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Are Fund Managers Rewarded for Taking Cyclical Risks?
Ryan, Ellen - 2022
, which may keep managers from fully internalising the effects of adverse outcomes on their portfolios. The fact that market … discipline may not be sufficient to ensure prudential behaviour among managers, combined with the externalities of this risk …
Persistent link: https://www.econbiz.de/10013298369
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Does Marketing Widen Borders? Cross-Country Price Dispersion in the European Car Market
Dvir, Eyal - 2017
We study cross-country price differences in the European market for new passenger cars based on detailed pricing and technical data. Car prices in Europe converged until the year 2003, but not thereafter. Within the EU 15 countries the price range of the median model in 2004 was close to 20...
Persistent link: https://www.econbiz.de/10012956247
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Ranking, Risk-Taking and Effort : An Analysis of the ECB's Foreign Reserves Management
Scalia, Antonio; Sahel, Benjamin - 2021
The investment of the ECB reserves in US dollars and yen, delegated to a network of portfolio managers in the …. Employing a new data set on individual portfolio variables during 2002-2009, we study this peculiar tournament and show the … existence of risk-shifting behaviour by reserve managers related to their year-to-date ranking: interim losers increase relative …
Persistent link: https://www.econbiz.de/10013315986
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Market-Based Compensation, Price Informativeness and Short-Term Trading
Calcagno, Riccardo - 2007
This paper shows that there is a natural trade-off when designing market-based executive compensation. The benefit of market-based pay is that the stock price aggregates speculators' dispersed information and therefore takes a picture of managerial performance before the long-term value of a...
Persistent link: https://www.econbiz.de/10012777574
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DSGE Nash : Solving Nash Games in Macro Models
Ferrari, Massimo Minesso; Pagliari, Maria Sole - 2022
This paper presents DSGE Nash, a toolkit to solve for pure strategy Nash equilibria of global games in macro models. Although primarily designed to solve for Nash equilibria in DSGE models, the toolkit encompasses a broad range of options including solutions up to the third order, multiple...
Persistent link: https://www.econbiz.de/10014080812
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Central Bank Communication and Trust : An Experimental Study on the European Central Bank and the General Public
Mochhoury, Sarah - 2023
While it has become clear that communication is a monetary policy tool for central banks, and extensive research has been conducted on central bank communication with financial markets, little is known so far on central bank communication with the general public. My research provides new...
Persistent link: https://www.econbiz.de/10014354162
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On Policy Interactions among Nations : When Do Cooperation and Commitment Matter?
Kempf, Hubert - 2014
This paper offers a framework to study commitment and cooperation issues in games with multiple policymakers. To reconcile some puzzles in the recent literature on the nature of policy interactions among nations, we prove that games characterized by different commitment and cooperation schemes...
Persistent link: https://www.econbiz.de/10012751598
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Ranking, risk-taking and effort: an analysis of the ECB's foreign reserves management
Scalia, Antonio; Sahel, Benjamin - 2011
The investment of the ECB reserves in US dollars and yen, delegated to a network of portfolio managers in the …. Employing a new data set on individual portfolio variables during 2002-2009, we study this peculiar tournament and show the … existence of risk-shifting behaviour by reserve managers related to their year-to-date ranking: interim losers increase relative …
Persistent link: https://www.econbiz.de/10011605423
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On policy interactions among nations: when do cooperation and commitment matter?
Kempf, Hubert; von Thadden, Leopold - 2008
This paper offers a framework to study commitment and cooperation issues in games with multiple policymakers. To reconcile some puzzles in the recent literature on the nature of policy interactions among nations, we prove that games characterized by different commitment and cooperation schemes...
Persistent link: https://www.econbiz.de/10011604926
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Optimal Monetary Policy and the Transmission of Oil-Supply Shocks to the Euro Area under Rational Expectations
Adjemian, Stephane; Darracq Pariès, Matthieu - 2009
This paper presents first the estimation of a two-country DSGE model for the euro area and the rest-of-the-world including relevant oil-price channels. We then investigate the optimal resolution of the policy tradeoffs emanating from oil-price disturbances. Our simulations show that the...
Persistent link: https://www.econbiz.de/10014213432