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- Inflation Targeting Regimes
- This paper classifies countries that define their monetary policy framework by an inflation target into full-fledged inflation targeters, eclectic inflation targeters and inflation targeting lite regimes. This classification is based on indicators of the clarity and credibility of the commitment to the inflation target. The three regimes can be viewed...
- White papers 2003-01-01
- Testing Alternative Theories of Property Price-Trading Volume With Commercial Real Estate Market Data
- The significant price-trading volume correlation found in the residential property market presents a challenge to the rational expectation hypothesis. Existing theories account for this fact with either capital market imperfection (down-payment effect or loss-aversion consideration) or imperfect information search theoretic models. This paper employs data from both the sale and...
- White papers 2004-02-01
- Capitalizing Central Banks: A Net Worth Approach
- This paper provides a simple, quantitative, net worth-based, approach to assessing the need for central bank capital. It derives a concept of "core capital" (a function of the central bank's operating expenditures and the carrying cost of its international reserves) as the minimum capital needed by a central bank to...
- White papers 2005-01-01
- Financial Sector Conditionality: Is Tougher Better?
- The aim of this paper is to take a closer look at IMF conditionality in the banking sector. The analysis shows that while such conditionality became more stringent following the Asian crisis, compliance has remained broadly unchanged, comparing unfavorably with other structural reforms. The results of panel data regressions show...
- White papers 2005-12-01
Additional Resources
- Democrats in power could alter lobbying.
- Byline: JEFFREY SILVA The Democratic takeover of Congress and the early push for ethics reform on Capitol Hill is creating a new lobbying landscape for wireless, telecom and high-tech sectors, one with indirect policy implications for telecom Byline:...
- Research articles 2007-01-22
- The worried man at the Bundesbank; Karl Otto Pohl thinks it is the Bundesbank's business to run Germany's monetary policy as he thinks best.
- AFTER 11 years as president of the Bundesbank, Karl Otto Pohl is fighting the battle of his life. Mr Pohl, a great survivor, has bounced over plenty of bumpy patches during his career as journalist, government minister and central banker. But now his authority and, by implication,...
- Research articles 1991-05-04
- The Case of Distortionary Output Taxes
- The paper discusses a model in which growth is a negative function of fiscal burden. Moreover, growth discontinuously switches from high to low as fiscal burden reaches a critical level. Growth collapse is associated with a Sudden Stop of capital inflows, real depreciation and a drop in output (driven by...
- White papers 2003-07-15
- The Small-Cap-Alpha Myth
- This paper provides no support for the claim that active management of small-cap portfolios is more fruitful than it is for large-cap portfolios. As a result of higher management fees and greater transaction costs, the typical overall cost differential between large- and small-cap portfolios is more than 100 basis points...
- White papers 2001-09-01
- Are Asset Price Guarantees Useful for Preventing Sudden Stops?
- The globalization hazard hypothesis maintains that the current account reversals and asset price collapses observed during 'Sudden Stops' are caused by global capital market frictions. A policy implication of this view is that Sudden Stops can be prevented by offering global investors price guarantees on emerging markets assets. These guarantees,...
- White papers 2005-03-01
- Hospital Ownership Mix Efficiency in the US: An Exploratory Study
- This paper offers an empirical test of ownership mix efficiency in the U.S. hospital services industry. The test compares the benefits of quality assurance with the costs from the attenuation of property rights that result from an increased presence of nonprofit organizations. The empirical results suggest that too many not-for-profit...
- White papers 2005-03-01
- Human Capital and Economic Growth Revisited: A Dynamic Panel Data Study
- This paper examines the role of human capital on economic growth by using a large panel of data including 93 countries. Given the cross-sectional character in most of the relevant studies, there is a possibility that when the long-run dynamics are considered, education might not be a significant determinant of...
- White papers 2002-08-01
- DOJ and FTC to Hold Joint Public Hearings on Competition Policy Related to Single-Firm Conduct; Hearings to Begin in Spring 2006
- WASHINGTON, Nov. 28 /U.S. Newswire/ -- The Department of Justice's Antitrust Division, together with the Federal Trade Commission FTC, has announced that it will hold a series of public hearings designed to examine the antitrust implications of single fWASHINGTON, Nov. 28 /U.S. Newswire/ -- The Department of Justice's Antitrust Division,...
- Research articles 2005-11-28
- Explaining the U.S. farm policy in 1996 and beyond: changes in party control and changing market conditions: discussion
- But when the 1949 Agricultural Act, a disastrous piece of legislation if ever there was one, was once again renewed, I felt nothing had really changed. Instead of a commitment that in 2002 the market would once again provide the primary guidelines for farm decisions and the pricing of factors...
- Research articles 1996-12-01
- Costco Wholesale F1Q07 (Qtr End 11/26/06) Earnings Call Transcript
- Question-and-Answer SessionOperator Operator Instructions. The first question is from the line of Charles Grom. Charles Grom - JP Morgan Hi, good morning, Richard. Thanks. Clearly, TV returns continue to be a drag. Can you update us on the concierge service in Southern California and the potential...
- Earnings calls 2006-12-14
- Financial Sector Inefficiencies and Coordinate Failures: Implications for Crisis Management
- This paper analyzes the implication of inefficient financial intermediation for crisis management in a country where firms are highly-indebted. The analysis is based on a model in which firms rely on bank credit to finance their working capital needs and lenders face high state verification and enforcement costs of loan...
- White papers 1999-12-15
- Hellenic Telecommunications Organization SA Q3 2007 Earnings Call Transcript
- Question-and-Answer SessionOperator Thank you. [Operator instruction]. Your first question comes from Terrence Sinclair of Citi. Please ask your question. Terrence Sinclair - Citigroup Good afternoon, good evening. I have got a couple of questions. One relates to Cosmote and one relates to the ownership of OTE....
- Earnings calls 2007-11-28
- Thornburg Mortgage Inc. Q3 2007 Earnings Call Transcript
- Question-and-Answer Session Operator Thank you. [Operator Instructions]. Our first question is with Richard V. Shane with Jefferies and Company. Please go ahead sir. Richard V. Shane - Jefferies & Co. Larry, thanks for taking my question. I’m going to ask you to try to...
- Earnings calls 2007-10-18
- Shaw Communications, Inc. F4Q07 (Qtr End 8/31/07) Earnings Call Transcript
- Question-and-Answer SessionOperator Thank you. [Operator Instructions]. And our first question will now come from Vince Valentini. Please go ahead. Vince Valentini - TD Securities Inc. Hey, thanks. Good quarter guys and good dividend increase. Just on the subscriber side, the numbers on the telephony are a...
- Earnings calls 2007-10-28
- Civic Duty and Expressive Voting: Is Virtue its own Reward?
- Turnout at elections cannot be easily explained by reference to instrumental rationality. The probability that any individual voter will alter an electoral outcome is miniscule and the net expected utility from voting is likely to be negative. Instead, high rates of turnout are explained by the consumption gains arising from...
- White papers 2003-01-01
- Eastman Chemical Co. Q3 2007 Earnings Call Transcript
- Question-and-Answer Session Operator Thank you. [Operator Instructions]. Our first question will come from Prashant Juvekar with Citi. PrashantJuvekar - Citigroup Good morning Brian. J. Brian Ferguson - Chairman and Chief Executive Officer Good morning sir, how are you? PrashantJuvekar -...
- Earnings calls 2007-10-28
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