This paper uses imperfect competition as a basis for modelling the export price for an aggregated commodity produced by the Norwegian private mainland economy. The long run solution is analysed using a cointegration technique. The dynamics are modelled according to two different approaches; a...

The formation of export prices is an area in which the linear quadratic adjustment cost (LQAC) model under rational expectations may be relevant in practice. This paper evaluates the empirical performance of the LQAC-model using Norwegian data and a new testing procedure suggested by Johansen...

This paper presents the idea that retail trade stories might cluster with their competitors to pool marketing expenses and thereby increase their individual visibility among consumers. In a model which presumes such a marketing technology we derive some new comparative statics results. In a...

In this paper, we examine the cost of insurance against model uncertainty for the Euro area considering four alternative reference models, all of which are used for policy-analysis at the ECB. We find that maximal insurance across this model range in terms of a Minimax policy comes at moderate...

The study shows the international relations of the main financial transactions. In the globalised banking and financial life there are three way of financing: i) money-based financing (crediting, lending) ii) equipment-based financing (leasing) and iii) asset-financing (factoring). Each bears a...

In the wake of regulatory, information technology and methodological changes, statistical property valuation has been gaining traction in Hungary. This paper looks at the available methods of appraisal based on the literature. We provide an overview of the advantages and drawbacks of the...

The aim of this study is to review what we know about depositors' behavior, using empirical observations and experimental data. I find that both fundamental problems and coordination failures between depositors explain depositors' behavior and therefore the emergence of bank runs. I show that...

This paper presents a model of the optimal bidding behaviour of a single bank in the context of fixed rate liquidity tenders. Banks’ bidding is shown to depend crucially on the central bank’s liquidity policy as regards tender allotments. The paper also analyses ECB liquidity policy in terms...

This is a survey of the literature on liquidity provision through banks. I first formulate the basic model underlying the modern literature on liquidity provision for households and then introduce the more recent literature on liquidity provision through banks and markets. Then I turn to...