The Market in Financial Instruments Directive (MiFID) aims to increasecompetition and to foster client protection in the European financialmarket. Among other provisions, it abolishes the concentration rule andchallenges the market ower of existing trading venues. The directiveintroduces venue...

Economics

The objective of this paper is to analyze the effects of alternative monetary rules on real exchange rate persistence. Using a two country stochastic dynamic general equilibrium with nominal price stickiness and local currency pricing, we will show how the persistence of PPP deviations can be...

En el trabajo se presenta evidencia sobre la existencia de una cierte heterogeneidad en el ajuste y persistencia de la respuesta de la inflacion entre los principales paises del area del euro. Para ello, los autores estiman Nuevas Curvas de Phillips, en las que para cuatro paises domina el...