Digital Commons Network^™

Jp Morgan Chase Agrees To Pay $200 Million And Admits Wrongdoing To Settle Sec Charges, United States: Securities And Exchange Commission (Sec)

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No abstract provided.

Order Of Assessment Of A Civil Money Penalty Issued Upon Consent Pursuant To The Federal Deposit Insurance Act, As Amended, Federal Reserve System: Board Of Governors

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United States of America Before the Board of Governors of the Federal Reserve System

Jpmorgan Chase Bank N.A. Fined £137,610,000 For Serious Failings Relating To Its Chief Investment Office’S “London Whale” Trades, Financial Conduct Authority (Fca)

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JP Morgan Chase Bank N.A. Fined ‚¬137,610,000 for Serious Failings Relating to its Chief Investment Office's "London Whale" Trades

Jp Morgan Final Notice, Financial Conduct Authority (Fca)

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No abstract provided.

Consent Order For A Civil Money Penalty, United States: Department Of The Treasury: Office Of The Comptroller Of The Currency (Occ)

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No abstract provided.

The Financial Crisis In Denmark: Causes, Consequences And Lessons, Denmark: Ministry Of Industry, Business And Financial Affairs

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No abstract provided.

Ecb Extends The Swap Facility With The Bank Of England, European Central Bank (Ecb)

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No abstract provided.

Ecb Extends The Swap Facility With The Bank Of England, European Central Bank (Ecb)

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Other Relevant Crises: Global Financial Crisis ( 2007-2009)

Data Analysis Using Regression Modeling: Visual Display And Setup Of Simple And Complex Statistical Models, Emil N. Coman, Maria A. Coman, Eugen Iordache, Russell Barbour, Lisa Dierker

Yale Day of Data

We present visual modeling solutions for testing simple and more advanced statistical hypotheses in any research field. All models can be directly specified in analytical software like Mplus or R.

Data analysis in any substantive field can be easily accomplished by translating statistical tests in the intuitive language of regression-based path diagrams with observed and unobserved variables. All models we presented can be directly specified and estimated in analytical software.

Students can particularly benefit from being taught the simple regression modeling setup of the path analytical method, as it empowers them to apply the techniques to any data to test …

Assessing Asset Purchases Within The Ecb's Securities Markets Programme, Fabian Eser, Bernd Schwaab

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No abstract provided.

Gses And The Government's Role In Housing Finance: Issues For The 113th Congress, N. Eric Weiss

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Prepared for Members and Committees of Congress; N. Eric Weiss Specialist in Financial Economics.

Sas Essentials: Maximize The Efficiency Of Your Most Basic Users, Julie Kezik, Melissa Hill

Yale Day of Data

If programming and research assistants were taught SAS essentials, job efficiency could be maximized with the ability to use SAS as a tool to do their own preparatory work for assigned tasks. This paper summarizes a supplemental training program which teaches basic SAS programming skills to enable support staff to be more independent.

The purpose of this seminar is not only to teach how to do things, but also to provide a toolkit of essentials for new and infrequent users. Spending time with your employees while they explore SAS is the most economical way to teach basic users the skills …

Stipulation Of Settlement And Release, United States District Court: Southern District Of New York

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This Document Applies To: Lehman Brothers Equity/Debt Securities Litigation

Reserve Primary Fund Settles Lawsuit For $54.9 Million, Steven Church

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No abstract provided.

Italy: Financial System Stability Assessment, International Monetary Fund (Imf)

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No abstract provided.

Basel Iii & Tbtf: Introduction Risk Management Course, Daniel Zuberbuhler

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Basel III & TBTF: Introduction Risk Management Course Centro di Studi Bancari Vezia/TI

Commission Decision Of 3 September 2013 State Aid Sa.32554 (09/C) Restructuring Aid For Hypo Group Alpe Adria Implemented By Austria (Notified Under Document C(2013) 5648) (Only The German Text Is Authentic) (Text With Eea Relevance) (2014/341/Eu), European Union: European Commission

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No abstract provided.

Outright Monetary Transactions, One Year On, Benoit Coeure

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Speech by Benoit Coeure, Member of the Executive Board of the ECB, at the Conference "The ECB and its OMT Programme" organised by Centre for Economic Policy Research, German Institute, German Institute for Economic Research and KFW Bankengruppe Berlin, September 2, 2013

Correlated Equilibrium And The Comparison Of Information Structures In Games, Dirk Bergemann, Stephen Morris

Cowles Foundation Discussion Papers

A game of incomplete information can be decomposed into a basic game and an information structure. The basic game defines the set of actions, the set of payoff states the payoff functions and the common prior over the payoff states. The information structure refers to the signals that the players receive in the game. We characterize the set of outcomes that can arise in Bayes Nash equilibrium if players observe the given information structure but may also observe additional signals. The characterization corresponds to the set of (a version of) incomplete information correlated equilibria which we dub Bayes correlated equilibria. …

The Evolution Of ‘Theory Of Mind’: Theory And Experiments, Erik O. Kimbrough, Nikolaus Robalino, Arthur Robson

Cowles Foundation Discussion Papers

This paper investigates the evolutionary foundation for our capacity to attribute preferences to others. This ability is intrinsic to game theory, and is a key component of “Theory of Mind,” perhaps the capstone of social cognition. We argue here that this component of theory of mind allows organisms to efficiently modify their behavior in strategic environments with a persistent element of novelty. Our notion of “Theory of Mind” ’ (ToM) yields a sharp, unambiguous advantage over less sophisticated approaches to strategic interaction because agents with ToM extrapolate to novel circumstances information about opponents’ preferences that was learned previously. We then …

Unit Roots In Life — A Graduate Student Story, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This is a graduate student story. It mixes personal reflections with recollections of the extraordinary New Zealanders who shaped my thinking as a graduate student and beginning researcher — people who have had an enduring impact on my work and career as an econometrician. The story traces out these human initial conditions and unit roots that figure in my early life of teaching and research.

Functional Coefficient Nonstationary Regression, Jiti Gao, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper studies a general class of nonlinear varying coefficient time series models with possible nonstationarity in both the regressors and the varying coffiecient components. The model accommodates a cointegrating structure and allows for endogeneity with contemporaneous correlation among the regressors, the varying coefficient drivers, and the residuals. This framework allows for a mixture of stationary and non-stationary data and is well suited to a variety of models that are commonly used in applied econometric work. Nonparametric and semiparametric estimation methods are proposed to estimate the varying coefficient functions. The analytical findings reveal some important differences, including convergence rates, that …

Testing For Multiple Bubbles: Historical Episodes Of Exuberance And Collapse In The S&P 500, Peter C.B. Phillips, Shu-Ping Shi, Jun Yu

Cowles Foundation Discussion Papers

Recent work on econometric detection mechanisms has shown the effectiveness of recursive procedures in identifying and dating financial bubbles. These procedures are useful as warning alerts in surveillance strategies conducted by central banks and fiscal regulators with real time data. Use of these methods over long historical periods presents a more serious econometric challenge due to the complexity of the nonlinear structure and break mechanisms that are inherent in multiple bubble phenomena within the same sample period. To meet this challenge the present paper develops a new recursive flexible window method that is better suited for practical implementation with long …

Reviewing The Leverage Cycle, Ana Fostel, John Geanakoplos

Cowles Foundation Discussion Papers

We review the theory of leverage developed in collateral equilibrium models with incomplete markets. We explain how leverage tends to boost asset prices, and create bubbles. We show how leverage can be endogenously determined in equilibrium, and how it depends on volatility. We describe the dynamic feedback properties of leverage, volatility, and asset prices, in what we call the Leverage Cycle. We also describe some cross-sectional implications of multiple leverage cycles, including contagion, flight to collateral, and swings in the issuance volume of the highest quality debt. We explain the differences between the leverage cycle and the credit cycle literature. …

Reflections On Macroeconometric Modeling, Ray C. Fair

Cowles Foundation Discussion Papers

I have been doing research in macroeconomics since the late 1960s, almost 50 years. In this paper I pause and take stock. The paper is part personal reflections on macroeconometric modeling, part a road map of the techniques of macroeconometric modeling, and part comments on what I think I have learned about how the macroeconomy works from my research in this area.

The Comparison Of Information Structures In Games: Bayes Correlated Equilibrium And Individual Sufficiency, Dirk Bergemann, Stephen Morris

Cowles Foundation Discussion Papers

We define and characterize a notion of correlated equilibrium for games with incomplete information, which we call Bayes correlated equilibrium: The set of outcomes that can arise in Bayes Nash equilibria of an incomplete information game where players may have access to additional signals beyond the information structure is characterized and shown to be equivalent to the set of Bayes correlated equilibria. A game of incomplete information can be decomposed into a basic game, given by actions sets and payoff functions, and an information structure. We introduce a partial order on many player information structures — which we call individual …

The Comparison Of Information Structures In Games: Bayes Correlated Equilibrium And Individual Sufficiency, Dirk Bergemann, Stephen Morris

Cowles Foundation Discussion Papers

The set of outcomes that can arise in Bayes Nash equilibria of an incomplete information game where players may have access to additional signals beyond the given information structure is characterized and shown to be equivalent to the set of a version of incomplete information correlated equilibria which we dub Bayes correlated equilibria. A game of incomplete information can be decomposed into a basic game, given by actions sets and payoff functions, and an information structure. We introduce a partial order on many player information structures — which we call individual sufficiency — under which more information shrinks the set …

Estimating Smooth Structural Change In Cointegration Models, Jiti Gao, Degui Li, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper studies nonlinear cointegration models in which the structural coefficients may evolve smoothly over time. These time-varying coefficient functions are well-suited to many practical applications and can be estimated conveniently by nonparametric kernel methods. It is shown that the usual asymptotic methods of kernel estimation completely break down in this setting when the functional coefficients are multivariate. The reason for this breakdown is a kernel-induced degeneracy in the weighted signal matrix associated with the nonstationary regressors, a new phenomenon in the kernel regression literature. Some new techniques are developed to address the degeneracy and resolve the asymptotics, using a …

Testing For Multiple Bubbles: Limit Theory Of Real Time Detectors, Peter C.B. Phillips, Shu-Ping Shi, Jun Yu

Cowles Foundation Discussion Papers

This paper provides the limit theory of real time dating algorithms for bubble detection that were suggested in Phillips, Wu and Yu (2011, PWY) and Phillips, Shi and Yu (2013b, PSY). Bubbles are modeled using mildly explosive bubble episodes that are embedded within longer periods where the data evolves as a stochastic trend, thereby capturing normal market behavior as well as exuberance and collapse. Both the PWY and PSY estimates rely on recursive right tailed unit root tests (each with a different recursive algorithm) that may be used in real time to locate the origination and collapse dates of bubbles. …

Norming Rates And Limit Theory For Some Time-Varying Coefficient Autoregressions, Offer Lieberman, Peter C.B. Phillips

Cowles Foundation Discussion Papers

A time-varying autoregression is considered with a similarity-based coefficient and possible drift. It is shown that the random walk model has a natural interpretation as the leading term in a small-sigma expansion of a similarity model with an exponential similarity function as its autoregressive coefficient. Consistency of the quasi-maximum likelihood estimator of the parameters in this model is established, the behaviors of the score and Hessian functions are analyzed and test statistics are suggested. A complete list is provided of the normalization rates required for the consistency proof and for the score and Hessian functions standardization. A large family of …