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Improved Information In Search Markets, Jidong Zhou Oct 2020

Improved Information In Search Markets, Jidong Zhou

Cowles Foundation Discussion Papers

This paper studies how an improved information environment affects consumer search and firm competition. We find conditions for information improvement to have unambiguous impacts on search duration, price and consumer welfare. In many cases consumers benefit from information improvement regardless of how it affects the market price, but there are also cases where information improvement raises price significantly so that consumers suffer from it. Our model provides a unified way to consider the market implications of various types of information improvement such as search advertising, personalized recommendations, filtering, and VR shopping technology.

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Bank Of Canada Announces Changes To Programs That Support Key Financial Markets, Bank Of Canada/Central Bank Of Canada/La Banque Du Canada Oct 2020

Bank Of Canada Announces Changes To Programs That Support Key Financial Markets, Bank Of Canada/Central Bank Of Canada/La Banque Du Canada

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Market notice announcing the discontinuation of the BAPF amid improvement in financial markets and no participation

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Bank Of Canada Announces Changes To Programs That Support Key Financial Markets, Bank Of Canada/Central Bank Of Canada/La Banque Du Canada Oct 2020

Bank Of Canada Announces Changes To Programs That Support Key Financial Markets, Bank Of Canada/Central Bank Of Canada/La Banque Du Canada

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Market notice announcing the discontinuation of the BAPF amid improvement in financial markets and no participation

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Fannie Mae Sec Filings, Federal National Mortgage Association (Fannie Mae) Oct 2020

Fannie Mae Sec Filings, Federal National Mortgage Association (Fannie Mae)

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No abstract provided.

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The Fifth Report Of The Congressional Oversight Commission, United States: Congressional Oversight Commission Oct 2020

The Fifth Report Of The Congressional Oversight Commission, United States: Congressional Oversight Commission

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No abstract provided.

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Forecasting Economic Activity Using The Yield Curve: Quasi-Real-Time Applications For New Zealand, Australia And The Us, Todd Henry, Peter C.B. Phillips Oct 2020

Forecasting Economic Activity Using The Yield Curve: Quasi-Real-Time Applications For New Zealand, Australia And The Us, Todd Henry, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Inversion of the yield curve has come to be viewed as a leading recession indicator. Unsurprisingly, some recent instances of inversion have attracted attention from economic commentators and policymakers about possible impending recessions. Using a variety of time series models and recent innovations in econometric method, this paper conducts quasi-real-time forecasting exercises to investigate whether the predictive capability of the yield curve extends to forecasting economic activity in general and whether removing the term premium component from yields affects forecast accuracy. The empirical findings for the US, Australia, and New Zealand show that forecast performance is not improved either by …

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Paycheck Protection Program Loan Forgiveness Rules Eased For Smallest Borrowers, Mallory Dreyer Oct 2020

Paycheck Protection Program Loan Forgiveness Rules Eased For Smallest Borrowers, Mallory Dreyer

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No abstract provided.

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Spain Implements Tranched, Adaptive Credit Guarantee Program To Meet Firm Demand, Sharon Nunn Oct 2020

Spain Implements Tranched, Adaptive Credit Guarantee Program To Meet Firm Demand, Sharon Nunn

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No abstract provided.

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The Commercial Paper Funding Facility (U.S. Gfc), Rosalind Z. Wiggins Oct 2020

The Commercial Paper Funding Facility (U.S. Gfc), Rosalind Z. Wiggins

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No abstract provided.

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State Guarantee Of External Debt Of Korean Banks, Lily Engbith Oct 2020

State Guarantee Of External Debt Of Korean Banks, Lily Engbith

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No abstract provided.

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Moody's Announces Completion Of A Periodic Review Of Ratings Of Yes Bank Limited | Announcement Of Periodic Review | Moody's, Moody's Investor Service Oct 2020

Moody's Announces Completion Of A Periodic Review Of Ratings Of Yes Bank Limited | Announcement Of Periodic Review | Moody's, Moody's Investor Service

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No abstract provided.

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Selling Consumer Data For Profit: Optimal Market-Segmentation Design And Its Consequences, Kai Hao Yang Oct 2020

Selling Consumer Data For Profit: Optimal Market-Segmentation Design And Its Consequences, Kai Hao Yang

Cowles Foundation Discussion Papers

A data broker sells market segmentations created by consumer data to a producer with private production cost who sells a product to a unit mass of consumers with heterogeneous values. In this setting, I completely characterize the revenue-maximizing mechanisms for the data broker. In particular, every optimal mechanism induces quasi-perfect price discrimination. That is, the data broker sells the producer a market segmentation described by a cost-dependent cutoff, such that all the consumers with values above the cutoff end up buying and paying their values while the rest of consumers do not buy. The characterization of optimal mechanisms leads to …

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Joint Hm Treasury And Bank Of England Covid Corporate Financing Facility (Ccff) - Consolidated Market Notice 9 October 2020, Bank Of England/Central Bank Of The United Kingdom Oct 2020

Joint Hm Treasury And Bank Of England Covid Corporate Financing Facility (Ccff) - Consolidated Market Notice 9 October 2020, Bank Of England/Central Bank Of The United Kingdom

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No abstract provided.

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Update On The Covid Corporate Financing Facility (Ccff) - Market Notice 9 October 2020, Bank Of England/Central Bank Of The United Kingdom, United Kingdom: Her Majesty's Treasury Oct 2020

Update On The Covid Corporate Financing Facility (Ccff) - Market Notice 9 October 2020, Bank Of England/Central Bank Of The United Kingdom, United Kingdom: Her Majesty's Treasury

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No abstract provided.

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Lessons Learned: Lorie Logan, Mercedes Cardona Oct 2020

Lessons Learned: Lorie Logan, Mercedes Cardona

Journal of Financial Crises

Lorie Logan is executive vice president in the Markets Group of the Federal Reserve Bank of New York, the System Open Market Account (SOMA) manager pro tem for the Federal Open Market Committee (FOMC), and head of Market Operations, Monitoring, and Analysis (MOMA).

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Lessons Learned: Donald Kohn, Maryann Haggerty Oct 2020

Lessons Learned: Donald Kohn, Maryann Haggerty

Journal of Financial Crises

Kohn, an economist, is a 40-year veteran of the Federal Reserve System. He served as a member of the Board of Governors, and was vice chair, from 2002-2010, which included the years of the global financial crisis (GFC).

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The United Kingdom's Asset-Backed Securities Guarantee Scheme (U.K. Gfc), June Rhee Oct 2020

The United Kingdom's Asset-Backed Securities Guarantee Scheme (U.K. Gfc), June Rhee

Journal of Financial Crises

The key structures of housing finance in the UK in the years leading up to the global financial crisis of 2007-09 consisted of retail deposits, secondary market funding and wholesale interbank lending. Although retail deposits were the major funder of UK mortgages, secondary market funding, which included covered bonds and residential mortgage-backed securities (RMBS), accounted for 31% of UK mortgage lending in 2006. In 2007, the collapse of the U.S. subprime mortgage market triggered a financial shock, and the shock quickly traveled beyond national borders. Regardless of differences in the UK mortgage market, investors’ concern over the prospects of the …

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The United Kingdom's Credit Guarantee Scheme (U.K. Gfc), Christian M. Mcnamara Oct 2020

The United Kingdom's Credit Guarantee Scheme (U.K. Gfc), Christian M. Mcnamara

Journal of Financial Crises

The September 15, 2008, bankruptcy of Lehman Brothers resulted in a collapse of wholesale funding markets that threatened the ability of UK financial institutions to continue funding themselves. By the end of the month, two leading UK banks—HBOS and Bradford & Bingley—had to be rescued, and there was a real risk that the entire financial system could collapse. Faced with the need to stabilize the system, UK regulators on October 8 introduced a package of measures that included a £250 billion Credit Guarantee Scheme (the Guarantee Scheme) aimed at providing banks with access to needed funding. Under the Guarantee Scheme, …

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Sweden's Guarantee Scheme (Sweden Gfc), Lily S. Engbith, Kevin Kiernan Oct 2020

Sweden's Guarantee Scheme (Sweden Gfc), Lily S. Engbith, Kevin Kiernan

Journal of Financial Crises

Although Sweden was not as directly impacted by the Global Financial Crisis as some other economies, Lehman Brothers’ bankruptcy on September 15, 2008, prompted Swedish authorities to take preemptive measures to protect domestic banks and financial institutions. One such program, announced on October 20, 2008, and implemented on October 29, 2008, was designed to preserve credit extension to businesses and households through what became known as the Swedish Guarantee Scheme. Per the terms of the Scheme, new short- and medium-term debt of maturities ranging from 90 days to five years issued by eligible banks would be guaranteed by the Swedish …

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The Spanish Guarantee Scheme For Credit Institutions (Spain Gfc), Lily Engbith Oct 2020

The Spanish Guarantee Scheme For Credit Institutions (Spain Gfc), Lily Engbith

Journal of Financial Crises

Given Spanish banks’ heavy investment in the housing and construction markets in the lead-up to the global financial crisis (GFC), the collapse of the subprime mortgage market and Lehman Brothers’ bankruptcy on September 15, 2008, impelled the government to implement stabilization measures to calm, recapitalize, and restructure its domestic banking sector. The Spanish Guarantee Scheme for Credit Institutions (the Guarantee Scheme) was one of the first interventions to be enacted, announced by Spain’s Ministry of Economy and Finance on October 13, 2008, by Royal Decree-Law 7/2008 on “Urgent Economic and Financial Measures in relation to the Concerted Action Plan of …

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The Portuguese Guarantee Scheme (Portugal Gfc), Julia A. Arnous Oct 2020

The Portuguese Guarantee Scheme (Portugal Gfc), Julia A. Arnous

Journal of Financial Crises

By October 2008, Portuguese banks’ access to liquidity was severely restricted due to strains in international wholesale markets. On October 12-13, 2008, the Portuguese government notified the European Commission of a guarantee scheme intended to promote solvent credit institutions’ access to liquidity as part of the European policy response to the acute financial crisis aiming to achieve and maintain financial stability. Under the scheme, the Portuguese government guaranteed financing agreements and banks’ issuance of non-subordinated short- and medium-term debt. To obtain a guarantee under the Scheme, banks paid a fee based on the maturity of the debt and a risk …

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The Polish Guarantee Scheme (Poland Gfc), Manuel Leon Hoyos Oct 2020

The Polish Guarantee Scheme (Poland Gfc), Manuel Leon Hoyos

Journal of Financial Crises

Faced with the global financial crisis of 2007–2009, Poland implemented a scheme of State support for financial institutions. In view of a potential global credit crunch, it aimed at improving short- and medium-term liquidity of domestic financial institutions. The scheme came into force on March 13, 2009, and was approved by the European Commission under European Union State Aid rules on September 25, 2009. The scheme enabled the Ministry of Finance, on behalf of the State Treasury, to provide support in the form of Treasury guarantees on newly issued bank debt and the exchange of Treasury bonds for less liquid …

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New Zealand’S Wholesale Funding Guarantee (Nz Gfc), Everest Fang Oct 2020

New Zealand’S Wholesale Funding Guarantee (Nz Gfc), Everest Fang

Journal of Financial Crises

In 2008, the United States subprime mortgage crisis sparked international financial turmoil, with effects becoming particularly severe after the collapse of Lehman Brothers on September 15. Due to their banks’ dependence on foreign funding, New Zealand’s money market experienced significant friction spilling over from the United States and Europe. Liquidity premiums rose, and interbank lending became increasingly restricted. Although the crisis was not as severe in New Zealand as it was in many other countries, the problems in the money market caused some level of financial strain. To combat the crisis, the Minister of Finance announced on November 1, 2008, …

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The Dutch Credit Guarantee Scheme (Netherlands Gfc), Lily Engbith Oct 2020

The Dutch Credit Guarantee Scheme (Netherlands Gfc), Lily Engbith

Journal of Financial Crises

As fallout from the global financial crisis intensified in October 2008, governments around the world sought to implement stabilization measures in order to calm and protect their domestic markets. While not directly exposed to the subprime mortgage crisis, the Kingdom of the Netherlands announced the creation of the Dutch Credit Guarantee Scheme (the Guarantee Scheme) on October 13, 2008, to boost confidence in interbank lending markets and to ensure the flow of credit to Dutch households and companies. In establishing this program, the Dutch State Treasury Agency of the Ministry of Finance (DSTA) committed €200 billion to support the issuance …

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The State Guarantee Of External Debt Of Korean Banks (South Korea Gfc), Lily S. Engbith Oct 2020

The State Guarantee Of External Debt Of Korean Banks (South Korea Gfc), Lily S. Engbith

Journal of Financial Crises

Following the Lehman Brothers bankruptcy of September 15, 2008, a number of foreign governments enacted stabilization measures in order to bolster their currencies and inject much-needed liquidity into domestic markets. As part of its effort, the Korean Ministry of Strategy and Finance announced a series of government interventions that included a three-year guarantee of foreign debt issued (including extensions of maturity) by domestic banks between October 20, 2008, and June 30, 2009. This opt-in program was introduced as a preemptive step in ensuring that Korean financial institutions would retain competitive access to external funding in the wake of the global …

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Ireland's Credit Institutions (Eligible Liabilities Guarantee) Scheme (Ireland Gfc), Claire Simon Oct 2020

Ireland's Credit Institutions (Eligible Liabilities Guarantee) Scheme (Ireland Gfc), Claire Simon

Journal of Financial Crises

Following the failure of Lehman Brothers in September 2008, Irish banks found themselves unable to roll over their significant foreign borrowings on the interbank lending market. With the banks facing a liquidity crisis, the Irish government decided to issue a blanket guarantee of all liabilities of six banks through the Credit Institutions Financial Support Scheme (CIFS). As the crisis worsened, and it became clear that Irish banks were facing a solvency—not just liquidity—crisis, the Irish government was forced to provide additional support to the financial system, which took the form of capital injections and a national asset management company for …

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The Italian Guarantee Scheme (Italy Gfc), Lily Engbith Oct 2020

The Italian Guarantee Scheme (Italy Gfc), Lily Engbith

Journal of Financial Crises

The collapse of Lehman Brothers on September 15, 2008, and its severe impact on global credit markets impelled governments around the world to enact stabilization measures to calm and protect their domestic economies. The Italian Republic, while not directly affected by the US subprime mortgage crisis, preemptively implemented emergency procedures and programs to ensure the stability of their banking system. Announced with the passage of Decree-Law No. 157 on October 13, 2008, and legally enforced under Law 190/2008 of December 4, 2008, the Italian Guarantee Scheme (the Guarantee Scheme) was aimed at protecting institutions whose interbank lending abilities had the …

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The Hungarian Guarantee Scheme (Hungary Gfc), Alec Buchholtz Oct 2020

The Hungarian Guarantee Scheme (Hungary Gfc), Alec Buchholtz

Journal of Financial Crises

In the midst of the global financial crisis, in October 2008, the Magyar Nemzeti Bank (MNB), the Hungarian national bank, noticed a selloff of government securities by foreign banks and a large depreciation in the exchange rate of the Hungarian forint (HUF) in foreign exchange (FX) markets. Hungarian banks experienced liquidity pressures due to margin calls on FX swap contracts, prompting the MNB and Minister of Finance to seek assistance from the International Monetary Fund (IMF), the European Central Bank (ECB) and the World Bank. The IMF and ECB approved Hungary’s requests in late 2008 to create a €20 billion …

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The Greek Credit Guarantee Scheme (Greece Gfc), Daniel Thompson Oct 2020

The Greek Credit Guarantee Scheme (Greece Gfc), Daniel Thompson

Journal of Financial Crises

Beginning in 2008, many Greek banks began to face liquidity strains and capital problems as a result of the global financial crisis. In October 2008, Eurozone leaders released a declaration requiring all participating nations to ensure adequate liquidity, facilitate ease of funding, and recapitalize banks. On November 7, 2008, the Greek Ministry of Economy and Finance submitted a draft law, Law 3723, to the European Commission to fulfill the above directives through the Bank of Greece (BOG). While Law 3723 consisted of three main “pillars,” the focus for this case is pillar II, the credit guarantee scheme, otherwise known as …

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The Sonderfonds Finanzmarktstabilisierung (Soffin) Guarantee Scheme (Germany Gfc), Claire Simon Oct 2020

The Sonderfonds Finanzmarktstabilisierung (Soffin) Guarantee Scheme (Germany Gfc), Claire Simon

Journal of Financial Crises

Following a series of ad hoc interventions throughout 2007 and early 2008, the collapse of Lehman Brothers in the fall of 2008 and the resulting liquidity crisis caused the German government to adopt a new framework for bank support. The Financial Market Support Act established a new fund, the Financial Market Stabilization Fund (Sonderfonds Finanzmarktstabilisierung, “SoFFin”), to provide up to €400 billion of guarantees on newly issued unsubordinated debt instruments of German financial institutions and German subsidiaries of foreign financial institutions. SoFFin also provided support through recapitalizations and asset purchases, in addition to guarantees. The scheme was extended multiple times …

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