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Minimum Price Variations, Time Priority and Quote Dynamics

Cordella, Tito; Foucault, Thierry - C.E.P.R. Discussion Papers - 1997

This paper analyses the impact of a minimum price variation (tick) and time priority on the quote dynamics and on trading costs when competition for the order flow is dynamic. It finds that convergence to competitive prices can take time and that the speed of convergence is influenced by the...

Persistent link: https://www.econbiz.de/10005504621

Preferential Trade Arrangements and the Pattern of Production and Trade when Inputs are Differentiated

Francois, Joseph - C.E.P.R. Discussion Papers - 2005

This paper is concerned with rules of origin when intermediate goods are differentiated. An analytical model emphasizes trade patterns and the relative importance of trade in intermediates given trade preferences. Econometric evidence based on intra-OECD trade in motor vehicles and motor vehicle...

Persistent link: https://www.econbiz.de/10005789150

Mansion tax: The Effect of Transfer Taxes on the Residential Real Estate Market

Kopczuk, Wojciech; Munroe, David - C.E.P.R. Discussion Papers - 2015

Houses and apartments sold in New York and New Jersey at prices above $1 million are subject to the so-called 1% “mansion tax" imposed on the full value of the transaction. This policy generates a discontinuity (a “notch") in the overall tax liability. We rely on this and other...

Persistent link: https://www.econbiz.de/10011145455

The `Walters' Critique of the EMS: A Case of Inconsistent Expectations

Miller, Marcus; Sutherland, Alan - C.E.P.R. Discussion Papers - 1990

Alan Walters has suggested that the European Monetary System will prove dynamically unstable when capital controls are removed. The argument is analysed within a model that includes overlapping contracts. It is found that the short-run effects predicted by Walters only arise when the credibility...

Persistent link: https://www.econbiz.de/10005504500

Robust Learning Stability with Operational Monetary Policy Rules

Evans, George W.; Honkapohja, Seppo - C.E.P.R. Discussion Papers - 2008

We consider "robust stability" of a rational expectations equilibrium, which we define as stability under discounted … exhibit robust stability. We consider a variety of interest-rate rules, including instrument rules, optimal reaction functions … Honkapohja (2003, 2006) deliver robust learning stability. In contrast, many proposed alternatives become unstable under learning …

Persistent link: https://www.econbiz.de/10005498187

UK Phillips Curves and Monetary Policy

Haldane, Andrew; Quah, Danny - C.E.P.R. Discussion Papers - 1999

This paper documents some stylized facts on evolving UK Phillips curves, and shows how these differ from their US versions. We interpret UK Phillips curve dynamics in a positive theory of monetary policy - how policy-maker attitudes on the Phillips curve have evolved since the 1950s - rather...

Persistent link: https://www.econbiz.de/10005067633

The Dynamic Stability of the European Monetary System

Melitz, Jacques; Michel, Philippe - C.E.P.R. Discussion Papers - 1986

make an attempt to explain the dynamic stability of the system. This attempt gives a central place to movements in desired …

Persistent link: https://www.econbiz.de/10005656230

On the Stability of the Two-Sector Neoclassical Growth Model with Externalities

Herrendorf, Berthold; Valentinyi, Akos - C.E.P.R. Discussion Papers - 2002

This Paper explores the local stability properties of the steady state in the two-sector neo-classical growth model …

Persistent link: https://www.econbiz.de/10005661479

Trade and Entrepreneurship with Heterogeneous Workers

Oyama, Daisuke; Sato, Yasuhiro; Tabuchi, Takatoshi; … - C.E.P.R. Discussion Papers - 2007

leads to the stability and uniqueness of the symmetric equilibrium. …

Persistent link: https://www.econbiz.de/10005662268

Credit Risk Transfer and Financial Sector Performance

Marsh, Ian W; Wagner, Wolf - C.E.P.R. Discussion Papers - 2004

In this Paper we study the impact of credit risk transfer (CRT) on the stability and the efficiency of a financial …

Persistent link: https://www.econbiz.de/10005662362