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Articles 24751 - 24780 of 33883
Full-Text Articles in Entire DC Network
Annual Report 1997, Bank Of Korea
The Depression Of 1893, David Whitten
Resolution 006 (August 10, 2001), Colombia: (Fogafin) Financial Institutions Guarantee Fund
Resolution 006 (August 10, 2001), Colombia: (Fogafin) Financial Institutions Guarantee Fund
Documents
No abstract provided.
Southeast Asia Spends Today, Worries Tomorrow, Jennifer Chen
Southeast Asia Spends Today, Worries Tomorrow, Jennifer Chen
Documents
No abstract provided.
Danamodal Signed S&P Agreement With Arab-Malaysian Finance Berhad For The Sale Of 100% Equity Interest In Mbf Finance Berhad, Danamodal Nasional Berhad
Danamodal Signed S&P Agreement With Arab-Malaysian Finance Berhad For The Sale Of 100% Equity Interest In Mbf Finance Berhad, Danamodal Nasional Berhad
Documents
No abstract provided.
School Subsidies For The Poor: Evaluating The Mexican Progresa Poverty Program, T. Paul Schultz
School Subsidies For The Poor: Evaluating The Mexican Progresa Poverty Program, T. Paul Schultz
Discussion Papers
No abstract provided.
Delegated Monitors, Large And Small: The Development Of Germany’S Banking System, 1800-1914, Timothy W. Guinnane
Delegated Monitors, Large And Small: The Development Of Germany’S Banking System, 1800-1914, Timothy W. Guinnane
Discussion Papers
No abstract provided.
The Fertility Transition: Economic Explanations, T. Paul Schultz
The Fertility Transition: Economic Explanations, T. Paul Schultz
Discussion Papers
No abstract provided.
Liquidity, Default And Crashes: Endogenous Contracts In General Equilibrium, John Geanakoplos
Liquidity, Default And Crashes: Endogenous Contracts In General Equilibrium, John Geanakoplos
Cowles Foundation Discussion Papers
Introducing default and limited collateral into general equilibrium theory (GE) allows for a theory of endogenous contracts, including endogenous margin requirements on loans. This in turn allows GE to explain liquidity and liquidity crises in equilibrium. A formal definition of liquidity is presented. When new information raises the probability a fixed income asset may default, its drop in price may be much greater than its objective drop in value because the drop in value reduces the relative wealth of its natural buyers, who disproportiantely own the asset through leveraged purchases. When the information also shortens the horizon over which the …
A Practical Competitive Market Model For Indivisible Commodities, Zaifu Yang
A Practical Competitive Market Model For Indivisible Commodities, Zaifu Yang
Cowles Foundation Discussion Papers
A general and practical competitive market model for trading indivisible goods is introduced. There are a group of buyers and a group of sellers, and several indivisible goods. Each buyer is initially endowed with a sufficient amount of money and each seller is endowed with several units of each indivisible good. Each buyer has reservation values over bundles of indivisible goods above which he will not buy and each seller has reservation values over bundles of his own indivisible goods below which he will not sell. Buyers and sellers’ preferences depend on the bundle of indivisible goods and the quantity …
Accessible Pareto-Improvements: Using Market Information To Reform Inefficiencies, Michael Mandler
Accessible Pareto-Improvements: Using Market Information To Reform Inefficiencies, Michael Mandler
Cowles Foundation Discussion Papers
We study Pareto improvements whose implementation requires knowledge of only market prices and traded quantities, not utility and demand functions. Quantity stabilization gives agents the right to repeat the net trades they previously conducted, but requires policymakers to have records of those trades. While reasonable in some partial equilibrium contexts, such an assumption is implausible in general equilibrium. To diminish informational requirements further, we also consider price stabilization, which holds constant the relative prices that consumers face. Although price stabilizations do not achieve first-best efficiency, they lead to Pareto-improvements and production efficiency. Moreover, the production efficiency advantage persists under price …
Liquidity, Default And Crashes: Endogenous Contracts In General Equilibrium, John Geanakoplos
Liquidity, Default And Crashes: Endogenous Contracts In General Equilibrium, John Geanakoplos
Cowles Foundation Discussion Papers
Introducing default and limited collateral into general equilibrium theory (GE) allows for a theory of endogenous contracts, including endogenous margin requirements on loans. This in turn allows GE to explain liquidity and liquidity crises in equilibrium. A formal definition of liquidity is presented. When new information raises the probability a fixed income asset may default, its drop in price may be much greater than its objective drop in value because the drop in value reduces the relative wealth of its natural buyers, who disproportiantely own the asset through leveraged purchases. When the information also shortens the horizon over which the …
Compromises Between Cardinality And Ordinality In Preference Theory And Social Choice, Michael Mandler
Compromises Between Cardinality And Ordinality In Preference Theory And Social Choice, Michael Mandler
Cowles Foundation Discussion Papers
By taking sets of utility functions as a primitive description of agents, we define an ordering over assumptions on utility functions that gauges their implicit measurement requirements. Cardinal and ordinal assumptions constitute two types of measurement requirements, but several standard assumptions in economics lie between these extremes. We first apply the ordering to different theories for why consumer preferences should be convex and show that diminishing marginal utility, which for complete preferences implies convexity, is an example of a compromise between cardinality and ordinality. In contrast, the Arrow-Koopmans theory of convexity, although proposed as an ordinal theory, relies on utility …
Exchange Rates And Casualties During The First World War, George J. Hall
Exchange Rates And Casualties During The First World War, George J. Hall
Cowles Foundation Discussion Papers
I estimate a single factor model of Swiss exchange rates during World War I for five of the primary belligerents: Britain, France, Italy, Germany, and Austria-Hungary. At the outbreak of the war these nations suspended convertibility of their currencies into gold with the promise that after the war each would restore convertibility at the old par. However, once convertibility was suspended, each currency became a state-contingent claim; after the war it would pay off at (or near) the old par if the country won or pay off significantly less than par (perhaps nothing) if the country lost. The single factor …
The Banking Industry In The Emerging Market Economies: Competititon, Consolidation, And Systemic Stability, Bank For International Settlements (Bis)
The Banking Industry In The Emerging Market Economies: Competititon, Consolidation, And Systemic Stability, Bank For International Settlements (Bis)
Documents
No abstract provided.
Liquidity, Default And Crashes: Endogenous Contracts In General Equilibrium, John Geanakoplos
Liquidity, Default And Crashes: Endogenous Contracts In General Equilibrium, John Geanakoplos
Cowles Foundation Discussion Papers
The possibility of default limits available liquidity. If the potential default draws nearer, a liquidity crisis may ensue, causing a crash in asset prices, even if the probability of default barely changes, and even if no defaults subsequently materialize. Introducing default and limited collateral into general equilibrium theory (GE) allows for a theory of endogenous contracts, including endogenous margin requirements on loans. This in turn allows GE to explain liquidity and liquidity crises in equilibrium. A formal definition of liquidity is presented. When new information raises the probability and shortens the horizon over which a fixed income asset may default, …
Insurance Contracts Designed By Competitive Pooling, Pradeep Dubey, John Geanakoplos
Insurance Contracts Designed By Competitive Pooling, Pradeep Dubey, John Geanakoplos
Cowles Foundation Discussion Papers
We build a model of competitive pooling and show how insurance contracts emerge in equilibrium, designed by the invisible hand of perfect competition. When pools are exclusive, we obtain a unique separating equilibrium. When pools are not exclusive but seniority is recognized, we obtain a different unique equilibrium: the pivotal primary-secondary equilibrium. Here reliable and unreliable households take out a common primary insurance up to its maximum limit, and then unreliable households take out further secondary insurance.
Perfectly Fair Allocations With Indivisibilities, Ning Sun, Zaifu Yang
Perfectly Fair Allocations With Indivisibilities, Ning Sun, Zaifu Yang
Cowles Foundation Discussion Papers
One set of n objects of type I, another set of n objects of type II, and an amount M of money is to be completely allocated among n agents in such a way that each agent gets one object of each type with some amount of money. We propose a new solution concept to this problem called a perfectly fair allocation. It is a refinement of the concept of fair allocation. An appealing and interesting property of this concept is that every perfectly fair allocation is Pareto optimal. It is also shown that a perfectly fair allocation is envy …
If You're So Smart, Why Aren't You Rich?Belief Selection In Complete And Incomplete Markets, Larry Blume, David Easley
If You're So Smart, Why Aren't You Rich?Belief Selection In Complete And Incomplete Markets, Larry Blume, David Easley
Cowles Foundation Discussion Papers
This paper provides an analysis of the asymptotic properties of consumption allocations in a stochastic general equilibrium model with heterogeneous consumers. In particular we investigate the market selection hypothesis, that markets favor traders with more accurate beliefs. We show that in any Pareto optimal allocation whether each consumer vanishes or survives is determined entirely by discount factors and beliefs. Since equilibrium allocations in economies with complete markets are Pareto optimal, our results characterize the limit behavior of these economies. We show that, all else equal, the market selects for consumers who use Bayesian learning with the truth in the support …
Monetary Policy In Thailand: Current Challenges And Prospects, Pridiyathorn Devakula
Monetary Policy In Thailand: Current Challenges And Prospects, Pridiyathorn Devakula
Documents
No abstract provided.
Minutes Of The Board Of Governors Of The Federal Reserve System Amended Proposal By Citigroup To Acquire Grupo Financiero Banamex And Its Subsidiaries, Alan Greenspan, Edward M. Gramlich
Minutes Of The Board Of Governors Of The Federal Reserve System Amended Proposal By Citigroup To Acquire Grupo Financiero Banamex And Its Subsidiaries, Alan Greenspan, Edward M. Gramlich
Documents
Additional Board of Governors of the Federal Reserve System staff, who were also present at the time of this meeting, include the following: Mr. Ferguson, Mr. Kelley, Mr. Meyer, Ms. Johnson, Mrs. Lowrey, Mrs. Doying, Mr. Hiratsuka, Ms. Fox, Ms, Smith, Mr. Winn, Mr. Skidmore, Mr. Mattingly, Ms, O'Day, Mr. Ettin, Mr. Kwast, Mr. Spillenkothen, Mr. Schemering, Mr. Hoffman, Mr. Martinson, Ms. Cross, Ms. Bailey, Ms. Smith, Ms. McNulty, and Ms. White
Clarkson Email To Bankole At El Re June Ytd Afg, Brian Clarkson
Clarkson Email To Bankole At El Re June Ytd Afg, Brian Clarkson
Documents
No abstract provided.
Moodys Brian Clarkson Email Regarding June Ytd Afg By Analyst, Brian Clarkson
Moodys Brian Clarkson Email Regarding June Ytd Afg By Analyst, Brian Clarkson
Documents
No abstract provided.
Rcc's Revamp Offers Hope Against Npls, Shinichi Kishima
Rcc's Revamp Offers Hope Against Npls, Shinichi Kishima
Documents
No abstract provided.
Minutes Of The Board Of Governors Of The Federal Reserve System Regarding Citigroup Inc.'S Application To Acquire European American Bank, Alan Greenspan, Edward M. Gramlich
Minutes Of The Board Of Governors Of The Federal Reserve System Regarding Citigroup Inc.'S Application To Acquire European American Bank, Alan Greenspan, Edward M. Gramlich
Documents
Additional Board of Governors of the Federal Reserve System staff, who were also present at the time of this meeting, include the following: Mr. Ferguson, Mr. Kelley, Mr.Meyer, Mr. Gramlich, Ms. Johnson, Mr. Frierson, Mrs. Lowrey, Mrs. Doying, Mr. Hiratsuka, Ms. Fox, Mr. Winn, Mr. Hambley, Mr. Skidmore, Mr. Mattingly, Mr. Alavrez, Ms. O'Day, Ms. Misback, Mr. Spillenkothen, Mr. Hoffman, Mr. Marinson, Ms. Cross, Mr. Smith, Ms. McNulty, and Mr. Bernstein.
Nonparametric Estimation Of A Multifactor Heath-Jarrow-Morton Model: An Integrated Approach, Andrew Jeffrey, Oliver B. Linton, Thong Nguyen, Peter C.B. Phillips
Nonparametric Estimation Of A Multifactor Heath-Jarrow-Morton Model: An Integrated Approach, Andrew Jeffrey, Oliver B. Linton, Thong Nguyen, Peter C.B. Phillips
Cowles Foundation Discussion Papers
We develop a nonparametric estimator for the volatility structure of the zero coupon yield curve in the Heath, Jarrow-Morton framework. The estimator incorporates cross-sectional restrictions along the maturity dimension, and also allows for measurement errors, which arise from the estimation of the yield curve from noisy data. The estimates are implemented with daily CRSP bond data.
International Finance In General Equilibrium, John Geanakoplos, Dimitrios P. Tsomocos
International Finance In General Equilibrium, John Geanakoplos, Dimitrios P. Tsomocos
Cowles Foundation Discussion Papers
Our purpose in this paper is to unify international trade and finance in a single general equilibrium model. Our model is rich enough to include multiple commodities (including traded and nontraded goods), heterogeneous consumers in each country, multiple time periods, multiple credit markets, and multiple currencies. Yet our model is simple enough to be effectively computable. We explicitly calculate the financial and real effects of changes in tariffs, productivity, and preferences, as well as the effects of monetary and fiscal policy. We maintain agent optimization, rational expectations, and market clearing (i.e., perfect competition with flexible prices) throughout. But because of …
Regression With Slowly Varying Regressors, Peter C.B. Phillips
Regression With Slowly Varying Regressors, Peter C.B. Phillips
Cowles Foundation Discussion Papers
Slowly varying regressors are asymptotically collinear in linear regression. Usual regression formulae for asymptotic standard errors remain valid but rates of convergence are affected and the limit distribution of the regression coefficients is shown to be one dimensional. Some asymptotic representations of partial sums of slowly varying functions and central limit theorems with slowly varying weights are given that assist in the development of a regression theory. Multivariate regression and polynomial regression with slowly varying functions are considered and shown to be equivalent, up to standardization, to regression on a polynomial in a logarithmic trend. The theory involves second, third …
The Cnbc Effect: Welfare Effects Of Public Information, Stephen Morris, Hyun Song Shin
The Cnbc Effect: Welfare Effects Of Public Information, Stephen Morris, Hyun Song Shin
Cowles Foundation Discussion Papers
What are the welfare effects of enhanced dissemination of public information through the media and disclosures by market participants with high public visibility? For instance, is it always desirable to have frequent and timely publications of economic statistics by government agencies and the central bank? We examine the impact of public information in a setting where agents take actions appropriate to the underlying fundamentals, but they also have a coordination motive arising from a strategic complementarity in their actions. When the agents have no private information, greater provision of public information always increases welfare. However, when agents also have access …
Gaussian Estimation Of Continuous Time Models Of The Short Term Interest Rate, Jun Yu, Peter C.B. Phillips
Gaussian Estimation Of Continuous Time Models Of The Short Term Interest Rate, Jun Yu, Peter C.B. Phillips
Cowles Foundation Discussion Papers
This paper proposes a Gaussian estimator for nonlinear continuous time models of the short term interest rate. The approach is based on a stopping time argument that produces a normalizing transformation facilitating the use of a Gaussian likelihood. A Monte Carlo study shows that the finite sample performance of the proposed procedure offers an improvement over the discrete approximation method proposed by Nowman (1997). An empirical application to U.S. and British interest rates is given.