In the summer of 2002, the Swiss National Bank (SNB) hosted the “SNB-Fed Cleveland Workshop on Monetary Economics”. Recent years have seen the development of the search-theoretic approach to monetary theory. It has established itself as an important strand of monetary theory in a very short...

The oil price hit a low of around USD 10 at the end of 1999. Since then it has moved upwards in a series of steps. In recent years it has been one of the most closely monitored components of the Consumer Price Index (CPI), which is a leading inflation indicator. When it topped the USD 50 mark in...

In this paper we investigate whether or not mutual guarantee consortia (MGC), a financial institution well developed in Italy, alleviate the difficulties that Small and Medium Enterprises (SMEs) face when they ask for a bank loan. We find that the probability of a small firm affiliated to a MGC...

En este trabajo se estudia la relación entre la financiación de sociedades no financieras con bonos denominados en dólares y las oportunidades de financiación sin riesgo de tipo de cambio en dicha divisa. Estas oportunidades surgen cuando la base es positiva, es decir, cuando resulta más...

Este trabajo investiga la financiación internacional de los bancos activos a nivel mundial. Utilizando las estadísticas de banca internacional de BIS para un panel de 12 economías avanzadas, detectamos una ruptura estructural en esta financiación al comienzo de la gran crisis financiera. En...