“重走长征路共筑中国梦”第三届重走长征路(南雄段)徒步活动在南雄启动

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母婴导航,WorkingpapersIn-depthstudiesforexpertsOurWorkingPaperSeries(WPS)disseminateseconomicresearchrelevanttothevarious,“workinprogress”.Theyarepublishedtostimulatediscuss,:ECBWorkingPapersareavailableonlineonly,,,AbstractJELClassificationC23:MathematicalandQuantitativeMethods→SingleEquationModels,SingleVariables→PanelDataModels,Spatio-temporalModelsD24:Microeconomics→ProductionandOrganizations→Production,Cost,Capital,Capital,TotalFactor,andMultifactorProductivity,CapacityG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesAbstractWeuseanindustrialorganisationapproachtoquantifythesizeofTotalFactorProductivityGrowth(TFPG)foreur,wediofineund84%,weobservethatTotalFactorProductivitygrowthforthemedianeuroareabankdecreasedfromaround2%in2007toaround1%in2017,withtechnologicalprogressbeingthelargestcontributor,areabankingsector,thesefindingssuggeststhatbank’seffortsinareassuchasrationalisationofbranches,digitalisationofbusine,AbstractJELClassificationE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE61:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→PolicyObjectives,PolicyDesignsandConsistency,PolicyCoordinationE62:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→FiscalPolicyAbstractWestudyoptimalmonetaryandfiscalpolicyinaNewKeynesianmodelwhereoccasionaldeclinesinagents’,thereisnostraightforwardrecipeformitigatingthewelfarecostsandthesystematicinntralbankerimprovesinflationoutcome,appointingapolicymakerwhoissufficientlylessconcernedwithgovernmentspendingstabilizationtha,AbstractJELClassificationE40:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→GeneralE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyG14:FinancialEconomics→GeneralFinancialMarkets→InformationandMarketEfficiency,EventStudies,InsiderTradingG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesAbstractBasedonhighfrequencyidentificationandothereconometrictools,wefindthatmone,whichmadetheprivatesectormorepessimisticaboutfutureprospectsoftheeconomyandtheprofitabilityofthebankingsector,emarketresponseandthatbankhealthbenefittedfromsurprises,,inparticularbanksize,leverageandNPLratios,,wede,inthepost-crisisepisode,,,AbstractJELClassificationC30:MathematicalandQuantitativeMethods→MultipleorSimultaneousEquationModels,MultipleVariables→GeneralE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyF41:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→OpenEconomyMacroeconomicsE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesAbstractThispaperproposesalarge-scaleBayesianvectorautoregressionwithfactorstochasticvolatilitytoinvestigatethemacroecagepriorthatmimicscertainfeaturesofthewell-knownMinnesotaprior,shockbyassumingthatitisthejointvolatilityprocessthatdeterm,moreover,assumethatonnectedtoglobalequitypricevolatility,closelytowthataninternationaluncertaintyshoc,,AbstractJELClassificationF36:InternationalEconomics→InternationalFinance→FinancialAspectsofEconomicIntegrationG23:FinancialEconomics→FinancialInstitutionsandServices→Non-bankFinancialInstitutions,FinancialInstruments,InstitutionalInvestorsG15:FinancialEconomics→GeneralFinancialMarkets→InternationalFinancialMarketsAbstractThispaperexaminesinternationaldebtissuancethroughIrish-residentSpecialPurposeEntities(SPEs).UsingauniquenewdatasetcoveringthepopulationofIrish-residentSPEsreportingtotheCentralBankofIrelandovertheperiod2005-2017,ive,particularlyforsponsorsofIrish-residentsecuritisationvehicles,whileinvestorprotectionandfinancialdevelopmentareimportant,,AbstractJELClassificationF31:InternationalEconomics→InternationalFinance→ForeignExchangeG14:FinancialEconomics→GeneralFinancialMarkets→InformationandMarketEfficiency,EventStudies,InsiderTradingG15:FinancialEconomics→GeneralFinancialMarkets→InternationalFinancialMarketsAbstractFocusingontheforeignexchangereactiontomacroeconomicannouncements,weshowthatfasttradingispositivelyandsignificantlycorrelatedwiththeentropyofthedistributionofquotedpricesinreactiontonews:alargershareoffasttradingincreasesthedegreeofdiversityofquotesintheorderbook,forgivenliquidity,’reformofthefixingmethodologyinFebruary2015asanaturalexperiment,weprovideevidencethatfasttradingraisesentropy,ycomplicatespricediscoveryfromanindividualtrader’sperspective,weshowthat,intheaggregate,moreentropyactuallybringstradedpricesclosertotherandomwalkhypothesis,anctofmacronewsbyover60%foreffectivespreads,againstover40%desirableeffectsonmarketperformancespecificallyhingesonenhancedheterogeneityintradingpatterns,,AbstractJELClassificationG01:FinancialEconomics→General→FinancialCrisesG11:FinancialEconomics→GeneralFinancialMarkets→PortfolioChoice,InvestmentDecisionsG12:FinancialEconomics→GeneralFinancialMarkets→AssetPricing,TradingVolume,BondInterestRatesG22:FinancialEconomics→FinancialInstitutionsandServices→Insurance,InsuranceCompanies,ActuarialStudiesG23:FinancialEconomics→FinancialInstitutionsandServices→Non-bankFinancialInstitutions,FinancialInstruments,InstitutionalInvestorsAbstractTraditionally,insurersareseenasstabilisersoffinancpremia,’governmentbondholdings,,,,AbstractJELClassificationG20:FinancialEconomics→FinancialInstitutionsandServices→GeneralG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesG28:FinancialEconomics→FinancialInstitutionsandServices→GovernmentPolicyandRegulationAbstractThispaperillustratesthatsystemicallyimportantbanksreducearangeofactivitiesatyear-end,leaicators,afbankssystemicimportanceaswellasadistortionintheirrelativeranking,withimplicationsforbanks,areductionintheprovisionofcert,AbstractJELClassificationG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesG28:FinancialEconomics→FinancialInstitutionsandServices→GovernmentPolicyandRegulationE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyAbstractThispaperreexaminesfromatheoreticalperspectivetheroleofmonetaryandmacroprudencomesfromamoralhazardprobleminfirmsfinancingthatbanks’t,,butmacroprudentialpolicyismoreeffe:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→GeneralE37:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→ForecastingandSimulation:ModelsandApplicationsE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyG10:FinancialEconomics→GeneralFinancialMarkets→GeneralAbstractUntilnow,stockmarketresponsestoadistressscenario,usingtheconvolutionconcept,toassesshowcouldchangetheheEuropeanstockmarketunderanoil-relatedstressscenario,euroscouldgenerateanos,,itcontributestoreducetheinaccuracyintheimpact,,AbstractJELClassificationC30:MathematicalandQuantitativeMethods→MultipleorSimultaneousEquationModels,MultipleVariables→GeneralE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyF41:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→OpenEconomyMacroeconomicsE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesAbstractWeperformarobustestimationofthe,takingintoaccounttheuncertaintyinthemeasurementofvar,,andweassess,inaprobabilisticmanner,,,,AbstractJELClassificationD14:Microeconomics→HouseholdBehaviorandFamilyEconomics→HouseholdSaving;PersonalFinanceD31:Microeconomics→Distribution→PersonalIncome,Wealth,andTheirDistributionsE50:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→GeneralR21:Urban,Rural,Regional,RealEstate,andTransportationEconomics→HouseholdAnalysis→HousingDemandAbstractWeassesstheeffectsofregulatorycapsintheloan-to-value(LTV)ratiousingagent-basedmodels(ABMs).OurapproachbuildsuponastraightforwardABMwherewemodeltheinteractionsofsellers,buyersandbankstheproetotheexistinganalyticalframeworksforassessingtheimpactofmacroprudentialmeasures,mainlyduetotheveryfewassumptionsthemethodreliesuponandtheabilitytoeasilyincorporateadditionalandmorecomplex,,,,AbstractJELClassificationC5:MathematicalandQuantitativeMethods→EconometricModelingE43:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→InterestRates:Determination,TermStructure,andEffectsE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesG12:FinancialEconomics→GeneralFinancialMarkets→AssetPricing,TradingVolume,BondInterestRatesAbstractWetracetheimpactoftheECB’sassetpurchaseprogramme(APP)purchases,weconstructanovelmeasureofthe“free-floatofdurationrisk”inwhichcentralbankpurchasesredu,,,,,AbstractJELClassificationE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyE51:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MoneySupply,Credit,MoneyMultipliersE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesG28:FinancialEconomics→FinancialInstitutionsandServices→GovernmentPolicyandRegulationAbstractWestudytheimpactofhigherbankcapitalbuffers,namelyoftheOtherSystemicallyImportantInstitutions(O-SII)buffer,onbanks,highercapi,itcould,atleastintheshort-term,,bychangingtherelativeattractivenessofdifferentassetclasses,ahighercapitalrequirementcouldalsoleadtorisk-shiftingandthereforepromotethebuild-up(ordeleverage)ofbanks,nationalauthorities,undertheEBAframework,,,between2014and2017,wefindthatbanksidentifiedasO-SIIreduced,intheshort-term,theircreditsupplytohouseholdsandfinancialsectorsandshiftedtheirl,theimpactoncreditsupplyisdefusedandbanksshifttheirlendectsontheoverallsupplyofcreditalthoughwefindevidenceofaredsframeworkcouldhaveapositivediscipliningeffectbyreducingbanks,AbstractJELClassificationC53:MathematicalandQuantitativeMethods→EconometricModeling→ForecastingandPredictionMethods,SimulationMethodsE37:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→ForecastingandSimulation:ModelsandApplicationsE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesAbstractTheEurosystem/ECBstaffmacroeconomicprojectionexercisesconstituteanimportantinputtotheECB/ECBprojectionerrorsbylookingatcriteriaofoptimalityandrationalityusingtec,theresultsareencouragingandsuggestthatEurosystem/ECBstaffprojectionsabidet,:FinancialEconomics→GeneralFinancialMarkets→AssetPricing,TradingVolume,BondInterestRatesG14:FinancialEconomics→GeneralFinancialMarkets→InformationandMarketEfficiency,EventStudies,InsiderTradingG15:FinancialEconomics→GeneralFinancialMarkets→InternationalFinancialMarketsG18:FinancialEconomics→GeneralFinancialMarkets→GovernmentPolicyandRegulationG23:FinancialEconomics→FinancialInstitutionsandServices→Non-bankFinancialInstitutions,FinancialInstruments,InstitutionalInvestorsD4:Microeconomics→MarketStructureandPricingD61:Microeconomics→WelfareEconomics→AllocativeEfficiency,CostBenefitAnalysisAbstractWestudyempiricallyhowcompetitionamonghigh-frequencytraders(HFTs),whichallowsustocompareenvironmentswithandwithouthigh-frequencycompetition,andcontainsanexogenousevent-aticksizereform-whichweusetodisentangletheeffectsoftherisingshareofhigh-frequ,,,,,AbstractJELClassificationE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE43:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→InterestRates:Determination,TermStructure,andEffectsG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesD22:Microeconomics→ProductionandOrganizations→FirmBehavior:EmpiricalAnalysisD25:Microeconomics→ProductionandOrganizationsAbstractExploitingconfidentialdatafromtheeuroarea,weshowthatsoundbankscanpassnegativeratesontot(NIRP)providesfurtherstimulustotheeconomythroughfirms’eartoincreasetheirinvestmentintangibleandintangibleassetsandtodecr,ourresultschallengethecommonlyheldviewthatconventionalmoneta,AbstractJELClassificationG20:FinancialEconomics→FinancialInstitutionsandServices→GeneralAbstractLoanlossprovisionsintheeuroareaarenegativelyrelatedtoGDPgrowth,,areacountriesalreadypriortoeuroadoption,andthedivergentgrowth,,,,,,AbstractJELClassificationE5:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCreditG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesG38:FinancialEconomics→CorporateFinanceandGovernance→GovernmentPolicyandRegulationAbstractThearchitectureofsupervision–howwedefinetheallocationofsupervisorypowerstodifferentpolicyinstitutions–canhaveimplicationsforpolicyconductandfortheec,anintegratedstructureformonetarypolicyandsupervisionbringsimportatofmetofavailabletools,monetarypolicyandsupervisionare,anintegratedstructuredoesnotseemtobecorrelatedwithmorepriceand/orfinancialinstability,assuggestedbyanatermsoffeweropportunipeinsupervisionandgainabroaderperspectiveonthestabilityoftheentirebankingsector,blelackofspecialisationrelativetolocalsupervisorsandtheinelationtothedesignoftheSingleSupervisoryMechanism(SSM).,,,AbstractJELClassificationE3:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCyclesE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyG01:FinancialEconomics→General→FinancialCrisesG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesAbstractHowfarshouldcapitalrequirementsberaisedinordertoensureastrongandresilientbankingsystemwithoutimposingunduecostsontherealeconomyCapitalrequirementincreasesmakebankssaferandarebeneficialinthelongrunbutalsoentailtransitioncostsbeca,25%nessarekeydeterminantsofthetrade-offbetweenthesh,,AbstractJELClassificationG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesF34:InternationalEconomics→InternationalFinance→InternationalLendingandDebtProblemsF36:InternationalEconomics→InternationalFinance→FinancialAspectsofEconomicIntegrationAbstractWeanaly(Ceruttietal.,2017b)andauniqueconfidentialdatabaseonbalancesheetsitemsofeuro-areafinancialinstirequirementsinothercountries,whiletheyincreaselendingwhenloan-to-value(LTV)eningofsector-specificcapitalbuffersinthecountrieswheretheirparentbanksresideandthatbanksizeandliqu,AbstractJELClassificationG01:FinancialEconomics→General→FinancialCrisesG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesG28:FinancialEconomics→FinancialInstitutionsandServices→GovernmentPolicyandRegulationAbstractPriortothefinancialcrisis,prudentialregulationintheEUwasimplementednon-uniformlyacrosscountries,asoptionsanddiscretionsallureofregulatoryflexibility(forallbanksinacountry)andofsupervisorydiscretion(onacase-by-casebasis).Overall,wefindthatbanksestablishedincountrieswithalessstringentprudentisalwaysassociated’liquiditybufferseveninabsenceofaspecificliquidityregulation,,,AbstractJELClassificationE43:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→InterestRates:Determination,TermStructure,andEffectsE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyG11:FinancialEconomics→GeneralFinancialMarkets→PortfolioChoice,InvestmentDecisionsG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesAbstractNegativemonetarypolicyratesareassociatedwithaparticularfrict’reactionswhenthepolicyrateisloweredtonegativelevels,’,however,contrastssomofourloandata,longertimespanofoursampleand,importantly,,AbstractJELClassificationE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyG15:FinancialEconomics→GeneralFinancialMarkets→InternationalFinancialMarketsAbstractThispaperprovidesaquantitativeassessmentoftherelativeimportanceofglobalstructuralshocksforcha(oilsupplyshocks,globaleconomicnewsshocks,US-specificeconomicnewsshocksandUSmonetaryshocks)andshowthattheseglobalfactochsmaller,suggestingthatfactorsbeyondtheidentifiedglobalshocks()semphasisedtheprominentroleofUSmonetarypolicy,wefindthatalthoughUSmonetaryshockshavesomeinfluenceinshapingEMEfinancialmarkets,,,,,AbstractJELClassificationE43:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→InterestRates:Determination,TermStructure,andEffectsE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesG12:FinancialEconomics→GeneralFinancialMarkets→AssetPricing,TradingVolume,BondInterestRatesG14:FinancialEconomics→GeneralFinancialMarkets→InformationandMarketEfficiency,EventStudies,InsiderTradingAbstractWestudytheinformationflowfromtheECBonpolicydatessinceitsinception,rvebutthatthesearedifferentfactorswithdifferentvariancesharesinthewindowthatcontainsthepolicntperiodandthatForwardGuidancea’responsestomoveandnegativesurprises,i,weshowhowtoimplementourmethodologyforanypolicy-relatednewsrelease,,weconstructtheEuroAreaMonetaryPolicyEvent-StudyDatabase(EA-MPD).Thisdatabase,whichcontainsintradayassetpricechangesaroundthepolicydecisionannouncementaswellasaroundthepressconference,isacontributiononitsownrightand,AbstractJELClassificationE42:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→MonetarySystems,Standards,Regimes,GovernmentandtheMonetarySystem,PaymentSystemsE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyF31:InternationalEconomics→InternationalFinance→ForeignExchangeF36:InternationalEconomics→InternationalFinance→FinancialAspectsofEconomicIntegrationF41:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→OpenEconomyMacroeconomicsAbstractInthispaper,westudytheeffectsofstructuralshocksthatinfluenceglobalrisk–themainfactorbehinda“globalcapitalflowscycle”–andhowrisk,inturn,actontheglobalconfigurationofcapitalflows,,weuncoveratraditional“trilemma”,ascountriesmoref“trilemma”ismainlydrivenbyonecategoryofcross-borderflows,“otherinvestment”,confirmingtheimportanceof,AbstractJELClassificationC11:MathematicalandQuantitativeMethods→EconometricandStatisticalMethodsandMethodology:General→BayesianAnalysis:GeneralC34:MathematicalandQuantitativeMethods→MultipleorSimultaneousEquationModels,MultipleVariables→TruncatedandCensoredModels,SwitchingRegressionModelsE40:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→GeneralE43:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→InterestRates:Determination,TermStructure,andEffectsE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyAbstractWestudytherelationshipbetweenmonetarypolicyandlong-termratesinastructural,generalequil,or"uncertaintyshocks",,,theyinducechangesinthedemandforprecautionarysaving,,uncertaintyshocksaccountforabout1/tionsinducedbyconventional,sebasedonsurveydataoverthe1980sand1990s,,,,AbstractJELClassificationE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesG01:FinancialEconomics→General→FinancialCrisesG28:FinancialEconomics→FinancialInstitutionsandServices→GovernmentPolicyandRegulationAbstractThispaperexploresmonetary-macroprudentialpolicyinteractionsinasimple,calibratedNewKeynesianmodelincorporatingthepossibilityofacreditboomprecipitatingafinancialc(CCyB)improvesoutco,entshocks,theeffectivelowerboundformonetarypolicy,market-bas,,AbstractJELClassificationE5:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCreditG01:FinancialEconomics→General→FinancialCrisesG17:FinancialEconomics→GeneralFinancialMarkets→FinancialForecastingandSimulationG28:FinancialEconomics→FinancialInstitutionsandServices→GovernmentPolicyandRegulationR39:Urban,Rural,Regional,RealEstate,andTransportationEconomics→RealEstateMarkets,SpatialProductionAnalysis,andFirmLocation→OtherAbstractUsinghouseholdsurveydata,wedocumentevidenceofalooseningofcreditstandardsinElue(LTV)andloan-to-income(LTI)ratiosintherunuptothefinancialcrisis,andanincreasingten,despitethelongperiodofhistoricallylowinterestratesandsubstantialhousepriceincreasesinsomecountries,,wefindevidenceofaconsiderablechangeinborrowercharacteristicssince2010:,AbstractJELClassificationG10:FinancialEconomics→GeneralFinancialMarkets→GeneralG15:FinancialEconomics→GeneralFinancialMarkets→InternationalFinancialMarketsG23:FinancialEconomics→FinancialInstitutionsandServices→Non-bankFinancialInstitutions,FinancialInstruments,InstitutionalInvestorsAbstractUsingnewlyavailableinformationoneuroareasectoralholdingsofsecurities,thispaperinvestigatestowhatextentthepresenceofinstitutionali,inparticularmoneymarketfunds(MMFs),haveapositiveimpactonsecondarybankbondmarkets’liquidityconditions,%improvementinliquidityconditionsandupto57%increaseindaily-returnvolatility,assumingMMFsholdabout10%ofthenoti,insurancecorporationsandpensionfundsarefoundtosimilarlyaffectmarketconditions,,wherethestrongerpresenceofinstitutionionmatterformark,AbstractJELClassificationF21:InternationalEconomics→InternationalFactorMovementsandInternationalBusiness→InternationalInvestment,Long-TermCapitalMovementsF23:InternationalEconomics→InternationalFactorMovementsandInternationalBusiness→MultinationalFirms,InternationalBusinessF45:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinanceO43:EconomicDevelopment,TechnologicalChange,andGrowth→EconomicGrowthandAggregateProductivity→InstitutionsandGrowthAbstractInthispaperweinvest,weshowthattheeurofacilitatesintra-euroareave,horizontalFDIowsstemswithlargerdomesticmarketsbutrathertocountriesthatare,theseresultssuggestthatwhiletheeurohasbeenbenecialtoFDIinowsintothemonetaryunion,,,AbstractJELClassificationE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesG24:FinancialEconomics→FinancialInstitutionsandServices→InvestmentBanking,VentureCapital,Brokerage,RatingsandRatingsAgenciesG30:FinancialEconomics→CorporateFinanceandGovernance→GeneralAbstractThispaperinvestigatesthebehaviourofcreditratingagencies(CRAs),weexploitthecorporateQEoftheEurosystemanditsrating-basedspecicdesignwhichgeneratesexogenousvariatio,ratingupgradesweremostlynoticeableforbondsinitiallylocatedbelow,butcloseto,,ratingactivityisconcentratedpreciselyontheterritorywheretheincentivesofs,ourndingscontributetobetterassessingtheconsequencesoftheexplicit(butnotexclusive),AbstractJELClassificationD85:Microeconomics→Information,Knowledge,andUncertainty→NetworkFormationandAnalysis:TheoryE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesL14:IndustrialOrganization→MarketStructure,FirmStrategy,andMarketPerformance→TransactionalRelationships,ContractsandReputation,NetworksAbstractWepresentnewevidenceonthestrucuriselvesandofbanks,fappropriateprudentialmeasures,sinceitsupportstheidentificationofcounterpartyrisk,concentrationriskandfundin,,AbstractJELClassificationE31:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→PriceLevel,Inflation,DeflationD81:Microeconomics→Information,Knowledge,andUncertainty→CriteriaforDecision-MakingunderRiskandUncertaintyC73:MathematicalandQuantitativeMethods→GameTheoryandBargainingTheory→StochasticandDynamicGames,EvolutionaryGames,RepeatedGamesAbstractWestudytheeffectsofmonetaryshocksinamodelofstate-dependentpriceandwageadjustmentbasedon“controlcosts”.Suppliersofretailgoodsandoflaborarebothmonopolisticcompeti,elthantheywouldatime-dependentframework,butnonethelessweobtainsuffici,ndinflationdeclines,becausenominaladjustmentsbecomelessfrequent,,,ECBLamfalussyFellowshipProgrammeAbstractJELClassificationG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesJ21:LaborandDemographicEconomics→DemandandSupplyofLabor→LaborForceandEmployment,Size,andStructureJ24:LaborandDemographicEconomics→DemandandSupplyofLabor→HumanCapital,Skills,OccupationalChoice,LaborProductivityAbstractWeidentifytheeffectsofexogenou,weexploitashocktothevalueofthepensionobeseemployees,weshowthatfirmsinarelationshipwithaffect,creditmarketfrictionsmighthavelonglastingeffectso,,AbstractJELClassificationD12:Microeconomics→HouseholdBehaviorandFamilyEconomics→ConsumerEconomics:EmpiricalAnalysisD14:Microeconomics→HouseholdBehaviorandFamilyEconomics→HouseholdSaving;PersonalFinanceD31:Microeconomics→Distribution→PersonalIncome,Wealth,andTheirDistributionsG11:FinancialEconomics→GeneralFinancialMarkets→PortfolioChoice,InvestmentDecisionsAbstractWeusecross-cou,EuropeanhouseholdsdiffersubstantiallyfromUShouseholds;,averageriskaversionisstronglycorrpositionanalysistogetherwithcountry-levelvariablesontheeconomicenvironmenttorestronglycorrelatedw,,,,AbstractJELClassificationD21:Microeconomics→ProductionandOrganizations→FirmBehavior:TheoryD22:Microeconomics→ProductionandOrganizations→FirmBehavior:EmpiricalAnalysisD24:Microeconomics→ProductionandOrganizations→Production,Cost,Capital,Capital,TotalFactor,andMultifactorProductivity,CapacityAbstractWeusefirm-levelsurveydatafrom25EUcountriestoanalysehowfirmsadjusttheirlabourcosts(employment,wagesandhours)thepatternofadjustmentisnotmuchaffectedbythetypeoftheshock(demandshock,access-to-financeshock,‘availabilityofsupplies’shock),butdiffersaccordingtothedirectionoftheshock(positiveornegative),,firmsrespondingtonegativeshocksweremostlikelytoreduceemployment,thenhourlywagesandthenhoursworked,,firmsweremorelikelytoincreasewages,followedbyincreasesinemploymentandthenhours,weshowthatstrictemploymentprotectionlegislationandhighcentralisationorcoordinationofwagebargain,,AbstractJELClassificationE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE61:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→PolicyObjectives,PolicyDesignsandConsistency,PolicyCoordinationE63:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→ComparativeorJointAnalysisofFiscalandMonetaryPolicy,Stabilization,TreasuryPolicyAbstractThispaperanalyzestheimpactofmonetarypolicyonpublicdebtsustainctsondebtsustainability,asakinkintheLaffercurveinducesadea,debtsustainabilityimproveswithmonetarypolicyactiveness,thatis,withth,weassessthetrade-offbetweeneconomicstabilizat,largepublicspendingsh,amutedtrade-offbetweenstabilizationandsustainabilityinsteadexpandsthefiscalmargin,especiallyifcou,AbstractJELClassificationF42:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→InternationalPolicyCoordinationandTransmissionE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyC50:MathematicalandQuantitativeMethods→EconometricModeling→GeneralAbstractWeassesstheempiricalvalidityofthetrilemma(orimpossibletrinity),weestimateTaylor-ruletypemonetarypolicyreactionfunctions,relatingthelocalpolicyratetoreal-timeforecastsofdomesticfundamentals,globalvariables,,weexplorevariationsinthesensitivityoflocaltobase-countrypolicyratesacetrilemma:Bothexchangerateflexibilityandcapi,wealsofindevidencethatisconsistentwiththenotionthatthefinancialchannelofexchangerateshighlightedinrecentworkreducestheextenttowhichlocalpolicymakersdecidetoexploitthemonetaryautonomyinprinciplegrantedbyflexibleexchangeratesinspecificcircumstances:Thesensitivityoflocaltobase-countrypolicyratesforaneconomywithaflexibleexchangerateisstrongerwhenitexhibitsnegativeforeign-currencyexposureswhichstemfromportfoliodebtandbankliabilitiesonitsenetarypolicytomimicthetighteningofbase-countrymonetarypolicyandtherebymuteexchangeratevariationbecauseadepreciationofthelocalcurrencywouldraisethecostofservicingandrollingoverforeign-currencydebtandbankloans,,,AbstractJELClassificationE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyG01:FinancialEconomics→General→FinancialCrisesD80:Microeconomics→Information,Knowledge,andUncertainty→GeneralAbst,entrepreneursneedcredittoundertakeinvestmentprojects,:collateralizationandcostlyscreening,,thecolla,(),theeconomyaccumula,collateral-drivenboomsendindeepcrisesandslowrecoveries:whenboomsend,investmentisconstrainedbothbythelackofcollateralandbythelackofinformationonexistinginvestmentprojects,emodel,,AbstractJELClassificationJ16:LaborandDemographicEconomics→DemographicEconomics→EconomicsofGender,Non-laborDiscriminationJ31:LaborandDemographicEconomics→Wages,Compensation,andLaborCosts→WageLevelandStructure,WageDifferentialsJ41:LaborandDemographicEconomics→ParticularLaborMarkets→LaborContractsJ63:LaborandDemographicEconomics→Mobility,Unemployment,Vacancies,andImmigrantWorkers→Turnover,Vacancies,LayoffsAbstractWeexaminegenderdifferencesincareerprogressionandpromotionsincentralbanking,astereotypicalmale-dominatedoccupation,usingconfidentialanonymizedpersonneldatafromtheEuropeanCentralBank(ECB),despitebroadlupuntil2010whentheECBissuedapublicstatement,,weexplorethepromotionprocessindepth,andconfirm,combinedwith,womenperformbetterintermsofsalaryprogression,suggestingthatthehigherprobabilitytobeselectedisbasedonmerit,:FinancialEconomics→GeneralFinancialMarkets→InternationalFinancialMarketsG32:FinancialEconomics→CorporateFinanceandGovernance→FinancingPolicy,FinancialRiskandRiskManagement,CapitalandOwnershipStructure,ValueofFirms,GoodwillG38:FinancialEconomics→CorporateFinanceandGovernance→GovernmentPolicyandRegulationAbstractWeassesstheimpactofthecorporatesectorpurchaseprogramme(CSPP),thecorporatearmoftheECBsquantitativeeasing,overitsfirstyearofactivity(June2016-June2017).Focusingontheprimarybondmarket,wefindevidenceofasignificantimpactoftheCSPPonyieldspreads,both,coupledwiththeevolutionofbondplacements,arefull,,,AbstractJELClassificationD83:Microeconomics→Information,Knowledge,andUncertainty→Search,Learning,InformationandKnowledge,Communication,BeliefE43:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→InterestRates:Determination,TermStructure,andEffectsE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesAbstractCentralbankshaveuseddifferenttypesofforwardguidance,wheretheforwardguidancehorizonisrelatedtoastatecontingency,ttypesofforwardguidanceonthesensitivityofbondyieldstomacroeconomicnews,eneral,butthatcalendar-,weshowthatthereleaseofmoreprecisepublicinformationaboutfuturerateslowerstheinformativenessofmarketsignalsand,asaconsequence,mayincreaseun,whentheincreaseinprecisionofpublicinformationissufficientlylarge,,AbstractJELClassificationF33:InternationalEconomics→InternationalFinance→InternationalMonetaryArrangementsandInstitutionsF53:InternationalEconomics→InternationalRelations,NationalSecurity,andInternationalPoliticalEconomy→InternationalAgreementsandObservance,InternationalOrganizationsF55:InternationalEconomics→InternationalRelations,NationalSecurity,andInternationalPoliticalEconomy→InternationalInstitutionalArrangementsH87:PublicEconomics→MiscellaneousIssues→InternationalFiscalIssues,InternationalPublicGoodsAbstractWhiletheconsequencesandeffectivenessofIMFconditionalityhavelongbeenthefocusofresearch,thepossiblenegativeimpactofIMFconditionalityoncountries’willingnesstoaskforanIMFprogramme–oftentermed‘IMFstigma’–pastexperiencewiththeIMFandtheirpeers’experiencewit,evenwhencontrollingforthesuccessofpastprogrammes,acountryislesslikelytoapproachtheIMFforhelpifinthepastitex’experience,,,,,,,,,,,,,,,,,,,,,,,AbstractJELClassificationE51:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MoneySupply,Credit,MoneyMultipliersG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesG28:FinancialEconomics→FinancialInstitutionsandServices→GovernmentPolicyandRegulationAbstractThepaperproposesaframewo(FAVAR)mdentifystructuralshocks,whichallowustodiagnosekeyvulnerabilitiesofnationalbankingsystemsandestimateshort-runeconomiccostsofincreasingbanks’,werunaratestherecreditandeconomicactivitydependingonthewaybanksadjust,,,AbstractJELClassificationE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyF36:InternationalEconomics→InternationalFinance→FinancialAspectsofEconomicIntegrationF41:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→OpenEconomyMacroeconomicsAbstractWeanalysetheinteractionbetweenmonetaryandmacroprudentialpoliciesintheeuroareabymeansofatwo-co(,France,Italy,andSpain),withparticularattentiontothecalibrationofcross-countrynanccnancialcyclesacrossthemonetaryunion,whichprovidesacasefortargetedcountry-specic,ourndingspointtotheimportanceoftakingintoaccountcross-bord,AbstractJELClassificationE4:MacroeconomicsandMonetaryEconomics→MoneyandInterestRatesE5:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCreditF4:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinanceAbstractThroughtheeuroareacrisis,financialfragmentationataghlydependenselectednon-standardmeasuresfromtheECBusingaglobalDSGEmodelwitharichfinancialsector:weextendthesix-regionmulti-countrymodelofDarracqParièsetal.(2016),intronyieldandexchangerateresponsesafterECBsAssetPurchaseProgramme(APP)ainissndholding:MacroeconomicsandMonetaryEconomics→GeneralAggregativeModels→ForecastingandSimulation:ModelsandApplicationsE21:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Consumption,Saving,WealthE43:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→InterestRates:Determination,TermStructure,andEffectsE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyJ11:LaborandDemographicEconomics→DemographicEconomics→DemographicTrends,MacroeconomicEffects,andForecastsAbstractThispaperemploysanaggregaterepresentationofanoverlappinggeneration(OLG)mode:theincreasingscarcityofeffectivelaborinputandthein:highersubstitutabilitybetweenlaborandcapital,higherintertemporalelasticityofsubstitutioninconsumption,reformsaimingatincreasingtherelativeproductivityofoldercohorts,enteconometricestimates:,AbstractJELClassificationC11:MathematicalandQuantitativeMethods→EconometricandStatisticalMethodsandMethodology:General→BayesianAnalysis:GeneralE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesE43:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→InterestRates:Determination,TermStructure,andEffectsE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyAbstractWeestimatethenaturalrateofinterestfor(2003),butaremoreconsistentwithusingconventionalpolicyrules:wemodelinflationtobestationary,withtheoutputgappinningdowndeviationsofinflationfromitsobjective(ratherthanrelativetoarandomwalk).Werelaxsomeconstraintsonthecorrelationoflatentfactorshockstomaketheoriginalunobserved-componentsframeworkmoream:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesG28:FinancialEconomics→FinancialInstitutionsandServices→GovernmentPolicyandRegulationE42:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→MonetarySystems,Standards,Regimes,GovernmentandtheMonetarySystem,PaymentSystemsE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesAbstractWeanalyzethepledgingbehaviorofEuroareabanksduringtheintroductionoftheliquiditycoverageratio(LCR).TheLCRconsidersonlyasubsetofcentralbankeligibleassetsandtherebyoffersbanksanarbitrageopportunitytoimprovetheirregulatoryr’incentivbank,wefindthatbankswithoutaprecedingnationalliquidityrequirementpledgemoreandlessliquidcollateralthanbankswi,,,AbstractJELClassificationE62:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→FiscalPolicyF32:InternationalEconomics→InternationalFinance→CurrentAccountAdjustment,Short-TermCapitalMovementsF34:InternationalEconomics→InternationalFinance→InternationalLendingandDebtProblemsF36:InternationalEconomics→InternationalFinance→FinancialAspectsofEconomicIntegrationF41:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→OpenEconomyMacroeconomicsF62:InternationalEconomics→EconomicImpactsofGlobalization→MacroeconomicImpactsF65:InternationalEconomics→EconomicImpactsofGlobalization→FinanceG15:FinancialEconomics→GeneralFinancialMarkets→InternationalFinancialMarketsH63:PublicEconomics→NationalBudget,Deficit,andDebt→Debt,DebtManagement,SovereignDebtAbstractThispaperexploresanaturalcvariouschannels,theycanalsohavecrowding-outeffectsiftheresourcccesstoforeignmarketstoplacetheirdebt,(i)post-warUSdataand(ii)dataforapanelof17advancedeconomiesfromthe1980,weassembleanoveldatabaseofpublicdebtholdiwthat,indeed,thesizeoffisc,thefiscalmultiplierissmallerthanonewhentheforeignshareislow,sand1960sandJapantoday,andlargerthanonewhentheforeignshareishigh,,AbstractJELClassificationD10:Microeconomics→HouseholdBehaviorandFamilyEconomics→GeneralD14:Microeconomics→HouseholdBehaviorandFamilyEconomics→HouseholdSaving;PersonalFinanceE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyG01:FinancialEconomics→General→FinancialCrisesG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesAbstractThispaperusesrepresentativeindividualhouseholddatafromLuxembourgtoevaluatehowseve,expensesandliquidassetsareusedtocalculatehousehold-specificprobabilitiesofdefault(PD),aggregatebankexposureatdefault(EAD)andaggregatebanklossgivendefault(LGD).Theexerciseisrepeatedwithscenarioscombiningseverebutplausibleshockstorealestateprices,bondsandstocks,,theLGDrisesbyamultipleofeight,%ncialstress,despitethreemitigatingfactorsinLuxembourg:indebtedhouseholdstendtoholdliquidassetsthatcanhelpsmoothshocks,householdleveragetendstodeclinerapidlyoncemortgageshavebeenservicedseveralyears,,,,,,DiscussionpapersAbstractJELClassificationD2:Microeconomics→ProductionandOrganizationsD4:Microeconomics→MarketStructureandPricingN1:EconomicHistory→MacroeconomicsandMonetaryEconomics,IndustrialStructure,Growth,FluctuationsO3:EconomicDevelopment,TechnologicalChange,andGrowth→TechnologicalChange,ResearchandDevelopment,IntellectualPropertyRightsAbstractWeexaminethedegreeofmarketpow:namely,theconcentrationratios,aweuseacombinationofOrbisandiBACH(datingfrom2006onwards).Wefindthat,incontrasttothesituationintheUS,marketpowermetricshavebeenrelativelystableoverrecentyearsand–intermsofthemarkupspecifically–marginallytrendingdownsincethelate1990s,,wefind(relyingonresultsforManufacturing)thatfirmsinsectorswhichexhibithighconcentration,butarecategorizedas‘hightech’users,,markupstendtodisplayabi-modaldistributidforothereconomiesisnotobviouslyaeuroareaphenomenonandthatw,,AbstractJELClassificationF10:InternationalEconomics→Trade→GeneralF30:InternationalEconomics→InternationalFinance→GeneralAbstractDoesdistancematterforthevolatilityofinternationalrealandfinancialtransactionsWeshowthatitdoes,,relyingonabroadrangeofrealandfinancialtransactionsmeasures,aswellasseveraldifferentmetricsofdistance(physical,linguistic,andinternet).WefirstshowthatduringtheGreatTradeCollapseof2007-09internationaltransactionsfellmorebetweencountriesthataremoredistantalongthevariousmetrics,andfindthatthedifferentdistancemeasuresmagnifyeachother’ismorevolatilebetweenmoredistantcountries,,,AbstractJELClassificationE24:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Employment,Unemployment,Wages,IntergenerationalIncomeDistribution,AggregateHumanCapitalE25:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→AggregateFactorIncomeDistributionN1:EconomicHistory→MacroeconomicsandMonetaryEconomics,IndustrialStructure,Growth,FluctuationsAbstractThispaperestablishessomestylizedfactsofthelongrunrelationshipbetweengrowthandlaborsharesusinghistoricaldatafortheUnitedStates(1898-2010),theUnitedKingdom(1856-2010),andFrance(1896-2010).Performingindividualcountrytime-frequencyanalysis,wedemonstratetheexistenceoflong-termcyclesinlaborshar,theimpactoflaborshareongrowthchangessignwiththefrequencyco,thepositivecoeffici,,AbstractJELClassificationC11:MathematicalandQuantitativeMethods→EconometricandStatisticalMethodsandMethodology:General→BayesianAnalysis:GeneralC53:MathematicalandQuantitativeMethods→EconometricModeling→ForecastingandPredictionMethods,SimulationMethodsQ43:AgriculturalandNaturalResourceEconomics,EnvironmentalandEcologicalEconomics→Energy→EnergyandtheMacroeconomyQ47:AgriculturalandNaturalResourceEconomics,EnvironmentalandEcologicalEconomics→Energy→EnergyForecastingAbstractWeanalysetheimportanceofmacroeconomicinformation,suchasindustrialproductionindexandoilprice,forforecastingdailyelectricitypricesintwoofthemainEuropeanmarkets,,introducingaBayesianapproachtoreverseunrestrictedMIDASmodels(RU-MIDAS).Westudytheforecastingaccuracyfordifferenthorizons(from1dayaheadto28daysahead)%atshorthorizonsandaround10%,itturnsoutthatthemacroeconomiclowfrequenc,,,,AbstractJELClassificationE51:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MoneySupply,Credit,MoneyMultipliersG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesF34:InternationalEconomics→InternationalFinance→InternationalLendingandDebtProblemsAbstractWeassesshowamajor,unconventionalcentralbankintervention,Draghi’s“whateverittakes”speech,,itrespondedtoadversefinancialandmacroec–involume,price,andloancreditratings–b’,,AbstractJELClassificationC32:MathematicalandQuantitativeMethods→MultipleorSimultaneousEquationModels,MultipleVariables→Time-SeriesModels,DynamicQuantileRegressions,DynamicTreatmentEffectModels,DiffusionProcessesE42:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→MonetarySystems,Standards,Regimes,GovernmentandtheMonetarySystem,PaymentSystemsE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyAbstractThispapercomparestheroDPresponsetopolicyshsacrosscountries,withhighermultipliersinadvancedeconomiescomparedtoemergingmarkets,meanuringtheglobalfinancialcrisisbutpolicytighteningthereafter,particularlyfiscalconsolidation,,inadvancedeconomies,highlyaccommodat,inemergingeconomies,,AbstractJELClassificationD90:Microeconomics→IntertemporalChoice→GeneralQ56:AgriculturalandNaturalResourceEconomics,EnvironmentalandEcologicalEconomics→EnvironmentalEconomics→EnvironmentandDevelopment,EnvironmentandTrade,Sustainability,EnvironmentalAccountsandAccounting,EnvironmentalEquity,PopulationGrowthAbstractWederivetheGreenGoldenRule(GGR)intheHabitFormation(HF)andAnticipationofFutureConsumption(AFC),timenon-separabilitiesinpreferencesoverconsumptionstreams,givenbytheAFCandHF,,accordingtotheHFhypothesis,aremorelikelytopreservetheenvironmentthant,,AbstractJELClassificationF13:InternationalEconomics→Trade→TradePolicy,InternationalTradeOrganizationsN20:EconomicHistory→FinancialMarketsandInstitutions→General,International,orComparativeAbstractWeanalyzetheronedbypecuniaryfactors,suchasdistanceandotherfrictionsmeasuredbygravitycovariates,,wefindthatdefensepactsb,thelikelihooda,,AbstractJELClassificationE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesAbstractHowdohousingbubblesaffectothereconomicsectorsWeshowthatinthepresenceofcollateralconstraints,abubbleinitial,however,housingcreditrepaymentsraisebanks’networthandexpandcreditsupply,,creditgrowthofnon-housingfirmswasloweratbankswithhigherbubbleexposure,’slastyears,,AbstractJELClassificationE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyE51:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MoneySupply,Credit,MoneyMultipliersE17:MacroeconomicsandMonetaryEconomics→GeneralAggregativeModels→ForecastingandSimulation:ModelsandApplicationsAbstractThispaperpresentsempiricalevidenceoftheroleoffinancialconditionsinChina’,incorporatingafinancialconditionsindexforChinathatcapturesmovementsacrossarangeoffinancialvariables,includinginterestratesandinterbankspreads,bondreturns,,creditandfinancialconditionshaveplayedanimportantroleinshapingChina’,weexaminetingactivityduringthepastdecade,part,,,AbstractJELClassificationE40:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→GeneralE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesAbstractDonegativepolicyrateshinderbanks’transmissionofmonetarypolicyToanswerthisquestion,weexaminet,bankswithhigherratiosofretailissionofnegativepolicyrates,,theaggregateeconomicimplicationsforhouseholdsaresmall,suggestingthatconcernsaboutinefficientmonetarypolicytransm,,,AbstractJELClassificationG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesE43:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→InterestRates:Determination,TermStructure,andEffectsE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyAbstractUsinganovelregulatorydatasetoffullyidentifiedderivativestransactions,thispaperprovidesthefirstcomprehensiveanalysisofthestructureoftheeuroareainterestrateswap(IRS):1)TheeuroareaIRSmarketishighlystandardisedandconcentratedaroundthegroupoftheG16Dealersbutalsoaroundasignificantgroupofcore”intermediaries"(andmajorCCPs).2)BanksareactiveinallsegmentsoftheIRSeuromarket,)Whenusingrelativenetexposuresasaproxyforthe“flowofrisk"intheIRSmarket,wefindthatri)AmongtheBaselIIIcapitalandliquidityratios,theleverageratioplaysakeyroleindeterminingabank)Also,aftermandatorycentralclearing,thereisstillalargedispersioninIRStransactionprices,whichispartlydeterminedbybankcharacteristics,,,AbstractJELClassificationE22:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Capital,Investment,CapacityE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyF34:InternationalEconomics→InternationalFinance→InternationalLendingandDebtProblemsF36:InternationalEconomics→InternationalFinance→FinancialAspectsofEconomicIntegrationG32:FinancialEconomics→CorporateFinanceandGovernance→FinancingPolicy,FinancialRiskandRiskManagement,CapitalandOwnershipStructure,ValueofFirms,GoodwillAbstractWequantifytheroleoffinanciforfirmandbankbalancesheetweaknessrestosovereignrisk,%,AbstractJELClassificationD24:Microeconomics→ProductionandOrganizations→Production,Cost,Capital,Capital,TotalFactor,andMultifactorProductivity,CapacityG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesL25:IndustrialOrganization→FirmObjectives,Organization,andBehavior→FirmPerformance:Size,Diversification,andScopeO47:EconomicDevelopment,TechnologicalChange,andGrowth→EconomicGrowthandAggregateProductivity→MeasurementofEconomicGrowth,AggregateProductivity,Cross-CountryOutputConvergenceAbstractThispaperexplorestheconnectionbetween”zombie”firms(firmsthatwouldtypicallyexitinacompetitivemarket)andbankhealth,theresultsshowthatzombiefirmsaremorelikelytobeconnectedtoweakbanks,suggestingthatthezhegrowthofmoreproductivefirms,ononcapitalmisallocationcanbedirectlyattributedtobankhealthandadditionalanalysissuggeststh,improvementsinbankhealtharemorelikelytobeassociatedwithareductionintheprevalenceofzombiefirmsincountrie,leveragingtheimportantcomplementaritiesbetweenbankstrengtheningeffortsandinsolvencyregimerefo,,AbstractJELClassificationG10:FinancialEconomics→GeneralFinancialMarkets→GeneralG20:FinancialEconomics→FinancialInstitutionsandServices→GeneralE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesAbstractInterbankmoneymarketshavebeensubjecttosubstantialimpairmentsintherecentdecade,suchasadeclineinunse,wedevelopanovelgeneralequilibriummodelfeaturingheterogeneousbanks,interbankmarketsforbothsecuredandunsecuredcredit,toeitherdivertresourcesintounproductivebutliquidassetsortode-lever,,,,AbstractJELClassificationF15:InternationalEconomics→Trade→EconomicIntegrationF21:InternationalEconomics→InternationalFactorMovementsandInternationalBusiness→InternationalInvestment,Long-TermCapitalMovementsF36:InternationalEconomics→InternationalFinance→FinancialAspectsofEconomicIntegrationF42:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→InternationalPolicyCoordinationandTransmissionG15:FinancialEconomics→GeneralFinancialMarkets→InternationalFinancialMarketsAbstractBothacademicresearchersandpolicym-borderfinanc,country-specific,andglobalvariablesasdeterminantsofaggregateandbilateralUSfinancialflowsandasdeterminantsofcountry-leve–notablytheVIXandUSdollarexchangerate–hasaquantitativelyimportantinfluenceonglobalfinancialflows,“restoftheworld”,wefindthatthecorrelationbetalcycle,,,AbstractJELClassificationE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyF40:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→GeneralAbstractThispapercontributestothedebateonthemacroeconomiceffectivenessofexpansionaryn,weexploretheinteractionsbetweencentralbankassetpurchasesandbankcapital-basedfinancialpolicies(regulatory,supervisoryormacroprudential)chreinforcesthecrediteasingchannelofcentralbankassetpurchases,atth,adequatebankcapitaldemandthroughhigherminimumcapitalrequirementscurtailstheexcessivecreditorigination,uncertaintya,inaweakly-capitalisedbankingsystem,countercyclicalmacroprudentialpolicyattenuatesbanksrisk-takinganddampe,inawell-capitalisedbankingsystem,macroprudentialpolicyshouldlookthroughtheeffectsofcentralbankassetpurchasesonbankcapitalposition,asthecostsintermsofmacroeconomics,,AbstractJELClassificationG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesG24:FinancialEconomics→FinancialInstitutionsandServices→InvestmentBanking,VentureCapital,Brokerage,RatingsandRatingsAgenciesG28:FinancialEconomics→FinancialInstitutionsandServices→GovernmentPolicyandRegulationAbstractWeexaminethelinkbetweenissuerreputationandmortgage-backedsecurity(MBS)performanceusingasampleof4,,overall,MBSsoldbyreputableissuersarecollateralisedbyhigherqualityassetpo,ascreditstandardsdeclinedduringtheboomperiodof2005-2007,assetpoolssecuritizedbyreputableissuerswer,reputationasaself-discipliningmechanismfailedtoinc,,AbstractJELClassificationC32:MathematicalandQuantitativeMethods→MultipleorSimultaneousEquationModels,MultipleVariables→Time-SeriesModels,DynamicQuantileRegressions,DynamicTreatmentEffectModels,DiffusionProcessesE24:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Employment,Unemployment,Wages,IntergenerationalIncomeDistribution,AggregateHumanCapitalE31:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→PriceLevel,Inflation,DeflationAbstractThispaperdocuments,forthefirsttimeinasystematicmanner,indastronglinkbetweenlaborcostandpriceinflationi,thepass-throughissystematicall,undercircumstancesofpredominantlydemandshocks,,however,thispass-through,ECBLamfalussyFellowshipProgrammeAbstractJELClassificationG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesG23:FinancialEconomics→FinancialInstitutionsandServices→Non-bankFinancialInstitutions,FinancialInstruments,InstitutionalInvestorsG28:FinancialEconomics→FinancialInstitutionsandServices→GovernmentPolicyandRegulationAbstractWeanalyzetheeffectofbankcapitalrequirementsonthestructureandriskofafinancialsystemwheremarkets,regulatedbanks,projects,,asupervisorcertifiestheircapital;ifnot,,saferentrepr(sensitive)requirementsareespeciallycostlyforrelativelysafe(risky)entrepreneurs,,,AbstractJELClassificationG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesG28:FinancialEconomics→FinancialInstitutionsandServices→GovernmentPolicyandRegulationG32:FinancialEconomics→CorporateFinanceandGovernance→FinancingPolicy,FinancialRiskandRiskManagement,CapitalandOwnershipStructure,ValueofFirms,GoodwillAbstractWedevelopadynamicstructuralmodelofbankbehaviourthatprovidesamicroeconomicfoundationforbankcapitalandliquiditystructuresandanalysestheeffectsofchangesinreveanimpactonloansupply,reactionsdependoninitialbalancesheetconditionsandreconcilesevidenceonshort-termreductionsinloansupplywithfindingssuggestingthatb,,AbstractJELClassificationE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyC33:MathematicalandQuantitativeMethods→MultipleorSimultaneousEquationModels,MultipleVariables→PanelDataModels,Spatio-temporalModelsC38:MathematicalandQuantitativeMethods→MultipleorSimultaneousEquationModels,MultipleVariables→ClassificationMethods,ClusterAnalysis,PrincipalComponents,FactorModelsAbstractFocussingonrepospecialnesspremia,usingISIN-specifictransaction-by-transactiondataofone-daymaturityrepos,wedocumentagradualshiftfromcash-tosecuritieketsegmentsweextend,illustrate,andvalidateevidenceonfinancialfrictionsthatarerelevantindrivingrepopremia:controllingforacomprehensiverangeofbond-marketspecificcharacteristics,weshowthatrepopremiahavebeensystematicallyaffectedbyfragmentationinthesovereignspace,bankfundingstress,,asalsoreflectedbylarge,weapplypaneleconometrica,,AbstractJELClassificationE24:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Employment,Unemployment,Wages,IntergenerationalIncomeDistribution,AggregateHumanCapitalE62:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→FiscalPolicyJ30:LaborandDemographicEconomics→Wages,Compensation,andLaborCosts→GeneralC33:MathematicalandQuantitativeMethods→MultipleorSimultaneousEquationModels,MultipleVariables→PanelDataModels,Spatio-temporalModelsC11:MathematicalandQuantitativeMethods→EconometricandStatisticalMethodsandMethodology:General→BayesianAnalysis:GeneralAbstractThispaperinvestigatestherelationshipbetweenpublicandpri(positiveandsignificantinFrance,Spain,Italyandnon-significantinGermanyandtheNetherlands).Interestingly,theresponseofprivatewagesisfoundtobeasymmetric:apositiveandstatisticallysignificantresponseisfoundincaseofapositiveshocktopublicwages,whilenostatcrisisareexpectedtobegraduallyliftedinseveraleuroareacountries,thefindingsofthispapersuggestthatknoc,,,,AbstractJELClassificationG01:FinancialEconomics→General→FinancialCrisesG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesAbstractThispaperprovidesevidenceonthe,weshowthatbanksreal,,,,sectorspecializationorfirmsoundnessreducesthetransmissionofthefundingshocktocreditsupplyby22,8and10%,,,AbstractJELClassificationE5:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCreditF3:InternationalEconomics→InternationalFinanceAbstractWeuseacross-countrysampleofmonthlyobservationsforquantitativeeasing(QE)treatmentsinordertostudythecausaleffectngtheaugmentedinverseprobabilityweighting(AIPW)ndassetprices,inparticularlongtermyields,,wefindthatQ,ourfindingssuggestthatthemaintransmissionchanneldoesnotappeartobestrongeraggregatedemandimpactinginflationthroughthePhillipscurve,,wedonotfindanyevidenceforsideeffectsandincreasesinrisktakingfollowingQE,withrealhousepricesandrealcreditnotincreasingorfalling,,,ECBLamfalussyFellowshipProgrammeAbstractJELClassificationG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesG38:FinancialEconomics→CorporateFinanceandGovernance→GovernmentPolicyandRegulationE51:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MoneySupply,Credit,MoneyMultipliersD24:Microeconomics→ProductionandOrganizations→Production,Cost,Capital,Capital,TotalFactor,andMultifactorProductivity,CapacityO47:EconomicDevelopment,TechnologicalChange,andGrowth→EconomicGrowthandAggregateProductivity→MeasurementofEconomicGrowth,AggregateProductivity,Cross-CountryOutputConvergenceAbstractWeprovideevidencethataweakbankingsectorhascontributebanksin2011providesanaturalexperiocatingcredittofirctormisallocationaccountsfor20%,,,AbstractJELClassificationC52:MathematicalandQuantitativeMethods→EconometricModeling→ModelEvaluation,Validation,andSelectionC53:MathematicalandQuantitativeMethods→EconometricModeling→ForecastingandPredictionMethods,SimulationMethodsE37:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→ForecastingandSimulation:ModelsandApplicationsAbstractTheEurosystemstaffforecastsareconditionalonthefinancialmarkets,theglobaleconomyandfiscalpolicyoutlook,reaandweshowthatitprovidesaccurateconditionalforecastsofpolicyrelevantvariablessuchas,forexample,mprojectionssuggestthatthemodelisavalidbenchmarktoas,theBVARcanbeusedtoidentifypossiblesourcesofjudgement,basedonthegapsbetweentheEuro,,AbstractJELClassificationE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesE51:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MoneySupply,Credit,MoneyMultipliersE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyC32:MathematicalandQuantitativeMethods→MultipleorSimultaneousEquationModels,MultipleVariables→Time-SeriesModels,DynamicQuantileRegressions,DynamicTreatmentEffectModels,DiffusionProcessesC51:MathematicalandQuantitativeMethods→EconometricModeling→ModelConstructionandEstimationAbstractThispaperstudiestherelationshi,short-terminterestratesandshort-termloansanddepositsdidnotshow,,,AbstractJELClassificationG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesC33:MathematicalandQuantitativeMethods→MultipleorSimultaneousEquationModels,MultipleVariables→PanelDataModels,Spatio-temporalModelsAbstractWeaddressthequestiontowhatextentacentralbankca,weproposeanovelriskmeasurementframeworktoempiricallystudythetime-variatirties,jointtaildependence,skewness,sweeklybalancesheetbetween2009and2015,wefindthatunconventionalmonetarypolicyoperationsgeneratedbeneficialriskspill-oversacrossmonetarypolicyoperations,,,AbstractJELClassificationD85:Microeconomics→Information,Knowledge,andUncertainty→NetworkFormationandAnalysis:TheoryG17:FinancialEconomics→GeneralFinancialMarkets→FinancialForecastingandSimulationG33:FinancialEconomics→CorporateFinanceandGovernance→Bankruptcy,LiquidationL14:IndustrialOrganization→MarketStructure,FirmStrategy,andMarketPerformance→TransactionalRelationships,ContractsandReputation,NetworksAbstractThispaperpresentsanovelapproachtoinvestigateandmodelthenetworkofeuroareabanks’,thepaperdocumentsthedegreeofinterconnectednessan(CoMap)methodologytostudycontagionpotentiundingshocksprovidesinsightstothenatureofcontagionwhichcanbeusedtocalibratebank-svulnerablestatetoahighlyvulnerablestateareanon-linearfunctionoft,AbstractJELClassificationE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesG01:FinancialEconomics→General→FinancialCrisesAbstractShouldmonetarypolicyleanagainstfinancialst“leaningagainstthewind”(LAW),weevaluatethecostandbenefitsofLAWusingtheSvensson(2017),weextendtheframeworktoaddressacri,weusethisextendedframewongriskstofinancialstabilityintheeuroarea,ngfinancialstabilityriskswouldalleviatetheburdenonmonetarypolicyto“leanagainstthewind”.,AbstractJELClassificationJ14:LaborandDemographicEconomics→DemographicEconomics→EconomicsoftheElderly,EconomicsoftheHandicapped,Non-LaborMarketDiscriminationJ26:LaborandDemographicEconomics→DemandandSupplyofLabor→Retirement,RetirementPoliciesAbstractThispape%higheramongcurrentinheritorsthanamongindividualswhowillinheritinthenexttwoyears,butthereissu,,AbstractJELClassificationC3:MathematicalandQuantitativeMethods→MultipleorSimultaneousEquationModels,MultipleVariablesG2:FinancialEconomics→FinancialInstitutionsandServicesAbstractWeshowthatmedium-terminterestratesintheeuroarea,Japan,reigndebtcrautoregressions(SVAR),,,AbstractJELClassificationE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesE61:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→PolicyObjectives,PolicyDesignsandConsistency,PolicyCoordinationAbstractWeexaminetheimplicationsoflesspowerfulforwardguidanceforoptimalpolicyusingasticky-pricemodelwithaneffectivelowerbound(ELB)onnomininmakingtheirdecisionstoday,anannouncedcutinfutureinteresdegree,wendthat,underawiderangeofplausibledegreesofdiscounting,itisoptimalforthecentralbanktocompensateforthereduc:Pleasekeepinmindthatthepapersarepublishedinthenameoftheauthor(s).TheirviewsdonotnecessarilyreflectthoseoftheECB.

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2-20/11/2012FrankfurtamMain19/11/2012-20/11/2012FrankfurtamMain30/10/2012-31/10/2012FrankfurtamMain08/10/2012-09/10/2012FrankfurtamMain30/08/2012-31/08/2012FrankfurtamMain25/06/2012-26/06/2012FrankfurtamMain29/05/2012Athens,Greece24/05/2012-25/05/2012FrankfurtamMain16/05/2012FrankfurtamMain10/05/2012-11/05/2012FrankfurtamMain08/05/2012FrankfurtamMain04/05/2012-05/05/2012FrankfurtamMain26/04/2012FrankfurtamMain17/04/2012-18/04/2012FrankfurtamMain16/03/2012-17/03/2012FrankfurtamMain06/02/2012-07/02/2012FrankfurtamMain,“重走长征路共筑中国梦”第三届重走长征路(南雄段)徒步活动在南雄启动,EBarticlespublishedin20186November2018,,,AbstractJELClassificationE22:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Capital,Investment,CapacityE31:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→PriceLevel,Inflation,DeflationE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesR31:Urban,Rural,Regional,RealEstate,andTransportationEconomics→RealEstateMarkets,SpatialProductionAnalysis,andFirmLocation→HousingSupplyandMarketsAbstractThehousingmarkethasimportantmsidentialinvestment,whichstartedattheendof2013,,nthestateofthehousingmarket,elaboratingonthedemandandsupplyfactorsunderpinningthecurrentupturn,,,,AbstractJELClassificationE22:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Capital,Investment,CapacityE23:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→ProductionE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesAbstractPotentialoutputistypicallyseenbyeconomicanalystsasthe,cap,theestimatedrateofpotentialoutputgrowthalsoappearstohaverecoveredmostofitspre-crisismomentum,underpinnedmainlybyanexpansionofthelabourforce,,projectionsbyinternationalinstitutionssuggestthatactualeur,supplyconstraintsarelikelytobecomeincreasinglybindinggoingforward,,AbstractJELClassificationE42:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→MonetarySystems,Standards,Regimes,GovernmentandtheMonetarySystem,PaymentSystemsE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyF31:InternationalEconomics→InternationalFinance→ForeignExchangeF36:InternationalEconomics→InternationalFinance→FinancialAspectsofEconomicIntegrationF41:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→OpenEconomyMacroeconomicsAbstractAsfinancialmarketsbecameprogressivelymoreintegratedinternationallyoverthepastdecades,economistswonderedtowhatextentpolicntheco-movementincapital,thearticlefocusesontherelativeimportanceofglobalriskandUSmonetarypolicyfortheglobalfinatockreturnsanditsimpactisamplifiedbycapitalaccountopenness,butnotnecessarilybytheexchangerateregime,whichmattersonlyforassetprices,,thecorrelationbetweenUSinterestratesandcapitalflowsthroughoutthecrisisispositive,ratherthannegativeasthetheorywouldpredict,indicatingtheneedforfurtherempiricalanalysissynchronisedbetweentheeuroareaandtheUnited,thisconfirmsthattheeffectivenessoftheECB’,,AbstractJELClassificationE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyG12:FinancialEconomics→GeneralFinancialMarkets→AssetPricing,TradingVolume,BondInterestRatesG01:FinancialEconomics→General→FinancialCrisesAbstractPrivatesectorinflationexpectationsareakeycomponentofabroadrangeofindicatorsthattheECBconsiderswhendeterminingtheappropageandprice-settingprocesses,butalsoserveasausefulcross-checkontheECB’sandtheEurosystem’xpectations,whicharetimelyindicatorsderivedfromthepricesofinstrumentsthomdifferenttypesofmarket-basedindicator,startingfromtheperiodleadinguptotheECB’sannouncementofitsexpandedassetpurchaseprogramme(APP).Thefallinmarket-basedindicatorsoflonger-terminflationexpectationsbetween2014andmid-2016wasconsistentacrossmajorjurisdictions,possiblyreflectingglobalconcereconcernsand,inparticular,’sshareofthemovementinlonger-terminflationexpectationsoverthepastfewyearshasstemmedfromtheinflationriskcomponentoftheseindicators,suggestingthatt,informationextractedfromthepricesofinflationoptionsimpliesthattherisk-neutralprobabilityofdeflationincreasednoticeablyinlate2014andearly2015,,AbstractJELClassificationD12:Microeconomics→HouseholdBehaviorandFamilyEconomics→ConsumerEconomics:EmpiricalAnalysisE41:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→DemandforMoneyE42:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→MonetarySystems,Standards,Regimes,GovernmentandtheMonetarySystem,PaymentSystemsAbstractThisarticlepresentsthedevelopmentsinthecirculationofeuroban,,datafromasurveyontheuseofcashintheeuroareaindicatesthatbyvolumeandnum,thegrowthinbadsandfirmsinsideandoutsideoftheeuroareaobvi,thestored,asshownbydevelopmentsoverthepasttenyears,thestoreofvaluefunctionisdeterminednotonlybyinterestrates,orssuchasthefinancialandsovereigndebtcrises,geopoliticaluncertainties,exchangeratedevelopmentsandpolicydecisions9August2018,,AbstractJELClassificationE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesAbstractThisarticleexaminestheevolutionoftheECB’ltingfromtheconferralofnewsupervisorytasksontheECB,itprovidesevidenceonhowthestrengtheningoftheECB’saccountabilityhastakenshapeinthecontextofitsrelationshipwiththeEuropeanParliamentinlinewiththelatter’,buildingontheaccountabilityframeworkenshrinedinprimarylaw,haveincreasedthefrequencyoftheirinteractions,madeinnovationsregardingtheformatandsharpenedthefocusoftheirexchanges,allowingincreasedscrutinyoftheECB’anddemonstratethatitisactinginaccordancewithitsdemocraticmandate,,,,AbstractJELClassificationD31:Microeconomics→Distribution→PersonalIncome,Wealth,andTheirDistributionsE21:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Consumption,Saving,WealthE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesE50:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→GeneralAbstractThisarticledocumentsthekeyrolethatprivateconsumptionhasplayedinrecentoutputgrowth(2013-18),andaskshowlongthecur,thisarticletriestoidentifytherelativeimportanceofdifferentfactorsdrivingconsumption,suchastherecoveryinthelabourmarket,accommodativemonetarypolicy,the2014-15dropinoilprices,theincreaseinassetprices,ountries,thisarticlealsoshedslightontheextenttowhichthecurrentexpaions,,eventhoughunemploymentinso,aslabourmarketscontinuetoimprove,privateconsu,theECB’saccommodativemonetarypolicyisnotonlycontributingtotheexpansionofprivateconsumption,,thereislittleevidencethatlowinterestrateshaveledtogeneralisedincreasesinhouseholdindebtedness,,,AbstractJELClassificationD53:Microeconomics→GeneralEquilibriumandDisequilibrium→FinancialMarketsE43:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→InterestRates:Determination,TermStructure,andEffectsE50:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→GeneralAbstractTheovernightmoneymarketplaysanimportantroleposesanewm,,AbstractJELClassificationE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyG12:FinancialEconomics→GeneralFinancialMarkets→AssetPricing,TradingVolume,BondInterestRatesG32:FinancialEconomics→CorporateFinanceandGovernance→FinancingPolicy,FinancialRiskandRiskManagement,CapitalandOwnershipStructure,ValueofFirms,GoodwillG35:FinancialEconomics→CorporateFinanceandGovernance→PayoutPolicyAbstractEquitycapitalisamongthemainsourcesoffundingforeuroareanon-financialcorporations(NFCs),,improvingthem,whichhasdeclinedsubstantiallyinrecentyears,entlyhigh“equityriskpremium”(ERP)ha,sincethestartoftheglobalfinancialcrisis,increofequityandtheERP,namelythethree-stagedividenddiscountmodel,,incorporatingshort-termearningsexpectations,discountingpayoutstoinvestorswithadiscountfactorwithappropriatematurity,,sharebuy-backactivityseemstomatter,,estimatingtheERP,particularlyitslevel,,suchuncertaintyadvocatestheuseofavarietyofmodelsandsurveyestimates,aswellasafocusonthedynamics,ratherthanonthelevel,,thearticledemonstratesthatcostofequitymodellingc,aschangesinequitypricescancontainimportantinformationaboutthee,thearticleshowsthataddinganinternationalperspectivetotheanalysisofthe,thegreaterrelianceonsharebuy-backsamongcompaniesintheUnitedStatesthanthoseintheeuroareaappearstobebehindsomeoftherecentsteeperdecl,AbstractJELClassificationF21:InternationalEconomics→InternationalFactorMovementsandInternationalBusiness→InternationalInvestment,Long-TermCapitalMovementsF23:InternationalEconomics→InternationalFactorMovementsandInternationalBusiness→MultinationalFirms,InternationalBusinessAbstractTherelevanceofforeigndirectinvestment(FDI)%to35%.FollowingadeclineduringtheGreatRecession,mergersandacquisitions(M&As),themostdynamiccomponentofFDI,haverecovered,riginanddestinationcountriesintermsof,forexample,economicgrowth,productivity,,theexpansionofmultinationalenterprises(MNEs)hasbeenaccompaniedbythecreationofcomplexcross-borderproductionchains,nanddeterminantsofFDIoverthepastdecade,FDIlandscape,withemergingmarketeconomies(EMEs)gaini,reachingmorethan50%oftheworld’,FDIflowsaredominatedbyarelativelysmallnumberofM&&AswithavalueinexcessofUSD1billionaccountedforonly1%ofallFDIprojects,buttheygenerated55%,evidencesuggeststhatFDIandexportsar,since2008EUcountriesarenolongertheworld’,econometricanalysisshows,,,AbstractJELClassificationC52:MathematicalandQuantitativeMethods→EconometricModeling→ModelEvaluation,Validation,andSelectionC82:MathematicalandQuantitativeMethods→DataCollectionandDataEstimationMethodology,ComputerPrograms→MethodologyforCollecting,Estimating,andOrganizingMacroeconomicData,DataAccessE31:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→PriceLevel,Inflation,DeflationAbstractHeadlineinflationcanbenoisy,blurringthesign,,itisimportanttounderstandthepropertiesofthevarioi,eachindicatorcomeswithmeritsandshortcomings,whi,,,,AbstractJELClassificationE01:MacroeconomicsandMonetaryEconomics→General→MeasurementandDataonNationalIncomeandProductAccountsandWealth,EnvironmentalAccountsF15:InternationalEconomics→Trade→EconomicIntegrationO11:EconomicDevelopment,TechnologicalChange,andGrowth→EconomicDevelopment→MacroeconomicAnalysesofEconomicDevelopmentO43:EconomicDevelopment,TechnologicalChange,andGrowth→EconomicGrowthandAggregateProductivity→InstitutionsandGrowthO47:EconomicDevelopment,TechnologicalChange,andGrowth→EconomicGrowthandAggregateProductivity→MeasurementofEconomicGrowth,AggregateProductivity,Cross-CountryOutputConvergenceAbstractThisarticleestablishesstylisedfactsaboutconvergenceandanalysesthesourcesofeconomicgrowthincentral,easternandsouth-easternEuropean(CESEE)economieswithinandoutsidetheEuropeanUnion(EU).22Italsocomparestheperformanceacrosscountriesandidentifiesthechalleconomiessince2000,tching-up,memembersoftheEU(includingthosewhichlaterjoinedtheeuroarea)thanintheWesternB,(interalia)improvementsininstitutionalquality,externalcompetitivenessandinnovation,increasesintradeopenness,highorimprovinglevelsofhumancapital,,acceleratingandsustainingconvergenceintheregionwillrequirefurthereffortstoenhanceinstitutionalqualityandinnovation,reinvigorateinvestment,,EUaccessionprospectsmightconstituteananchorforreformmomentum–inparticular,butnotexclusively,inthekeyareaofenhancinginstitutionalquality–andthussuppo,,,AbstractJELClassificationE21:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Consumption,Saving,WealthE62:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→FiscalPolicyF15:InternationalEconomics→Trade→EconomicIntegrationF36:InternationalEconomics→InternationalFinance→FinancialAspectsofEconomicIntegrationAbstractThisarticlediscussestheconceptofrisksharing,whichgenerallyreferstothenotionthateconomicagents,suchashouseholdsandfirms,attempttoinsuretheirconsumptionstreamsagainstfluctuationsinthebusinesscycleoftheircountry,“smoothout”areacanbesmoothed,eUnitedStatesneedstobeseenagainstthebackgroundofdifferentinstitutionalandpoliticalarchitectures,,whileintheeuroareaaround80%ofashocktoGDPgrowthinagivencountryremainedunsmoothedovertheperiod1999-2016,thusresultinginsizeabledifferencesinconsumptiongrowthacrosscountries,intheUnitedStatesatmost40%gchannels,,capitalandfiscalchannels,,intheeuroarea,risksharingtakesplacemainlyviathecapitalchannel,,thearticleputstheempiricalresultsintotheperspectiveoftheongoingdebateonenhancingtheinstitutionalarchitectureofEconomicandMonetaryUnion(EMU).Itcallsforeuroareacountriestomaketheireconomies,banationfunctiontosupportnationaleconomicstabilisersi,,,AbstractJELClassificationE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesG01:FinancialEconomics→General→FinancialCrisesG12:FinancialEconomics→GeneralFinancialMarkets→AssetPricing,TradingVolume,BondInterestRatesG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesAbstractThisarticlereviewstheimpactoftheECB’scorporatesectorpurchaseprogramme(CSPP)oncorporatebondmarketsandthefinancingofeuroareanon-financialcorporations(NFCs).ItfindsthattheCSPPhasledtoasignificanteasinginfinancingconditionsforeuroareaNFCs,includingdeclinesincorporatebondspreads,improvedsupplyconditionsinthecorporatebondprimarymarketandinc,inparticularitsflexibilityandadaptability,minimisesanyimpac:FinancialEconomics→CorporateFinanceandGovernance→FinancingPolicy,FinancialRiskandRiskManagement,CapitalandOwnershipStructure,ValueofFirms,GoodwillE22:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Capital,Investment,CapacityAbstractThisarticlereviewstheexinanceofenterprises(SAFE),whichfocusesspecificallyonsmallandmedium-sizedenterprises(SMEs).Theavailableevidencesuggeststhatcreditconstraintsplay,AbstractJELClassificationH55:PublicEconomics→NationalGovernmentExpendituresandRelatedPolicies→SocialSecurityandPublicPensionsJ11:LaborandDemographicEconomics→DemographicEconomics→DemographicTrends,MacroeconomicEffects,andForecastsJ14:LaborandDemographicEconomics→DemographicEconomics→EconomicsoftheElderly,EconomicsoftheHandicapped,Non-LaborMarketDiscriminationE62:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→FiscalPolicyAbstractThisarticleexaminesthemacroeconomicandfiscalimplicationsofpopulationageingintheeur’slatestprojections,populationageingis,whichstemsfromincreasesinlifeexpectancyandlowfertilityrates,iswidelyexpectedtoleadtoadeclineinthelaboursupplyandproductivitylosses,aswellasbehaviouralchanges,,bycausingincreasesinprecautionarysavings,ageingcanbeexpected,mainlyowingtoshiftsindemand,,euroareacountriesarealsoprojectedtoexperiencefurtherupwardpressureonpublicspendingonpensions,thesovereigndebtcrisis,furtherreformsapp,measuresthatincreasetheretirementagecanbeexpectedtodampentheadversemacroeconomiceffectsofageing,astheyw,increasingthecontributionrateorreducing:LaborandDemographicEconomics→General→LaborEconomics:GeneralJ21:LaborandDemographicEconomics→DemandandSupplyofLabor→LaborForceandEmployment,Size,andStructureJ22:LaborandDemographicEconomics→DemandandSupplyofLabor→TimeAllocationandLaborSupplyJ61:LaborandDemographicEconomics→Mobility,Unemployment,Vacancies,andImmigrantWorkers→GeographicLaborMobility,ImmigrantWorkersAbstractThisarticleexaminesthemainfactorsbehindtherecentchangesineur,aswellasimmigration,havehadaavebeendrivenbylong-termtrendsandstructuralchanges,,,forexamplebyhelpingthelong-termunemployed,migrantsandothergroupswhoseparticipationratesremainlow,toenterorreturntothelabourmarket,orfindjobsthatbettermatchtheirskills.

“重走长征路共筑中国梦”第三届重走长征路(南雄段)徒步活动在南雄启动

“重走长征路共筑中国梦”第三届重走长征路(南雄段)徒步活动在南雄启动,,AbstractJELClassificationC53:MathematicalandQuantitativeMethods→EconometricModeling→ForecastingandPredictionMethods,SimulationMethodsC82:MathematicalandQuantitativeMethods→DataCollectionandDataEstimationMethodology,ComputerPrograms→MethodologyforCollecting,Estimating,andOrganizingMacroeconomicData,DataAccessE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesE71:MacroeconomicsandMonetaryEconomicsAbstractBigdata”isbecominganincreasinglyimportantaspectofourdailylivesasthedigitalsourcesofinformationandintelligenequencyandtimelyinsightsintounconsciousdigitalbehaviourandtheconsequentactionsofeconomicagents,whichmay,inturn,assistinthegeneroareacarsales,asaleadingmacroeconomicindicator,andconsidersthequalityrequirementsforus,whileGoogledatamayhavepredictivecapabilitiesfornowcastingeuroareacarsales,furtherqualityimprovementsin,theresultingadvancesintheoryandknowledgearoundinterpretingbigdatacanbeexpectedtosignificantlyre-shapehowwethi,AbstractJELClassificationH62:PublicEconomics→NationalBudget,Deficit,andDebt→Deficit,SurplusH63:PublicEconomics→NationalBudget,Deficit,andDebt→Debt,DebtManagement,SovereignDebtAbstractThisstatisticalpaperdescribesandexplainsaspecifictoolenablingstatisticianstogainadditionalinsightsandassesstheconsistencyofgovernmentfinancestatistics(GFS):analysisofthedeficit-debtadjustment(DDA),orstock-flowadjustment(SFA).TheDDAreconcilestwokeygovernmentindicators–thegovernmentdeficit/dreliablebyexploringtheconsistencybetweengovernments’non-financialaccounts(measuringthegovernmentdeficit/surplus)andfinancialaccounts(measuringgovernmentdebtatmarketvalue).Italsotakesintoaccountvaluationdifferencesbetweenthefinancialaccountsandgovernmentdebtmeasuredatfacevalue(Maastrichtdebt).Recentyears’GFSfortheeuroareaaggregateandtheindividualeuroareacountries(and,whereuseful,otherEUMemberStates’data)ebtrevealsmanyaspectsofagovernment’,thecomponentsoftheDDAshedlightonitsequityinvestmentsorprivatisations,itsuseofinvestmentinfinancialreserves,someaspe,AbstractJELClassificationF36:InternationalEconomics→InternationalFinance→FinancialAspectsofEconomicIntegrationG1:FinancialEconomics→GeneralFinancialMarketsG10:FinancialEconomics→GeneralFinancialMarkets→GeneralG15:FinancialEconomics→GeneralFinancialMarkets→InternationalFinancialMarketsAbstractThispaperpresentsadetailedsetofnew,ticsandhelpusdisentanglethe,wefindthatfinancialintegrationinequityislessthanthatinthedebtmarket,althoughtheequitymarketwasthemaincontributor,weobserveagradualshiftincross-borderinvestmentac,ourresultsshowthateuroareabankssignificantlydecreasedtheirinvestmentindebtsecuritiesissuedbybanksinothereuroareacountriesandthatthisdecreaseexplainsaround55%ofthedec,wefindthatthesharpdecreaseinfinancialintegrationbetween2009and2012wasmainlydrivenbyforeigninvestorflightfromgovernmentdebtsecurities,:FinancialEconomics→GeneralFinancialMarketsE4:MacroeconomicsandMonetaryEconomics→MoneyandInterestRatesE5:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCreditAbstractTheEuropeanCentralBank(ECB),aspartofitsforward-lookingstrategy,needshigh-qualityfinancialmarketstatisticalindiugeinvestors’tiveistoobtainaproperempiricalrepresentationofthetermstructureofinterestratesfortheeuroareawhichcanbeinterpretedintermsofmarketexpectationsofmonetarypolicy,economicactivityandinflationexpectationsovershort-,,thepurposeofthispaperistwofold:firstly,topavethewayforaconceptualframeworkwithrecommendationsforselectingahigh-qualitygovernmentbondsampleforyieldcurveestimations,wherechangesmainlyreflectchangesintheyields-to-maturityratherthaninotherattributesoftheunderlyingdebtsecuritiesandmodels;andsecondly,tosupplementthecomprehensive–mainlytheoretical–literaturewiththemoreempiricalsideoftermstructureestimationsbyapplyingstatisticalteststoselectand,AbstractJELClassificationH81:PublicEconomics→MiscellaneousIssues→GovernmentalLoans,LoanGuarantees,Credits,Grants,BailoutsM48:BusinessAdministrationandBusinessEconomics,Marketing,Accounting→AccountingandAuditing→GovernmentPolicyandRegulationAbstractThispaperreviewsthedevelopmentofthequalityofthemainfiscaldatareleasedthroughtheExcessiveDeficitProcedures(EDP)sincetheeuro,thispaperpresentstheoutcomeofvariouseconometrictestsbasedonallthevintagesoftheannualmainfiscaldata(deficit,changeindebt)(GFS)dataarein,wefinditusefultocarryoutastudyrespondingtoformercriticismswhichpointedoutthatMemberStateswerebfcomponentswhichbridgethedeficittothechangeindebt(theso-calleddeficit-debtadjustmentscomponents).Toassessthisqualitativedevelopmentproperly,:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesC81:MathematicalandQuantitativeMethods→DataCollectionandDataEstimationMethodology,ComputerPrograms→MethodologyforCollecting,Estimating,andOrganizingMicroeconomicData,DataAccessG28:FinancialEconomics→FinancialInstitutionsandServices→GovernmentPolicyandRegulationAbstractAstheEuropeanReportingFramework(ERF):Keyfactsandinformation1reporthasrecognised,somecountrieshavealreadyimplementedintegrated“statistical”,Croatiahasbeenabletoproducealocal“AnaCredit”systemonaloanby-loanbasisforlegalentitiesandnon-residents(seetheECBMFIlist2orAnnex4oftheBanks’IntegratedReportingDictionaryoftheCroatianNationalBank3),andatanaggregatelevelforhouseholds,othernon-residentsandsmallbusinesses,u/nonresidentsonthelistandatanaggregatelevelforhouseholds,othernon-residentsandsmallbusinesseswasdevelopedin2007/2008followingaseriesofworkshopsheldamongcolleaguesfromSupervision,StatisticsandITattheCroatianNationalBank(CNB)’IntegratedReportingDictionary,adocumentinwhichallattributescollectedbythesystemarelisted,organisedintocategories,describedandexplained,,theCNBBanks’IntegratedReportingDictionaryismandatoryforallcreditinstitutions,andithasbeenenforcedonthefinical,:MathematicalandQuantitativeMethods→EconometricandStatisticalMethodsandMethodology:General→OtherC81:MathematicalandQuantitativeMethods→DataCollectionandDataEstimationMethodology,ComputerPrograms→MethodologyforCollecting,Estimating,andOrganizingMicroeconomicData,DataAccessAbstractSocialscientists,dataprovidersworryabout“spontaneousrecognition”,thelikelihoodthatamicrodatauserbelievesthatheorshehasaccidentallyidentifiedoneofthedatasubjectsinthedataset,,particularlyinrespectofmicrodataonbusinesses,,irmorassertidentity,,aconsiderationofspontaneousrecognitiondoe’,spontaneousreco,itprovidesawaytoplaceptof,AbstractJELClassificationC33:MathematicalandQuantitativeMethods→MultipleorSimultaneousEquationModels,MultipleVariables→PanelDataModels,Spatio-temporalModelsC82:MathematicalandQuantitativeMethods→DataCollectionandDataEstimationMethodology,ComputerPrograms→MethodologyforCollecting,Estimating,andOrganizingMacroeconomicData,DataAccessE02:MacroeconomicsandMonetaryEconomics→General→InstitutionsandtheMacroeconomyE22:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Capital,Investment,CapacityAbstractOfficialeuroarea-widestatisticsonthecapitalstockanditsbreakdownsbyassettypeandsectorarenotyetavailable,hafullcross-sectorclassialsector,includinghouseholds’non-financialassettypesandhousingwealth,bothfortheeuroareaasawholeandforeuroareacountriescurrentlynotestimatingand/:Microeconomics→HouseholdBehaviorandFamilyEconomics→ConsumerEconomics:EmpiricalAnalysisD140:Microeconomics→HouseholdBehaviorandFamilyEconomics→HouseholdSaving;PersonalFinanceD310:Microeconomics→Distribution→PersonalIncome,Wealth,andTheirDistributionsAbstractInthispaper,weestimateconsumptioninthefirstwaveoftheEurosystemHouseholdFinanceandConsumptionSurveyforasubsetofcountriesthataccountforaround85%oft(2003),takingadvantageofthefewquestionsonconsumptionaskedtohouseholdsparticipatinginthesurvey,ingeneralissensitivetotheCon,estimationsofconsumption(providedthroughoutthispaper)shouldbeusedwithcaution,,,,,,,AbstractJELClassificationC43:MathematicalandQuantitativeMethods→EconometricandStatisticalMethods:SpecialTopics→IndexNumbersandAggregationL22:IndustrialOrganization→FirmObjectives,Organization,andBehavior→FirmOrganizationandMarketStructureL25:IndustrialOrganization→FirmObjectives,Organization,andBehavior→FirmPerformance:Size,Diversification,andScopeM4:BusinessAdministrationandBusinessEconomics,Marketing,Accounting→AccountingandAuditingAbstractAnalysisofconsolidatedaccountingdataofEuropeanlistedgroupsshowssignificantdifferencesinsomekeyratiosbetweencountriesHowever,thefiguresdonotrevealwhetherthesedifferencesresultfromadistinctcompositionofthecountries’populationsintermsofbranchesofactivity(structuraleffect)orfroiteraturewillbeprovided,o,theequityratioandtheEBITmarginacrosscountriesforonespecificyearandtoconsiderropeanCommitteeofCentralBalanceSheetDataOffices(ECCBSO),whichincludesaccountingdataoflistedgroupsfromAustria,Belgium,France,Germany,Greece,Italy,,,AbstractJELClassificationC82:MathematicalandQuantitativeMethods→DataCollectionandDataEstimationMethodology,ComputerPrograms→MethodologyforCollecting,Estimating,andOrganizingMacroeconomicData,DataAccessG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesAbstractTheConsolidatedBankingDataCBD)areakeycomponentoftheECB/,whichcontainsalltherelevantdimensionsofsystemicriskstemmingfromandaffectingnationalbankingsystems,(EBA)ImplementingTechnicalStandardsonSupervisoryReportingin2014,posingfirmlevelsupervisoryreturns,oftenbasedondifferentaccountingsystems,intocomprehensiveaggregatestatistics,whileensuringasfaraspossiblecontinuityinthetimeseriesforind,thenewCBDhassubstantiallyenlargedthequantityandincreasedthequalityofdata,,,AbstractJELClassificationE01:MacroeconomicsandMonetaryEconomics→General→MeasurementandDataonNationalIncomeandProductAccountsandWealth,EnvironmentalAccountsE62:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→FiscalPolicyH3:PublicEconomics→FiscalPoliciesandBehaviorofEconomicAgentsH6:PublicEconomics→NationalBudget,Deficit,andDebtAbstractThepolicyfocusonexcessiveleverageintheeuroareahasraisedinterestindevelopingcomprehensiveanalyticalapproachestobetterunderstandtheinterrelation,theinterplaybetweengovernmentdebtandprivateleverageisattractingincreasingat,analysesofthesubjectaregenerallypartialinthattheyfailtotakeintoacingconcepts,re,thepaperpresentsamechanismthatcaptureshowincreasedleverageincertainagentscontributes,ceterisparibus,:Microeconomics→HouseholdBehaviorandFamilyEconomics→HouseholdSaving;PersonalFinanceD31:Microeconomics→Distribution→PersonalIncome,Wealth,andTheirDistributionsE21:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Consumption,Saving,:MathematicalandQuantitativeMethods→DataCollectionandDataEstimationMethodology,ComputerPrograms→SurveyMethods,SamplingMethodsD31:Microeconomics→Distribution→PersonalIncome,Wealth,:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesG32:FinancialEconomics→CorporateFinanceandGovernance→FinancingPolicy,FinancialRiskandRiskManagement,CapitalandOwnershipStructure,ValueofFirms,GoodwillE51:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MoneySupply,Credit,MoneyMultipliersE43:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→InterestRates:Determination,TermStructure,andEffectsM41:BusinessAdministrationandBusinessEconomics,Marketing,Accounting→AccountingandAuditing→AccountingAbstractCashpoolingisabankservicethatallowscorporatestoexternalisetheintra-groupcashmanagement,thephenomenon,cashpoolingappearstohavebecomeincreasinglypopularaftertheonsetofthefinancialcrisiswhen,inanenvironmentcharacterisedbylimitedaccesstocapitalmarkets,reducedbanklending,lowreturnsandhigherrisksonbanksdeposits,corpo,cashpoolingiscurrentlyveryrelevantinWesternandNorthernEuropeancountries,andismainlyofferedintheUnitedKingdom,and,specifically,themethodologicalframeworkofMonetaryFinancialInstitutions(MFI):MathematicalandQuantitativeMethods→DataCollectionandDataEstimationMethodology,ComputerPrograms→SurveyMethods,SamplingMethodsAbstractTheHouseholdFinanceandConsumptionSurvey(HFCS)isarecentinitiativefromtheEurosystemtocollectcomparablem(HFCN),whichcomprisestheEuropeanCentralBank(ECB),nationalcentralbanks(NCBs),andnationalstatisticalinstitutes(NSIs),011,igatetheissueofunitnon-responseintheHFCS,betterdescribeandunderstanditspatterns,measureitseffectsontheoverallqualityofthesurveyand,ultimately,,informatio,basedontheexperiencefromthefirstwaveoftheHFCS,thereportelaboratesongoodsurveypractices(,useofincentives,persuasivecontactstrategies,etc.)thunitnon-responseaposteriori,,basedontheoutcomeofthisempiricalanalysis,recommenda,AbstractJELClassificationC33:MathematicalandQuantitativeMethods→MultipleorSimultaneousEquationModels,MultipleVariables→PanelDataModels,Spatio-temporalModelsC82:MathematicalandQuantitativeMethods→DataCollectionandDataEstimationMethodology,ComputerPrograms→MethodologyforCollecting,Estimating,andOrganizingMacroeconomicData,DataAccessE01:MacroeconomicsandMonetaryEconomics→General→MeasurementandDataonNationalIncomeandProductAccountsandWealth,EnvironmentalAccountsE30:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→GeneralAbstractIntegratedquarterlysectoraccounts(QSA)provideananalyticaltooltounderstandthegeneration,,sinceQSAarepublishedincurrentpricesonly,sectoralvolumeandpricemeasuresarelackingasanimportanttoolkitforeconomicanalysisandforecasting,measuresforeuroareavalueaddedataquarter:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesC81:MathematicalandQuantitativeMethods→DataCollectionandDataEstimationMethodology,ComputerPrograms→MethodologyforCollecting,Estimating,andOrganizingMicroeconomicData,DataAccessG18:FinancialEconomics→GeneralFinancialMarkets→GovernmentPolicyandRegulationAbstractThisarticlediscussesasmallscalepilo,thearticleexplainsthehistoryofhowdatahasbeencollectedattheBankofEngland;,,AbstractJELClassificationC81:MathematicalandQuantitativeMethods→DataCollectionandDataEstimationMethodology,ComputerPrograms→MethodologyforCollecting,Estimating,andOrganizingMicroeconomicData,DataAccessC83:MathematicalandQuantitativeMethods→DataCollectionandDataEstimationMethodology,ComputerPrograms→SurveyMethods,SamplingMethodsD22:Microeconomics→ProductionandOrganizations→FirmBehavior:EmpiricalAnalysisAbstractNon-responseisacommonissueaffectingthevastmajorityofsurveys,,effortstoconvinceunwillingrespondentstoparticipateinasurve,ratherthanlower,non-responsebias,forexampleifincentivesareeffectiveonlyforparticulargroups,,iftheincentivestendtoattractmainuropeanCentralBankSurveyontheAccesstoFinanceofEnterprises(SAFE),whichcollectsevidenceonthefinancingconditionsfacedbyEurop,whichhasbeenconductedbytelephonebiannuallysince2009bytheEuropeanCentralBankandtheEuropeanCommission,providesavaluablemeansofsearchingforthiskindofbias,,,,,,,,,,,,,,,,,,,,,,,,,,AbstractJELClassificationC81:MathematicalandQuantitativeMethods→DataCollectionandDataEstimationMethodology,ComputerPrograms→MethodologyforCollecting,Estimating,andOrganizingMicroeconomicData,DataAccessM41:BusinessAdministrationandBusinessEconomics,Marketing,Accounting→AccountingandAuditing→AccountingAbstractTheBankfortheAccountsofCompaniesHarmonized(BACH)isafree-of-chargedatabasecontainingtheaggregatedaccountingdataofnon-financialincorporatedenterprisesfor,sofar,redinlinewithnationalaccountingstandardsconsistentwithEuropeanAccountingDirectives,theyhavebeenharmonisedwithaviewtopreserving,tothegreatestextentpossible,,,AbstractJELClassificationE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesE37:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→ForecastingandSimulation:ModelsandApplicationsC53:MathematicalandQuantitativeMethods→EconometricModeling→ForecastingandPredictionMethods,SimulationMethodsAbstractWeassesstheusefulnessofalargesetofelectronicpaymentsdatacomprisingdebitandcreditcardtransactions,aswellaschequesthatclearthroughthebankingsystem,leonaverytimelybasis,eobservable,,wegeneratednowcastsofGDPgrowthforagivenquarteroveraspanoffivemonths,heremaybemodestreductionsinforecastloss,,debitcardtrans,,AbstractJELClassificationC1:MathematicalandQuantitativeMethods→EconometricandStatisticalMethodsandMethodology:GeneralC12:MathematicalandQuantitativeMethods→EconometricandStatisticalMethodsandMethodology:General→HypothesisTesting:GeneralAbstractComputationalmethodstogaugeinvestorsentimentfromcommonlyusedonlinedatasourcesthatrelyonmachinelearningclassifiersandlexiconshaveshownconsiderablepromise,,wedevelopasimple,directandunambiguousindicatorofonlineinvestorsentiment,,changesinTwitterbullishnesspredictchangesinGooglebullishness,,TwitterandGooglebullishnessarepositivelycorrelat,inparticular,isamorepow,weobservethathighTwitterbullishnesspredictsincreasesinstockreturns,,,AbstractJELClassificationE62:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→FiscalPolicyH63:PublicEconomics→NationalBudget,Deficit,andDebt→Debt,DebtManagement,SovereignDebtH68:PublicEconomics→NationalBudget,Deficit,andDebt→ForecastsofBudgets,Deficits,andDebtAbstractNewmonthlystatisticalindicatorsongovernmentdebtsecuritiesforeuroareacountrieshavenowbeendevelopedonthebasisoftheinformationcontainedintheCentralisedSecuritiesDatabase(CSDB),aninternaldatabaseavailabletotheEuropeanSystemofCentralBanks(ESCB).TheCSDBisjointlyoperatedbytheESCBandcontainstimelyandhigh-qualitysecurity-by-securityreferencedataondebtsecurities,theexpecteddisbursementsmadefortheservicingofissueddebtsecuritiestogetherwiththeassociatedinterestrate(nominalyield),brokendownbycountry,originalandremainingmaturity,nandthu,asatDecember2014,thede%ofGDP(,AbstractJELClassificationH81:PublicEconomics→MiscellaneousIssues→GovernmentalLoans,LoanGuarantees,Credits,Grants,BailoutsAbstractThispapersummarisestheaccountingprinciplesandmethodologyusedbystatisticianswithintheEuropeanSystemofCentralBanks(ESCB),,,AbstractJELClassificationC22:MathematicalandQuantitativeMethods→SingleEquationModels,SingleVariables→Time-SeriesModels,DynamicQuantileRegressions,DynamicTreatmentEffectModels&bullDiffusionProcessesC52:MathematicalandQuantitativeMethods→EconometricModeling→ModelEvaluation,Validation,andSelectionE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesAbstractThispapermodelsindustrialnewordersacrossEuropeanUnion(EU)(businessopinionsurveys)andharddata(industrialturnover).Theestimatesshowforabout200casesthatthemodeldetermin,differentmodelspecificationsandout-of-s(ECB)syieldedbythemode,wedemonstratetheleadingnatureofthe,AbstractJELClassificationC55:MathematicalandQuantitativeMethods→EconometricModeling→ModelingwithLargeDataSetsAbstractChangesinthesentimentofDutchpublicsocialmediamessageswerecomparedwithchangesinmonthlyconsumerconfidenceoveraperiodofthree-and-a-halfyears,revealingthatbothwerehighlycorrelated(uptor=)onswiththemonthlyconsumerconfidenceseriesconfirmedthisfindingandrevealed,becauseoftheeaseatwhichsocialmediasentiment-baseddataareavailableandcanbeprocessed,theycanbepublishedbeforetheoffimerconfidenceandsFramework(),,itisclaimedthataconsumerdecisionisinfluencedbytwokindsofemotions,,theintegralemotionisrelevantforthedecisionatstake,,consumerconfidenceislikelytobeinfluencedmainlybytheincidentalemotion,asconsumerconfideinci,,,,,,,,,,,,,,,AbstractJELClassificationA39:GeneralEconomicsandTeaching→CollectiveWorks→OtherC82:MathematicalandQuantitativeMethods→DataCollectionandDataEstimationMethodology,ComputerPrograms→MethodologyforCollecting,Estimating,andOrganizingMacroeconomicData,DataAccessF21:InternationalEconomics→InternationalFactorMovementsandInternationalBusiness→InternationalInvestment,Long-TermCapitalMovementsAbstractThemandateoftheTaskForceonValuationofForeignDirectInvestment(FDI)PositionswastoreviewthemethodstovaluedirectinvestmentpositionsstatedinAnnexIIIoftheGuidelineECB/2011/,theworkoftheTaskForcewasfocusedonreviewingrecentdevelopmentsthatmayjustifyamendmentstothecurrentmethodandassessingwhethernewmethodstobeappliedinthenationalcontributionstotheeuroareaaggregatewouldleadtoamorereliableinternationalinvestmentposition(),inparticularbyue(OFBV),othervaluationmethodsthanOFBVcouldbeused,addingthatnationalcompilersshallexchangeinformationonthosepositionswiththeotherrelevantMemberState(s).Nationalcompilersshouldthenconsider,onacase-bycasebasis,adjustingthevaluationofthosepositionsinordertostrivefo,,,,,,,,,,,,,,,,,,,,,,AbstractJELClassificationC42:MathematicalandQuantitativeMethods→EconometricandStatisticalMethods:SpecialTopics→SurveyMethodsE43:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→InterestRates:Determination,TermStructure,andEffectsAbstractTraditionalliteratureonsamplingtechniquesfocusesmainlyonstatisticalsamplesandcoversnon-random(non-statistical),therehasbeenarecentrevivalofinterestinnon-statisticalsamples,giventheirwidespreaduseincertainfieldslikegovernmentsurveysandmarketingresearch,hifCentralBanks(ESCB)ontheinterestratesofmonetaryfinancialinstitutions(MFIs)-statis:Microeconomics→HouseholdBehaviorandFamilyEconomics→ConsumerEconomics:EmpiricalAnalysisD14:Microeconomics→HouseholdBehaviorandFamilyEconomics→HouseholdSaving;PersonalFinanceD31:Microeconomics→Distribution→PersonalIncome,Wealth,andTheirDistributionsAbstractThisreportsummariseskeystylisedfactsfromthefirstwaveoftheEurosystemHouseholdFinanceandConsumptionSurvey,whichprovideshousehold-leveldatacollectedinaharmonisedwayin15euroareacountriesforasampleofmorethan62,,income,:Microeconomics→HouseholdBehaviorandFamilyEconomics→ConsumerEconomics:EmpiricalAnalysisD14:Microeconomics→HouseholdBehaviorandFamilyEconomics→HouseholdSaving;PersonalFinanceD31:Microeconomics→Distribution→PersonalIncome,Wealth,andTheirDistributionsAbstractThisreportsummarisesthemethodologiesusedinthefirstwaveoftheEurosystemHouseholdFinanceandConsumptionSurvey,whichprovideshousehold-leveldatacollectedinaharmonisedwayin15euroareacountriesforasampleofmorethan62,tion,sampledesign,weighting,imputation,therissuesthatmayhaveaneffectonthecomparabilityofthesurveydataacrosscountriesDisclaimer:Pleasekeepinmindthatthepapersarepublishedinthenameoftheauthor(s).TheirviewsdonotnecessarilyreflectthoseoftheECB.,Pastconferencesandseminars07/06/2019-31/07/2019Callforpapers20/03/2019-31/07/2019Callforpapers04/07/2019-05/07/201901/07/2019-05/07/201903/07/201915/03/2019-30/06/2019Callforpapers17/06/2019-19/06/201913/03/2019-15/06/2019Callforpapers29/04/2019-14/06/2019Callforpapers12/06/201910/04/2019-31/05/2019Callforpapers21/05/2019-22/05/201919/02/2019-17/05/2019Callforpapers15/05/2019-16/05/201915/03/2019-15/05/2019Callforpapers13/03/2019-15/05/2019Callforpapers06/05/2019-07/05/201930/01/2019-03/05/201916/04/2019-01/05/2019Callforpapers26/02/2019-30/04/2019Callforpapers28/03/2019-29/03/201921/03/2019-22/03/201918/12/2018-15/02/201917/12/2018-18/12/201817/12/2018-18/12/201806/12/2018-07/12/201830/11/201829/11/2018-30/11/201828/11/2018-29/11/201809/11/201806/11/2018-07/11/201805/11/2018-06/11/201831/10/201829/10/2018-30/10/201818/10/2018-19/10/201803/07/2018-28/09/2018Callforpapers25/09/2018-26/09/201824/05/2018-20/09/2018Callforpapers06/09/2018-07/09/201821/06/2018-20/08/2018Callforpapers07/06/2018-31/07/2018Callforpapers09/07/2018-13/07/201811/07/201810/07/201804/07/201830/04/2018-30/06/2018Callforpapers27/03/2018-30/06/2018Callforpapers18/06/2018-20/06/201818/06/2018-19/06/201811/04/2018-15/06/2018Callforpapers24/05/2018-14/06/2018Callforpapers21/03/2018-30/05/2018Callforpapers17/05/2018-18/05/201816/05/2018-17/05/201822/03/2018-15/05/2018Callforpapers15/02/2018-04/05/2018Callforpapers03/05/201823/03/2018-24/03/201815/11/2017-28/02/2018Callforpapers16/01/2018-26/02/2018Callforpapers21/12/2017-15/02/2018Callforpapers06/02/201814/11/2017-22/01/2018Callforpapers14/12/2017-15/12/201712/12/2017-13/12/201730/11/2017-01/12/201727/09/2017-24/11/2017Callforpapers20/11/2017-21/11/201717/11/201714/11/2017-15/11/201714/08/2017-15/11/2017Callforpapers06/11/2017-07/11/201702/11/2017-03/11/201723/10/2017-24/10/201718/10/201706/10/2017Callforpapers05/10/201729/09/201725/09/2017-26/09/201721/09/2017-22/09/201711/09/2017-12/09/201710/07/201726/06/2017-28/06/201729/05/2017-30/05/2017Callforpapers19/05/201711/05/2017-12/05/201723/01/2017-24/03/2017Callforpapers13/03/2017-14/03/201721/12/2016-15/02/201731/01/201716/01/2017-17/01/2017Callforpapers19/12/201615/12/2016-16/12/201613/12/2016-14/12/201628/11/201617/11/2016-18/11/2016Callforpapers10/11/2016-11/11/201603/11/2016-04/11/2016JointFederalReserveBankofChicagoandEuropeanCentralBankconference,Chicago,/10/2016-28/10/201624/10/2016-25/10/2016EuropeanCentralBankandInternationalMonetaryFundWorkshop20/10/2016-21/10/2016coincidingwiththeEuropeanStatisticsDay28/09/2016-29/09/201622/09/2016-23/09/201602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“重走长征路共筑中国梦”第三届重走长征路(南雄段)徒步活动在南雄启动

Selectyourlanguage25/05/2018PanelremarksbyBenotCuré,MemberoftheExecutiveBoardoftheECB,ataconferenceontheoccasionofSverigesRiksbank’s350thanniversary,Stockholm,25May201817/05/2018RemarksbyVítorConstancio,Vice-PresidentoftheECB,attheECBColloquiumon“TheFutureofCentralBanking”,FrankfurtamMain16-17May201814/05/2018SpeechbyBenotCuré,MemberoftheExecutiveBoardoftheECB,attheInternationalCenterforMonetaryandBankingStudies,Geneva,14May201814/05/2018SpeechbySabineLautenschlger,MemberoftheExecutiveBoardoftheECBandVice-ChairoftheSupervisoryBoardoftheECB,Biannualhigh-levelnetworkingseminaroneconomicandfinancialissuesorganisedbyDanmarksNationalbank,Copenhagen,14May201814/05/2018SpeechbyPeterPraet,MemberoftheExecutiveBoardoftheECB,attheMNIConnectRoundtable,London,14May201814/05/2018SpeechbySabineLautenschlger,MemberoftheExecutiveBoardoftheECBandVice-ChairoftheSupervisoryBoardoftheECB,MeetingwithstudentsatCopenhagenUniversity,Copenhagen,14May201814/05/2018SpeechbyYvesMersch,MemberoftheExecutiveBoardoftheECB,atthe39thmeetingoftheGovernor’sClubBodrum,Turkey,14May201811/05/2018SpeechbyMarioDraghi,PresidentoftheECB,attheEuropeanUniversityInstitute,Florence,11May201807/05/2018SpeechbyPeterPraet,MemberoftheExecutiveBoardoftheECB,attheSwissFinancialAnalystsAssociation(SFAA),Geneva,7May201804/05/2018SpeechbyVítorConstancio,Vice-PresidentoftheECB,attheConferenceon“CentralBanksinHistoricalPerspective:WhatChangedAftertheFinancialCrisis”,organisedbytheCentralBankofMalta,Valletta,4May201803/05/2018KeynotespeechbyVítorConstancio,Vice-PresidentoftheECB,atthejointconferenceoftheEuropeanCommissionandEuropeanCentralBank,FrankfurtamMain,3May201803/05/2018SpeechbyPeterPraet,MemberoftheExecutiveBoardoftheECB,attheOECDChiefEconomistTalks,Paris,3May201827/04/2018SpeakingpointsbyYvesMersch,MemberoftheExecutiveBoardoftheECB,Euroficonference,Sofia,27April201823/04/2018PanelinterventionbyBenotCuré,MemberoftheExecutiveBoardoftheECB,attheILFConferenceon“ResolutioninEurope:theunresolvedquestions”,FrankfurtamMain,23April201820/04/2018StatementbyMarioDraghi,PresidentoftheECB,atthethirty-seventhmeetingoftheInternationalMonetaryandFinancialCommittee,,20April201816/04/2018SpeechbyPeterPraet,MemberoftheExecutiveBoardoftheECB,attheNABESymposium,16April201812/04/2018SpeechbyBenotCuré,MemberoftheExecutiveBoardoftheECB,attheCEPII40thAnniversaryConference,Paris,12April201811/04/2018IntroductoryremarksandQ&AwithMarioDraghi,PresidentoftheECB,Frankfurt,11April201809/04/2018SpeechbyPeterPraet[1],MemberoftheExecutiveBoardoftheECB,attheEuropeanFinanceForum,Frankfurt,9April201809/04/2018IntroductoryremarksbyVítorConstancio,Vice-PresidentoftheECB,Brussels,9April201806/04/2018PanelcontributionbyBenotCuré,MemberoftheExecutiveBoardoftheECB,atthe29theditionoftheworkshop“TheOutlookfortheEconomyandFinance”,“Villad’Este”,Cernobbio,6April201822/03/2018SpeechbySabineLautenschlger,MemberoftheExecutiveBoardoftheECBandVice-ChairoftheSupervisoryBoardoftheECB,9thAnnualEFRStakeholderRoundTableon"FinancialFragmentationorIntegration",Brussels,22March201819/03/2018SpeechbyYvesMersch,MemberoftheExecutiveBoardoftheECB,attheSchweizerisch-DeutscherWirtschaftsclub,FrankfurtamMain,19March2018,EBarticlespublishedin20197August2019,AbstractJELClassificationE62:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→FiscalPolicyH40:PublicEconomics→PubliclyProvidedGoods→GeneralH51:PublicEconomics→NationalGovernmentExpendituresandRelatedPolicies→GovernmentExpendituresandHealthH52:PublicEconomics→NationalGovernmentExpendituresandRelatedPolicies→GovernmentExpendituresandEducationH55:PublicEconomics→NationalGovernmentExpendituresandRelatedPolicies→SocialSecurityandPublicPensionsAbstractAtatimeofhighgovernmentindebtedness,lowstructuraleconomicgrowthandageingpopulations,akeyelementintoday’spolicydebateistheroleofgotheprov,oensurethesustainabilityofsocialspending,espec,,AbstractJELClassificationE42:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→MonetarySystems,Standards,Regimes,GovernmentandtheMonetarySystem,PaymentSystemsG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesG23:FinancialEconomics→FinancialInstitutionsandServices→Non-bankFinancialInstitutions,FinancialInstruments,InstitutionalInvestorsO33:EconomicDevelopment,TechnologicalChange,andGrowth→TechnologicalChange,ResearchandDevelopment,IntellectualPropertyRights→TechnologicalChange:ChoicesandConsequences,DiffusionProcessesC18:MathematicalandQuantitativeMethods→EconometricandStatisticalMethodsandMethodology:General→MethodologicalIssues:GeneralAbstractThisarticlediscussesthecrypto-assetphenomenonwit,itdescribesthecharacteristicsofthecrypto-assetphenomenon,in,itidentifiestheprimaryrisksofcrypto-assetsthatwarrantcontinuousmonitoring–theseriskscouldaffectthestabilityandefficiencyofthefinancialsystemandtheeconomy–,thearticlediscusseshow,andtowhatextent,publiclyavailabledataallowtheidentifiedmonitoringneedstobemetand,byprovidingsomeexamplesofindicatorsonmarketdevelopments,offersinsightsintoselectedissues,,itcoversselecteds,AbstractJELClassificationF13:InternationalEconomics→Trade→TradePolicy,InternationalTradeOrganizationsF14:InternationalEconomics→Trade→EmpiricalStudiesofTradeF32:InternationalEconomics→InternationalFinance→CurrentAccountAdjustment,Short-TermCapitalMovementsF41:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→OpenEconomyMacroeconomicsAbstractThisarticlediscussesthehypothesisthatpartofthedeclineinexchangeratepass-th,AbstractJELClassificationE24:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Employment,Unemployment,Wages,IntergenerationalIncomeDistribution,AggregateHumanCapitalJ63:LaborandDemographicEconomics→Mobility,Unemployment,Vacancies,andImmigrantWorkers→Turnover,Vacancies,LayoffsJ64:LaborandDemographicEconomics→Mobility,Unemployment,Vacancies,andImmigrantWorkers→Unemployment:Models,Duration,Incidence,andJobSearchAbstractInthisarticlewelookattheeuroarealabourmarketusingtheframeworkunderlyingtheBeveridgecurve,whichcapturestheneg,atagivenmomentintime,therearejobsvacantandpeopleunemployed,whiletheshapeandthepositionofthecurve:ersonandmatchingefficiencyreflectsthemarket’gasimpleversionofthesearchandmatchingmodel,whereunemployment,wagesandvacan,wederivetwoaggregatemeasuresthatencapsulatethechangesinthevacancy-unemploymentspace:,welookattheinformationcontentbehindmarkettightnessandjobmatchingeff,aggregatemeasuresoflabourmarkettightnessandefficiencyareusedi,thequantitativeimplicationsforwages,labourmarketefficiencyprovidesanimportantqualitativemarginoflabourmarketfuncti,AbstractJELClassificationE31:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→PriceLevel,Inflation,DeflationE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesAbstractInthisarticlewereviewtheevolutionofeuroareaHICPinflationexcludingenergyandf,astheeuroareaexperiencedtworecessions(in2008-2009and2011-2014)flationbetween2013andmid-2017,buttha,AbstractJELClassificationF13:InternationalEconomics→Trade→TradePolicy,InternationalTradeOrganizationsF14:InternationalEconomics→Trade→EmpiricalStudiesofTradeAbstractTheriskofatradewarcamesharplyintofocusin2018,asprotectionistthreatsbytheUSA,whilethesehavebeendefusedonsomefronts,,thenegativeinditmayraisefurther,potentiallyerodingconfid,thisarttionismandevaluatesthepossibleeffectsthatanesc,AbstractJELClassificationH61:PublicEconomics→NationalBudget,Deficit,andDebt→Budget,BudgetSystemsH74:PublicEconomics→StateandLocalGovernment,IntergovernmentalRelations→StateandLocalBorrowingH77:PublicEconomics→StateandLocalGovernment,IntergovernmentalRelations→IntergovernmentalRelations,Federalism,SecessionAbstractThisarticlecomparesthefiscalruleframeworkintheeuroareawiththeframeworksinthefiscallymoreintegratedUnitedStatesandSwitzerland,withtheaimofdrawinglessonsforwaysinwhichfiscalrulescouldbereformedinEuropeanEconomicandMonetaryUnion(EMU).BoththeUnitedStatesandSwitzerlandhaveahistoryofbalancedbudgetrulesthathelpstabilisegovernmentdebtinindividualstates/antachievementinthisdirection,,thefiscalruleframeworkneedstoberenderedmoreeffectiveinreduciantprerequisiteforsettingupawell-governedcommonmacroeconomic,,,AbstractJELClassificationE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyAbstractFollowingtheGoverningCouncil’sdecisioninDecember2018toendnetassetpurchasesundertheEurosystem’sassetpurchaseprogramme(APP),taryandfinancialconditions,fostereconomicrecovery,counteractdisinflationarypressuresandanchorinflationexpectations,therebysupportiinterestratesonthedepositfacility,forwardguidanceandtargetedlonger-termrefinancingoperations(TLTROs),jointlycreatingsynergiesthathaveenhancedtheeffectivenessofeachofthepackage’,theEurosystemensuredthatassetpurchaseswereconductedsmoothlyandflexiblybystrivingformarketn,principalpaymentsfrommaturingsecuritiespurchasedundertheAPPwillcontinuetobereinvestedasthis,togetherwithenhancedforwardguidance,providesthemonetaryaccommodationthattheGoverningCounciljudgestoberequiredforthecontinuedsustainedconvergenceofinflationtolevelsthatarebelow,butcloseto,2%,,,AbstractJELClassificationE62:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→FiscalPolicyE63:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→ComparativeorJointAnalysisofFiscalandMonetaryPolicy,Stabilization,TreasuryPolicyAbstractThearticledescribesthemaintransmissionchannelsofthespilloversofnationalfiscalpoliciestoothercountrieswithin,,,,AbstractJELClassificationD84:Microeconomics→Information,Knowledge,andUncertainty→Expectations,SpeculationsE31:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→PriceLevel,Inflation,DeflationE37:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→ForecastingandSimulation:ModelsandApplicationsAbstractFortwodecadestheECBSurveyofProfessionalForecasters(SPF)hasbeencollectingpointforecastsandprobabilitydistributionsforeuroarea-wideHICPinflation,miclandscapeofthepasttwentyyears,includingtheGreatModeration,withrelativelyhigheconomicgrowthandstableinflation,thefinancialcrisisand,morerecently,vecreatedchallengesforthestabilityoftheeconomicrelat’’seconomicanalysisandmonetarypolicy.,Pastconferencesandseminars07/06/2019-31/07/2019Callforpapers20/03/2019-31/07/2019Callforpapers04/07/2019-05/07/201901/07/2019-05/07/201903/07/201915/03/2019-30/06/2019Callforpapers17/06/2019-19/06/201913/03/2019-15/06/2019Callforpapers29/04/2019-14/06/2019Callforpapers12/06/201910/04/2019-31/05/2019Callforpapers21/05/2019-22/05/201919/02/2019-17/05/2019Callforpapers15/05/2019-16/05/201915/03/2019-15/05/2019Callforpapers13/03/2019-15/05/2019Callforpapers06/05/2019-07/05/201930/01/2019-03/05/201916/04/2019-01/05/2019Callforpapers26/02/2019-30/04/2019Callforpapers28/03/2019-29/03/201921/03/2019-22/03/201918/12/2018-15/02/201917/12/2018-18/12/201817/12/2018-18/12/201806/12/2018-07/12/201830/11/201829/11/2018-30/11/201828/11/2018-29/11/201809/11/201806/11/2018-07/11/201805/11/2018-06/11/201831/10/201829/10/2018-30/10/201818/10/2018-19/10/201803/07/2018-28/09/2018Callforpapers25/09/2018-26/09/201824/05/2018-20/09/2018Callforpapers06/09/2018-07/09/201821/06/2018-20/08/2018Callforpapers07/06/2018-31/07/2018Callforpapers09/07/2018-13/07/201811/07/201810/07/201804/07/201830/04/2018-30/06/2018Callforpapers27/03/2018-30/06/2018Callforpapers18/06/2018-20/06/201818/06/2018-19/06/201811/04/2018-15/06/2018Callforpapers24/05/2018-14/06/2018Callforpapers21/03/2018-30/05/2018Callforpapers17/05/2018-18/05/201816/05/2018-17/05/201822/03/2018-15/05/2018Callforpapers15/02/2018-04/05/2018Callforpapers03/05/201823/03/2018-24/03/201815/11/2017-28/02/2018Callforpapers16/01/2018-26/02/2018Callforpapers21/12/2017-15/02/2018Callforpapers06/02/201814/11/2017-22/01/2018Callforpapers14/12/2017-15/12/201712/12/2017-13/12/201730/11/2017-01/12/201727/09/2017-24/11/2017Callforpapers20/11/2017-21/11/201717/11/201714/11/2017-15/11/201714/08/2017-15/11/2017Callforpapers06/11/2017-07/11/201702/11/2017-03/11/201723/10/2017-24/10/201718/10/201706/10/2017Callforpapers05/10/201729/09/201725/09/2017-26/09/201721/09/2017-22/09/201711/09/2017-12/09/201710/07/201726/06/2017-28/06/201729/05/2017-30/05/2017Callforpapers19/05/201711/05/2017-12/05/201723/01/2017-24/03/2017Callforpapers13/03/2017-14/03/201721/12/2016-15/02/201731/01/201716/01/2017-17/01/2017Callforpapers19/12/201615/12/2016-16/12/201613/12/2016-14/12/201628/11/201617/11/2016-18/11/2016Callforpapers10/11/2016-11/11/201603/11/2016-04/11/2016JointFederalReserveBankofChicagoandEuropeanCentralBankconference,Chicago,/10/2016-28/10/201624/10/2016-25/10/2016EuropeanCentralBankandInternationalMonetaryFundWorkshop20/10/2016-21/10/2016coincidingwiththeEuropeanStatisticsDay28/09/2016-29/09/201622/09/2016-23/09/201602/09/2016-03/09/201606/07/2016FrankfurtamMain04/07/2016Lisbon27/06/2016-29/06/2016Sintra17/06/2016Paris03/06/2016-04/06/2016FrankfurtamMain26/04/2016-27/04/2016FrankfurtamMain26/04/2016-27/04/2016FrankfurtamMain25/04/2016FrankfurtamMain22/04/2016London21/04/2016-22/04/2016CzechNationalBank,Prague18/04/2016-19/04/2016FrankfurtamMain18/03/2016-19/03/2016FrankfurtamMain22/02/2016Callforpapers09/12/2015-15/02/2016Callforpapers17/12/2015-18/12/2015FrankfurtamMain17/12/2015-18/12/2015FrankfurtamMain10/12/2015-11/12/2015Brussels07/12/2015-08/12/2015FrankfurtamMain19/11/2015-20/11/2015FrankfurtamMain05/11/2015-06/11/2015FrankfurtamMain20/10/2015FrankfurtamMain15/10/2015-16/10/2015HongKong27/08/2015-28/08/2015FrankfurtamMain25/06/2015-26/06/2015FrankfurtamMain,Germany08/06/2015-09/06/2015Ottawa,Canada04/06/2015-05/06/2015Helsinki,Finland27/04/2015Brussels10/03/2015-11/03/2015FrankfurtamMain,Germany14/01/2015-15/02/2015CallforPapers15/12/2014-16/12/2014Frankfurt11/12/2014-12/12/2014Frankfurt11/12/2014FrankfurtamMain27/11/2014-28/11/2014Frankfurt24/11/2014-25/11/2014Frankfurt13/11/2014-14/11/2014WashingtonDC20/10/2014-21/10/2014FrankfurtamMain20/10/2014-21/10/2014FrankfurtamMain15/10/2014FrankfurtamMain06/10/2014-07/10/2014FrankfurtamMain29/09/2014-30/09/2014FrankfurtamMain12/09/2014-13/09/2014Izmir08/09/2014-09/09/2014Frankfurt02/09/2014Frankfurt23/06/2014-24/06/2014Frankfurt13/06/2014-14/06/2014Frankfurt08/05/2014-09/05/2014London29/04/2014-30/04/2014FrankfurtamMain28/04/2014FrankfurtamMain07/04/2014-08/04/2014Frankfurt21/03/2014-22/03/2014EighthConference,Washington17/12/2013FrankfurtamMain16/12/2013-17/12/2013Rome03/12/2013-04/12/2013MarkingtenyearsofECB-coordinatedtechnicalcooperationprogrammesFrankfurtamMain28/11/2013-29/11/2013FrankfurtamMain15/11/2013FrankfurtamMain21/10/2013-22/10/2013Paris,France17/10/2013-18/10/2013FrankfurtamMain16/10/2013FrankfurtamMain03/10/2013-04/10/2013zmir,Turkey30/09/2013-01/10/2013FrankfurtamMain11/09/2013-12/09/2013Paris05/09/2013-06/09/2013FrankfurtamMain27/06/2013-28/06/2013FrankfurtamMain26/06/2013FrankfurtamMain17/06/2013-18/06/2013FrankfurtamMain07/06/2013Warsaw25/04/2013Brussels08/04/2013FrankfurtamMain19/03/2013FrankfurtamMain17/12/2012-18/12/2012FrankfurtamMain17/12/2012-18/12/2012FrankfurtamMain13/12/2012-14/12/2012FrankfurtamMain13/12/2012-14/12/2012FrankfurtamMain13/12/2012Rome06/12/2012-07/12/2012FrankfurtamMain06/12/2012-07/12/2012FrankfurtamMain19/11/2012-20/11/2012FrankfurtamMain19/11/2012-20/11/2012FrankfurtamMain30/10/2012-31/10/2012FrankfurtamMain08/10/2012-09/10/2012FrankfurtamMain30/08/2012-31/08/2012FrankfurtamMain25/06/2012-26/06/2012FrankfurtamMain29/05/2012Athens,Greece24/05/2012-25/05/2012FrankfurtamMain16/05/2012FrankfurtamMain10/05/2012-11/05/2012FrankfurtamMain08/05/2012FrankfurtamMain04/05/2012-05/05/2012FrankfurtamMain26/04/2012FrankfurtamMain17/04/2012-18/04/2012FrankfurtamMain16/03/2012-17/03/2012FrankfurtamMain06/02/2012-07/02/2012FrankfurtamMain

“重走长征路共筑中国梦”第三届重走长征路(南雄段)徒步活动在南雄启动

Selectyourlanguage18/05/2012SpeechbyJoséManuelGonzález-Páramo,MemberoftheExecutiveBoardoftheECB,OMFIFGoldenSeriesLecturesonWorldMoney,London,18May201216/05/2012JoséManuelGonzález-Páramo,MemberoftheExecutiveBoardoftheECB,FrankfurtamMain,16May201216/05/2012IntroductoryremarksbyMarioDraghi,PresidentoftheECB,attheECBcolloquiumheldinhonourof,FrankfurtamMain,16May201210/05/2012SpeechbyPeterPraet,MemberoftheExecutiveBoardoftheECBatthe40thEconomicsConferenceoftheOesterreichischeNationalbankVienna,10May201208/05/2012RemarksbyBenotCuré,MemberoftheExecutiveBoardoftheECB,IMF-SNBHigh-LevelConferenceontheInternationalMonetarySystem,Zurich,8May201208/05/2012PeterPraet,MemberoftheExecutiveBoardoftheECB,FrankfurtamMain,8May201208/05/2012MarioDraghi,PresidentoftheECB,FrankfurtamMain,8May201227/04/2012SpeechbyVítorConstancio,Vice-PresidentoftheECB,Towardsbetterregulationoftheshadowbankingsystem,EuropeanCommissionConference,Brussels,27April201226/04/2012SpeechbyMarioDraghi,PresidentoftheECB,attheECB-ECconference“Financialintegrationandstability:towardsamoreresilientsinglefinancialmarket”FrankfurtamMain,26April201225/04/2012IntroductorystatementbyVítorConstancio,Vice-PresidentoftheECB,Brussels,25April201225/04/2012IntroductorystatementbyMarioDraghi,PresidentoftheECBBrussels,25April201220/04/2012InterventionbyJrgAsmussen,MemberoftheExecutiveBoardoftheECBattheCenterforStrategicandInternationalStudiesWashington,20April201220/04/2012SpeechbyBenotCuré,MemberoftheExecutiveBoardoftheECBattheinauguralconference:“Europeancrisis:historicalparallelsandeconomiclessons”Julis-RabinowitzCenterforPublicPolicyandFinancePrincetonUniversity,20April201219/04/2012SpeechbyPeterPraet,MemberoftheExecutiveBoardoftheECBattheGermanFederalMinistryofFinanceBerlin,19April201218/04/2012SpeechbyJoséManuelGonzález-Páramo,MemberoftheExecutiveBoardoftheECB,attheSixthECBStatisticsConference,FrankfurtamMain,18April201217/04/2012SpeechbyVítorConstancio,Vice-PresidentoftheECBattheSixthECBStatisticsConference,FrankfurtamMain,17April201217/04/2012SpeechbyMarioDraghi,PresidentoftheECBattheSixthECBStatisticsConference,FrankfurtamMain,17April201212/04/2012DiscursopronunciadoporJoséManuelGonzález-Páramo,miembrodelComitéEjecutivodelBCE,ClubSigloXXICiclodeconferenciasTiemposdecambio,Madrid,12deabrilde201212/04/2012SpeechbyJrgAsmussen,MemberoftheExecutiveBoardoftheECB,attheInstituteofInternationalandEuropeanAffairs,Dublin,12April201211/04/2012SpeechbyBenotCuré,MemberoftheExecutiveBoardoftheECB,AssociationFranaisedesTresoriersdEntreprises(AFTE),Paris,11April2012,Selectyourlanguage18/05/2012SpeechbyJoséManuelGonzález-Páramo,MemberoftheExecutiveBoardoftheECB,OMFIFGoldenSeriesLecturesonWorldMoney,London,18May201216/05/2012JoséManuelGonzález-Páramo,MemberoftheExecutiveBoardoftheECB,FrankfurtamMain,16May201216/05/2012IntroductoryremarksbyMarioDraghi,PresidentoftheECB,attheECBcolloquiumheldinhonourof,FrankfurtamMain,16May201210/05/2012SpeechbyPeterPraet,MemberoftheExecutiveBoardoftheECBatthe40thEconomicsConferenceoftheOesterreichischeNationalbankVienna,10May201208/05/2012RemarksbyBenotCuré,MemberoftheExecutiveBoardoftheECB,IMF-SNBHigh-LevelConferenceontheInternationalMonetarySystem,Zurich,8May201208/05/2012PeterPraet,MemberoftheExecutiveBoardoftheECB,FrankfurtamMain,8May201208/05/2012MarioDraghi,PresidentoftheECB,FrankfurtamMain,8May201227/04/2012SpeechbyVítorConstancio,Vice-PresidentoftheECB,Towardsbetterregulationoftheshadowbankingsystem,EuropeanCommissionConference,Brussels,27April201226/04/2012SpeechbyMarioDraghi,PresidentoftheECB,attheECB-ECconference“Financialintegrationandstability:towardsamoreresilientsinglefinancialmarket”FrankfurtamMain,26April201225/04/2012IntroductorystatementbyVítorConstancio,Vice-PresidentoftheECB,Brussels,25April201225/04/2012IntroductorystatementbyMarioDraghi,PresidentoftheECBBrussels,25April201220/04/2012InterventionbyJrgAsmussen,MemberoftheExecutiveBoardoftheECBattheCenterforStrategicandInternationalStudiesWashington,20April201220/04/2012SpeechbyBenotCuré,MemberoftheExecutiveBoardoftheECBattheinauguralconference:“Europeancrisis:historicalparallelsandeconomiclessons”Julis-RabinowitzCenterforPublicPolicyandFinancePrincetonUniversity,20April201219/04/2012SpeechbyPeterPraet,MemberoftheExecutiveBoardoftheECBattheGermanFederalMinistryofFinanceBerlin,19April201218/04/2012SpeechbyJoséManuelGonzález-Páramo,MemberoftheExecutiveBoardoftheECB,attheSixthECBStatisticsConference,FrankfurtamMain,18April201217/04/2012SpeechbyVítorConstancio,Vice-PresidentoftheECBattheSixthECBStatisticsConference,FrankfurtamMain,17April201217/04/2012SpeechbyMarioDraghi,PresidentoftheECBattheSixthECBStatisticsConference,FrankfurtamMain,17April201212/04/2012DiscursopronunciadoporJoséManuelGonzález-Páramo,miembrodelComitéEjecutivodelBCE,ClubSigloXXICiclodeconferenciasTiemposdecambio,Madrid,12deabrilde201212/04/2012SpeechbyJrgAsmussen,MemberoftheExecutiveBoardoftheECB,attheInstituteofInternationalandEuropeanAffairs,Dublin,12April201211/04/2012SpeechbyBenotCuré,MemberoftheExecutiveBoardoftheECB,AssociationFranaisedesTresoriersdEntreprises(AFTE),Paris,11April2012,AboutthefellowshipSuccessfulcandidateswillbeofferedanassignmentforaperiodofbetweentwoandtwelvemonthstoconducteconomicresearchwithinDirectorateGeneralResearch(DG/R).WhileattheECB,researchfellowsareexpectedtocompletearesearchpaperofatheoreticalorempiricalnatureforpresentationatinternalseminarsandexternalconferences,andforpublicationintheECB’’spremisesinFrankfurtamMainandareencouragedtointeractwithECBstaff,bothinDG/(s)thattheECBconsiderslikelytoprovidethemostvaluablecontributioninviewofthecandidate’sexperience,qualificationsandcompetencesandina,theproposalsshallbeevaluatedbasedonthefollowingelements:(i)theenvisagedresearchproposalthatthecandidateisplanningtodevelop;(ii)theextentofthecandidate’sexperienceandexpertiserelevanttocarryingouttheassignment,basedontheircurriculumvitae;(iii)proofofanexcellentpublicationrecordint

“重走长征路共筑中国梦”第三届重走长征路(南雄段)徒步活动在南雄启动

“重走长征路共筑中国梦”第三届重走长征路(南雄段)徒步活动在南雄启动,EBarticlespublishedin20186November2018,,,AbstractJELClassificationE22:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Capital,Investment,CapacityE31:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→PriceLevel,Inflation,DeflationE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesR31:Urban,Rural,Regional,RealEstate,andTransportationEconomics→RealEstateMarkets,SpatialProductionAnalysis,andFirmLocation→HousingSupplyandMarketsAbstractThehousingmarkethasimportantmsidentialinvestment,whichstartedattheendof2013,,nthestateofthehousingmarket,elaboratingonthedemandandsupplyfactorsunderpinningthecurrentupturn,,,,AbstractJELClassificationE22:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Capital,Investment,CapacityE23:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→ProductionE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesAbstractPotentialoutputistypicallyseenbyeconomicanalystsasthe,cap,theestimatedrateofpotentialoutputgrowthalsoappearstohaverecoveredmostofitspre-crisismomentum,underpinnedmainlybyanexpansionofthelabourforce,,projectionsbyinternationalinstitutionssuggestthatactualeur,supplyconstraintsarelikelytobecomeincreasinglybindinggoingforward,,AbstractJELClassificationE42:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→MonetarySystems,Standards,Regimes,GovernmentandtheMonetarySystem,PaymentSystemsE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyF31:InternationalEconomics→InternationalFinance→ForeignExchangeF36:InternationalEconomics→InternationalFinance→FinancialAspectsofEconomicIntegrationF41:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→OpenEconomyMacroeconomicsAbstractAsfinancialmarketsbecameprogressivelymoreintegratedinternationallyoverthepastdecades,economistswonderedtowhatextentpolicntheco-movementincapital,thearticlefocusesontherelativeimportanceofglobalriskandUSmonetarypolicyfortheglobalfinatockreturnsanditsimpactisamplifiedbycapitalaccountopenness,butnotnecessarilybytheexchangerateregime,whichmattersonlyforassetprices,,thecorrelationbetweenUSinterestratesandcapitalflowsthroughoutthecrisisispositive,ratherthannegativeasthetheorywouldpredict,indicatingtheneedforfurtherempiricalanalysissynchronisedbetweentheeuroareaandtheUnited,thisconfirmsthattheeffectivenessoftheECB’,,AbstractJELClassificationE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyG12:FinancialEconomics→GeneralFinancialMarkets→AssetPricing,TradingVolume,BondInterestRatesG01:FinancialEconomics→General→FinancialCrisesAbstractPrivatesectorinflationexpectationsareakeycomponentofabroadrangeofindicatorsthattheECBconsiderswhendeterminingtheappropageandprice-settingprocesses,butalsoserveasausefulcross-checkontheECB’sandtheEurosystem’xpectations,whicharetimelyindicatorsderivedfromthepricesofinstrumentsthomdifferenttypesofmarket-basedindicator,startingfromtheperiodleadinguptotheECB’sannouncementofitsexpandedassetpurchaseprogramme(APP).Thefallinmarket-basedindicatorsoflonger-terminflationexpectationsbetween2014andmid-2016wasconsistentacrossmajorjurisdictions,possiblyreflectingglobalconcereconcernsand,inparticular,’sshareofthemovementinlonger-terminflationexpectationsoverthepastfewyearshasstemmedfromtheinflationriskcomponentoftheseindicators,suggestingthatt,informationextractedfromthepricesofinflationoptionsimpliesthattherisk-neutralprobabilityofdeflationincreasednoticeablyinlate2014andearly2015,,AbstractJELClassificationD12:Microeconomics→HouseholdBehaviorandFamilyEconomics→ConsumerEconomics:EmpiricalAnalysisE41:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→DemandforMoneyE42:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→MonetarySystems,Standards,Regimes,GovernmentandtheMonetarySystem,PaymentSystemsAbstractThisarticlepresentsthedevelopmentsinthecirculationofeuroban,,datafromasurveyontheuseofcashintheeuroareaindicatesthatbyvolumeandnum,thegrowthinbadsandfirmsinsideandoutsideoftheeuroareaobvi,thestored,asshownbydevelopmentsoverthepasttenyears,thestoreofvaluefunctionisdeterminednotonlybyinterestrates,orssuchasthefinancialandsovereigndebtcrises,geopoliticaluncertainties,exchangeratedevelopmentsandpolicydecisions9August2018,,AbstractJELClassificationE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesAbstractThisarticleexaminestheevolutionoftheECB’ltingfromtheconferralofnewsupervisorytasksontheECB,itprovidesevidenceonhowthestrengtheningoftheECB’saccountabilityhastakenshapeinthecontextofitsrelationshipwiththeEuropeanParliamentinlinewiththelatter’,buildingontheaccountabilityframeworkenshrinedinprimarylaw,haveincreasedthefrequencyoftheirinteractions,madeinnovationsregardingtheformatandsharpenedthefocusoftheirexchanges,allowingincreasedscrutinyoftheECB’anddemonstratethatitisactinginaccordancewithitsdemocraticmandate,,,,AbstractJELClassificationD31:Microeconomics→Distribution→PersonalIncome,Wealth,andTheirDistributionsE21:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Consumption,Saving,WealthE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesE50:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→GeneralAbstractThisarticledocumentsthekeyrolethatprivateconsumptionhasplayedinrecentoutputgrowth(2013-18),andaskshowlongthecur,thisarticletriestoidentifytherelativeimportanceofdifferentfactorsdrivingconsumption,suchastherecoveryinthelabourmarket,accommodativemonetarypolicy,the2014-15dropinoilprices,theincreaseinassetprices,ountries,thisarticlealsoshedslightontheextenttowhichthecurrentexpaions,,eventhoughunemploymentinso,aslabourmarketscontinuetoimprove,privateconsu,theECB’saccommodativemonetarypolicyisnotonlycontributingtotheexpansionofprivateconsumption,,thereislittleevidencethatlowinterestrateshaveledtogeneralisedincreasesinhouseholdindebtedness,,,AbstractJELClassificationD53:Microeconomics→GeneralEquilibriumandDisequilibrium→FinancialMarketsE43:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→InterestRates:Determination,TermStructure,andEffectsE50:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→GeneralAbstractTheovernightmoneymarketplaysanimportantroleposesanewm,,AbstractJELClassificationE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyG12:FinancialEconomics→GeneralFinancialMarkets→AssetPricing,TradingVolume,BondInterestRatesG32:FinancialEconomics→CorporateFinanceandGovernance→FinancingPolicy,FinancialRiskandRiskManagement,CapitalandOwnershipStructure,ValueofFirms,GoodwillG35:FinancialEconomics→CorporateFinanceandGovernance→PayoutPolicyAbstractEquitycapitalisamongthemainsourcesoffundingforeuroareanon-financialcorporations(NFCs),,improvingthem,whichhasdeclinedsubstantiallyinrecentyears,entlyhigh“equityriskpremium”(ERP)ha,sincethestartoftheglobalfinancialcrisis,increofequityandtheERP,namelythethree-stagedividenddiscountmodel,,incorporatingshort-termearningsexpectations,discountingpayoutstoinvestorswithadiscountfactorwithappropriatematurity,,sharebuy-backactivityseemstomatter,,estimatingtheERP,particularlyitslevel,,suchuncertaintyadvocatestheuseofavarietyofmodelsandsurveyestimates,aswellasafocusonthedynamics,ratherthanonthelevel,,thearticledemonstratesthatcostofequitymodellingc,aschangesinequitypricescancontainimportantinformationaboutthee,thearticleshowsthataddinganinternationalperspectivetotheanalysisofthe,thegreaterrelianceonsharebuy-backsamongcompaniesintheUnitedStatesthanthoseintheeuroareaappearstobebehindsomeoftherecentsteeperdecl,AbstractJELClassificationF21:InternationalEconomics→InternationalFactorMovementsandInternationalBusiness→InternationalInvestment,Long-TermCapitalMovementsF23:InternationalEconomics→InternationalFactorMovementsandInternationalBusiness→MultinationalFirms,InternationalBusinessAbstractTherelevanceofforeigndirectinvestment(FDI)%to35%.FollowingadeclineduringtheGreatRecession,mergersandacquisitions(M&As),themostdynamiccomponentofFDI,haverecovered,riginanddestinationcountriesintermsof,forexample,economicgrowth,productivity,,theexpansionofmultinationalenterprises(MNEs)hasbeenaccompaniedbythecreationofcomplexcross-borderproductionchains,nanddeterminantsofFDIoverthepastdecade,FDIlandscape,withemergingmarketeconomies(EMEs)gaini,reachingmorethan50%oftheworld’,FDIflowsaredominatedbyarelativelysmallnumberofM&&AswithavalueinexcessofUSD1billionaccountedforonly1%ofallFDIprojects,buttheygenerated55%,evidencesuggeststhatFDIandexportsar,since2008EUcountriesarenolongertheworld’,econometricanalysisshows,,,AbstractJELClassificationC52:MathematicalandQuantitativeMethods→EconometricModeling→ModelEvaluation,Validation,andSelectionC82:MathematicalandQuantitativeMethods→DataCollectionandDataEstimationMethodology,ComputerPrograms→MethodologyforCollecting,Estimating,andOrganizingMacroeconomicData,DataAccessE31:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→PriceLevel,Inflation,DeflationAbstractHeadlineinflationcanbenoisy,blurringthesign,,itisimportanttounderstandthepropertiesofthevarioi,eachindicatorcomeswithmeritsandshortcomings,whi,,,,AbstractJELClassificationE01:MacroeconomicsandMonetaryEconomics→General→MeasurementandDataonNationalIncomeandProductAccountsandWealth,EnvironmentalAccountsF15:InternationalEconomics→Trade→EconomicIntegrationO11:EconomicDevelopment,TechnologicalChange,andGrowth→EconomicDevelopment→MacroeconomicAnalysesofEconomicDevelopmentO43:EconomicDevelopment,TechnologicalChange,andGrowth→EconomicGrowthandAggregateProductivity→InstitutionsandGrowthO47:EconomicDevelopment,TechnologicalChange,andGrowth→EconomicGrowthandAggregateProductivity→MeasurementofEconomicGrowth,AggregateProductivity,Cross-CountryOutputConvergenceAbstractThisarticleestablishesstylisedfactsaboutconvergenceandanalysesthesourcesofeconomicgrowthincentral,easternandsouth-easternEuropean(CESEE)economieswithinandoutsidetheEuropeanUnion(EU).22Italsocomparestheperformanceacrosscountriesandidentifiesthechalleconomiessince2000,tching-up,memembersoftheEU(includingthosewhichlaterjoinedtheeuroarea)thanintheWesternB,(interalia)improvementsininstitutionalquality,externalcompetitivenessandinnovation,increasesintradeopenness,highorimprovinglevelsofhumancapital,,acceleratingandsustainingconvergenceintheregionwillrequirefurthereffortstoenhanceinstitutionalqualityandinnovation,reinvigorateinvestment,,EUaccessionprospectsmightconstituteananchorforreformmomentum–inparticular,butnotexclusively,inthekeyareaofenhancinginstitutionalquality–andthussuppo,,,AbstractJELClassificationE21:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Consumption,Saving,WealthE62:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→FiscalPolicyF15:InternationalEconomics→Trade→EconomicIntegrationF36:InternationalEconomics→InternationalFinance→FinancialAspectsofEconomicIntegrationAbstractThisarticlediscussestheconceptofrisksharing,whichgenerallyreferstothenotionthateconomicagents,suchashouseholdsandfirms,attempttoinsuretheirconsumptionstreamsagainstfluctuationsinthebusinesscycleoftheircountry,“smoothout”areacanbesmoothed,eUnitedStatesneedstobeseenagainstthebackgroundofdifferentinstitutionalandpoliticalarchitectures,,whileintheeuroareaaround80%ofashocktoGDPgrowthinagivencountryremainedunsmoothedovertheperiod1999-2016,thusresultinginsizeabledifferencesinconsumptiongrowthacrosscountries,intheUnitedStatesatmost40%gchannels,,capitalandfiscalchannels,,intheeuroarea,risksharingtakesplacemainlyviathecapitalchannel,,thearticleputstheempiricalresultsintotheperspectiveoftheongoingdebateonenhancingtheinstitutionalarchitectureofEconomicandMonetaryUnion(EMU).Itcallsforeuroareacountriestomaketheireconomies,banationfunctiontosupportnationaleconomicstabilisersi,,,AbstractJELClassificationE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesG01:FinancialEconomics→General→FinancialCrisesG12:FinancialEconomics→GeneralFinancialMarkets→AssetPricing,TradingVolume,BondInterestRatesG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesAbstractThisarticlereviewstheimpactoftheECB’scorporatesectorpurchaseprogramme(CSPP)oncorporatebondmarketsandthefinancingofeuroareanon-financialcorporations(NFCs).ItfindsthattheCSPPhasledtoasignificanteasinginfinancingconditionsforeuroareaNFCs,includingdeclinesincorporatebondspreads,improvedsupplyconditionsinthecorporatebondprimarymarketandinc,inparticularitsflexibilityandadaptability,minimisesanyimpac:FinancialEconomics→CorporateFinanceandGovernance→FinancingPolicy,FinancialRiskandRiskManagement,CapitalandOwnershipStructure,ValueofFirms,GoodwillE22:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Capital,Investment,CapacityAbstractThisarticlereviewstheexinanceofenterprises(SAFE),whichfocusesspecificallyonsmallandmedium-sizedenterprises(SMEs).Theavailableevidencesuggeststhatcreditconstraintsplay,AbstractJELClassificationH55:PublicEconomics→NationalGovernmentExpendituresandRelatedPolicies→SocialSecurityandPublicPensionsJ11:LaborandDemographicEconomics→DemographicEconomics→DemographicTrends,MacroeconomicEffects,andForecastsJ14:LaborandDemographicEconomics→DemographicEconomics→EconomicsoftheElderly,EconomicsoftheHandicapped,Non-LaborMarketDiscriminationE62:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→FiscalPolicyAbstractThisarticleexaminesthemacroeconomicandfiscalimplicationsofpopulationageingintheeur’slatestprojections,populationageingis,whichstemsfromincreasesinlifeexpectancyandlowfertilityrates,iswidelyexpectedtoleadtoadeclineinthelaboursupplyandproductivitylosses,aswellasbehaviouralchanges,,bycausingincreasesinprecautionarysavings,ageingcanbeexpected,mainlyowingtoshiftsindemand,,euroareacountriesarealsoprojectedtoexperiencefurtherupwardpressureonpublicspendingonpensions,thesovereigndebtcrisis,furtherreformsapp,measuresthatincreasetheretirementagecanbeexpectedtodampentheadversemacroeconomiceffectsofageing,astheyw,increasingthecontributionrateorreducing:LaborandDemographicEconomics→General→LaborEconomics:GeneralJ21:LaborandDemographicEconomics→DemandandSupplyofLabor→LaborForceandEmployment,Size,andStructureJ22:LaborandDemographicEconomics→DemandandSupplyofLabor→TimeAllocationandLaborSupplyJ61:LaborandDemographicEconomics→Mobility,Unemployment,Vacancies,andImmigrantWorkers→GeographicLaborMobility,ImmigrantWorkersAbstractThisarticleexaminesthemainfactorsbehindtherecentchangesineur,aswellasimmigration,havehadaavebeendrivenbylong-termtrendsandstructuralchanges,,,forexamplebyhelpingthelong-termunemployed,migrantsandothergroupswhoseparticipationratesremainlow,toenterorreturntothelabourmarket,orfindjobsthatbettermatchtheirskills.,Pastconferencesandseminars07/06/2019-31/07/2019Callforpapers20/03/2019-31/07/2019Callforpapers04/07/2019-05/07/201901/07/2019-05/07/201903/07/201915/03/2019-30/06/2019Callforpapers17/06/2019-19/06/201913/03/2019-15/06/2019Callforpapers29/04/2019-14/06/2019Callforpapers12/06/201910/04/2019-31/05/2019Callforpapers21/05/2019-22/05/201919/02/2019-17/05/2019Callforpapers15/05/2019-16/05/201915/03/2019-15/05/2019Callforpapers13/03/2019-15/05/2019Callforpapers06/05/2019-07/05/201930/01/2019-03/05/201916/04/2019-01/05/2019Callforpapers26/02/2019-30/04/2019Callforpapers28/03/2019-29/03/201921/03/2019-22/03/201918/12/2018-15/02/201917/12/2018-18/12/201817/12/2018-18/12/201806/12/2018-07/12/201830/11/201829/11/2018-30/11/201828/11/2018-29/11/201809/11/201806/11/2018-07/11/201805/11/2018-06/11/201831/10/201829/10/2018-30/10/201818/10/2018-19/10/201803/07/2018-28/09/2018Callforpapers25/09/2018-26/09/201824/05/2018-20/09/2018Callforpapers06/09/2018-07/09/201821/06/2018-20/08/2018Callforpapers07/06/2018-31/07/2018Callforpapers09/07/2018-13/07/201811/07/201810/07/201804/07/201830/04/2018-30/06/2018Callforpapers27/03/2018-30/06/2018Callforpapers18/06/2018-20/06/201818/06/2018-19/06/201811/04/2018-15/06/2018Callforpapers24/05/2018-14/06/2018Callforpapers21/03/2018-30/05/2018Callforpapers17/05/2018-18/05/201816/05/2018-17/05/201822/03/2018-15/05/2018Callforpapers15/02/2018-04/05/2018Callforpapers03/05/201823/03/2018-24/03/201815/11/2017-28/02/2018Callforpapers16/01/2018-26/02/2018Callforpapers21/12/2017-15/02/2018Callforpapers06/02/201814/11/2017-22/01/2018Callforpapers14/12/2017-15/12/201712/12/2017-13/12/201730/11/2017-01/12/201727/09/2017-24/11/2017Callforpapers20/11/2017-21/11/201717/11/201714/11/2017-15/11/201714/08/2017-15/11/2017Callforpapers06/11/2017-07/11/201702/11/2017-03/11/201723/10/2017-24/10/201718/10/201706/10/2017Callforpapers05/10/201729/09/201725/09/2017-26/09/201721/09/2017-22/09/201711/09/2017-12/09/201710/07/201726/06/2017-28/06/201729/05/2017-30/05/2017Callforpapers19/05/201711/05/2017-12/05/201723/01/2017-24/03/2017Callforpapers13/03/2017-14/03/201721/12/2016-15/02/201731/01/201716/01/2017-17/01/2017Callforpapers19/12/201615/12/2016-16/12/201613/12/2016-14/12/201628/11/201617/11/2016-18/11/2016Callforpapers10/11/2016-11/11/201603/11/2016-04/11/2016JointFederalReserveBankofChicagoandEuropeanCentralBankconference,Chicago,/10/2016-28/10/201624/10/2016-25/10/2016EuropeanCentralBankandInternationalMonetaryFundWorkshop20/10/2016-21/10/2016coincidingwiththeEuropeanStatisticsDay28/09/2016-29/09/201622/09/2016-23/09/201602/09/2016-03/09/201606/07/2016FrankfurtamMain04/07/2016Lisbon27/06/2016-29/06/2016Sintra17/06/2016Paris03/06/2016-04/06/2016FrankfurtamMain26/04/2016-27/04/2016FrankfurtamMain26/04/2016-27/04/2016FrankfurtamMain25/04/2016FrankfurtamMain22/04/2016London21/04/2016-22/04/2016CzechNationalBank,Prague18/04/2016-19/04/2016FrankfurtamMain18/03/2016-19/03/2016FrankfurtamMain22/02/2016Callforpapers09/12/2015-15/02/2016Callforpapers17/12/2015-18/12/2015FrankfurtamMain17/12/2015-18/12/2015FrankfurtamMain10/12/2015-11/12/2015Brussels07/12/2015-08/12/2015FrankfurtamMain19/11/2015-20/11/2015FrankfurtamMain05/11/2015-06/11/2015FrankfurtamMain20/10/2015FrankfurtamMain15/10/2015-16/10/2015HongKong27/08/2015-28/08/2015FrankfurtamMain25/06/2015-26/06/2015FrankfurtamMain,Germany08/06/2015-09/06/2015Ottawa,Canada04/06/2015-05/06/2015Helsinki,Finland27/04/2015Brussels10/03/2015-11/03/2015FrankfurtamMain,Germany14/01/2015-15/02/2015CallforPapers15/12/2014-16/12/2014Frankfurt11/12/2014-12/12/2014Frankfurt11/12/2014FrankfurtamMain27/11/2014-28/11/2014Frankfurt24/11/2014-25/11/2014Frankfurt13/11/2014-14/11/2014WashingtonDC20/10/2014-21/10/2014FrankfurtamMain20/10/2014-21/10/2014FrankfurtamMain15/10/2014FrankfurtamMain06/10/2014-07/10/2014FrankfurtamMain29/09/2014-30/09/2014FrankfurtamMain12/09/2014-13/09/2014Izmir08/09/2014-09/09/2014Frankfurt02/09/2014Frankfurt23/06/2014-24/06/2014Frankfurt13/06/2014-14/06/2014Frankfurt08/05/2014-09/05/2014London29/04/2014-30/04/2014FrankfurtamMain28/04/2014FrankfurtamMain07/04/2014-08/04/2014Frankfurt21/03/2014-22/03/2014EighthConference,Washington17/12/2013FrankfurtamMain16/12/2013-17/12/2013Rome03/12/2013-04/12/2013MarkingtenyearsofECB-coordinatedtechnicalcooperationprogrammesFrankfurtamMain28/11/2013-29/11/2013FrankfurtamMain15/11/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“重走长征路共筑中国梦”第三届重走长征路(南雄段)徒步活动在南雄启动

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2-20/11/2012FrankfurtamMain19/11/2012-20/11/2012FrankfurtamMain30/10/2012-31/10/2012FrankfurtamMain08/10/2012-09/10/2012FrankfurtamMain30/08/2012-31/08/2012FrankfurtamMain25/06/2012-26/06/2012FrankfurtamMain29/05/2012Athens,Greece24/05/2012-25/05/2012FrankfurtamMain16/05/2012FrankfurtamMain10/05/2012-11/05/2012FrankfurtamMain08/05/2012FrankfurtamMain04/05/2012-05/05/2012FrankfurtamMain26/04/2012FrankfurtamMain17/04/2012-18/04/2012FrankfurtamMain16/03/2012-17/03/2012FrankfurtamMain06/02/2012-07/02/2012FrankfurtamMain,EBarticlespublishedin20186November2018,,,AbstractJELClassificationE22:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Capital,Investment,CapacityE31:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→PriceLevel,Inflation,DeflationE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesR31:Urban,Rural,Regional,RealEstate,andTransportationEconomics→RealEstateMarkets,SpatialProductionAnalysis,andFirmLocation→HousingSupplyandMarketsAbstractThehousingmarkethasimportantmsidentialinvestment,whichstartedattheendof2013,,nthestateofthehousingmarket,elaboratingonthedemandandsupplyfactorsunderpinningthecurrentupturn,,,,AbstractJELClassificationE22:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Capital,Investment,CapacityE23:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→ProductionE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesAbstractPotentialoutputistypicallyseenbyeconomicanalystsasthe,cap,theestimatedrateofpotentialoutputgrowthalsoappearstohaverecoveredmostofitspre-crisismomentum,underpinnedmainlybyanexpansionofthelabourforce,,projectionsbyinternationalinstitutionssuggestthatactualeur,supplyconstraintsarelikelytobecomeincreasinglybindinggoingforward,,AbstractJELClassificationE42:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→MonetarySystems,Standards,Regimes,GovernmentandtheMonetarySystem,PaymentSystemsE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyF31:InternationalEconomics→InternationalFinance→ForeignExchangeF36:InternationalEconomics→InternationalFinance→FinancialAspectsofEconomicIntegrationF41:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→OpenEconomyMacroeconomicsAbstractAsfinancialmarketsbecameprogressivelymoreintegratedinternationallyoverthepastdecades,economistswonderedtowhatextentpolicntheco-movementincapital,thearticlefocusesontherelativeimportanceofglobalriskandUSmonetarypolicyfortheglobalfinatockreturnsanditsimpactisamplifiedbycapitalaccountopenness,butnotnecessarilybytheexchangerateregime,whichmattersonlyforassetprices,,thecorrelationbetweenUSinterestratesandcapitalflowsthroughoutthecrisisispositive,ratherthannegativeasthetheorywouldpredict,indicatingtheneedforfurtherempiricalanalysissynchronisedbetweentheeuroareaandtheUnited,thisconfirmsthattheeffectivenessoftheECB’,,AbstractJELClassificationE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyG12:FinancialEconomics→GeneralFinancialMarkets→AssetPricing,TradingVolume,BondInterestRatesG01:FinancialEconomics→General→FinancialCrisesAbstractPrivatesectorinflationexpectationsareakeycomponentofabroadrangeofindicatorsthattheECBconsiderswhendeterminingtheappropageandprice-settingprocesses,butalsoserveasausefulcross-checkontheECB’sandtheEurosystem’xpectations,whicharetimelyindicatorsderivedfromthepricesofinstrumentsthomdifferenttypesofmarket-basedindicator,startingfromtheperiodleadinguptotheECB’sannouncementofitsexpandedassetpurchaseprogramme(APP).Thefallinmarket-basedindicatorsoflonger-terminflationexpectationsbetween2014andmid-2016wasconsistentacrossmajorjurisdictions,possiblyreflectingglobalconcereconcernsand,inparticular,’sshareofthemovementinlonger-terminflationexpectationsoverthepastfewyearshasstemmedfromtheinflationriskcomponentoftheseindicators,suggestingthatt,informationextractedfromthepricesofinflationoptionsimpliesthattherisk-neutralprobabilityofdeflationincreasednoticeablyinlate2014andearly2015,,AbstractJELClassificationD12:Microeconomics→HouseholdBehaviorandFamilyEconomics→ConsumerEconomics:EmpiricalAnalysisE41:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→DemandforMoneyE42:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→MonetarySystems,Standards,Regimes,GovernmentandtheMonetarySystem,PaymentSystemsAbstractThisarticlepresentsthedevelopmentsinthecirculationofeuroban,,datafromasurveyontheuseofcashintheeuroareaindicatesthatbyvolumeandnum,thegrowthinbadsandfirmsinsideandoutsideoftheeuroareaobvi,thestored,asshownbydevelopmentsoverthepasttenyears,thestoreofvaluefunctionisdeterminednotonlybyinterestrates,orssuchasthefinancialandsovereigndebtcrises,geopoliticaluncertainties,exchangeratedevelopmentsandpolicydecisions9August2018,,AbstractJELClassificationE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesAbstractThisarticleexaminestheevolutionoftheECB’ltingfromtheconferralofnewsupervisorytasksontheECB,itprovidesevidenceonhowthestrengtheningoftheECB’saccountabilityhastakenshapeinthecontextofitsrelationshipwiththeEuropeanParliamentinlinewiththelatter’,buildingontheaccountabilityframeworkenshrinedinprimarylaw,haveincreasedthefrequencyoftheirinteractions,madeinnovationsregardingtheformatandsharpenedthefocusoftheirexchanges,allowingincreasedscrutinyoftheECB’anddemonstratethatitisactinginaccordancewithitsdemocraticmandate,,,,AbstractJELClassificationD31:Microeconomics→Distribution→PersonalIncome,Wealth,andTheirDistributionsE21:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Consumption,Saving,WealthE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesE50:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→GeneralAbstractThisarticledocumentsthekeyrolethatprivateconsumptionhasplayedinrecentoutputgrowth(2013-18),andaskshowlongthecur,thisarticletriestoidentifytherelativeimportanceofdifferentfactorsdrivingconsumption,suchastherecoveryinthelabourmarket,accommodativemonetarypolicy,the2014-15dropinoilprices,theincreaseinassetprices,ountries,thisarticlealsoshedslightontheextenttowhichthecurrentexpaions,,eventhoughunemploymentinso,aslabourmarketscontinuetoimprove,privateconsu,theECB’saccommodativemonetarypolicyisnotonlycontributingtotheexpansionofprivateconsumption,,thereislittleevidencethatlowinterestrateshaveledtogeneralisedincreasesinhouseholdindebtedness,,,AbstractJELClassificationD53:Microeconomics→GeneralEquilibriumandDisequilibrium→FinancialMarketsE43:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→InterestRates:Determination,TermStructure,andEffectsE50:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→GeneralAbstractTheovernightmoneymarketplaysanimportantroleposesanewm,,AbstractJELClassificationE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyG12:FinancialEconomics→GeneralFinancialMarkets→AssetPricing,TradingVolume,BondInterestRatesG32:FinancialEconomics→CorporateFinanceandGovernance→FinancingPolicy,FinancialRiskandRiskManagement,CapitalandOwnershipStructure,ValueofFirms,GoodwillG35:FinancialEconomics→CorporateFinanceandGovernance→PayoutPolicyAbstractEquitycapitalisamongthemainsourcesoffundingforeuroareanon-financialcorporations(NFCs),,improvingthem,whichhasdeclinedsubstantiallyinrecentyears,entlyhigh“equityriskpremium”(ERP)ha,sincethestartoftheglobalfinancialcrisis,increofequityandtheERP,namelythethree-stagedividenddiscountmodel,,incorporatingshort-termearningsexpectations,discountingpayoutstoinvestorswithadiscountfactorwithappropriatematurity,,sharebuy-backactivityseemstomatter,,estimatingtheERP,particularlyitslevel,,suchuncertaintyadvocatestheuseofavarietyofmodelsandsurveyestimates,aswellasafocusonthedynamics,ratherthanonthelevel,,thearticledemonstratesthatcostofequitymodellingc,aschangesinequitypricescancontainimportantinformationaboutthee,thearticleshowsthataddinganinternationalperspectivetotheanalysisofthe,thegreaterrelianceonsharebuy-backsamongcompaniesintheUnitedStatesthanthoseintheeuroareaappearstobebehindsomeoftherecentsteeperdecl,AbstractJELClassificationF21:InternationalEconomics→InternationalFactorMovementsandInternationalBusiness→InternationalInvestment,Long-TermCapitalMovementsF23:InternationalEconomics→InternationalFactorMovementsandInternationalBusiness→MultinationalFirms,InternationalBusinessAbstractTherelevanceofforeigndirectinvestment(FDI)%to35%.FollowingadeclineduringtheGreatRecession,mergersandacquisitions(M&As),themostdynamiccomponentofFDI,haverecovered,riginanddestinationcountriesintermsof,forexample,economicgrowth,productivity,,theexpansionofmultinationalenterprises(MNEs)hasbeenaccompaniedbythecreationofcomplexcross-borderproductionchains,nanddeterminantsofFDIoverthepastdecade,FDIlandscape,withemergingmarketeconomies(EMEs)gaini,reachingmorethan50%oftheworld’,FDIflowsaredominatedbyarelativelysmallnumberofM&&AswithavalueinexcessofUSD1billionaccountedforonly1%ofallFDIprojects,buttheygenerated55%,evidencesuggeststhatFDIandexportsar,since2008EUcountriesarenolongertheworld’,econometricanalysisshows,,,AbstractJELClassificationC52:MathematicalandQuantitativeMethods→EconometricModeling→ModelEvaluation,Validation,andSelectionC82:MathematicalandQuantitativeMethods→DataCollectionandDataEstimationMethodology,ComputerPrograms→MethodologyforCollecting,Estimating,andOrganizingMacroeconomicData,DataAccessE31:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→PriceLevel,Inflation,DeflationAbstractHeadlineinflationcanbenoisy,blurringthesign,,itisimportanttounderstandthepropertiesofthevarioi,eachindicatorcomeswithmeritsandshortcomings,whi,,,,AbstractJELClassificationE01:MacroeconomicsandMonetaryEconomics→General→MeasurementandDataonNationalIncomeandProductAccountsandWealth,EnvironmentalAccountsF15:InternationalEconomics→Trade→EconomicIntegrationO11:EconomicDevelopment,TechnologicalChange,andGrowth→EconomicDevelopment→MacroeconomicAnalysesofEconomicDevelopmentO43:EconomicDevelopment,TechnologicalChange,andGrowth→EconomicGrowthandAggregateProductivity→InstitutionsandGrowthO47:EconomicDevelopment,TechnologicalChange,andGrowth→EconomicGrowthandAggregateProductivity→MeasurementofEconomicGrowth,AggregateProductivity,Cross-CountryOutputConvergenceAbstractThisarticleestablishesstylisedfactsaboutconvergenceandanalysesthesourcesofeconomicgrowthincentral,easternandsouth-easternEuropean(CESEE)economieswithinandoutsidetheEuropeanUnion(EU).22Italsocomparestheperformanceacrosscountriesandidentifiesthechalleconomiessince2000,tching-up,memembersoftheEU(includingthosewhichlaterjoinedtheeuroarea)thanintheWesternB,(interalia)improvementsininstitutionalquality,externalcompetitivenessandinnovation,increasesintradeopenness,highorimprovinglevelsofhumancapital,,acceleratingandsustainingconvergenceintheregionwillrequirefurthereffortstoenhanceinstitutionalqualityandinnovation,reinvigorateinvestment,,EUaccessionprospectsmightconstituteananchorforreformmomentum–inparticular,butnotexclusively,inthekeyareaofenhancinginstitutionalquality–andthussuppo,,,AbstractJELClassificationE21:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Consumption,Saving,WealthE62:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→FiscalPolicyF15:InternationalEconomics→Trade→EconomicIntegrationF36:InternationalEconomics→InternationalFinance→FinancialAspectsofEconomicIntegrationAbstractThisarticlediscussestheconceptofrisksharing,whichgenerallyreferstothenotionthateconomicagents,suchashouseholdsandfirms,attempttoinsuretheirconsumptionstreamsagainstfluctuationsinthebusinesscycleoftheircountry,“smoothout”areacanbesmoothed,eUnitedStatesneedstobeseenagainstthebackgroundofdifferentinstitutionalandpoliticalarchitectures,,whileintheeuroareaaround80%ofashocktoGDPgrowthinagivencountryremainedunsmoothedovertheperiod1999-2016,thusresultinginsizeabledifferencesinconsumptiongrowthacrosscountries,intheUnitedStatesatmost40%gchannels,,capitalandfiscalchannels,,intheeuroarea,risksharingtakesplacemainlyviathecapitalchannel,,thearticleputstheempiricalresultsintotheperspectiveoftheongoingdebateonenhancingtheinstitutionalarchitectureofEconomicandMonetaryUnion(EMU).Itcallsforeuroareacountriestomaketheireconomies,banationfunctiontosupportnationaleconomicstabilisersi,,,AbstractJELClassificationE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesG01:FinancialEconomics→General→FinancialCrisesG12:FinancialEconomics→GeneralFinancialMarkets→AssetPricing,TradingVolume,BondInterestRatesG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesAbstractThisarticlereviewstheimpactoftheECB’scorporatesectorpurchaseprogramme(CSPP)oncorporatebondmarketsandthefinancingofeuroareanon-financialcorporations(NFCs).ItfindsthattheCSPPhasledtoasignificanteasinginfinancingconditionsforeuroareaNFCs,includingdeclinesincorporatebondspreads,improvedsupplyconditionsinthecorporatebondprimarymarketandinc,inparticularitsflexibilityandadaptability,minimisesanyimpac:FinancialEconomics→CorporateFinanceandGovernance→FinancingPolicy,FinancialRiskandRiskManagement,CapitalandOwnershipStructure,ValueofFirms,GoodwillE22:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Capital,Investment,CapacityAbstractThisarticlereviewstheexinanceofenterprises(SAFE),whichfocusesspecificallyonsmallandmedium-sizedenterprises(SMEs).Theavailableevidencesuggeststhatcreditconstraintsplay,AbstractJELClassificationH55:PublicEconomics→NationalGovernmentExpendituresandRelatedPolicies→SocialSecurityandPublicPensionsJ11:LaborandDemographicEconomics→DemographicEconomics→DemographicTrends,MacroeconomicEffects,andForecastsJ14:LaborandDemographicEconomics→DemographicEconomics→EconomicsoftheElderly,EconomicsoftheHandicapped,Non-LaborMarketDiscriminationE62:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→FiscalPolicyAbstractThisarticleexaminesthemacroeconomicandfiscalimplicationsofpopulationageingintheeur’slatestprojections,populationageingis,whichstemsfromincreasesinlifeexpectancyandlowfertilityrates,iswidelyexpectedtoleadtoadeclineinthelaboursupplyandproductivitylosses,aswellasbehaviouralchanges,,bycausingincreasesinprecautionarysavings,ageingcanbeexpected,mainlyowingtoshiftsindemand,,euroareacountriesarealsoprojectedtoexperiencefurtherupwardpressureonpublicspendingonpensions,thesovereigndebtcrisis,furtherreformsapp,measuresthatincreasetheretirementagecanbeexpectedtodampentheadversemacroeconomiceffectsofageing,astheyw,increasingthecontributionrateorreducing:LaborandDemographicEconomics→General→LaborEconomics:GeneralJ21:LaborandDemographicEconomics→DemandandSupplyofLabor→LaborForceandEmployment,Size,andStructureJ22:LaborandDemographicEconomics→DemandandSupplyofLabor→TimeAllocationandLaborSupplyJ61:LaborandDemographicEconomics→Mobility,Unemployment,Vacancies,andImmigrantWorkers→GeographicLaborMobility,ImmigrantWorkersAbstractThisarticleexaminesthemainfactorsbehindtherecentchangesineur,aswellasimmigration,havehadaavebeendrivenbylong-termtrendsandstructuralchanges,,,forexamplebyhelpingthelong-termunemployed,migrantsandothergroupswhoseparticipationratesremainlow,toenterorreturntothelabourmarket,orfindjobsthatbettermatchtheirskills.,Selectyourlanguage18/05/2012SpeechbyJoséManuelGonzález-Páramo,MemberoftheExecutiveBoardoftheECB,OMFIFGoldenSeriesLecturesonWorldMoney,London,18May201216/05/2012JoséManuelGonzález-Páramo,MemberoftheExecutiveBoardoftheECB,FrankfurtamMain,16May201216/05/2012IntroductoryremarksbyMarioDraghi,PresidentoftheECB,attheECBcolloquiumheldinhonourof,FrankfurtamMain,16May201210/05/2012SpeechbyPeterPraet,MemberoftheExecutiveBoardoftheECBatthe40thEconomicsConferenceoftheOesterreichischeNationalbankVienna,10May201208/05/2012RemarksbyBenotCuré,MemberoftheExecutiveBoardoftheECB,IMF-SNBHigh-LevelConferenceontheInternationalMonetarySystem,Zurich,8May201208/05/2012PeterPraet,MemberoftheExecutiveBoardoftheECB,FrankfurtamMain,8May201208/05/2012MarioDraghi,PresidentoftheECB,FrankfurtamMain,8May201227/04/2012SpeechbyVítorConstancio,Vice-PresidentoftheECB,Towardsbetterregulationoftheshadowbankingsystem,EuropeanCommissionConference,Brussels,27April201226/04/2012SpeechbyMarioDraghi,PresidentoftheECB,attheECB-ECconference“Financialintegrationandstability:towardsamoreresilientsinglefinancialmarket”FrankfurtamMain,26April201225/04/2012IntroductorystatementbyVítorConstancio,Vice-PresidentoftheECB,Brussels,25April201225/04/2012IntroductorystatementbyMarioDraghi,PresidentoftheECBBrussels,25April201220/04/2012InterventionbyJrgAsmussen,MemberoftheExecutiveBoardoftheECBattheCenterforStrategicandInternationalStudiesWashington,20April201220/04/2012SpeechbyBenotCuré,MemberoftheExecutiveBoardoftheECBattheinauguralconference:“Europeancrisis:historicalparallelsandeconomiclessons”Julis-RabinowitzCenterforPublicPolicyandFinancePrincetonUniversity,20April201219/04/2012SpeechbyPeterPraet,MemberoftheExecutiveBoardoftheECBattheGermanFederalMinistryofFinanceBerlin,19April201218/04/2012SpeechbyJoséManuelGonzález-Páramo,MemberoftheExecutiveBoardoftheECB,attheSixthECBStatisticsConference,FrankfurtamMain,18April201217/04/2012SpeechbyVítorConstancio,Vice-PresidentoftheECBattheSixthECBStatisticsConference,FrankfurtamMain,17April201217/04/2012SpeechbyMarioDraghi,PresidentoftheECBattheSixthECBStatisticsConference,FrankfurtamMain,17April201212/04/2012DiscursopronunciadoporJoséManuelGonzález-Páramo,miembrodelComitéEjecutivodelBCE,ClubSigloXXICiclodeconferenciasTiemposdecambio,Madrid,12deabrilde201212/04/2012SpeechbyJrgAsmussen,MemberoftheExecutiveBoardoftheECB,attheInstituteofInternationalandEuropeanAffairs,Dublin,12April201211/04/2012SpeechbyBenotCuré,MemberoftheExecutiveBoardoftheECB,AssociationFranaisedesTresoriersdEntreprises(AFTE),Paris,11April2012

“重走长征路共筑中国梦”第三届重走长征路(南雄段)徒步活动在南雄启动

EBfocuspublishedin20198August2019,,AbstractJELClassificationE62:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→FiscalPolicyH6:PublicEconomics→NationalBudget,Deficit,andDebtAbstractThisboxexaminesthefiscalpolicyrecommendationsaddressedtotheeuroareacountriesagainstthebackt,buildingbufferstostrengthe,countriesthathaveachievedsoundfiscalpositio:MacroeconomicsandMonetaryEconomics→General→InstitutionsandtheMacroeconomyE6:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlookF02:InternationalEconomics→General→InternationalEconomicOrderAbstractThisboxexaminesthecountry-specificrecommendations(CSRs)for,the2019CSRsplacegreateremphasisoni,edu:InternationalEconomics→InternationalFinance→CurrentAccountAdjustment,Short-TermCapitalMovementsF38:InternationalEconomics→InternationalFinance→InternationalFinancialPolicy:FinancialTransactionsTax;CapitalControlsAbstractThisboxshowsthatthereversalingrossflowsofeuroareaforeigndirectinvestment(FDI)in2018wastoalargeextentduetodevelopmentsinflowsinLuxembourgandtheNetherlands,catedinth:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→PriceLevel,Inflation,DeflationC43:MathematicalandQuantitativeMethods→EconometricandStatisticalMethods:SpecialTopics→IndexNumbersandAggregationO47:EconomicDevelopment,TechnologicalChange,andGrowth→EconomicGrowthandAggregateProductivity→MeasurementofEconomicGrowth,AggregateProductivity,Cross-CountryOutputConvergenceAbstractServicespri,tweenunitlabourcostgrowthintheservicessectorandmanufacturing,,thenarrowingofthegapbetweenservicespriceinflationandgoodspriceinflatio,thismeasureofunderlyinginflationwouldh,,,AbstractJELClassificationC1:MathematicalandQuantitativeMethods→EconometricandStatisticalMethodsandMethodology:GeneralC8:MathematicalandQuantitativeMethods→DataCollectionandDataEstimationMethodology,ComputerProgramsE65:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→StudiesofParticularPolicyEpisodesAbstractThisboxpresentsamodel-basedeconomicpolicyuncertainty(EPU)indexfortheeuroareabyapplying,suchastrade,fiscal,monetaryordomesticregulations,,asteadyandpronouncedincreaseintheeuroareaEPUindexhasbeenobserved,drivenmainlybytrade,,AbstractJELClassificationF13:InternationalEconomics→Trade→TradePolicy,InternationalTradeOrganizationsF14:InternationalEconomics→Trade→EmpiricalStudiesofTradeF32:InternationalEconomics→InternationalFinance→CurrentAccountAdjustment,Short-TermCapitalMovementsF41:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→OpenEconomyMacroeconomicsAbstractThisboxassessesrecentempiricalanalysisclaimingt––wouldr(services)tradeliberalisationshouldbeexpectedtoraisewelfareoverall,,,AbstractJELClassificationF44:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→InternationalBusinessCyclesF14:InternationalEconomics→Trade→EmpiricalStudiesofTradeAbstractWhilebothglobalactivityandtradehavebeendecliningsincemid-2018,onentsofglobaldemand,suchasinvestment,ex,thedecli,AbstractJELClassificationE40:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→GeneralE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesAbstractThisboxdescribestheECB’smonetarypolicyoperationsduringthefirstandsecondreservemaintenanceperiodsof2019,whichranfr,AbstractJELClassificationE22:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Capital,Investment,CapacityE37:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→ForecastingandSimulation:ModelsandApplicationsD84:Microeconomics→Information,Knowledge,andUncertainty→Expectations,SpeculationsAbstractEconomicagents’,attimes,ntimentIndicatorandapplyingthemintheECB’smainmacroeconomicprojectionmodelsuggeststhatconfidenceshockshadapositiveimpacto,AbstractJELClassificationF21:InternationalEconomics→InternationalFactorMovementsandInternationalBusiness→InternationalInvestment,Long-TermCapitalMovementsF32:InternationalEconomics→InternationalFinance→CurrentAccountAdjustment,Short-TermCapitalMovementsAbstractThisboxanalysesrecent,%,particularlyindebtsecurities,continuedtobeaffectedbytheEurosystem’,theeuroarearecordedaretrenchmentinforeigndirectinvestmentflows,mainlyreflectingtransactionsvis-à-vistheUnitedStates,:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→PriceLevel,Inflation,DeflationE66:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→GeneralOutlookandConditionsAbstractRentinflationintheeuroareahasbeensubduedsincethebeginningof2018,notwithstandingdynamicshousepricedevelopments,,suchaslowfinancingcostsandalow-yieldenvironment,,rentindexationpreventsrentfromrisingfreelyandalar,,AbstractJELClassificationE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesE66:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→GeneralOutlookandConditionsAbstractThisboxlooksatperiodsofslowdownsduringanumberofeuroareaexpansionaryphases–so-calledsoftpatches–andassesseswhetherthesecontainanyinformationwithregar:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyE47:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→ForecastingandSimulation:ModelsandApplicationsE51:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MoneySupply,Credit,MoneyMultipliersAbstractTheevidencepresentedinthisboxsuggeststhattheleadingandpro-cyclicalprop,theboxdocumentsthatthesepropertiesseemtoreflecttheinformationcontentofnarrowmoney,,theboxpresentsmodel-basedevidenceindicatingthatdespitetherecentdeceleration,recentrealM1deve:InternationalEconomics→InternationalFinance→ForeignExchangeAbstractThisboxpresentsamethodologytodisentanglefourmaindriversofEMEscurrenciesswings:spilloversfromUSshocks,globalriskappetite,8-wasmainlyrelatedtoUSandglobalriskfactors,:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesF44:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→InternationalBusinessCyclesAbstractThisboxreviewsbasiccharacteristicsoftheAsiantechsectorandshowsthatithasplayedanimportantroleintherecentweaknessinChina’,,AbstractJELClassificationE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesG01:FinancialEconomics→General→FinancialCrisesG12:FinancialEconomics→GeneralFinancialMarkets→AssetPricing,TradingVolume,BondInterestRatesG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesG28:FinancialEconomics→FinancialInstitutionsandServices→GovernmentPolicyandRegulationAbstractOverthecourseof2018,euroareanon-financialcorporate(NFC),includingdeterioratingcorporatecreditfundamentals,aweakermacroeconomicoutlook,,againstthebackdropoftheendofnetassetpurchasesinDecember2018,,AbstractJELClassificationE40:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→GeneralE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesAbstractThisboxdescribestheECB’smonetarypolicyoperationsduringtheseventhandeighthreservemaintenanceperiodsof2018,whichranfrom31October2018t,,,AbstractJELClassificationE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesF44:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→InternationalBusinessCyclesAbstractThisboxlooksatthecurrentphaseofthebusinesscycleinmajornon-euroareaadvancedeconomiesinpositiveterritory,,,:MacroeconomicsandMonetaryEconomics→General→InstitutionsandtheMacroeconomyE6:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlookF02:InternationalEconomics→General→InternationalEconomicOrderAbstractOn27February2019,theEuropeanCommissionpublisheditsannualassessmentofmacroeconomicimbalancesandtheprogressmadewithstructuralrefo,thenumberofcountriesexperiencingimbalanceshasincreasedto13overall,,theexcessiveimbalanceprocedurehasneverbeentriggere–whetherexcessiveornot–leaveMemberStatesvulnerabletoadversemacroeconomicshocksandtendtoincreasetheprobabilityofrecessions,,forbothgovernmentandprivatedebt,crosstheEU,accelerating,a,progresswithreformshasbeenuneven,andiimulatewell-targetedinvestmentthatimprovesproductivity,:PublicEconomics→NationalBudget,Deficit,andDebt→ForecastsofBudgets,Deficits,andDebtE62:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→FiscalPolicyE4:MacroeconomicsandMonetaryEconomics→MoneyandInterestRatesAbstractThedifferencebetweentheaverageinterestratethatgovernmentspayontheirdebtandthenominalgrowthrateoftheeconomy(i-g),i-ghasturnednegativeinmostadvancedeconomies,,therelevantinterestrate-growthdifferentialforpublicdebtdynamics,i-gcanquicklyreverseincrisistimes,especiallyforcountrieswithhighdebtburdensand/,Intheeuroarea,thecurrentlowinterestrate-growthdifferentialsongovernmentdebtshouldnotbetakenasanincentiveforhigherdebtlevels,:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→PriceLevel,Inflation,DeflationAbstractHarmonisedindicesofconsumerprices(HICPs)areregularlyupdatedforchangesinconsumptionweightsandtheitemsincluded,aysiscalculatedintheHICPforGermany,,:MathematicalandQuantitativeMethods→DataCollectionandDataEstimationMethodology,ComputerPrograms→MethodologyforCollecting,Estimating,andOrganizingMacroeconomicData,DataAccessE31:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→PriceLevel,Inflation,DeflationAbstractHarmonisedconsumerpriceindices(HICPs)forfood,industrialgoods,servicesandenergyaremeasu,theseanalyticalgroups–specialaggregates–,AbstractJELClassificationC13:MathematicalandQuantitativeMethods→EconometricandStatisticalMethodsandMethodology:General→Estimation:GeneralE24:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Employment,Unemployment,Wages,IntergenerationalIncomeDistribution,AggregateHumanCapitalAbstractThisboxhighlightstheimportanceofthelabourmarkettosustaineconomicgrowthsincethebeginningoftherecoveryandunderlinesthecurrent:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→PriceLevel,Inflation,DeflationAbstractInflationprojectionsarebasedonmodels,,,:AgriculturalandNaturalResourceEconomics,EnvironmentalandEcologicalEconomics→General→GlobalCommodityMarketsQ41:AgriculturalandNaturalResourceEconomics,EnvironmentalandEcologicalEconomics→Energy→DemandandSupply,PricesAbstractAgainstthebackgroundoflargeswingsinoilpricesinrecentmonths,,supplyf,AbstractJELClassificationE21:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Consumption,Saving,WealthE22:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Capital,Investment,CapacityE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesAbstractActivityintheeuroareaisexpectedtocontinuetoexpandatamoderatepace,whilemoreelevat,growthinbothprivateconsumptionandbusinessinvestmentareexpectedtocontinue,,theresilienceofthedomesticdemandcomponents,inparticularinvestment,couldbeparticularlychallengedbyincreasingglobaluncertaintyrelatedinteraliatoanescalationintradetensions.,Selectyourlanguage18/05/2012SpeechbyJoséManuelGonzález-Páramo,MemberoftheExecutiveBoardoftheECB,OMFIFGoldenSeriesLecturesonWorldMoney,London,18May201216/05/2012JoséManuelGonzález-Páramo,MemberoftheExecutiveBoardoftheECB,FrankfurtamMain,16May201216/05/2012IntroductoryremarksbyMarioDraghi,PresidentoftheECB,attheECBcolloquiumheldinhonourof,FrankfurtamMain,16May201210/05/2012SpeechbyPeterPraet,MemberoftheExecutiveBoardoftheECBatthe40thEconomicsConferenceoftheOesterreichischeNationalbankVienna,10May201208/05/2012RemarksbyBenotCuré,MemberoftheExecutiveBoardoftheECB,IMF-SNBHigh-LevelConferenceontheInternationalMonetarySystem,Zurich,8May201208/05/2012PeterPraet,MemberoftheExecutiveBoardoftheECB,FrankfurtamMain,8May201208/05/2012MarioDraghi,PresidentoftheECB,FrankfurtamMain,8May201227/04/2012SpeechbyVítorConstancio,Vice-PresidentoftheECB,Towardsbetterregulationoftheshadowbankingsystem,EuropeanCommissionConference,Brussels,27April201226/04/2012SpeechbyMarioDraghi,PresidentoftheECB,attheECB-ECconference“Financialintegrationandstability:towardsamoreresilientsinglefinancialmarket”FrankfurtamMain,26April201225/04/2012IntroductorystatementbyVítorConstancio,Vice-PresidentoftheECB,Brussels,25April201225/04/2012IntroductorystatementbyMarioDraghi,PresidentoftheECBBrussels,25April201220/04/2012InterventionbyJrgAsmussen,MemberoftheExecutiveBoardoftheECBattheCenterforStrategicandInternationalStudiesWashington,20April201220/04/2012SpeechbyBenotCuré,MemberoftheExecutiveBoardoftheECBattheinauguralconference:“Europeancrisis:historicalparallelsandeconomiclessons”Julis-RabinowitzCenterforPublicPolicyandFinancePrincetonUniversity,20April201219/04/2012SpeechbyPeterPraet,MemberoftheExecutiveBoardoftheECBattheGermanFederalMinistryofFinanceBerlin,19April201218/04/2012SpeechbyJoséManuelGonzález-Páramo,MemberoftheExecutiveBoardoftheECB,attheSixthECBStatisticsConference,FrankfurtamMain,18April201217/04/2012SpeechbyVítorConstancio,Vice-PresidentoftheECBattheSixthECBStatisticsConference,FrankfurtamMain,17April201217/04/2012SpeechbyMarioDraghi,PresidentoftheECBattheSixthECBStatisticsConference,FrankfurtamMain,17April201212/04/2012DiscursopronunciadoporJoséManuelGonzález-Páramo,miembrodelComitéEjecutivodelBCE,ClubSigloXXICiclodeconferenciasTiemposdecambio,Madrid,12deabrilde201212/04/2012SpeechbyJrgAsmussen,MemberoftheExecutiveBoardoftheECB,attheInstituteofInternationalandEuropeanAffairs,Dublin,12April201211/04/2012SpeechbyBenotCuré,MemberoftheExecutiveBoardoftheECB,AssociationFranaisedesTresoriersdEntreprises(AFTE),Paris,11April2012,WorkingpapersIn-depthstudiesforexpertsOurWorkingPaperSeries(WPS)disseminateseconomicresearchrelevanttothevarious,“workinprogress”.Theyarepublishedtostimulatediscuss,:ECBWorkingPapersareavailableonlineonly,,,AbstractJELClassificationC23:MathematicalandQuantitativeMethods→SingleEquationModels,SingleVariables→PanelDataModels,Spatio-temporalModelsD24:Microeconomics→ProductionandOrganizations→Production,Cost,Capital,Capital,TotalFactor,andMultifactorProductivity,CapacityG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesAbstractWeuseanindustrialorganisationapproachtoquantifythesizeofTotalFactorProductivityGrowth(TFPG)foreur,wediofineund84%,weobservethatTotalFactorProductivitygrowthforthemedianeuroareabankdecreasedfromaround2%in2007toaround1%in2017,withtechnologicalprogressbeingthelargestcontributor,areabankingsector,thesefindingssuggeststhatbank’seffortsinareassuchasrationalisationofbranches,digitalisationofbusine,AbstractJELClassificationE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE61:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→PolicyObjectives,PolicyDesignsandConsistency,PolicyCoordinationE62:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→FiscalPolicyAbstractWestudyoptimalmonetaryandfiscalpolicyinaNewKeynesianmodelwhereoccasionaldeclinesinagents’,thereisnostraightforwardrecipeformitigatingthewelfarecostsandthesystematicinntralbankerimprovesinflationoutcome,appointingapolicymakerwhoissufficientlylessconcernedwithgovernmentspendingstabilizationtha,AbstractJELClassificationE40:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→GeneralE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyG14:FinancialEconomics→GeneralFinancialMarkets→InformationandMarketEfficiency,EventStudies,InsiderTradingG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesAbstractBasedonhighfrequencyidentificationandothereconometrictools,wefindthatmone,whichmadetheprivatesectormorepessimisticaboutfutureprospectsoftheeconomyandtheprofitabilityofthebankingsector,emarketresponseandthatbankhealthbenefittedfromsurprises,,inparticularbanksize,leverageandNPLratios,,wede,inthepost-crisisepisode,,,AbstractJELClassificationC30:MathematicalandQuantitativeMethods→MultipleorSimultaneousEquationModels,MultipleVariables→GeneralE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyF41:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→OpenEconomyMacroeconomicsE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesAbstractThispaperproposesalarge-scaleBayesianvectorautoregressionwithfactorstochasticvolatilitytoinvestigatethemacroecagepriorthatmimicscertainfeaturesofthewell-knownMinnesotaprior,shockbyassumingthatitisthejointvolatilityprocessthatdeterm,moreover,assumethatonnectedtoglobalequitypricevolatility,closelytowthataninternationaluncertaintyshoc,,AbstractJELClassificationF36:InternationalEconomics→InternationalFinance→FinancialAspectsofEconomicIntegrationG23:FinancialEconomics→FinancialInstitutionsandServices→Non-bankFinancialInstitutions,FinancialInstruments,InstitutionalInvestorsG15:FinancialEconomics→GeneralFinancialMarkets→InternationalFinancialMarketsAbstractThispaperexaminesinternationaldebtissuancethroughIrish-residentSpecialPurposeEntities(SPEs).UsingauniquenewdatasetcoveringthepopulationofIrish-residentSPEsreportingtotheCentralBankofIrelandovertheperiod2005-2017,ive,particularlyforsponsorsofIrish-residentsecuritisationvehicles,whileinvestorprotectionandfinancialdevelopmentareimportant,,AbstractJELClassificationF31:InternationalEconomics→InternationalFinance→ForeignExchangeG14:FinancialEconomics→GeneralFinancialMarkets→InformationandMarketEfficiency,EventStudies,InsiderTradingG15:FinancialEconomics→GeneralFinancialMarkets→InternationalFinancialMarketsAbstractFocusingontheforeignexchangereactiontomacroeconomicannouncements,weshowthatfasttradingispositivelyandsignificantlycorrelatedwiththeentropyofthedistributionofquotedpricesinreactiontonews:alargershareoffasttradingincreasesthedegreeofdiversityofquotesintheorderbook,forgivenliquidity,’reformofthefixingmethodologyinFebruary2015asanaturalexperiment,weprovideevidencethatfasttradingraisesentropy,ycomplicatespricediscoveryfromanindividualtrader’sperspective,weshowthat,intheaggregate,moreentropyactuallybringstradedpricesclosertotherandomwalkhypothesis,anctofmacronewsbyover60%foreffectivespreads,againstover40%desirableeffectsonmarketperformancespecificallyhingesonenhancedheterogeneityintradingpatterns,,AbstractJELClassificationG01:FinancialEconomics→General→FinancialCrisesG11:FinancialEconomics→GeneralFinancialMarkets→PortfolioChoice,InvestmentDecisionsG12:FinancialEconomics→GeneralFinancialMarkets→AssetPricing,TradingVolume,BondInterestRatesG22:FinancialEconomics→FinancialInstitutionsandServices→Insurance,InsuranceCompanies,ActuarialStudiesG23:FinancialEconomics→FinancialInstitutionsandServices→Non-bankFinancialInstitutions,FinancialInstruments,InstitutionalInvestorsAbstractTraditionally,insurersareseenasstabilisersoffinancpremia,’governmentbondholdings,,,,AbstractJELClassificationG20:FinancialEconomics→FinancialInstitutionsandServices→GeneralG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesG28:FinancialEconomics→FinancialInstitutionsandServices→GovernmentPolicyandRegulationAbstractThispaperillustratesthatsystemicallyimportantbanksreducearangeofactivitiesatyear-end,leaicators,afbankssystemicimportanceaswellasadistortionintheirrelativeranking,withimplicationsforbanks,areductionintheprovisionofcert,AbstractJELClassificationG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesG28:FinancialEconomics→FinancialInstitutionsandServices→GovernmentPolicyandRegulationE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyAbstractThispaperreexaminesfromatheoreticalperspectivetheroleofmonetaryandmacroprudencomesfromamoralhazardprobleminfirmsfinancingthatbanks’t,,butmacroprudentialpolicyismoreeffe:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→GeneralE37:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→ForecastingandSimulation:ModelsandApplicationsE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyG10:FinancialEconomics→GeneralFinancialMarkets→GeneralAbstractUntilnow,stockmarketresponsestoadistressscenario,usingtheconvolutionconcept,toassesshowcouldchangetheheEuropeanstockmarketunderanoil-relatedstressscenario,euroscouldgenerateanos,,itcontributestoreducetheinaccuracyintheimpact,,AbstractJELClassificationC30:MathematicalandQuantitativeMethods→MultipleorSimultaneousEquationModels,MultipleVariables→GeneralE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyF41:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→OpenEconomyMacroeconomicsE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesAbstractWeperformarobustestimationofthe,takingintoaccounttheuncertaintyinthemeasurementofvar,,andweassess,inaprobabilisticmanner,,,,AbstractJELClassificationD14:Microeconomics→HouseholdBehaviorandFamilyEconomics→HouseholdSaving;PersonalFinanceD31:Microeconomics→Distribution→PersonalIncome,Wealth,andTheirDistributionsE50:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→GeneralR21:Urban,Rural,Regional,RealEstate,andTransportationEconomics→HouseholdAnalysis→HousingDemandAbstractWeassesstheeffectsofregulatorycapsintheloan-to-value(LTV)ratiousingagent-basedmodels(ABMs).OurapproachbuildsuponastraightforwardABMwherewemodeltheinteractionsofsellers,buyersandbankstheproetotheexistinganalyticalframeworksforassessingtheimpactofmacroprudentialmeasures,mainlyduetotheveryfewassumptionsthemethodreliesuponandtheabilitytoeasilyincorporateadditionalandmorecomplex,,,,AbstractJELClassificationC5:MathematicalandQuantitativeMethods→EconometricModelingE43:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→InterestRates:Determination,TermStructure,andEffectsE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesG12:FinancialEconomics→GeneralFinancialMarkets→AssetPricing,TradingVolume,BondInterestRatesAbstractWetracetheimpactoftheECB’sassetpurchaseprogramme(APP)purchases,weconstructanovelmeasureofthe“free-floatofdurationrisk”inwhichcentralbankpurchasesredu,,,,,AbstractJELClassificationE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyE51:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MoneySupply,Credit,MoneyMultipliersE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesG28:FinancialEconomics→FinancialInstitutionsandServices→GovernmentPolicyandRegulationAbstractWestudytheimpactofhigherbankcapitalbuffers,namelyoftheOtherSystemicallyImportantInstitutions(O-SII)buffer,onbanks,highercapi,itcould,atleastintheshort-term,,bychangingtherelativeattractivenessofdifferentassetclasses,ahighercapitalrequirementcouldalsoleadtorisk-shiftingandthereforepromotethebuild-up(ordeleverage)ofbanks,nationalauthorities,undertheEBAframework,,,between2014and2017,wefindthatbanksidentifiedasO-SIIreduced,intheshort-term,theircreditsupplytohouseholdsandfinancialsectorsandshiftedtheirl,theimpactoncreditsupplyisdefusedandbanksshifttheirlendectsontheoverallsupplyofcreditalthoughwefindevidenceofaredsframeworkcouldhaveapositivediscipliningeffectbyreducingbanks,AbstractJELClassificationC53:MathematicalandQuantitativeMethods→EconometricModeling→ForecastingandPredictionMethods,SimulationMethodsE37:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→ForecastingandSimulation:ModelsandApplicationsE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesAbstractTheEurosystem/ECBstaffmacroeconomicprojectionexercisesconstituteanimportantinputtotheECB/ECBprojectionerrorsbylookingatcriteriaofoptimalityandrationalityusingtec,theresultsareencouragingandsuggestthatEurosystem/ECBstaffprojectionsabidet,:FinancialEconomics→GeneralFinancialMarkets→AssetPricing,TradingVolume,BondInterestRatesG14:FinancialEconomics→GeneralFinancialMarkets→InformationandMarketEfficiency,EventStudies,InsiderTradingG15:FinancialEconomics→GeneralFinancialMarkets→InternationalFinancialMarketsG18:FinancialEconomics→GeneralFinancialMarkets→GovernmentPolicyandRegulationG23:FinancialEconomics→FinancialInstitutionsandServices→Non-bankFinancialInstitutions,FinancialInstruments,InstitutionalInvestorsD4:Microeconomics→MarketStructureandPricingD61:Microeconomics→WelfareEconomics→AllocativeEfficiency,CostBenefitAnalysisAbstractWestudyempiricallyhowcompetitionamonghigh-frequencytraders(HFTs),whichallowsustocompareenvironmentswithandwithouthigh-frequencycompetition,andcontainsanexogenousevent-aticksizereform-whichweusetodisentangletheeffectsoftherisingshareofhigh-frequ,,,,,AbstractJELClassificationE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE43:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→InterestRates:Determination,TermStructure,andEffectsG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesD22:Microeconomics→ProductionandOrganizations→FirmBehavior:EmpiricalAnalysisD25:Microeconomics→ProductionandOrganizationsAbstractExploitingconfidentialdatafromtheeuroarea,weshowthatsoundbankscanpassnegativeratesontot(NIRP)providesfurtherstimulustotheeconomythroughfirms’eartoincreasetheirinvestmentintangibleandintangibleassetsandtodecr,ourresultschallengethecommonlyheldviewthatconventionalmoneta,AbstractJELClassificationG20:FinancialEconomics→FinancialInstitutionsandServices→GeneralAbstractLoanlossprovisionsintheeuroareaarenegativelyrelatedtoGDPgrowth,,areacountriesalreadypriortoeuroadoption,andthedivergentgrowth,,,,,,AbstractJELClassificationE5:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCreditG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesG38:FinancialEconomics→CorporateFinanceandGovernance→GovernmentPolicyandRegulationAbstractThearchitectureofsupervision–howwedefinetheallocationofsupervisorypowerstodifferentpolicyinstitutions–canhaveimplicationsforpolicyconductandfortheec,anintegratedstructureformonetarypolicyandsupervisionbringsimportatofmetofavailabletools,monetarypolicyandsupervisionare,anintegratedstructuredoesnotseemtobecorrelatedwithmorepriceand/orfinancialinstability,assuggestedbyanatermsoffeweropportunipeinsupervisionandgainabroaderperspectiveonthestabilityoftheentirebankingsector,blelackofspecialisationrelativetolocalsupervisorsandtheinelationtothedesignoftheSingleSupervisoryMechanism(SSM).,,,AbstractJELClassificationE3:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCyclesE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyG01:FinancialEconomics→General→FinancialCrisesG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesAbstractHowfarshouldcapitalrequirementsberaisedinordertoensureastrongandresilientbankingsystemwithoutimposingunduecostsontherealeconomyCapitalrequirementincreasesmakebankssaferandarebeneficialinthelongrunbutalsoentailtransitioncostsbeca,25%nessarekeydeterminantsofthetrade-offbetweenthesh,,AbstractJELClassificationG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesF34:InternationalEconomics→InternationalFinance→InternationalLendingandDebtProblemsF36:InternationalEconomics→InternationalFinance→FinancialAspectsofEconomicIntegrationAbstractWeanaly(Ceruttietal.,2017b)andauniqueconfidentialdatabaseonbalancesheetsitemsofeuro-areafinancialinstirequirementsinothercountries,whiletheyincreaselendingwhenloan-to-value(LTV)eningofsector-specificcapitalbuffersinthecountrieswheretheirparentbanksresideandthatbanksizeandliqu,AbstractJELClassificationG01:FinancialEconomics→General→FinancialCrisesG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesG28:FinancialEconomics→FinancialInstitutionsandServices→GovernmentPolicyandRegulationAbstractPriortothefinancialcrisis,prudentialregulationintheEUwasimplementednon-uniformlyacrosscountries,asoptionsanddiscretionsallureofregulatoryflexibility(forallbanksinacountry)andofsupervisorydiscretion(onacase-by-casebasis).Overall,wefindthatbanksestablishedincountrieswithalessstringentprudentisalwaysassociated’liquiditybufferseveninabsenceofaspecificliquidityregulation,,,AbstractJELClassificationE43:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→InterestRates:Determination,TermStructure,andEffectsE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyG11:FinancialEconomics→GeneralFinancialMarkets→PortfolioChoice,InvestmentDecisionsG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesAbstractNegativemonetarypolicyratesareassociatedwithaparticularfrict’reactionswhenthepolicyrateisloweredtonegativelevels,’,however,contrastssomofourloandata,longertimespanofoursampleand,importantly,,AbstractJELClassificationE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyG15:FinancialEconomics→GeneralFinancialMarkets→InternationalFinancialMarketsAbstractThispaperprovidesaquantitativeassessmentoftherelativeimportanceofglobalstructuralshocksforcha(oilsupplyshocks,globaleconomicnewsshocks,US-specificeconomicnewsshocksandUSmonetaryshocks)andshowthattheseglobalfactochsmaller,suggestingthatfactorsbeyondtheidentifiedglobalshocks()semphasisedtheprominentroleofUSmonetarypolicy,wefindthatalthoughUSmonetaryshockshavesomeinfluenceinshapingEMEfinancialmarkets,,,,,AbstractJELClassificationE43:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→InterestRates:Determination,TermStructure,andEffectsE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesG12:FinancialEconomics→GeneralFinancialMarkets→AssetPricing,TradingVolume,BondInterestRatesG14:FinancialEconomics→GeneralFinancialMarkets→InformationandMarketEfficiency,EventStudies,InsiderTradingAbstractWestudytheinformationflowfromtheECBonpolicydatessinceitsinception,rvebutthatthesearedifferentfactorswithdifferentvariancesharesinthewindowthatcontainsthepolicntperiodandthatForwardGuidancea’responsestomoveandnegativesurprises,i,weshowhowtoimplementourmethodologyforanypolicy-relatednewsrelease,,weconstructtheEuroAreaMonetaryPolicyEvent-StudyDatabase(EA-MPD).Thisdatabase,whichcontainsintradayassetpricechangesaroundthepolicydecisionannouncementaswellasaroundthepressconference,isacontributiononitsownrightand,AbstractJELClassificationE42:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→MonetarySystems,Standards,Regimes,GovernmentandtheMonetarySystem,PaymentSystemsE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyF31:InternationalEconomics→InternationalFinance→ForeignExchangeF36:InternationalEconomics→InternationalFinance→FinancialAspectsofEconomicIntegrationF41:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→OpenEconomyMacroeconomicsAbstractInthispaper,westudytheeffectsofstructuralshocksthatinfluenceglobalrisk–themainfactorbehinda“globalcapitalflowscycle”–andhowrisk,inturn,actontheglobalconfigurationofcapitalflows,,weuncoveratraditional“trilemma”,ascountriesmoref“trilemma”ismainlydrivenbyonecategoryofcross-borderflows,“otherinvestment”,confirmingtheimportanceof,AbstractJELClassificationC11:MathematicalandQuantitativeMethods→EconometricandStatisticalMethodsandMethodology:General→BayesianAnalysis:GeneralC34:MathematicalandQuantitativeMethods→MultipleorSimultaneousEquationModels,MultipleVariables→TruncatedandCensoredModels,SwitchingRegressionModelsE40:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→GeneralE43:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→InterestRates:Determination,TermStructure,andEffectsE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyAbstractWestudytherelationshipbetweenmonetarypolicyandlong-termratesinastructural,generalequil,or"uncertaintyshocks",,,theyinducechangesinthedemandforprecautionarysaving,,uncertaintyshocksaccountforabout1/tionsinducedbyconventional,sebasedonsurveydataoverthe1980sand1990s,,,,AbstractJELClassificationE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesG01:FinancialEconomics→General→FinancialCrisesG28:FinancialEconomics→FinancialInstitutionsandServices→GovernmentPolicyandRegulationAbstractThispaperexploresmonetary-macroprudentialpolicyinteractionsinasimple,calibratedNewKeynesianmodelincorporatingthepossibilityofacreditboomprecipitatingafinancialc(CCyB)improvesoutco,entshocks,theeffectivelowerboundformonetarypolicy,market-bas,,AbstractJELClassificationE5:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCreditG01:FinancialEconomics→General→FinancialCrisesG17:FinancialEconomics→GeneralFinancialMarkets→FinancialForecastingandSimulationG28:FinancialEconomics→FinancialInstitutionsandServices→GovernmentPolicyandRegulationR39:Urban,Rural,Regional,RealEstate,andTransportationEconomics→RealEstateMarkets,SpatialProductionAnalysis,andFirmLocation→OtherAbstractUsinghouseholdsurveydata,wedocumentevidenceofalooseningofcreditstandardsinElue(LTV)andloan-to-income(LTI)ratiosintherunuptothefinancialcrisis,andanincreasingten,despitethelongperiodofhistoricallylowinterestratesandsubstantialhousepriceincreasesinsomecountries,,wefindevidenceofaconsiderablechangeinborrowercharacteristicssince2010:,AbstractJELClassificationG10:FinancialEconomics→GeneralFinancialMarkets→GeneralG15:FinancialEconomics→GeneralFinancialMarkets→InternationalFinancialMarketsG23:FinancialEconomics→FinancialInstitutionsandServices→Non-bankFinancialInstitutions,FinancialInstruments,InstitutionalInvestorsAbstractUsingnewlyavailableinformationoneuroareasectoralholdingsofsecurities,thispaperinvestigatestowhatextentthepresenceofinstitutionali,inparticularmoneymarketfunds(MMFs),haveapositiveimpactonsecondarybankbondmarkets’liquidityconditions,%improvementinliquidityconditionsandupto57%increaseindaily-returnvolatility,assumingMMFsholdabout10%ofthenoti,insurancecorporationsandpensionfundsarefoundtosimilarlyaffectmarketconditions,,wherethestrongerpresenceofinstitutionionmatterformark,AbstractJELClassificationF21:InternationalEconomics→InternationalFactorMovementsandInternationalBusiness→InternationalInvestment,Long-TermCapitalMovementsF23:InternationalEconomics→InternationalFactorMovementsandInternationalBusiness→MultinationalFirms,InternationalBusinessF45:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinanceO43:EconomicDevelopment,TechnologicalChange,andGrowth→EconomicGrowthandAggregateProductivity→InstitutionsandGrowthAbstractInthispaperweinvest,weshowthattheeurofacilitatesintra-euroareave,horizontalFDIowsstemswithlargerdomesticmarketsbutrathertocountriesthatare,theseresultssuggestthatwhiletheeurohasbeenbenecialtoFDIinowsintothemonetaryunion,,,AbstractJELClassificationE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesG24:FinancialEconomics→FinancialInstitutionsandServices→InvestmentBanking,VentureCapital,Brokerage,RatingsandRatingsAgenciesG30:FinancialEconomics→CorporateFinanceandGovernance→GeneralAbstractThispaperinvestigatesthebehaviourofcreditratingagencies(CRAs),weexploitthecorporateQEoftheEurosystemanditsrating-basedspecicdesignwhichgeneratesexogenousvariatio,ratingupgradesweremostlynoticeableforbondsinitiallylocatedbelow,butcloseto,,ratingactivityisconcentratedpreciselyontheterritorywheretheincentivesofs,ourndingscontributetobetterassessingtheconsequencesoftheexplicit(butnotexclusive),AbstractJELClassificationD85:Microeconomics→Information,Knowledge,andUncertainty→NetworkFormationandAnalysis:TheoryE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesL14:IndustrialOrganization→MarketStructure,FirmStrategy,andMarketPerformance→TransactionalRelationships,ContractsandReputation,NetworksAbstractWepresentnewevidenceonthestrucuriselvesandofbanks,fappropriateprudentialmeasures,sinceitsupportstheidentificationofcounterpartyrisk,concentrationriskandfundin,,AbstractJELClassificationE31:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→PriceLevel,Inflation,DeflationD81:Microeconomics→Information,Knowledge,andUncertainty→CriteriaforDecision-MakingunderRiskandUncertaintyC73:MathematicalandQuantitativeMethods→GameTheoryandBargainingTheory→StochasticandDynamicGames,EvolutionaryGames,RepeatedGamesAbstractWestudytheeffectsofmonetaryshocksinamodelofstate-dependentpriceandwageadjustmentbasedon“controlcosts”.Suppliersofretailgoodsandoflaborarebothmonopolisticcompeti,elthantheywouldatime-dependentframework,butnonethelessweobtainsuffici,ndinflationdeclines,becausenominaladjustmentsbecomelessfrequent,,,ECBLamfalussyFellowshipProgrammeAbstractJELClassificationG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesJ21:LaborandDemographicEconomics→DemandandSupplyofLabor→LaborForceandEmployment,Size,andStructureJ24:LaborandDemographicEconomics→DemandandSupplyofLabor→HumanCapital,Skills,OccupationalChoice,LaborProductivityAbstractWeidentifytheeffectsofexogenou,weexploitashocktothevalueofthepensionobeseemployees,weshowthatfirmsinarelationshipwithaffect,creditmarketfrictionsmighthavelonglastingeffectso,,AbstractJELClassificationD12:Microeconomics→HouseholdBehaviorandFamilyEconomics→ConsumerEconomics:EmpiricalAnalysisD14:Microeconomics→HouseholdBehaviorandFamilyEconomics→HouseholdSaving;PersonalFinanceD31:Microeconomics→Distribution→PersonalIncome,Wealth,andTheirDistributionsG11:FinancialEconomics→GeneralFinancialMarkets→PortfolioChoice,InvestmentDecisionsAbstractWeusecross-cou,EuropeanhouseholdsdiffersubstantiallyfromUShouseholds;,averageriskaversionisstronglycorrpositionanalysistogetherwithcountry-levelvariablesontheeconomicenvironmenttorestronglycorrelatedw,,,,AbstractJELClassificationD21:Microeconomics→ProductionandOrganizations→FirmBehavior:TheoryD22:Microeconomics→ProductionandOrganizations→FirmBehavior:EmpiricalAnalysisD24:Microeconomics→ProductionandOrganizations→Production,Cost,Capital,Capital,TotalFactor,andMultifactorProductivity,CapacityAbstractWeusefirm-levelsurveydatafrom25EUcountriestoanalysehowfirmsadjusttheirlabourcosts(employment,wagesandhours)thepatternofadjustmentisnotmuchaffectedbythetypeoftheshock(demandshock,access-to-financeshock,‘availabilityofsupplies’shock),butdiffersaccordingtothedirectionoftheshock(positiveornegative),,firmsrespondingtonegativeshocksweremostlikelytoreduceemployment,thenhourlywagesandthenhoursworked,,firmsweremorelikelytoincreasewages,followedbyincreasesinemploymentandthenhours,weshowthatstrictemploymentprotectionlegislationandhighcentralisationorcoordinationofwagebargain,,AbstractJELClassificationE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE61:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→PolicyObjectives,PolicyDesignsandConsistency,PolicyCoordinationE63:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→ComparativeorJointAnalysisofFiscalandMonetaryPolicy,Stabilization,TreasuryPolicyAbstractThispaperanalyzestheimpactofmonetarypolicyonpublicdebtsustainctsondebtsustainability,asakinkintheLaffercurveinducesadea,debtsustainabilityimproveswithmonetarypolicyactiveness,thatis,withth,weassessthetrade-offbetweeneconomicstabilizat,largepublicspendingsh,amutedtrade-offbetweenstabilizationandsustainabilityinsteadexpandsthefiscalmargin,especiallyifcou,AbstractJELClassificationF42:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→InternationalPolicyCoordinationandTransmissionE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyC50:MathematicalandQuantitativeMethods→EconometricModeling→GeneralAbstractWeassesstheempiricalvalidityofthetrilemma(orimpossibletrinity),weestimateTaylor-ruletypemonetarypolicyreactionfunctions,relatingthelocalpolicyratetoreal-timeforecastsofdomesticfundamentals,globalvariables,,weexplorevariationsinthesensitivityoflocaltobase-countrypolicyratesacetrilemma:Bothexchangerateflexibilityandcapi,wealsofindevidencethatisconsistentwiththenotionthatthefinancialchannelofexchangerateshighlightedinrecentworkreducestheextenttowhichlocalpolicymakersdecidetoexploitthemonetaryautonomyinprinciplegrantedbyflexibleexchangeratesinspecificcircumstances:Thesensitivityoflocaltobase-countrypolicyratesforaneconomywithaflexibleexchangerateisstrongerwhenitexhibitsnegativeforeign-currencyexposureswhichstemfromportfoliodebtandbankliabilitiesonitsenetarypolicytomimicthetighteningofbase-countrymonetarypolicyandtherebymuteexchangeratevariationbecauseadepreciationofthelocalcurrencywouldraisethecostofservicingandrollingoverforeign-currencydebtandbankloans,,,AbstractJELClassificationE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyG01:FinancialEconomics→General→FinancialCrisesD80:Microeconomics→Information,Knowledge,andUncertainty→GeneralAbst,entrepreneursneedcredittoundertakeinvestmentprojects,:collateralizationandcostlyscreening,,thecolla,(),theeconomyaccumula,collateral-drivenboomsendindeepcrisesandslowrecoveries:whenboomsend,investmentisconstrainedbothbythelackofcollateralandbythelackofinformationonexistinginvestmentprojects,emodel,,AbstractJELClassificationJ16:LaborandDemographicEconomics→DemographicEconomics→EconomicsofGender,Non-laborDiscriminationJ31:LaborandDemographicEconomics→Wages,Compensation,andLaborCosts→WageLevelandStructure,WageDifferentialsJ41:LaborandDemographicEconomics→ParticularLaborMarkets→LaborContractsJ63:LaborandDemographicEconomics→Mobility,Unemployment,Vacancies,andImmigrantWorkers→Turnover,Vacancies,LayoffsAbstractWeexaminegenderdifferencesincareerprogressionandpromotionsincentralbanking,astereotypicalmale-dominatedoccupation,usingconfidentialanonymizedpersonneldatafromtheEuropeanCentralBank(ECB),despitebroadlupuntil2010whentheECBissuedapublicstatement,,weexplorethepromotionprocessindepth,andconfirm,combinedwith,womenperformbetterintermsofsalaryprogression,suggestingthatthehigherprobabilitytobeselectedisbasedonmerit,:FinancialEconomics→GeneralFinancialMarkets→InternationalFinancialMarketsG32:FinancialEconomics→CorporateFinanceandGovernance→FinancingPolicy,FinancialRiskandRiskManagement,CapitalandOwnershipStructure,ValueofFirms,GoodwillG38:FinancialEconomics→CorporateFinanceandGovernance→GovernmentPolicyandRegulationAbstractWeassesstheimpactofthecorporatesectorpurchaseprogramme(CSPP),thecorporatearmoftheECBsquantitativeeasing,overitsfirstyearofactivity(June2016-June2017).Focusingontheprimarybondmarket,wefindevidenceofasignificantimpactoftheCSPPonyieldspreads,both,coupledwiththeevolutionofbondplacements,arefull,,,AbstractJELClassificationD83:Microeconomics→Information,Knowledge,andUncertainty→Search,Learning,InformationandKnowledge,Communication,BeliefE43:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→InterestRates:Determination,TermStructure,andEffectsE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesAbstractCentralbankshaveuseddifferenttypesofforwardguidance,wheretheforwardguidancehorizonisrelatedtoastatecontingency,ttypesofforwardguidanceonthesensitivityofbondyieldstomacroeconomicnews,eneral,butthatcalendar-,weshowthatthereleaseofmoreprecisepublicinformationaboutfuturerateslowerstheinformativenessofmarketsignalsand,asaconsequence,mayincreaseun,whentheincreaseinprecisionofpublicinformationissufficientlylarge,,AbstractJELClassificationF33:InternationalEconomics→InternationalFinance→InternationalMonetaryArrangementsandInstitutionsF53:InternationalEconomics→InternationalRelations,NationalSecurity,andInternationalPoliticalEconomy→InternationalAgreementsandObservance,InternationalOrganizationsF55:InternationalEconomics→InternationalRelations,NationalSecurity,andInternationalPoliticalEconomy→InternationalInstitutionalArrangementsH87:PublicEconomics→MiscellaneousIssues→InternationalFiscalIssues,InternationalPublicGoodsAbstractWhiletheconsequencesandeffectivenessofIMFconditionalityhavelongbeenthefocusofresearch,thepossiblenegativeimpactofIMFconditionalityoncountries’willingnesstoaskforanIMFprogramme–oftentermed‘IMFstigma’–pastexperiencewiththeIMFandtheirpeers’experiencewit,evenwhencontrollingforthesuccessofpastprogrammes,acountryislesslikelytoapproachtheIMFforhelpifinthepastitex’experience,,,,,,,,,,,,,,,,,,,,,,,AbstractJELClassificationE51:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MoneySupply,Credit,MoneyMultipliersG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesG28:FinancialEconomics→FinancialInstitutionsandServices→GovernmentPolicyandRegulationAbstractThepaperproposesaframewo(FAVAR)mdentifystructuralshocks,whichallowustodiagnosekeyvulnerabilitiesofnationalbankingsystemsandestimateshort-runeconomiccostsofincreasingbanks’,werunaratestherecreditandeconomicactivitydependingonthewaybanksadjust,,,AbstractJELClassificationE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyF36:InternationalEconomics→InternationalFinance→FinancialAspectsofEconomicIntegrationF41:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→OpenEconomyMacroeconomicsAbstractWeanalysetheinteractionbetweenmonetaryandmacroprudentialpoliciesintheeuroareabymeansofatwo-co(,France,Italy,andSpain),withparticularattentiontothecalibrationofcross-countrynanccnancialcyclesacrossthemonetaryunion,whichprovidesacasefortargetedcountry-specic,ourndingspointtotheimportanceoftakingintoaccountcross-bord,AbstractJELClassificationE4:MacroeconomicsandMonetaryEconomics→MoneyandInterestRatesE5:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCreditF4:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinanceAbstractThroughtheeuroareacrisis,financialfragmentationataghlydependenselectednon-standardmeasuresfromtheECBusingaglobalDSGEmodelwitharichfinancialsector:weextendthesix-regionmulti-countrymodelofDarracqParièsetal.(2016),intronyieldandexchangerateresponsesafterECBsAssetPurchaseProgramme(APP)ainissndholding:MacroeconomicsandMonetaryEconomics→GeneralAggregativeModels→ForecastingandSimulation:ModelsandApplicationsE21:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Consumption,Saving,WealthE43:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→InterestRates:Determination,TermStructure,andEffectsE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyJ11:LaborandDemographicEconomics→DemographicEconomics→DemographicTrends,MacroeconomicEffects,andForecastsAbstractThispaperemploysanaggregaterepresentationofanoverlappinggeneration(OLG)mode:theincreasingscarcityofeffectivelaborinputandthein:highersubstitutabilitybetweenlaborandcapital,higherintertemporalelasticityofsubstitutioninconsumption,reformsaimingatincreasingtherelativeproductivityofoldercohorts,enteconometricestimates:,AbstractJELClassificationC11:MathematicalandQuantitativeMethods→EconometricandStatisticalMethodsandMethodology:General→BayesianAnalysis:GeneralE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesE43:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→InterestRates:Determination,TermStructure,andEffectsE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyAbstractWeestimatethenaturalrateofinterestfor(2003),butaremoreconsistentwithusingconventionalpolicyrules:wemodelinflationtobestationary,withtheoutputgappinningdowndeviationsofinflationfromitsobjective(ratherthanrelativetoarandomwalk).Werelaxsomeconstraintsonthecorrelationoflatentfactorshockstomaketheoriginalunobserved-componentsframeworkmoream:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesG28:FinancialEconomics→FinancialInstitutionsandServices→GovernmentPolicyandRegulationE42:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→MonetarySystems,Standards,Regimes,GovernmentandtheMonetarySystem,PaymentSystemsE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesAbstractWeanalyzethepledgingbehaviorofEuroareabanksduringtheintroductionoftheliquiditycoverageratio(LCR).TheLCRconsidersonlyasubsetofcentralbankeligibleassetsandtherebyoffersbanksanarbitrageopportunitytoimprovetheirregulatoryr’incentivbank,wefindthatbankswithoutaprecedingnationalliquidityrequirementpledgemoreandlessliquidcollateralthanbankswi,,,AbstractJELClassificationE62:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→FiscalPolicyF32:InternationalEconomics→InternationalFinance→CurrentAccountAdjustment,Short-TermCapitalMovementsF34:InternationalEconomics→InternationalFinance→InternationalLendingandDebtProblemsF36:InternationalEconomics→InternationalFinance→FinancialAspectsofEconomicIntegrationF41:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→OpenEconomyMacroeconomicsF62:InternationalEconomics→EconomicImpactsofGlobalization→MacroeconomicImpactsF65:InternationalEconomics→EconomicImpactsofGlobalization→FinanceG15:FinancialEconomics→GeneralFinancialMarkets→InternationalFinancialMarketsH63:PublicEconomics→NationalBudget,Deficit,andDebt→Debt,DebtManagement,SovereignDebtAbstractThispaperexploresanaturalcvariouschannels,theycanalsohavecrowding-outeffectsiftheresourcccesstoforeignmarketstoplacetheirdebt,(i)post-warUSdataand(ii)dataforapanelof17advancedeconomiesfromthe1980,weassembleanoveldatabaseofpublicdebtholdiwthat,indeed,thesizeoffisc,thefiscalmultiplierissmallerthanonewhentheforeignshareislow,sand1960sandJapantoday,andlargerthanonewhentheforeignshareishigh,,AbstractJELClassificationD10:Microeconomics→HouseholdBehaviorandFamilyEconomics→GeneralD14:Microeconomics→HouseholdBehaviorandFamilyEconomics→HouseholdSaving;PersonalFinanceE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyG01:FinancialEconomics→General→FinancialCrisesG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesAbstractThispaperusesrepresentativeindividualhouseholddatafromLuxembourgtoevaluatehowseve,expensesandliquidassetsareusedtocalculatehousehold-specificprobabilitiesofdefault(PD),aggregatebankexposureatdefault(EAD)andaggregatebanklossgivendefault(LGD).Theexerciseisrepeatedwithscenarioscombiningseverebutplausibleshockstorealestateprices,bondsandstocks,,theLGDrisesbyamultipleofeight,%ncialstress,despitethreemitigatingfactorsinLuxembourg:indebtedhouseholdstendtoholdliquidassetsthatcanhelpsmoothshocks,householdleveragetendstodeclinerapidlyoncemortgageshavebeenservicedseveralyears,,,,,,DiscussionpapersAbstractJELClassificationD2:Microeconomics→ProductionandOrganizationsD4:Microeconomics→MarketStructureandPricingN1:EconomicHistory→MacroeconomicsandMonetaryEconomics,IndustrialStructure,Growth,FluctuationsO3:EconomicDevelopment,TechnologicalChange,andGrowth→TechnologicalChange,ResearchandDevelopment,IntellectualPropertyRightsAbstractWeexaminethedegreeofmarketpow:namely,theconcentrationratios,aweuseacombinationofOrbisandiBACH(datingfrom2006onwards).Wefindthat,incontrasttothesituationintheUS,marketpowermetricshavebeenrelativelystableoverrecentyearsand–intermsofthemarkupspecifically–marginallytrendingdownsincethelate1990s,,wefind(relyingonresultsforManufacturing)thatfirmsinsectorswhichexhibithighconcentration,butarecategorizedas‘hightech’users,,markupstendtodisplayabi-modaldistributidforothereconomiesisnotobviouslyaeuroareaphenomenonandthatw,,AbstractJELClassificationF10:InternationalEconomics→Trade→GeneralF30:InternationalEconomics→InternationalFinance→GeneralAbstractDoesdistancematterforthevolatilityofinternationalrealandfinancialtransactionsWeshowthatitdoes,,relyingonabroadrangeofrealandfinancialtransactionsmeasures,aswellasseveraldifferentmetricsofdistance(physical,linguistic,andinternet).WefirstshowthatduringtheGreatTradeCollapseof2007-09internationaltransactionsfellmorebetweencountriesthataremoredistantalongthevariousmetrics,andfindthatthedifferentdistancemeasuresmagnifyeachother’ismorevolatilebetweenmoredistantcountries,,,AbstractJELClassificationE24:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Employment,Unemployment,Wages,IntergenerationalIncomeDistribution,AggregateHumanCapitalE25:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→AggregateFactorIncomeDistributionN1:EconomicHistory→MacroeconomicsandMonetaryEconomics,IndustrialStructure,Growth,FluctuationsAbstractThispaperestablishessomestylizedfactsofthelongrunrelationshipbetweengrowthandlaborsharesusinghistoricaldatafortheUnitedStates(1898-2010),theUnitedKingdom(1856-2010),andFrance(1896-2010).Performingindividualcountrytime-frequencyanalysis,wedemonstratetheexistenceoflong-termcyclesinlaborshar,theimpactoflaborshareongrowthchangessignwiththefrequencyco,thepositivecoeffici,,AbstractJELClassificationC11:MathematicalandQuantitativeMethods→EconometricandStatisticalMethodsandMethodology:General→BayesianAnalysis:GeneralC53:MathematicalandQuantitativeMethods→EconometricModeling→ForecastingandPredictionMethods,SimulationMethodsQ43:AgriculturalandNaturalResourceEconomics,EnvironmentalandEcologicalEconomics→Energy→EnergyandtheMacroeconomyQ47:AgriculturalandNaturalResourceEconomics,EnvironmentalandEcologicalEconomics→Energy→EnergyForecastingAbstractWeanalysetheimportanceofmacroeconomicinformation,suchasindustrialproductionindexandoilprice,forforecastingdailyelectricitypricesintwoofthemainEuropeanmarkets,,introducingaBayesianapproachtoreverseunrestrictedMIDASmodels(RU-MIDAS).Westudytheforecastingaccuracyfordifferenthorizons(from1dayaheadto28daysahead)%atshorthorizonsandaround10%,itturnsoutthatthemacroeconomiclowfrequenc,,,,AbstractJELClassificationE51:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MoneySupply,Credit,MoneyMultipliersG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesF34:InternationalEconomics→InternationalFinance→InternationalLendingandDebtProblemsAbstractWeassesshowamajor,unconventionalcentralbankintervention,Draghi’s“whateverittakes”speech,,itrespondedtoadversefinancialandmacroec–involume,price,andloancreditratings–b’,,AbstractJELClassificationC32:MathematicalandQuantitativeMethods→MultipleorSimultaneousEquationModels,MultipleVariables→Time-SeriesModels,DynamicQuantileRegressions,DynamicTreatmentEffectModels,DiffusionProcessesE42:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→MonetarySystems,Standards,Regimes,GovernmentandtheMonetarySystem,PaymentSystemsE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyAbstractThispapercomparestheroDPresponsetopolicyshsacrosscountries,withhighermultipliersinadvancedeconomiescomparedtoemergingmarkets,meanuringtheglobalfinancialcrisisbutpolicytighteningthereafter,particularlyfiscalconsolidation,,inadvancedeconomies,highlyaccommodat,inemergingeconomies,,AbstractJELClassificationD90:Microeconomics→IntertemporalChoice→GeneralQ56:AgriculturalandNaturalResourceEconomics,EnvironmentalandEcologicalEconomics→EnvironmentalEconomics→EnvironmentandDevelopment,EnvironmentandTrade,Sustainability,EnvironmentalAccountsandAccounting,EnvironmentalEquity,PopulationGrowthAbstractWederivetheGreenGoldenRule(GGR)intheHabitFormation(HF)andAnticipationofFutureConsumption(AFC),timenon-separabilitiesinpreferencesoverconsumptionstreams,givenbytheAFCandHF,,accordingtotheHFhypothesis,aremorelikelytopreservetheenvironmentthant,,AbstractJELClassificationF13:InternationalEconomics→Trade→TradePolicy,InternationalTradeOrganizationsN20:EconomicHistory→FinancialMarketsandInstitutions→General,International,orComparativeAbstractWeanalyzetheronedbypecuniaryfactors,suchasdistanceandotherfrictionsmeasuredbygravitycovariates,,wefindthatdefensepactsb,thelikelihooda,,AbstractJELClassificationE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesAbstractHowdohousingbubblesaffectothereconomicsectorsWeshowthatinthepresenceofcollateralconstraints,abubbleinitial,however,housingcreditrepaymentsraisebanks’networthandexpandcreditsupply,,creditgrowthofnon-housingfirmswasloweratbankswithhigherbubbleexposure,’slastyears,,AbstractJELClassificationE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyE51:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MoneySupply,Credit,MoneyMultipliersE17:MacroeconomicsandMonetaryEconomics→GeneralAggregativeModels→ForecastingandSimulation:ModelsandApplicationsAbstractThispaperpresentsempiricalevidenceoftheroleoffinancialconditionsinChina’,incorporatingafinancialconditionsindexforChinathatcapturesmovementsacrossarangeoffinancialvariables,includinginterestratesandinterbankspreads,bondreturns,,creditandfinancialconditionshaveplayedanimportantroleinshapingChina’,weexaminetingactivityduringthepastdecade,part,,,AbstractJELClassificationE40:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→GeneralE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesAbstractDonegativepolicyrateshinderbanks’transmissionofmonetarypolicyToanswerthisquestion,weexaminet,bankswithhigherratiosofretailissionofnegativepolicyrates,,theaggregateeconomicimplicationsforhouseholdsaresmall,suggestingthatconcernsaboutinefficientmonetarypolicytransm,,,AbstractJELClassificationG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesE43:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→InterestRates:Determination,TermStructure,andEffectsE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyAbstractUsinganovelregulatorydatasetoffullyidentifiedderivativestransactions,thispaperprovidesthefirstcomprehensiveanalysisofthestructureoftheeuroareainterestrateswap(IRS):1)TheeuroareaIRSmarketishighlystandardisedandconcentratedaroundthegroupoftheG16Dealersbutalsoaroundasignificantgroupofcore”intermediaries"(andmajorCCPs).2)BanksareactiveinallsegmentsoftheIRSeuromarket,)Whenusingrelativenetexposuresasaproxyforthe“flowofrisk"intheIRSmarket,wefindthatri)AmongtheBaselIIIcapitalandliquidityratios,theleverageratioplaysakeyroleindeterminingabank)Also,aftermandatorycentralclearing,thereisstillalargedispersioninIRStransactionprices,whichispartlydeterminedbybankcharacteristics,,,AbstractJELClassificationE22:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Capital,Investment,CapacityE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyF34:InternationalEconomics→InternationalFinance→InternationalLendingandDebtProblemsF36:InternationalEconomics→InternationalFinance→FinancialAspectsofEconomicIntegrationG32:FinancialEconomics→CorporateFinanceandGovernance→FinancingPolicy,FinancialRiskandRiskManagement,CapitalandOwnershipStructure,ValueofFirms,GoodwillAbstractWequantifytheroleoffinanciforfirmandbankbalancesheetweaknessrestosovereignrisk,%,AbstractJELClassificationD24:Microeconomics→ProductionandOrganizations→Production,Cost,Capital,Capital,TotalFactor,andMultifactorProductivity,CapacityG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesL25:IndustrialOrganization→FirmObjectives,Organization,andBehavior→FirmPerformance:Size,Diversification,andScopeO47:EconomicDevelopment,TechnologicalChange,andGrowth→EconomicGrowthandAggregateProductivity→MeasurementofEconomicGrowth,AggregateProductivity,Cross-CountryOutputConvergenceAbstractThispaperexplorestheconnectionbetween”zombie”firms(firmsthatwouldtypicallyexitinacompetitivemarket)andbankhealth,theresultsshowthatzombiefirmsaremorelikelytobeconnectedtoweakbanks,suggestingthatthezhegrowthofmoreproductivefirms,ononcapitalmisallocationcanbedirectlyattributedtobankhealthandadditionalanalysissuggeststh,improvementsinbankhealtharemorelikelytobeassociatedwithareductionintheprevalenceofzombiefirmsincountrie,leveragingtheimportantcomplementaritiesbetweenbankstrengtheningeffortsandinsolvencyregimerefo,,AbstractJELClassificationG10:FinancialEconomics→GeneralFinancialMarkets→GeneralG20:FinancialEconomics→FinancialInstitutionsandServices→GeneralE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesAbstractInterbankmoneymarketshavebeensubjecttosubstantialimpairmentsintherecentdecade,suchasadeclineinunse,wedevelopanovelgeneralequilibriummodelfeaturingheterogeneousbanks,interbankmarketsforbothsecuredandunsecuredcredit,toeitherdivertresourcesintounproductivebutliquidassetsortode-lever,,,,AbstractJELClassificationF15:InternationalEconomics→Trade→EconomicIntegrationF21:InternationalEconomics→InternationalFactorMovementsandInternationalBusiness→InternationalInvestment,Long-TermCapitalMovementsF36:InternationalEconomics→InternationalFinance→FinancialAspectsofEconomicIntegrationF42:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→InternationalPolicyCoordinationandTransmissionG15:FinancialEconomics→GeneralFinancialMarkets→InternationalFinancialMarketsAbstractBothacademicresearchersandpolicym-borderfinanc,country-specific,andglobalvariablesasdeterminantsofaggregateandbilateralUSfinancialflowsandasdeterminantsofcountry-leve–notablytheVIXandUSdollarexchangerate–hasaquantitativelyimportantinfluenceonglobalfinancialflows,“restoftheworld”,wefindthatthecorrelationbetalcycle,,,AbstractJELClassificationE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyF40:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→GeneralAbstractThispapercontributestothedebateonthemacroeconomiceffectivenessofexpansionaryn,weexploretheinteractionsbetweencentralbankassetpurchasesandbankcapital-basedfinancialpolicies(regulatory,supervisoryormacroprudential)chreinforcesthecrediteasingchannelofcentralbankassetpurchases,atth,adequatebankcapitaldemandthroughhigherminimumcapitalrequirementscurtailstheexcessivecreditorigination,uncertaintya,inaweakly-capitalisedbankingsystem,countercyclicalmacroprudentialpolicyattenuatesbanksrisk-takinganddampe,inawell-capitalisedbankingsystem,macroprudentialpolicyshouldlookthroughtheeffectsofcentralbankassetpurchasesonbankcapitalposition,asthecostsintermsofmacroeconomics,,AbstractJELClassificationG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesG24:FinancialEconomics→FinancialInstitutionsandServices→InvestmentBanking,VentureCapital,Brokerage,RatingsandRatingsAgenciesG28:FinancialEconomics→FinancialInstitutionsandServices→GovernmentPolicyandRegulationAbstractWeexaminethelinkbetweenissuerreputationandmortgage-backedsecurity(MBS)performanceusingasampleof4,,overall,MBSsoldbyreputableissuersarecollateralisedbyhigherqualityassetpo,ascreditstandardsdeclinedduringtheboomperiodof2005-2007,assetpoolssecuritizedbyreputableissuerswer,reputationasaself-discipliningmechanismfailedtoinc,,AbstractJELClassificationC32:MathematicalandQuantitativeMethods→MultipleorSimultaneousEquationModels,MultipleVariables→Time-SeriesModels,DynamicQuantileRegressions,DynamicTreatmentEffectModels,DiffusionProcessesE24:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Employment,Unemployment,Wages,IntergenerationalIncomeDistribution,AggregateHumanCapitalE31:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→PriceLevel,Inflation,DeflationAbstractThispaperdocuments,forthefirsttimeinasystematicmanner,indastronglinkbetweenlaborcostandpriceinflationi,thepass-throughissystematicall,undercircumstancesofpredominantlydemandshocks,,however,thispass-through,ECBLamfalussyFellowshipProgrammeAbstractJELClassificationG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesG23:FinancialEconomics→FinancialInstitutionsandServices→Non-bankFinancialInstitutions,FinancialInstruments,InstitutionalInvestorsG28:FinancialEconomics→FinancialInstitutionsandServices→GovernmentPolicyandRegulationAbstractWeanalyzetheeffectofbankcapitalrequirementsonthestructureandriskofafinancialsystemwheremarkets,regulatedbanks,projects,,asupervisorcertifiestheircapital;ifnot,,saferentrepr(sensitive)requirementsareespeciallycostlyforrelativelysafe(risky)entrepreneurs,,,AbstractJELClassificationG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesG28:FinancialEconomics→FinancialInstitutionsandServices→GovernmentPolicyandRegulationG32:FinancialEconomics→CorporateFinanceandGovernance→FinancingPolicy,FinancialRiskandRiskManagement,CapitalandOwnershipStructure,ValueofFirms,GoodwillAbstractWedevelopadynamicstructuralmodelofbankbehaviourthatprovidesamicroeconomicfoundationforbankcapitalandliquiditystructuresandanalysestheeffectsofchangesinreveanimpactonloansupply,reactionsdependoninitialbalancesheetconditionsandreconcilesevidenceonshort-termreductionsinloansupplywithfindingssuggestingthatb,,AbstractJELClassificationE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyC33:MathematicalandQuantitativeMethods→MultipleorSimultaneousEquationModels,MultipleVariables→PanelDataModels,Spatio-temporalModelsC38:MathematicalandQuantitativeMethods→MultipleorSimultaneousEquationModels,MultipleVariables→ClassificationMethods,ClusterAnalysis,PrincipalComponents,FactorModelsAbstractFocussingonrepospecialnesspremia,usingISIN-specifictransaction-by-transactiondataofone-daymaturityrepos,wedocumentagradualshiftfromcash-tosecuritieketsegmentsweextend,illustrate,andvalidateevidenceonfinancialfrictionsthatarerelevantindrivingrepopremia:controllingforacomprehensiverangeofbond-marketspecificcharacteristics,weshowthatrepopremiahavebeensystematicallyaffectedbyfragmentationinthesovereignspace,bankfundingstress,,asalsoreflectedbylarge,weapplypaneleconometrica,,AbstractJELClassificationE24:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Employment,Unemployment,Wages,IntergenerationalIncomeDistribution,AggregateHumanCapitalE62:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→FiscalPolicyJ30:LaborandDemographicEconomics→Wages,Compensation,andLaborCosts→GeneralC33:MathematicalandQuantitativeMethods→MultipleorSimultaneousEquationModels,MultipleVariables→PanelDataModels,Spatio-temporalModelsC11:MathematicalandQuantitativeMethods→EconometricandStatisticalMethodsandMethodology:General→BayesianAnalysis:GeneralAbstractThispaperinvestigatestherelationshipbetweenpublicandpri(positiveandsignificantinFrance,Spain,Italyandnon-significantinGermanyandtheNetherlands).Interestingly,theresponseofprivatewagesisfoundtobeasymmetric:apositiveandstatisticallysignificantresponseisfoundincaseofapositiveshocktopublicwages,whilenostatcrisisareexpectedtobegraduallyliftedinseveraleuroareacountries,thefindingsofthispapersuggestthatknoc,,,,AbstractJELClassificationG01:FinancialEconomics→General→FinancialCrisesG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesAbstractThispaperprovidesevidenceonthe,weshowthatbanksreal,,,,sectorspecializationorfirmsoundnessreducesthetransmissionofthefundingshocktocreditsupplyby22,8and10%,,,AbstractJELClassificationE5:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCreditF3:InternationalEconomics→InternationalFinanceAbstractWeuseacross-countrysampleofmonthlyobservationsforquantitativeeasing(QE)treatmentsinordertostudythecausaleffectngtheaugmentedinverseprobabilityweighting(AIPW)ndassetprices,inparticularlongtermyields,,wefindthatQ,ourfindingssuggestthatthemaintransmissionchanneldoesnotappeartobestrongeraggregatedemandimpactinginflationthroughthePhillipscurve,,wedonotfindanyevidenceforsideeffectsandincreasesinrisktakingfollowingQE,withrealhousepricesandrealcreditnotincreasingorfalling,,,ECBLamfalussyFellowshipProgrammeAbstractJELClassificationG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesG38:FinancialEconomics→CorporateFinanceandGovernance→GovernmentPolicyandRegulationE51:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MoneySupply,Credit,MoneyMultipliersD24:Microeconomics→ProductionandOrganizations→Production,Cost,Capital,Capital,TotalFactor,andMultifactorProductivity,CapacityO47:EconomicDevelopment,TechnologicalChange,andGrowth→EconomicGrowthandAggregateProductivity→MeasurementofEconomicGrowth,AggregateProductivity,Cross-CountryOutputConvergenceAbstractWeprovideevidencethataweakbankingsectorhascontributebanksin2011providesanaturalexperiocatingcredittofirctormisallocationaccountsfor20%,,,AbstractJELClassificationC52:MathematicalandQuantitativeMethods→EconometricModeling→ModelEvaluation,Validation,andSelectionC53:MathematicalandQuantitativeMethods→EconometricModeling→ForecastingandPredictionMethods,SimulationMethodsE37:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→ForecastingandSimulation:ModelsandApplicationsAbstractTheEurosystemstaffforecastsareconditionalonthefinancialmarkets,theglobaleconomyandfiscalpolicyoutlook,reaandweshowthatitprovidesaccurateconditionalforecastsofpolicyrelevantvariablessuchas,forexample,mprojectionssuggestthatthemodelisavalidbenchmarktoas,theBVARcanbeusedtoidentifypossiblesourcesofjudgement,basedonthegapsbetweentheEuro,,AbstractJELClassificationE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesE51:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MoneySupply,Credit,MoneyMultipliersE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyC32:MathematicalandQuantitativeMethods→MultipleorSimultaneousEquationModels,MultipleVariables→Time-SeriesModels,DynamicQuantileRegressions,DynamicTreatmentEffectModels,DiffusionProcessesC51:MathematicalandQuantitativeMethods→EconometricModeling→ModelConstructionandEstimationAbstractThispaperstudiestherelationshi,short-terminterestratesandshort-termloansanddepositsdidnotshow,,,AbstractJELClassificationG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesC33:MathematicalandQuantitativeMethods→MultipleorSimultaneousEquationModels,MultipleVariables→PanelDataModels,Spatio-temporalModelsAbstractWeaddressthequestiontowhatextentacentralbankca,weproposeanovelriskmeasurementframeworktoempiricallystudythetime-variatirties,jointtaildependence,skewness,sweeklybalancesheetbetween2009and2015,wefindthatunconventionalmonetarypolicyoperationsgeneratedbeneficialriskspill-oversacrossmonetarypolicyoperations,,,AbstractJELClassificationD85:Microeconomics→Information,Knowledge,andUncertainty→NetworkFormationandAnalysis:TheoryG17:FinancialEconomics→GeneralFinancialMarkets→FinancialForecastingandSimulationG33:FinancialEconomics→CorporateFinanceandGovernance→Bankruptcy,LiquidationL14:IndustrialOrganization→MarketStructure,FirmStrategy,andMarketPerformance→TransactionalRelationships,ContractsandReputation,NetworksAbstractThispaperpresentsanovelapproachtoinvestigateandmodelthenetworkofeuroareabanks’,thepaperdocumentsthedegreeofinterconnectednessan(CoMap)methodologytostudycontagionpotentiundingshocksprovidesinsightstothenatureofcontagionwhichcanbeusedtocalibratebank-svulnerablestatetoahighlyvulnerablestateareanon-linearfunctionoft,AbstractJELClassificationE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesG01:FinancialEconomics→General→FinancialCrisesAbstractShouldmonetarypolicyleanagainstfinancialst“leaningagainstthewind”(LAW),weevaluatethecostandbenefitsofLAWusingtheSvensson(2017),weextendtheframeworktoaddressacri,weusethisextendedframewongriskstofinancialstabilityintheeuroarea,ngfinancialstabilityriskswouldalleviatetheburdenonmonetarypolicyto“leanagainstthewind”.,AbstractJELClassificationJ14:LaborandDemographicEconomics→DemographicEconomics→EconomicsoftheElderly,EconomicsoftheHandicapped,Non-LaborMarketDiscriminationJ26:LaborandDemographicEconomics→DemandandSupplyofLabor→Retirement,RetirementPoliciesAbstractThispape%higheramongcurrentinheritorsthanamongindividualswhowillinheritinthenexttwoyears,butthereissu,,AbstractJELClassificationC3:MathematicalandQuantitativeMethods→MultipleorSimultaneousEquationModels,MultipleVariablesG2:FinancialEconomics→FinancialInstitutionsandServicesAbstractWeshowthatmedium-terminterestratesintheeuroarea,Japan,reigndebtcrautoregressions(SVAR),,,AbstractJELClassificationE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesE61:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→PolicyObjectives,PolicyDesignsandConsistency,PolicyCoordinationAbstractWeexaminetheimplicationsoflesspowerfulforwardguidanceforoptimalpolicyusingasticky-pricemodelwithaneffectivelowerbound(ELB)onnomininmakingtheirdecisionstoday,anannouncedcutinfutureinteresdegree,wendthat,underawiderangeofplausibledegreesofdiscounting,itisoptimalforthecentralbanktocompensateforthereduc:Pleasekeepinmindthatthepapersarepublishedinthenameoftheauthor(s).TheirviewsdonotnecessarilyreflectthoseoftheECB.

“重走长征路共筑中国梦”第三届重走长征路(南雄段)徒步活动在南雄启动

“重走长征路共筑中国梦”第三届重走长征路(南雄段)徒步活动在南雄启动,,,AbstractJELClassificationK23:LawandEconomics→RegulationandBusinessLaw→RegulatedIndustriesandAdministrativeLawK40:LawandEconomics→LegalProcedure,theLegalSystem,andIllegalBehavior→,publicprocurementnowaccountsforover14%oftheEU’,spendingthroughprocurementisgrowing,andtheevolutionofitsprocurementlawfromnon-bindinginternalguidelinestoatransparentanblicprocurementattheECB,tocompareittotheprocurementrulesofotherEUinstitutions,andtoanalysefourkeyissuesincontractawardprocedures,withdueregardtoth,,’,laiddowninDecisionECB/2016/2,utions,namely,theFinancialRegulationandtheprocurementguideoftheEuropeanInvestmentBankwhich,liketheECB,ffectprocurementproceduresinpractice,withafocusonfourkeyaspectsoftheawardprocess:selectionandawardcriteria,transparencyandpublication,:LawandEconomics→BasicAreasofLaw→GeneralK40:LawandEconomics→LegalProcedure,theLegalSystem,andIllegalBehavior→GeneralAbstractThispaperanalysesregulatorysolutionsthathavebeenadoptedtoaddressconstitutionalconstraintsimposedonthefunctioningoftheSingleSupervisoryMechanism(SSM),inwhichtheECB’SSMhasassimilated,toacertainextent,threespecificregulatorysolutionsunderpinningtheworkingsoftheESCB/Eurosystem:1)the(legislative)allocationofcertaintasksandresponsibilitiesbetweenECBinternaladministrativebodiesandstructures;2)thepossibilityofinternaldelegationofdecision-makingpowers;and3)thedecentralisedexerciseofcertainoftheUnion’litica-makingonsubstantialpolicyissuesiscombinedwithadecentralisedoperationalframeworkallowingforthemeaningfulinvolvementof:LawandEconomics→RegulationandBusinessLawAbstractDigitalinnovationsinfinancehaveinrecentyearsattractedstronginterestfrompublicauthorities,financialsectorstakeholdersandacademicsalike,interaliaonaccountoftheirpromisetoreduce,ortoaltogethereliminate,theinefficienciessurroundingtheexecutionandsettlementofretailpayments,,andtheirtransformativepotential,technologicalinnovationsalsopresentchallenges,,itisessentialtoidentifyandevaluatethosechallenges,soastobetterunderstandwhichoftheirpayment-specificapplicationstoencourage(andhow),andmitigatetheriskoftechntotakeintoaccountinassessingthemeritsandrisksofdigitalinnovation,withanemphasisonitsapplicationtoretailpayments,andtocontributetoanunderstandingofhowtechnologicaladvancesarelikelytoaffectbothpaymenttransactionsand,nolessimportantly,nsoftechnologicalinnovationforpaymentsassociatedwithconsumertransactions,includingthoseenteredintoonline,,thispaperwillnotexaminethelegalimplicationsoftechnologicalinnovationfortheprocessingoftransactionsrelatingtotransferablesecurities,forfinancialstability,fortheconduct,bycentralbanks,oftheirmonetarypolicyoperations,forthemicro-prudentialsupervisionofpaymentserviceproviders,forcompetitionamongestablishedpaymentserviceprovidersandnewentrants,andforfinancialinclusion,issuesofgreatlegalandpracticalsignificancethatmerit(and,nodoubt,willreceive,goingforward):LawandEconomicsAbstractThisworkingpaperdiscussestheconceptoftheSingleRulebookaswellasitsinteractionwiththeSingleSupervisoryMechanism(SSM)ook,,inparticularbytheEuropeanCentralBank(ECB)aspartoftheSSM,gleRulebook,bothintermsofsubjectareasandgranularityofrules,willmaketheoperationoftheSSMmoreefficient,whilethee,,AbstractJELClassificationK:LawandEconomicsAbstractThisworkingpaperaddressestheinstitutionalarrangementsfortheperformanceofmacro-prudentialoversightofthefinancials:LawandEconomicsAbstractCrisismanagementinthefinancialsectoriscurrentlyatthetopofthereformagendaatnational,cuteneedofacreditinstitutionincrisisbutalsotoensure,twoleadingEUMemberStates(theUnitedKingdomandGermany)adoptedspecialresolutionregimes,,thepaperanalysestheemergingresponseatEuropeanandinternationallevel,focusinginparticularonbail-ins,thesuspensionofnettingandotherrights,,theFinancialStabilityBoard:LawandEconomicsAbstractFinancialsectorsupervisorsaccountabilityiswidelyacceptedasasinequanoncothatsupervisorsareaccountabletothelegislature,theexecutive,stakeholdersand,lastbutnotleast,ellestablished,liabilityforfaultysupervisoryactsoromissionsis,inmanyrespects,ervisorsliabilityandthecurrentlegalsituationonsupervisoryliabilityintheEuropeanUnion,ionthanitdeserves,butwhichislikelytotakeongreaterimportanceasthestructureoffinancialsupervisionundergoesreforms,bothattheEuropeanUnionlevelandintheMemberStates:thespecificityoftheMemberStatesnationalcentralbanksasbankingsupervisorsand,inparticular,thetensionbetweentheirindependenceand,,,,,,,AbstractJELClassificationK:LawandEconomicsAbstractBulgaria,theCzechRepublic,Estonia,Hungary,Latvia,PolandandSlovakiahaverecentlyundertakensubstantialreformsoftheirsupervisoryframeworks,aimedatreducingthenumbk(NCB)involvementinbankingsupervisionintheabove-mentionedcountriesand,inthelightofthiscomparativeexamination,authoritiesisnotalwayslinkedtoatendencytodiminishorsuspendNCBpowersintheareaofbankingsupervision:inthreeofthecountriesreviewed,theNCBshavesolecompetenceforbankingsupervision,andintheCzechRepublicandSlovakia,integratedsupervisionhasevenbeenplacedundertheNCBn,theNCBshaveneverthelessremainedinvolvedinsupervisioninmanydifferentways,theyhaveasubstantialinvolvementinthepreparationoflegislationrelatingtosupervision;theymayinfluencetheperformanceofthesupervisoryfunctionbyinteractionwiththesupervisoryauthoritiesattheleveloftheirdecision-makingbodies,throughtheconclusionofagreements,establishmentofcommonbodies,etc.;andfinallyNCBshavealsodemonstratedsomecapacitytoinfluencetheoperationalsideofbankingsupervisionintheareasoflicensing,on-goingsupervisionandtheimpositionofsanctionsor:LawandEconomicsAbstractThispaperexaminestheissuesofsecessionandexpulsionfromtheEuropeanUnion(EU)andEconomicandMonetaryUnion(EMU).ItconcludesthatnegotiatedwithdrawalfromtheEUwouldnotbelegallyimpossibleevenpriortotheratificationoftheLisbonTreaty,andthatunilateralwithdrawalwouldundoubtedlybelegallycontroversial;that,whilepermissible,arecentlyenactedexitclauseis,primafacie,notinharmonywiththerationaleoftheEuropeanunificationprojectandisotherwiseproblematic,mainlyfromalegalperspective;thataMemberStatesexitfromEMU,withoutaparallelwithdrawalfromtheEU,wouldbelegallyinconceivable;andthat,whileperhapsfeasiblethroughindirectmeans,aMemberStatesexpulsionfromtheEUorEMU,,institutionally,aMemberStatesmembershipoftheeuroareawouldnotsurvivethediscontinuationofitsmembershipoftheEUthesameneednotbetrueoftheformerMemberState:L,AbstractJELClassificationK:LawandEconomicsAbstractFacedwithoneofthemostseverefinancialcrisesinhistory,theEuropeanandnationalauthoritieshaveintroducedanumberofshort-termmeasuresaimedatstaalcrisismeasuressrescueschemesaswellasdetailsonstateguaranteeschemes,recapitalisationmeasures,stateloans,theacquisitionofimpairedassetsandnationalisation(whereapplicable),individualmeanbefoundinAppendixI,AbstractJELClassificationK:LawandEconomicsAbstractAdoptedinresponsetotheemergenceofnewprepaidelectronicpaymentinstrumentsandaspiringtoestablishaclearlegalframeworkforthestrengtheningoftheSingleMarketinpaymentservicesandthepromotionofcompetitionbetweenissuinginstitutions,sentryintoforce,relativelyfewlicenceshavebeenissued,,thelikelihoodofanimmediateincreaseinthevolumeofe-moneyissuanceappearssmall,notonlybecauseofthestilllimitedconsumerinterestine-paymentinstrumentsbut,also,egmentofthefinancialservicesindustryandtoinquirehowtheE-moneyDirectivesmightbeamendedtobringaboutenhancedlegalandoperationalcertainty,facilitatethedeliveryofthepotentialbenefisandourinquiryintothemostappropriatemeansofresolvingthesewillbeprecededbyanexaminationofthee-moneymarket:LawandEconomicsAbstractInSeptember2004,theScheveningenECOFINCouncilinvitedtheEuropeanCommissiontoidentifythevariousobstaclestocross-borderconsolidationintheEUfinancialsector,includingobstaclesresul,thenumberofcross-bordermergersandacquisitionsinthebankingsectorcontinuestolagbehindother(non-financial),thedifficultiesexperiencedbyEUbanksinattemptingtoacquirestakesinfinancialundertakingsinotherEUMemberStates()havehighlightedtheneedtoensureahighleveloftransparencyandlegalcertaintyintherulesappliedbysupervisoryauthoritieswhenassessingproposedincreasesinandacquisitionsofqualifyingholdings,andth/44/ECoftheEuropeanParliamentandoftheCouncilof5September2007(,,AbstractJELClassificationK:LawandEconomicsAbstractInthemonetaryreformsthattookplaceintheBalticStatesinthe1990s,twoapproachesweretakenforbreakingawayfromtheroublezone:oneofthemconstitutedarapidchangeover(Estonia),andtheotheronewasrelativelysmoother,beingmadeintwostagesandinvolvingtheuseofinterimcurrencies(LatviaandLithuania).Part1ofthispapersetsoutthegeneralconsiderationscommontothecurrencychangeoverintheBalticStates,whilepart2examinesthetwoabovementionedapproachesindetail,firstfoc,AbstractJELClassificationK:LawandEconomicsAbstractTheEuropeanCentralBank(ECB)isoneofthefewinternational/,theECBenjoysprivileges,acloseranalyshehostcountryinamultitudeofcircumstances,fromthelegalbasisforitsexemptionfromnationallaw,totheextentofitsimmunityasregardsjurisdictionandenforcementtohowallthisisappliedinpractice,esandimmunitiesgrantedtotheECBand,,wediscusstheECBtheECB,AbstractJELClassificationK:LawandEconomicsAbstractOn31March2004theCouncilofMinistersandtheEuropeanParliamentadoptedthePublicSectorProcurementDirective,,thenewDirectiveseekstoensurethatEuropeanpublicsectorentitiesawardcontractsinanefficient,transparentandnon-discriminatorymanner,therebycontributingtotheeliminationofpublicprocurementasanon-tariffbarriertothedeve(NCBs):LawandEconomicsAbstractOn1May2004,10morecountriesaccededtotheEuropeanUnion(EU),bringingthetotalnumberofmemberStatesto25,increasingtheEUspopulationtoover450millionand,lastbutnotleast,,acornerstoneinthecontinuingprocessofEuropeanintegration,posesunprecedentedchallenges,alsobecauseofitslinguisticimplicationsfort,thischallengeisallthemoreevidentduetotheveryshortdeadlineswithinwhichsomeofitsoperationaldecisionsneedtobetakenandimplementedandthepracticalimplicatingtheEUscurrentlanguagepolicy,outliningthelanguageregimeapplicabletotheCommunityInstitutionsandbodiesanddiscussesexceptionsandlimitationstomultilingualismassociatedwiththeparticularsituationofMemberStateswithmorethanoneofficiallanguageorstemmingfromsomerecentcase-lawontheInstitutionseasonsunderlyingtheECB:LawandEconomics→BasicAreasofLaw→ContractLawAbstractTraditionally,clearingandsettlementoffinancialinstrumentshasnotbeenthefocusofgeneralattention,,andinparticulartheprocessofcreatingasinglemarketforfinancialservicesintheEuropeanUnion(EU),,theEuropeanCommissionhasgivenhighprioritytoremovingthebarriefidence,fety,soundnessandefficiencyoftheclearingandsettlementoffinancialinstruments,itwillalsopromoteth,thepaperdescribescurrentEUinitiativestoremovebarrierstoefficientclearingandsettlement,withaspecificfocusonthelegalaspectsand,inparticular,,itcomparestheEuropeaninitiativeswithparalleleffortstoharmoniselawsonaglobalscaleandgivesanoutloo:Pleasekeepinmindthatthepapersarepublishedinthenameoftheauthor(s).TheirviewsdonotnecessarilyreflectthoseoftheECB.,Pastconferencesandseminars07/06/2019-31/07/2019Callforpapers20/03/2019-31/07/2019Callforpapers04/07/2019-05/07/201901/07/2019-05/07/201903/07/201915/03/2019-30/06/2019Callforpapers17/06/2019-19/06/201913/03/2019-15/06/2019Callforpapers29/04/2019-14/06/2019Callforpapers12/06/201910/04/2019-31/05/2019Callforpapers21/05/2019-22/05/201919/02/2019-17/05/2019Callforpapers15/05/2019-16/05/201915/03/2019-15/05/2019Callforpapers13/03/2019-15/05/2019Callforpapers06/05/2019-07/05/201930/01/2019-03/05/201916/04/2019-01/05/2019Callforpapers26/02/2019-30/04/2019Callforpapers28/03/2019-29/03/201921/03/2019-22/03/201918/12/2018-15/02/201917/12/2018-18/12/201817/12/2018-18/12/201806/12/2018-07/12/201830/11/201829/11/2018-30/11/201828/11/2018-29/11/201809/11/201806/11/2018-07/11/201805/11/2018-06/11/201831/10/201829/10/2018-30/10/201818/10/2018-19/10/201803/07/2018-28/09/2018Callforpapers25/09/2018-26/09/201824/05/2018-20/09/2018Callforpapers06/09/2018-07/09/201821/06/2018-20/08/2018Callforpapers07/06/2018-31/07/2018Callforpapers09/07/2018-13/07/201811/07/201810/07/201804/07/201830/04/2018-30/06/2018Callforpapers27/03/2018-30/06/2018Callforpapers18/06/2018-20/06/201818/06/2018-19/06/201811/04/2018-15/06/2018Callforpapers24/05/2018-14/06/2018Callforpapers21/03/2018-30/05/2018Callforpapers17/05/2018-18/05/201816/05/2018-17/05/201822/03/2018-15/05/2018Callforpapers15/02/2018-04/05/2018Callforpapers03/05/201823/03/2018-24/03/201815/11/2017-28/02/2018Callforpapers16/01/2018-26/02/2018Callforpapers21/12/2017-15/02/2018Callforpapers06/02/201814/11/2017-22/01/2018Callforpapers14/12/2017-15/12/201712/12/2017-13/12/201730/11/2017-01/12/201727/09/2017-24/11/2017Callforpapers20/11/2017-21/11/201717/11/201714/11/2017-15/11/201714/08/2017-15/11/2017Callforpapers06/11/2017-07/11/201702/11/2017-03/11/201723/10/2017-24/10/201718/10/201706/10/2017Callforpapers05/10/201729/09/201725/09/2017-26/09/201721/09/2017-22/09/201711/09/2017-12/09/201710/07/201726/06/2017-28/06/201729/05/2017-30/05/2017Callforpapers19/05/201711/05/2017-12/05/201723/01/2017-24/03/2017Callforpapers13/03/2017-14/03/201721/12/2016-15/02/201731/01/201716/01/2017-17/01/2017Callforpapers19/12/201615/12/2016-16/12/201613/12/2016-14/12/201628/11/201617/11/2016-18/11/2016Callforpapers10/11/2016-11/11/201603/11/2016-04/11/2016JointFederalReserveBankofChicagoandEuropeanCentralBankconference,Chicago,/10/2016-28/10/201624/10/2016-25/10/2016EuropeanCentralBankandInternationalMonetaryFundWorkshop20/10/2016-21/10/2016coincidingwiththeEuropeanStatisticsDay28/09/2016-29/09/201622/09/2016-23/09/201602/09/2016-03/09/201606/07/2016FrankfurtamMain04/07/2016Lisbon27/06/2016-29/06/2016Sintra17/06/2016Paris03/06/2016-04/06/2016FrankfurtamMain26/04/2016-27/04/2016FrankfurtamMain26/04/2016-27/04/2016FrankfurtamMain25/04/2016FrankfurtamMain22/04/2016London21/04/2016-22/04/2016CzechNationalBank,Prague18/04/2016-19/04/2016FrankfurtamMain18/03/2016-19/03/2016FrankfurtamMain22/02/2016Callforpapers09/12/2015-15/02/2016Callforpapers17/12/2015-18/12/2015FrankfurtamMain17/12/2015-18/12/2015FrankfurtamMain10/12/2015-11/12/2015Brussels07/12/2015-08/12/2015FrankfurtamMain19/11/2015-20/11/2015FrankfurtamMain05/11/2015-06/11/2015FrankfurtamMain20/10/2015FrankfurtamMain15/10/2015-16/10/2015HongKong27/08/2015-28/08/2015FrankfurtamMain25/06/2015-26/06/2015FrankfurtamMain,Germany08/06/2015-09/06/2015Ottawa,Canada04/06/2015-05/06/2015Helsinki,Finland27/04/2015Brussels10/03/2015-11/03/2015FrankfurtamMain,Germany14/01/2015-15/02/2015CallforPapers15/12/2014-16/12/2014Frankfurt11/12/2014-12/12/2014Frankfurt11/12/2014FrankfurtamMain27/11/2014-28/11/2014Frankfurt24/11/2014-25/11/2014Frankfurt13/11/2014-14/11/2014WashingtonDC20/10/2014-21/10/2014FrankfurtamMain20/10/2014-21/10/2014FrankfurtamMain15/10/2014FrankfurtamMain06/10/2014-07/10/2014FrankfurtamMain29/09/2014-30/09/2014FrankfurtamMain12/09/2014-13/09/2014Izmir08/09/2014-09/09/2014Frankfurt02/09/2014Frankfurt23/06/2014-24/06/2014Frankfurt13/06/2014-14/06/2014Frankfurt08/05/2014-09/05/2014London29/04/2014-30/04/2014FrankfurtamMain28/04/2014FrankfurtamMain07/04/2014-08/04/2014Frankfurt21/03/2014-22/03/2014Eight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“重走长征路共筑中国梦”第三届重走长征路(南雄段)徒步活动在南雄启动

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2-20/11/2012FrankfurtamMain19/11/2012-20/11/2012FrankfurtamMain30/10/2012-31/10/2012FrankfurtamMain08/10/2012-09/10/2012FrankfurtamMain30/08/2012-31/08/2012FrankfurtamMain25/06/2012-26/06/2012FrankfurtamMain29/05/2012Athens,Greece24/05/2012-25/05/2012FrankfurtamMain16/05/2012FrankfurtamMain10/05/2012-11/05/2012FrankfurtamMain08/05/2012FrankfurtamMain04/05/2012-05/05/2012FrankfurtamMain26/04/2012FrankfurtamMain17/04/2012-18/04/2012FrankfurtamMain16/03/2012-17/03/2012FrankfurtamMain06/02/2012-07/02/2012FrankfurtamMain,EBfocuspublishedin20198August2019,,AbstractJELClassificationE62:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→FiscalPolicyH6:PublicEconomics→NationalBudget,Deficit,andDebtAbstractThisboxexaminesthefiscalpolicyrecommendationsaddressedtotheeuroareacountriesagainstthebackt,buildingbufferstostrengthe,countriesthathaveachievedsoundfiscalpositio:MacroeconomicsandMonetaryEconomics→General→InstitutionsandtheMacroeconomyE6:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlookF02:InternationalEconomics→General→InternationalEconomicOrderAbstractThisboxexaminesthecountry-specificrecommendations(CSRs)for,the2019CSRsplacegreateremphasisoni,edu:InternationalEconomics→InternationalFinance→CurrentAccountAdjustment,Short-TermCapitalMovementsF38:InternationalEconomics→InternationalFinance→InternationalFinancialPolicy:FinancialTransactionsTax;CapitalControlsAbstractThisboxshowsthatthereversalingrossflowsofeuroareaforeigndirectinvestment(FDI)in2018wastoalargeextentduetodevelopmentsinflowsinLuxembourgandtheNetherlands,catedinth:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→PriceLevel,Inflation,DeflationC43:MathematicalandQuantitativeMethods→EconometricandStatisticalMethods:SpecialTopics→IndexNumbersandAggregationO47:EconomicDevelopment,TechnologicalChange,andGrowth→EconomicGrowthandAggregateProductivity→MeasurementofEconomicGrowth,AggregateProductivity,Cross-CountryOutputConvergenceAbstractServicespri,tweenunitlabourcostgrowthintheservicessectorandmanufacturing,,thenarrowingofthegapbetweenservicespriceinflationandgoodspriceinflatio,thismeasureofunderlyinginflationwouldh,,,AbstractJELClassificationC1:MathematicalandQuantitativeMethods→EconometricandStatisticalMethodsandMethodology:GeneralC8:MathematicalandQuantitativeMethods→DataCollectionandDataEstimationMethodology,ComputerProgramsE65:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→StudiesofParticularPolicyEpisodesAbstractThisboxpresentsamodel-basedeconomicpolicyuncertainty(EPU)indexfortheeuroareabyapplying,suchastrade,fiscal,monetaryordomesticregulations,,asteadyandpronouncedincreaseintheeuroareaEPUindexhasbeenobserved,drivenmainlybytrade,,AbstractJELClassificationF13:InternationalEconomics→Trade→TradePolicy,InternationalTradeOrganizationsF14:InternationalEconomics→Trade→EmpiricalStudiesofTradeF32:InternationalEconomics→InternationalFinance→CurrentAccountAdjustment,Short-TermCapitalMovementsF41:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→OpenEconomyMacroeconomicsAbstractThisboxassessesrecentempiricalanalysisclaimingt––wouldr(services)tradeliberalisationshouldbeexpectedtoraisewelfareoverall,,,AbstractJELClassificationF44:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→InternationalBusinessCyclesF14:InternationalEconomics→Trade→EmpiricalStudiesofTradeAbstractWhilebothglobalactivityandtradehavebeendecliningsincemid-2018,onentsofglobaldemand,suchasinvestment,ex,thedecli,AbstractJELClassificationE40:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→GeneralE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesAbstractThisboxdescribestheECB’smonetarypolicyoperationsduringthefirstandsecondreservemaintenanceperiodsof2019,whichranfr,AbstractJELClassificationE22:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Capital,Investment,CapacityE37:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→ForecastingandSimulation:ModelsandApplicationsD84:Microeconomics→Information,Knowledge,andUncertainty→Expectations,SpeculationsAbstractEconomicagents’,attimes,ntimentIndicatorandapplyingthemintheECB’smainmacroeconomicprojectionmodelsuggeststhatconfidenceshockshadapositiveimpacto,AbstractJELClassificationF21:InternationalEconomics→InternationalFactorMovementsandInternationalBusiness→InternationalInvestment,Long-TermCapitalMovementsF32:InternationalEconomics→InternationalFinance→CurrentAccountAdjustment,Short-TermCapitalMovementsAbstractThisboxanalysesrecent,%,particularlyindebtsecurities,continuedtobeaffectedbytheEurosystem’,theeuroarearecordedaretrenchmentinforeigndirectinvestmentflows,mainlyreflectingtransactionsvis-à-vistheUnitedStates,:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→PriceLevel,Inflation,DeflationE66:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→GeneralOutlookandConditionsAbstractRentinflationintheeuroareahasbeensubduedsincethebeginningof2018,notwithstandingdynamicshousepricedevelopments,,suchaslowfinancingcostsandalow-yieldenvironment,,rentindexationpreventsrentfromrisingfreelyandalar,,AbstractJELClassificationE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesE66:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→GeneralOutlookandConditionsAbstractThisboxlooksatperiodsofslowdownsduringanumberofeuroareaexpansionaryphases–so-calledsoftpatches–andassesseswhetherthesecontainanyinformationwithregar:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesE44:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→FinancialMarketsandtheMacroeconomyE47:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→ForecastingandSimulation:ModelsandApplicationsE51:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MoneySupply,Credit,MoneyMultipliersAbstractTheevidencepresentedinthisboxsuggeststhattheleadingandpro-cyclicalprop,theboxdocumentsthatthesepropertiesseemtoreflecttheinformationcontentofnarrowmoney,,theboxpresentsmodel-basedevidenceindicatingthatdespitetherecentdeceleration,recentrealM1deve:InternationalEconomics→InternationalFinance→ForeignExchangeAbstractThisboxpresentsamethodologytodisentanglefourmaindriversofEMEscurrenciesswings:spilloversfromUSshocks,globalriskappetite,8-wasmainlyrelatedtoUSandglobalriskfactors,:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesF44:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→InternationalBusinessCyclesAbstractThisboxreviewsbasiccharacteristicsoftheAsiantechsectorandshowsthatithasplayedanimportantroleintherecentweaknessinChina’,,AbstractJELClassificationE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesG01:FinancialEconomics→General→FinancialCrisesG12:FinancialEconomics→GeneralFinancialMarkets→AssetPricing,TradingVolume,BondInterestRatesG21:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesG28:FinancialEconomics→FinancialInstitutionsandServices→GovernmentPolicyandRegulationAbstractOverthecourseof2018,euroareanon-financialcorporate(NFC),includingdeterioratingcorporatecreditfundamentals,aweakermacroeconomicoutlook,,againstthebackdropoftheendofnetassetpurchasesinDecember2018,,AbstractJELClassificationE40:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→GeneralE52:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→MonetaryPolicyE58:MacroeconomicsandMonetaryEconomics→MonetaryPolicy,CentralBanking,andtheSupplyofMoneyandCredit→CentralBanksandTheirPoliciesAbstractThisboxdescribestheECB’smonetarypolicyoperationsduringtheseventhandeighthreservemaintenanceperiodsof2018,whichranfrom31October2018t,,,AbstractJELClassificationE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesF44:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→InternationalBusinessCyclesAbstractThisboxlooksatthecurrentphaseofthebusinesscycleinmajornon-euroareaadvancedeconomiesinpositiveterritory,,,:MacroeconomicsandMonetaryEconomics→General→InstitutionsandtheMacroeconomyE6:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlookF02:InternationalEconomics→General→InternationalEconomicOrderAbstractOn27February2019,theEuropeanCommissionpublisheditsannualassessmentofmacroeconomicimbalancesandtheprogressmadewithstructuralrefo,thenumberofcountriesexperiencingimbalanceshasincreasedto13overall,,theexcessiveimbalanceprocedurehasneverbeentriggere–whetherexcessiveornot–leaveMemberStatesvulnerabletoadversemacroeconomicshocksandtendtoincreasetheprobabilityofrecessions,,forbothgovernmentandprivatedebt,crosstheEU,accelerating,a,progresswithreformshasbeenuneven,andiimulatewell-targetedinvestmentthatimprovesproductivity,:PublicEconomics→NationalBudget,Deficit,andDebt→ForecastsofBudgets,Deficits,andDebtE62:MacroeconomicsandMonetaryEconomics→MacroeconomicPolicy,MacroeconomicAspectsofPublicFinance,andGeneralOutlook→FiscalPolicyE4:MacroeconomicsandMonetaryEconomics→MoneyandInterestRatesAbstractThedifferencebetweentheaverageinterestratethatgovernmentspayontheirdebtandthenominalgrowthrateoftheeconomy(i-g),i-ghasturnednegativeinmostadvancedeconomies,,therelevantinterestrate-growthdifferentialforpublicdebtdynamics,i-gcanquicklyreverseincrisistimes,especiallyforcountrieswithhighdebtburdensand/,Intheeuroarea,thecurrentlowinterestrate-growthdifferentialsongovernmentdebtshouldnotbetakenasanincentiveforhigherdebtlevels,:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→PriceLevel,Inflation,DeflationAbstractHarmonisedindicesofconsumerprices(HICPs)areregularlyupdatedforchangesinconsumptionweightsandtheitemsincluded,aysiscalculatedintheHICPforGermany,,:MathematicalandQuantitativeMethods→DataCollectionandDataEstimationMethodology,ComputerPrograms→MethodologyforCollecting,Estimating,andOrganizingMacroeconomicData,DataAccessE31:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→PriceLevel,Inflation,DeflationAbstractHarmonisedconsumerpriceindices(HICPs)forfood,industrialgoods,servicesandenergyaremeasu,theseanalyticalgroups–specialaggregates–,AbstractJELClassificationC13:MathematicalandQuantitativeMethods→EconometricandStatisticalMethodsandMethodology:General→Estimation:GeneralE24:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Employment,Unemployment,Wages,IntergenerationalIncomeDistribution,AggregateHumanCapitalAbstractThisboxhighlightstheimportanceofthelabourmarkettosustaineconomicgrowthsincethebeginningoftherecoveryandunderlinesthecurrent:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→PriceLevel,Inflation,DeflationAbstractInflationprojectionsarebasedonmodels,,,:AgriculturalandNaturalResourceEconomics,EnvironmentalandEcologicalEconomics→General→GlobalCommodityMarketsQ41:AgriculturalandNaturalResourceEconomics,EnvironmentalandEcologicalEconomics→Energy→DemandandSupply,PricesAbstractAgainstthebackgroundoflargeswingsinoilpricesinrecentmonths,,supplyf,AbstractJELClassificationE21:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Consumption,Saving,WealthE22:MacroeconomicsandMonetaryEconomics→Consumption,Saving,Production,Investment,LaborMarkets,andInformalEconomy→Capital,Investment,CapacityE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesAbstractActivityintheeuroareaisexpectedtocontinuetoexpandatamoderatepace,whilemoreelevat,growthinbothprivateconsumptionandbusinessinvestmentareexpectedtocontinue,,theresilienceofthedomesticdemandcomponents,inparticularinvestment,couldbeparticularlychallengedbyincreasingglobaluncertaintyrelatedinteraliatoanescalationintradetensions.,,,AbstractJELClassificationK23:LawandEconomics→RegulationandBusinessLaw→RegulatedIndustriesandAdministrativeLawK40:LawandEconomics→LegalProcedure,theLegalSystem,andIllegalBehavior→,publicprocurementnowaccountsforover14%oftheEU’,spendingthroughprocurementisgrowing,andtheevolutionofitsprocurementlawfromnon-bindinginternalguidelinestoatransparentanblicprocurementattheECB,tocompareittotheprocurementrulesofotherEUinstitutions,andtoanalysefourkeyissuesincontractawardprocedures,withdueregardtoth,,’,laiddowninDecisionECB/2016/2,utions,namely,theFinancialRegulationandtheprocurementguideoftheEuropeanInvestmentBankwhich,liketheECB,ffectprocurementproceduresinpractice,withafocusonfourkeyaspectsoftheawardprocess:selectionandawardcriteria,transparencyandpublication,:LawandEconomics→BasicAreasofLaw→GeneralK40:LawandEconomics→LegalProcedure,theLegalSystem,andIllegalBehavior→GeneralAbstractThispaperanalysesregulatorysolutionsthathavebeenadoptedtoaddressconstitutionalconstraintsimposedonthefunctioningoftheSingleSupervisoryMechanism(SSM),inwhichtheECB’SSMhasassimilated,toacertainextent,threespecificregulatorysolutionsunderpinningtheworkingsoftheESCB/Eurosystem:1)the(legislative)allocationofcertaintasksandresponsibilitiesbetweenECBinternaladministrativebodiesandstructures;2)thepossibilityofinternaldelegationofdecision-makingpowers;and3)thedecentralisedexerciseofcertainoftheUnion’litica-makingonsubstantialpolicyissuesiscombinedwithadecentralisedoperationalframeworkallowingforthemeaningfulinvolvementof:LawandEconomics→RegulationandBusinessLawAbstractDigitalinnovationsinfinancehaveinrecentyearsattractedstronginterestfrompublicauthorities,financialsectorstakeholdersandacademicsalike,interaliaonaccountoftheirpromisetoreduce,ortoaltogethereliminate,theinefficienciessurroundingtheexecutionandsettlementofretailpayments,,andtheirtransformativepotential,technologicalinnovationsalsopresentchallenges,,itisessentialtoidentifyandevaluatethosechallenges,soastobetterunderstandwhichoftheirpayment-specificapplicationstoencourage(andhow),andmitigatetheriskoftechntotakeintoaccountinassessingthemeritsandrisksofdigitalinnovation,withanemphasisonitsapplicationtoretailpayments,andtocontributetoanunderstandingofhowtechnologicaladvancesarelikelytoaffectbothpaymenttransactionsand,nolessimportantly,nsoftechnologicalinnovationforpaymentsassociatedwithconsumertransactions,includingthoseenteredintoonline,,thispaperwillnotexaminethelegalimplicationsoftechnologicalinnovationfortheprocessingoftransactionsrelatingtotransferablesecurities,forfinancialstability,fortheconduct,bycentralbanks,oftheirmonetarypolicyoperations,forthemicro-prudentialsupervisionofpaymentserviceproviders,forcompetitionamongestablishedpaymentserviceprovidersandnewentrants,andforfinancialinclusion,issuesofgreatlegalandpracticalsignificancethatmerit(and,nodoubt,willreceive,goingforward):LawandEconomicsAbstractThisworkingpaperdiscussestheconceptoftheSingleRulebookaswellasitsinteractionwiththeSingleSupervisoryMechanism(SSM)ook,,inparticularbytheEuropeanCentralBank(ECB)aspartoftheSSM,gleRulebook,bothintermsofsubjectareasandgranularityofrules,willmaketheoperationoftheSSMmoreefficient,whilethee,,AbstractJELClassificationK:LawandEconomicsAbstractThisworkingpaperaddressestheinstitutionalarrangementsfortheperformanceofmacro-prudentialoversightofthefinancials:LawandEconomicsAbstractCrisismanagementinthefinancialsectoriscurrentlyatthetopofthereformagendaatnational,cuteneedofacreditinstitutionincrisisbutalsotoensure,twoleadingEUMemberStates(theUnitedKingdomandGermany)adoptedspecialresolutionregimes,,thepaperanalysestheemergingresponseatEuropeanandinternationallevel,focusinginparticularonbail-ins,thesuspensionofnettingandotherrights,,theFinancialStabilityBoard:LawandEconomicsAbstractFinancialsectorsupervisorsaccountabilityiswidelyacceptedasasinequanoncothatsupervisorsareaccountabletothelegislature,theexecutive,stakeholdersand,lastbutnotleast,ellestablished,liabilityforfaultysupervisoryactsoromissionsis,inmanyrespects,ervisorsliabilityandthecurrentlegalsituationonsupervisoryliabilityintheEuropeanUnion,ionthanitdeserves,butwhichislikelytotakeongreaterimportanceasthestructureoffinancialsupervisionundergoesreforms,bothattheEuropeanUnionlevelandintheMemberStates:thespecificityoftheMemberStatesnationalcentralbanksasbankingsupervisorsand,inparticular,thetensionbetweentheirindependenceand,,,,,,,AbstractJELClassificationK:LawandEconomicsAbstractBulgaria,theCzechRepublic,Estonia,Hungary,Latvia,PolandandSlovakiahaverecentlyundertakensubstantialreformsoftheirsupervisoryframeworks,aimedatreducingthenumbk(NCB)involvementinbankingsupervisionintheabove-mentionedcountriesand,inthelightofthiscomparativeexamination,authoritiesisnotalwayslinkedtoatendencytodiminishorsuspendNCBpowersintheareaofbankingsupervision:inthreeofthecountriesreviewed,theNCBshavesolecompetenceforbankingsupervision,andintheCzechRepublicandSlovakia,integratedsupervisionhasevenbeenplacedundertheNCBn,theNCBshaveneverthelessremainedinvolvedinsupervisioninmanydifferentways,theyhaveasubstantialinvolvementinthepreparationoflegislationrelatingtosupervision;theymayinfluencetheperformanceofthesupervisoryfunctionbyinteractionwiththesupervisoryauthoritiesattheleveloftheirdecision-makingbodies,throughtheconclusionofagreements,establishmentofcommonbodies,etc.;andfinallyNCBshavealsodemonstratedsomecapacitytoinfluencetheoperationalsideofbankingsupervisionintheareasoflicensing,on-goingsupervisionandtheimpositionofsanctionsor:LawandEconomicsAbstractThispaperexaminestheissuesofsecessionandexpulsionfromtheEuropeanUnion(EU)andEconomicandMonetaryUnion(EMU).ItconcludesthatnegotiatedwithdrawalfromtheEUwouldnotbelegallyimpossibleevenpriortotheratificationoftheLisbonTreaty,andthatunilateralwithdrawalwouldundoubtedlybelegallycontroversial;that,whilepermissible,arecentlyenactedexitclauseis,primafacie,notinharmonywiththerationaleoftheEuropeanunificationprojectandisotherwiseproblematic,mainlyfromalegalperspective;thataMemberStatesexitfromEMU,withoutaparallelwithdrawalfromtheEU,wouldbelegallyinconceivable;andthat,whileperhapsfeasiblethroughindirectmeans,aMemberStatesexpulsionfromtheEUorEMU,,institutionally,aMemberStatesmembershipoftheeuroareawouldnotsurvivethediscontinuationofitsmembershipoftheEUthesameneednotbetrueoftheformerMemberState:L,AbstractJELClassificationK:LawandEconomicsAbstractFacedwithoneofthemostseverefinancialcrisesinhistory,theEuropeanandnationalauthoritieshaveintroducedanumberofshort-termmeasuresaimedatstaalcrisismeasuressrescueschemesaswellasdetailsonstateguaranteeschemes,recapitalisationmeasures,stateloans,theacquisitionofimpairedassetsandnationalisation(whereapplicable),individualmeanbefoundinAppendixI,AbstractJELClassificationK:LawandEconomicsAbstractAdoptedinresponsetotheemergenceofnewprepaidelectronicpaymentinstrumentsandaspiringtoestablishaclearlegalframeworkforthestrengtheningoftheSingleMarketinpaymentservicesandthepromotionofcompetitionbetweenissuinginstitutions,sentryintoforce,relativelyfewlicenceshavebeenissued,,thelikelihoodofanimmediateincreaseinthevolumeofe-moneyissuanceappearssmall,notonlybecauseofthestilllimitedconsumerinterestine-paymentinstrumentsbut,also,egmentofthefinancialservicesindustryandtoinquirehowtheE-moneyDirectivesmightbeamendedtobringaboutenhancedlegalandoperationalcertainty,facilitatethedeliveryofthepotentialbenefisandourinquiryintothemostappropriatemeansofresolvingthesewillbeprecededbyanexaminationofthee-moneymarket:LawandEconomicsAbstractInSeptember2004,theScheveningenECOFINCouncilinvitedtheEuropeanCommissiontoidentifythevariousobstaclestocross-borderconsolidationintheEUfinancialsector,includingobstaclesresul,thenumberofcross-bordermergersandacquisitionsinthebankingsectorcontinuestolagbehindother(non-financial),thedifficultiesexperiencedbyEUbanksinattemptingtoacquirestakesinfinancialundertakingsinotherEUMemberStates()havehighlightedtheneedtoensureahighleveloftransparencyandlegalcertaintyintherulesappliedbysupervisoryauthoritieswhenassessingproposedincreasesinandacquisitionsofqualifyingholdings,andth/44/ECoftheEuropeanParliamentandoftheCouncilof5September2007(,,AbstractJELClassificationK:LawandEconomicsAbstractInthemonetaryreformsthattookplaceintheBalticStatesinthe1990s,twoapproachesweretakenforbreakingawayfromtheroublezone:oneofthemconstitutedarapidchangeover(Estonia),andtheotheronewasrelativelysmoother,beingmadeintwostagesandinvolvingtheuseofinterimcurrencies(LatviaandLithuania).Part1ofthispapersetsoutthegeneralconsiderationscommontothecurrencychangeoverintheBalticStates,whilepart2examinesthetwoabovementionedapproachesindetail,firstfoc,AbstractJELClassificationK:LawandEconomicsAbstractTheEuropeanCentralBank(ECB)isoneofthefewinternational/,theECBenjoysprivileges,acloseranalyshehostcountryinamultitudeofcircumstances,fromthelegalbasisforitsexemptionfromnationallaw,totheextentofitsimmunityasregardsjurisdictionandenforcementtohowallthisisappliedinpractice,esandimmunitiesgrantedtotheECBand,,wediscusstheECBtheECB,AbstractJELClassificationK:LawandEconomicsAbstractOn31March2004theCouncilofMinistersandtheEuropeanParliamentadoptedthePublicSectorProcurementDirective,,thenewDirectiveseekstoensurethatEuropeanpublicsectorentitiesawardcontractsinanefficient,transparentandnon-discriminatorymanner,therebycontributingtotheeliminationofpublicprocurementasanon-tariffbarriertothedeve(NCBs):LawandEconomicsAbstractOn1May2004,10morecountriesaccededtotheEuropeanUnion(EU),bringingthetotalnumberofmemberStatesto25,increasingtheEUspopulationtoover450millionand,lastbutnotleast,,acornerstoneinthecontinuingprocessofEuropeanintegration,posesunprecedentedchallenges,alsobecauseofitslinguisticimplicationsfort,thischallengeisallthemoreevidentduetotheveryshortdeadlineswithinwhichsomeofitsoperationaldecisionsneedtobetakenandimplementedandthepracticalimplicatingtheEUscurrentlanguagepolicy,outliningthelanguageregimeapplicabletotheCommunityInstitutionsandbodiesanddiscussesexceptionsandlimitationstomultilingualismassociatedwiththeparticularsituationofMemberStateswithmorethanoneofficiallanguageorstemmingfromsomerecentcase-lawontheInstitutionseasonsunderlyingtheECB:LawandEconomics→BasicAreasofLaw→ContractLawAbstractTraditionally,clearingandsettlementoffinancialinstrumentshasnotbeenthefocusofgeneralattention,,andinparticulartheprocessofcreatingasinglemarketforfinancialservicesintheEuropeanUnion(EU),,theEuropeanCommissionhasgivenhighprioritytoremovingthebarriefidence,fety,soundnessandefficiencyoftheclearingandsettlementoffinancialinstruments,itwillalsopromoteth,thepaperdescribescurrentEUinitiativestoremovebarrierstoefficientclearingandsettlement,withaspecificfocusonthelegalaspectsand,inparticular,,itcomparestheEuropeaninitiativeswithparalleleffortstoharmoniselawsonaglobalscaleandgivesanoutloo:Pleasekeepinmindthatthepapersarepublishedinthenameoftheauthor(s).TheirviewsdonotnecessarilyreflectthoseoftheECB.

“重走长征路共筑中国梦”第三届重走长征路(南雄段)徒步活动在南雄启动

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andwell-anchoredlonger-terminflationexpectationsbolstertheabilityoftheEuropeanCentralBank(ECB)measuresinguidinglonger-terminflationexpectationsinaneneadinflationexpectationsf,andinparticulartheassetpurchaseprogramme(APP),wereconducivetopr:FinancialEconomics→FinancialInstitutionsandServices→Banks,DepositoryInstitutions,MicroFinanceInstitutions,MortgagesE42:MacroeconomicsandMonetaryEconomics→MoneyandInterestRates→MonetarySystems,Standards,Regimes,GovernmentandtheMonetarySystem,PaymentSystemsAbstractItiscommonlyarguedthatintherun-uptotherecentfinancialcrisis,anmarketwhichsugoffer,allelsebeingequal,:FinancialEconomics→General→FinancialCrisesG12:FinancialEconomics→GeneralFinancialMarkets→AssetPricing,TradingVolume,BondInterestRatesAbstractInperiodsofliquiditycrises,acentralbankcanenlargethegroupofsec,thepriceofnewlyeligiblesecuritiesshouldgoup,owilitycriteriahadapositivepriceimpactontar,AbstractJELClassificationE31:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→PriceLevel,Inflation,DeflationE32:MacroeconomicsandMonetaryEconomics→Prices,BusinessFluctuations,andCycles→BusinessFluctuations,CyclesF44:InternationalEconomics→MacroeconomicAspectsofInternationalTradeandFinance→InternationalBusinessCyclesAbstractRecentinflation“puzzles”disappearinamodelthatproperlyaccountsfordom,domesticfactorsexplainmuchoftheinflationdynamicsintherecentmissinginflationepisodeintheeuroarea.

《“重走长征路共筑中国梦”第三届重走长征路(南雄段)徒步活动在南雄启动》由母婴导航网于2019-8-19 1:48:59发布,欢迎转载!请留下本文连接:http://www.capobeachresort.net/sgs_tgbus_com/

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