Philipps-Universitat Marburg

Displaying 1-16 of 16 results

  • White Papers // May 2011

    Managing Financial Market Expectations: The Role Of Central Bank Transparency And Central Bank Communication

    In this paper, the authors study the influence of central bank transparency and informal central bank communication on the formation of money market expectations. The sample covers nine major central banks from January 1999 to July 2007. They find, first, that transparency reduces the bias in money market expectations and...

    Provided By Philipps-Universitat Marburg

  • White Papers // May 2011

    Inflation Targeting And Regional Inflation Persistence: Evidence From Korea

    The adoption of a credible monetary policy regime such as inflation targeting is known to reduce the persistence of inflation fluctuations. This conclusion, however, is derived from aggregate inflation or sectoral inflation rates, not from regional inflation data. This paper studies the regional dimension of inflation targeting, i.e. the consequences...

    Provided By Philipps-Universitat Marburg

  • White Papers // Apr 2011

    Communicating With Many Tongues: FOMC Communication, Media Coverage, And U.S. Financial Market Reaction

    This paper studies the effects of Federal Reserve communications on U.S. financial market returns and volatility over the period from 1998 to 2006. The authors built a new data set that includes information on all Federal Reserve speeches, post-meeting statements, monetary policy reports, and testimony. They also analyze how media...

    Provided By Philipps-Universitat Marburg

  • White Papers // Mar 2011

    Communication Matters: U.S. Monetary Policy And Commodity Price Volatility

    Using a GARCH model, the authors analyze the influence of U.S. monetary policy action and communication on the price volatility of commodities for the period 1998-2009. They find, first, that U.S. monetary policy events have an economically significant impact on price volatility. Second, expected target rate changes and communications decrease...

    Provided By Philipps-Universitat Marburg

  • White Papers // Dec 2010

    Bank Of Canada Communication, Media Coverage, And Financial Market Reactions

    In the literature, central bank communication is identified either via (the interpretation of) newswire reports or the written content of original communications. The authors examine the impact of Bank of Canada communications and media reporting on them on Canadian bond and stock market returns using a GARCH model over the...

    Provided By Philipps-Universitat Marburg

  • White Papers // Dec 2010

    Federal Reserve Communications And Emerging Equity Markets

    Work on the impact of U.S. monetary policy on emerging financial markets mostly focuses on official federal funds rate announcements; empirical evidence using data on informal communication channels, such as speeches, is scant. Employing a unique data set covering formal and informal communication channels in a GARCH model framework, the...

    Provided By Philipps-Universitat Marburg

  • White Papers // Nov 2010

    Layoffs In A Recession And Temporary Employment Subsidies When A Recovery Is Expected

    Sunk firing costs shelter employment - and this effect is typically amplified by uncertainty due to an option value of waiting. Thus, if sunk firing costs are high, e.g. due to a employment protection legislation, and if recession related losses are with a high probability expected to be only transitory...

    Provided By Philipps-Universitat Marburg

  • White Papers // Jul 2010

    Monetary Policy Committees And Model Uncertainty

    The authors introduce heterogeneity into a monetary policy committee by allowing the degree of model uncertainty to differ across members. It is shown that in this framework the stage at which members reach consensus matters. An aggregation protocol under which members only average policy deemed optimal from each member's point...

    Provided By Philipps-Universitat Marburg

  • White Papers // Apr 2010

    Regime-dependent Effects Of Monetary Policy Shocks. Evidence From Threshold Vector Autoregressions

    This paper studies regime dependence in the effects of monetary policy shocks for the U.S. using a threshold vector autoregressive model. In a high inflation regime the standard results from the literature obtain. In a low inflation regime output shows no significant response to monetary policy while the inflation response...

    Provided By Philipps-Universitat Marburg

  • White Papers // Mar 2010

    The Impact Of U.S. Central Bank Communication On European And Pacific Equity Markets

    The authors examine the effects of U.S. federal funds target rate changes and all types of FOMC communication on European and Pacific equity market returns using a GARCH model. They show that both types of news have a significant impact, but that the effects are not symmetric: although several communication...

    Provided By Philipps-Universitat Marburg

  • White Papers // Nov 2009

    Efficient Distribution of Virtual Machines for Cloud Computing

    The commercial success of Cloud computing and recent developments in Grid computing has brought platform virtualization technology into the field of high performance computing. Virtualization offers both more flexibility and security through custom user images and user isolation. This paper deals with the problem of distributing Virtual Machine (VM) images...

    Provided By Philipps-Universitat Marburg

  • White Papers // Aug 2009

    Secure Service-Oriented Grid Computing With Public Virtual Worker Nodes

    Cloud computing uses virtualization technologies to offer a non-shared use rental of computer resources with publicly accessible worker nodes. However, unlike Grid computing, Cloud computing as implemented by Amazon, IBM, Google and Microsoft only offers compute and storage resources from a single organization. Many of the cross-site and cross-organizational advantages...

    Provided By Philipps-Universitat Marburg

  • White Papers // Jun 2009

    When Economic Growth Is Less Than Exponential

    This paper argues that growth theory needs a more general notion of "Regularity" than that of exponential growth. The authors suggest that paths along which the rate of decline of the growth rate is proportional to the growth rate itself deserve attention. This opens up for considering a richer set...

    Provided By Philipps-Universitat Marburg

  • White Papers // Feb 2009

    Uncertainty And Fiscal Policy In An Asymmetric Monetary Union

    The authors examine monetary and fiscal interactions in a monetary union model with uncertainty due to imperfect central bank transparency. It is first shown that monetary uncertainty discourages excessive taxation and may thus reduce average inflation and output distortions. However, as countries enter the monetary union; this tax-restraining effect of...

    Provided By Philipps-Universitat Marburg

  • White Papers // Aug 2008

    FDI And FPI - Strategic Complements?

    The authors show in a dynamic investment setting whether firms choose FDI or International Portfolio Investment (FPI) in the presence of stochastic productivity taking into account differences in flexibility of both investments. Isolated FPI and FDI investments are compared to combined FPI and FDI investments. FDI requires higher investment specific...

    Provided By Philipps-Universitat Marburg

  • White Papers // Jul 2008

    Cognitive Radio Networks: Enabling New Wireless Broadband Opportunities

    In this paper, the authors discuss the regulatory scenario for cognitive radio networks and give an overview of the emerging IEEE 802.22 standard, which is based on a dynamic spectrum access model, and provides new opportunities for wireless broadband access in rural area and remote communities. They discuss the main...

    Provided By Philipps-Universitat Marburg

  • White Papers // Jul 2008

    Cognitive Radio Networks: Enabling New Wireless Broadband Opportunities

    In this paper, the authors discuss the regulatory scenario for cognitive radio networks and give an overview of the emerging IEEE 802.22 standard, which is based on a dynamic spectrum access model, and provides new opportunities for wireless broadband access in rural area and remote communities. They discuss the main...

    Provided By Philipps-Universitat Marburg

  • White Papers // Aug 2009

    Secure Service-Oriented Grid Computing With Public Virtual Worker Nodes

    Cloud computing uses virtualization technologies to offer a non-shared use rental of computer resources with publicly accessible worker nodes. However, unlike Grid computing, Cloud computing as implemented by Amazon, IBM, Google and Microsoft only offers compute and storage resources from a single organization. Many of the cross-site and cross-organizational advantages...

    Provided By Philipps-Universitat Marburg

  • White Papers // Nov 2009

    Efficient Distribution of Virtual Machines for Cloud Computing

    The commercial success of Cloud computing and recent developments in Grid computing has brought platform virtualization technology into the field of high performance computing. Virtualization offers both more flexibility and security through custom user images and user isolation. This paper deals with the problem of distributing Virtual Machine (VM) images...

    Provided By Philipps-Universitat Marburg

  • White Papers // May 2011

    Inflation Targeting And Regional Inflation Persistence: Evidence From Korea

    The adoption of a credible monetary policy regime such as inflation targeting is known to reduce the persistence of inflation fluctuations. This conclusion, however, is derived from aggregate inflation or sectoral inflation rates, not from regional inflation data. This paper studies the regional dimension of inflation targeting, i.e. the consequences...

    Provided By Philipps-Universitat Marburg

  • White Papers // Jun 2009

    When Economic Growth Is Less Than Exponential

    This paper argues that growth theory needs a more general notion of "Regularity" than that of exponential growth. The authors suggest that paths along which the rate of decline of the growth rate is proportional to the growth rate itself deserve attention. This opens up for considering a richer set...

    Provided By Philipps-Universitat Marburg

  • White Papers // Aug 2008

    FDI And FPI - Strategic Complements?

    The authors show in a dynamic investment setting whether firms choose FDI or International Portfolio Investment (FPI) in the presence of stochastic productivity taking into account differences in flexibility of both investments. Isolated FPI and FDI investments are compared to combined FPI and FDI investments. FDI requires higher investment specific...

    Provided By Philipps-Universitat Marburg

  • White Papers // Dec 2010

    Bank Of Canada Communication, Media Coverage, And Financial Market Reactions

    In the literature, central bank communication is identified either via (the interpretation of) newswire reports or the written content of original communications. The authors examine the impact of Bank of Canada communications and media reporting on them on Canadian bond and stock market returns using a GARCH model over the...

    Provided By Philipps-Universitat Marburg

  • White Papers // Mar 2010

    The Impact Of U.S. Central Bank Communication On European And Pacific Equity Markets

    The authors examine the effects of U.S. federal funds target rate changes and all types of FOMC communication on European and Pacific equity market returns using a GARCH model. They show that both types of news have a significant impact, but that the effects are not symmetric: although several communication...

    Provided By Philipps-Universitat Marburg

  • White Papers // May 2011

    Managing Financial Market Expectations: The Role Of Central Bank Transparency And Central Bank Communication

    In this paper, the authors study the influence of central bank transparency and informal central bank communication on the formation of money market expectations. The sample covers nine major central banks from January 1999 to July 2007. They find, first, that transparency reduces the bias in money market expectations and...

    Provided By Philipps-Universitat Marburg

  • White Papers // Apr 2011

    Communicating With Many Tongues: FOMC Communication, Media Coverage, And U.S. Financial Market Reaction

    This paper studies the effects of Federal Reserve communications on U.S. financial market returns and volatility over the period from 1998 to 2006. The authors built a new data set that includes information on all Federal Reserve speeches, post-meeting statements, monetary policy reports, and testimony. They also analyze how media...

    Provided By Philipps-Universitat Marburg

  • White Papers // Dec 2010

    Federal Reserve Communications And Emerging Equity Markets

    Work on the impact of U.S. monetary policy on emerging financial markets mostly focuses on official federal funds rate announcements; empirical evidence using data on informal communication channels, such as speeches, is scant. Employing a unique data set covering formal and informal communication channels in a GARCH model framework, the...

    Provided By Philipps-Universitat Marburg

  • White Papers // Nov 2010

    Layoffs In A Recession And Temporary Employment Subsidies When A Recovery Is Expected

    Sunk firing costs shelter employment - and this effect is typically amplified by uncertainty due to an option value of waiting. Thus, if sunk firing costs are high, e.g. due to a employment protection legislation, and if recession related losses are with a high probability expected to be only transitory...

    Provided By Philipps-Universitat Marburg

  • White Papers // Jul 2010

    Monetary Policy Committees And Model Uncertainty

    The authors introduce heterogeneity into a monetary policy committee by allowing the degree of model uncertainty to differ across members. It is shown that in this framework the stage at which members reach consensus matters. An aggregation protocol under which members only average policy deemed optimal from each member's point...

    Provided By Philipps-Universitat Marburg

  • White Papers // Feb 2009

    Uncertainty And Fiscal Policy In An Asymmetric Monetary Union

    The authors examine monetary and fiscal interactions in a monetary union model with uncertainty due to imperfect central bank transparency. It is first shown that monetary uncertainty discourages excessive taxation and may thus reduce average inflation and output distortions. However, as countries enter the monetary union; this tax-restraining effect of...

    Provided By Philipps-Universitat Marburg

  • White Papers // Apr 2010

    Regime-dependent Effects Of Monetary Policy Shocks. Evidence From Threshold Vector Autoregressions

    This paper studies regime dependence in the effects of monetary policy shocks for the U.S. using a threshold vector autoregressive model. In a high inflation regime the standard results from the literature obtain. In a low inflation regime output shows no significant response to monetary policy while the inflation response...

    Provided By Philipps-Universitat Marburg

  • White Papers // Mar 2011

    Communication Matters: U.S. Monetary Policy And Commodity Price Volatility

    Using a GARCH model, the authors analyze the influence of U.S. monetary policy action and communication on the price volatility of commodities for the period 1998-2009. They find, first, that U.S. monetary policy events have an economically significant impact on price volatility. Second, expected target rate changes and communications decrease...

    Provided By Philipps-Universitat Marburg