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1776
result(s)
The Role of Time-Varying Price Elasticities in Accounting for Volatility Changes in the Crude Oil Market
Staff Working Paper 2011-28
Christiane Baumeister,
Gert Peersman
There has been a systematic increase in the volatility of the real price of crude oil since 1986, followed by a decline in the volatility of oil production since the early 1990s. We explore reasons for this evolution. We show that a likely explanation of this empirical fact is that both the short-run price elasticities of oil demand and of oil supply have declined considerably since the second half of the 1980s.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
International topics
JEL Code(s):
E,
E3,
E31,
E32,
Q,
Q4,
Q43
Portfolio Considerations in Differentiated Product Purchases: An Application to the Japanese Automobile Market
Staff Working Paper 2011-27
Naoki Wakamori
Consumers often purchase more than one differentiated product, assembling a portfolio, which might potentially affect substitution patterns of demand and, as a consequence, oligopolistic firms’ pricing strategies.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Market structure and pricing
JEL Code(s):
D,
D4,
L,
L5,
Q,
Q5
Security Transaction Taxes and Market Quality
Staff Working Paper 2011-26
Anna Pomeranets,
Daniel G. Weaver
We examine nine changes in the New York State Security Transaction Taxes (STT) between 1932 and 1981. We find that imposing or increasing an STT results in wider bidask spreads, lower volume, and increased price impact of trades.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Financial markets,
Market structure and pricing
JEL Code(s):
C,
C4,
C43,
G,
G1,
G10,
G12
What Matters in Determining Capital Surcharges for Systemically Important Financial Institutions?
Staff Discussion Paper 2011-9
Céline Gauthier,
Toni Gravelle,
Xuezhi Liu,
Moez Souissi
One way of internalizing the externalities that each individual bank imposes on the rest of the financial system is to impose capital surcharges on them in line with their systemic importance.
Innovation and Growth with Financial, and Other, Frictions
Staff Working Paper 2011-25
Jonathan Chiu,
Césaire Meh,
Randall Wright
The generation and implementation of ideas, or knowledge, is crucial for economic performance. We study this process in a model of endogenous growth with frictions.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Potential output,
Productivity
JEL Code(s):
E,
E4,
G,
G2,
O,
O3,
O4
Determinants of Financial Stress and Recovery during the Great Recession
Staff Working Paper 2011-24
Joshua Aizenman,
Gurnain Pasricha
In this paper, we explore the link between stress in the domestic financial sector and the capital flight faced by countries in the 2008-9 global crisis. Both the timing of emergence of internal financial stress in developing economies, and the size of the peak-trough declines in the stock price indices was comparable to that in high income countries, indicating that there was no decoupling, even before Lehman Brothers’ demise.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Balance of payments and components,
Financial markets,
International topics
JEL Code(s):
F,
F3,
F32,
G,
G1,
G15
How Do You Pay? The Role of Incentives at the Point-of-Sale
Staff Working Paper 2011-23
Carlos Arango,
Kim Huynh,
Leonard Sabetti
This paper uses discrete-choice models to quantify the role of consumer socioeconomic characteristics, payment instrument attributes, and transaction features on the probability of using cash, debit card, or credit card at the point-of-sale.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Bank notes,
Econometric and statistical methods,
Financial services
JEL Code(s):
C,
C3,
C35,
C8,
C83,
E,
E4,
E41
Money and Price Posting under Private Information
Staff Working Paper 2011-22
Mei Dong,
Janet Hua Jiang
We study price posting with undirected search in a search-theoretic monetary model with divisible money and divisible goods. Ex ante homogeneous buyers experience match specific preference shocks in bilateral trades. The shocks follow a continuous distribution and the realization of the shocks is private information.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Inflation and prices
JEL Code(s):
D,
D8,
D82,
D83,
E,
E3,
E31
Fixed-Term and Permanent Employment Contracts: Theory and Evidence
Staff Working Paper 2011-21
Shutao Cao,
Enchuan Shao,
Pedro Silos
This paper constructs a theory of the coexistence of fixed-term and permanent employment contracts in an environment with ex-ante identical workers and employers. Workers under fixed-term contracts can be dismissed at no cost while permanent employees enjoy labor protection.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Labour markets,
Potential output,
Productivity
JEL Code(s):
H,
H2,
H29,
J,
J2,
J23,
J3,
J38