department Of The Treasury

Documents

Office of Financial Stability -- The Department of Treasury Agency Financial Report. Includes details regarding the Troubled Asset Relief Program.


Regulatory Consistency Assessment Programme (Rcap): Second Report On Risk-Weighted Assets Or Market Risk In The Trading Book, Bank For International Settlements (Bis) Dec 2013

Regulatory Consistency Assessment Programme (Rcap): Second Report On Risk-Weighted Assets Or Market Risk In The Trading Book, Bank For International Settlements (Bis)

Documents

Basel Committee on Banking Supervision -- Regulatory Consistency Assessment Programme (RCAP) -- Second Report on Risk-Weighted Assets for Market Risk in the Trading Book


2013 Greater New Haven Community Index, Mark Abraham, Camille Seaberry, Kelly Davila, Andrew Carr Dec 2013

2013 Greater New Haven Community Index, Mark Abraham, Camille Seaberry, Kelly Davila, Andrew Carr

Reports

No abstract provided.


Dexia - Rise & Fall Of A Banking Giant, Nicholas Whitbeck Dec 2013

Dexia - Rise & Fall Of A Banking Giant, Nicholas Whitbeck

Documents

No abstract provided.


Promises And Expectations, Florian Ederer, Alexander Stremitzer Dec 2013

Promises And Expectations, Florian Ederer, Alexander Stremitzer

Cowles Foundation Discussion Papers

We investigate why people keep their promises in the absence of external enforcement mechanisms and reputational effects. In a controlled laboratory experiment we show that exogenous variation of second-order expectations (promisors’ expectations about promisees’ expectations that the promise will be kept) leads to a significant change in promisor behavior. We provide clean evidence that a promisor’s aversion to disappointing a promisee’s expectation leads her to keep her promise. We propose a simple theory of lexicographic promise keeping that is supported by our results and nests the findings of previous contributions as special cases.


Yale Scientific Magazine: Volume 87, Number 1 Dec 2013

Yale Scientific Magazine: Volume 87, Number 1

Yale Scientific Magazine

No abstract provided.


Information, Interdependence, And Interaction: Where Does The Volatility Come From?, Dirk Bergemann, Tibor Heumann, Stephen Morris Dec 2013

Information, Interdependence, And Interaction: Where Does The Volatility Come From?, Dirk Bergemann, Tibor Heumann, Stephen Morris

Cowles Foundation Discussion Papers

We analyze a class of games with interdependent values and linear best responses. The payoff uncertainty is described by a multivariate normal distribution that includes the pure common and pure private value environment as special cases. We characterize the set of joint distributions over actions and states that can arise as Bayes Nash equilibrium distributions under any multivariate normally distributed signals about the payoff states. We characterize maximum aggregate volatility for a given distribution of the payoff states. We show that the maximal aggregate volatility is attained in a noise-free equilibrium in which the agents confound idiosyncratic and common components …


Truthful Equilibria In Dynamic Bayesian Games, Johannes Hörner, Satoru Takahashi, Nicolas Vieille Dec 2013

Truthful Equilibria In Dynamic Bayesian Games, Johannes Hörner, Satoru Takahashi, Nicolas Vieille

Cowles Foundation Discussion Papers

This paper characterizes an equilibrium payoff subset for dynamic Bayesian games as discounting vanishes. Monitoring is imperfect, transitions may depend on actions, types may be correlated and values may be interdependent. The focus is on equilibria in which players report truthfully. The characterization generalizes that for repeated games, reducing the analysis to static Bayesian games with transfers. With independent private values, the restriction to truthful equilibria is without loss, except for the punishment level; if players withhold their information during punishment-like phases, a folk theorem obtains.


When Credit Bites Back, ’Scar Jord, Moritz Schularick, Alan M. Taylor Nov 2013

When Credit Bites Back, ’Scar Jord, Moritz Schularick, Alan M. Taylor

Documents

No abstract provided.