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94 results, from 61
February 8, 2017
Seminar

Strains on money market makers and money market liquidity

Speaker: Falko Fecht, Frankfurt School of Finance and Management
Location: Gustav-Schmoller-Raum
DIW Berlin im Quartier 110
Room 3.3.002A
Mohrenstraße 58
10117 Berlin

We analyze the trading book of a key market maker in the European unsecured money market and study the extent to which liquidity risks accumulated by this market maker affect his pricing of liquidity and the bid/ask spread he quotes on unsecured borrowing and lending. We find that the larger the funding liquidity risk he assumed, the higher is the price he quotes for liquidity. Furthermore, his ...

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February 1, 2017
Seminar

Daily Currency Interventions in Emerging markets: Incorporating Reserve Accumulation to the Reaction Function

Speaker: Michael Frömmel, Ghent University
Location: Gustav-Schmoller-Raum
DIW Berlin im Quartier 110
Room 3.3.002A
Mohrenstraße 58
10117 Berlin

This study considers emerging market central bank interventions motivated by international reserve management. Emerging market central banks use currency intervention as a policy tool against exchange rate movements and accumulate international reserves as an insurance against sudden stops or reversals in capital flows. To account for both of these motivations, the model of Ito and Yabu (2007), ...

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January 25, 2017
Seminar

Bank Resolution and the Structure of Global Banks

Speaker: Martin Oehmke, London School of Economics
Location: Gustav-Schmoller-Raum
DIW Berlin im Quartier 110
Room 3.3.002A
Mohrenstraße 58
10117 Berlin

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January 18, 2017
Seminar

Labor market reforms and current account imbalances - beggar-thy-neighbor policies in a currency union?

Speaker: Timo Baas, University Duisburg-Essen
Location: Gustav-Schmoller-Raum
DIW Berlin im Quartier 110
Room 3.3.002A
Mohrenstraße 58
10117 Berlin

Member countries of the European Monetary Union (EMU) have initiated wideranging labor market reforms in the last decade. This process is ongoing, as countries that are faced with serious labor market imbalances perceive reforms as the fastest way to restore competitiveness within a currency union. This fosters fears among observers about a beggar-thy-neighbor policy that leaves non-reforming ...

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January 11, 2017
Seminar

Institutions, public debt and growth in Europe

Speaker: Klaus Masuch, European Central Bank
Location: Gustav-Schmoller-Raum
DIW Berlin im Quartier 110
Room 3.3.002A
Mohrenstraße 58
10117 Berlin

This paper shows that initial cross-country institutional differences can explain to a substantial extent the relative GDP performance of European countries since 1995, after controlling for the initial level of GDP per capita and government debt. It shows that improving the quality of institutions could lead to significantly higher per capita GDP. It also shows that an initial government debt ...

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December 14, 2016
Seminar

Did the Swiss exchange rate shock shock the market?

Speaker: Gregor Schweinitz, Leibniz-Institut für Wirtschaftsforschung Halle
Location: Gustav-Schmoller-Raum
DIW Berlin im Quartier 110
Room 3.3.002A
Mohrenstraße 58
10117 Berlin

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December 13, 2016
DIW Europe Lecture

The Populist Turn in American Politics: Implications for Europe

Speaker: Barry Eichengreen
Location: Schumpeter Hall
Mohrenstr. 58
10117 Berlin
Time: 17:30 - 19.00 Uhr

This lecture will trace the populist turn in American politics, and identify instances and conditions under which mainstream politicians and parties succeeded and failed in stemming the populist tide. Barry Eichengreen is George C. Pardee and Helen N. Pardee Professor of Economics and Political Science at the University of California at Berkeley, Research Associate of the National Bureau of ...

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December 7, 2016
Seminar

Credit Growth and the Financial Crisis: A New Narrative.

Speaker: Stefania Albanesi, University of Pittsburgh
Location: Gustav-Schmoller-Raum
DIW Berlin im Quartier 110
Room 3.3.002A
Mohrenstraße 58
10117 Berlin

A broadly accepted view of the financial crisis contends that it was caused by an expansion in the supply of credit to high risk borrowers during the 2002-2006 credit boom. The expansion in subprime credit led to the spike in defaults and foreclosures that sparked the 2007-09 crisis. The resulting decline in housing values determined a broad contraction in credit and consumption, substantially ...

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November 23, 2016
Seminar

Monetary Policy, Real activity, and Credit Spreads: Evidence from Bayesian Proxy SVARs

Speaker: Dario Caldara, Federal Reserve
Location: Gustav-Schmoller-Raum
DIW Berlin im Quartier 110
Room 3.3.002A
Mohrenstraße 58
10117 Berlin

This paper studies the interaction between monetary policy, financial markets, and the real economy. We develop a Bayesian framework to estimate proxy structural vector autoregressions (SVARs) in which monetary policy shocks are identified by exploiting the information contained in high frequency data. For the Great Moderation period, we find that monetary policy shocks are key drivers of  ...

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November 16, 2016
Seminar

Monetary shocks at high-frequency and their
changing FX transmission around the globe

Speaker: Andreas Schrimpf, Bank for International Settlements
Location: Gustav-Schmoller-Raum
DIW Berlin im Quartier 110
Room 3.3.002A
Mohrenstraße 58
10117 Berlin

We show that the impact of monetary policy on exchange rates has been growing significantly in recent years. Our results are established by a high-frequency event study of how key fixed income instruments - Overnight-Index Swaps (OIS) and Bonds - respond jointly with exchange rates to news about monetary policy from seven major central banks. News a ecting short-term maturity bonds tend to have ...

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November 9, 2016
Seminar

Monetary Policy Shocks, Sign Restrictions, and Asset Prices

Speaker: Gabor Uhrin, Universität Göttingen
Location: Gustav-Schmoller-Raum
DIW Berlin im Quartier 110
Room 3.3.002A
Mohrenstraße 58
10117 Berlin

A central question in the empirical monetary policy literature is how do asset prices respond to an unexpected monetary policy shock. We provide empirical evidence on this issue by augmenting the VAR model specification of Uhlig (2005) with the S&P 500 Composite Index, and estimating the model on monthly US data. We use the sign restrictions put forth in Uhlig (2005) as identifying assumptions ...

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November 2, 2016
Seminar

Misallocation in the Market for Intermediate Inputs

Speaker: Johannes Boehm, Sciences Po
Time: 12:00 - 13:15

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October 26, 2016
Seminar

Man-cessions, Fiscal Policy, and the Gender Composition of Employment

Speaker: Roland Winkler, TU Dortmund
Time: 12:00 - 13:15

In recessions, predominantly men lose their jobs, which has been described by the term ”mancessions”. Against this background, we analyze whether fiscal expansions foster job creation predominantly for men. Yet, we find empirically that fiscal shocks lead to employment growth that is larger for women than for men. We show that the gender-specific employment effects of fiscal policy are ...

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October 19, 2016
Seminar

Monetary facts revisited

Speaker: Boris Hofmann, Bank for International Settlements
Location: Gustav-Schmoller-Raum
DIW Berlin im Quartier 110
Room 3.3.002A
Mohrenstraße 58
10117 Berlin
Time: 12:00 - 13:15

This paper uses a cross-country database covering 46 economies over the post-war period to revisit two key monetary facts: (i) the long-run link between money growth and inflation and (ii) the link between credit growth and financial crises. The analysis reveals that the former has weakened over time, while the latter has become stronger. Moreover, the money-inflation nexus has been stronger in ...

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August 17, 2016
Seminar

Why Are Big Banks Getting Bigger?

Speaker: Christoffer Koch, Federal Reserve Bank of Dallas
Location: Gustav-Schmoller-Raum
DIW Berlin im Quartier 110
Room 3.3.002A
Mohrenstraße 58
10117 Berlin
Time: 12:00 - 13:15

We analyze the increasing concentration of U.S. banking assets using nonparametric empirical methods that characterize dynamic power law distributions in terms of two shaping factors the asset reversion rates and idiosyncratic volatilities for different size-ranked banking institutions. We show that the greater concentration of bank-holding company (BHC) assets is caused by decreased mean ...

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July 20, 2016
Seminar

The risk-return relationship

Speaker: Minxian Yang, University of New South Wales
Location: Gustav-Schmoller-Raum
DIW Berlin im Quartier 110
Room 3.3.002A
Mohrenstraße 58
10117 Berlin
Time: 12:00 - 13:15

The risk return relationship is analysed in bivariate models for return and realised variance (RV) series. Based on daily time series from 21 international market indices for more than 13 years (January 2000 to February 2013), the empirical findings support the arguments of risk return tradeoff, volatility feedback and statistical balance. It is argued that the empirical risk return relationship ...

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July 13, 2016
Seminar

Spillover Effects from Mass Layoffs

Speaker: Christina Gathmann, Universität Heidelberg
Location: Gustav-Schmoller-Raum
DIW Berlin im Quartier 110
Room 3.3.002A
Mohrenstraße 58
10117 Berlin
Time: 12:00 - 13:15

Using administrative data of all workers and firms in Germany, we quantify the spillover effects of mass layoffs. Our empirical strategy combines matching with an event study approach to trace employment and wages in regions hit by a mass layoff to suitable control regions. We find sizable and persistent negative spillover effects on the regional economy: regions, and especially firms producing in ...

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July 6, 2016
Seminar

Estimating the Benefits of European Integration

Speaker: Nauro Campos, Brunel University London
Location: Gustav-Schmoller-Raum
DIW Berlin im Quartier 110
Room 3.3.002A
Mohrenstraße 58
10117 Berlin
Time: 12:00 - 13:15

Brexit caught everybody by surprise and prominent economists were no exception: Krugman called it a “tragic development,” Sachs “a watershed moment,” and Reinhart equated Brexit to “a blow to globalisation.” Uncertainty about the impacts of Brexit on the UK economy is large, but larger still is that regarding what happens to the European Union. In this seminar ...

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June 22, 2016
Seminar

Forward Guidance and Asset Prices

Speaker: Refet Gürkaynak, Bilkent University
Location: Gustav-Schmoller-Raum
DIW Berlin im Quartier 110
Room 3.3.002A
Mohrenstraße 58
10117 Berlin
Time: 12:00 - 13:15

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June 15, 2016
Seminar

Firm dynamics with frictional product and labor markets

Speaker: Leo Kaas, Universität Konstanz
Location: Gustav-Schmoller-Raum
DIW Berlin im Quartier 110
Room 3.3.002A
Mohrenstraße 58
10117 Berlin
Time: 12:00 - 13:15

We examine empirically and theoretically the joint dynamics of prices, output, employment and wages across firms. We first analyze administrative firm data for the German manufacturing sector for which price and quantity information at the nine-digit product level, together with employment, working hours and wages are available. We then develop a dynamic model of heterogeneous firms who compete ...

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94 results, from 61
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