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This paper presents a general equilibrium model with endogenous collateral constraints to study the relationship between financial development and business cycle fluctuat[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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We examine the extent to which vertical and horizontal market structure can together explain incomplete retail pass-through. To answer this question, we use scanner data [...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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This paper proposes a novel regression-based approach to the estimation of Gaussian dynamic term structure models that avoids numerical optimization. This new estimator i[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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Using a new data set, we examine the characteristics and dynamics of cross-border mergers and acquisitions during emerging-market financial crises, that is, so-called “fi[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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We study the importance of supply constraints in explaining the heterogeneity in house price cycles across geographies in the United States. Comparing the equilibrium hou[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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The paper explores the macroeconomic consequences of fiscal consolidations whose timing and composition - either tax- or spending-based - are uncertain. We find that the [...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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The authors study the implications of fiscal policy behaviour for sovereign risk in a framework that determines a country’s fiscal limit, the point at which, for economic[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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This paper reviews some recent developments in digital currency, focusing on platform-sponsored currencies such as Facebook Credits. In a model of platform management, we[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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The recent financial crisis and subsequent recession have spurred great interest in the sources of unemployment fluctuations. Previous studies predominantly assume a sing[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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This paper proposes new measures of the integrated variance, measures which use high-frequency bid-ask spreads and quoted depths. The traditional approach assumes that th[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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