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- Small Business Credit Availability and Relationship Lending: The Importance of Bank Organisational Structure
- This paper models the inner workings of relationship lending, the implications for bank organizational structure, and the effects of shocks to the economic environment on the availability of relationship credit to small businesses. The shocks analyzed include technological innovations, regulatory regime shifts, banking industry consolidation, and monetary policy shocks. ...
- White papers 2001-01-08
- Output Drops and the Shocks That Matter
- Output drops are usually associated with major disruption for the residents of affected countries, both directly and often through ensuing, prolonged growth slowdowns. Using a century of data, the authors' document that output drops are more frequent in countries at a lower stage of economic development. The authors then turn...
- White papers 2006-07-01
- Are External Shocks Responsible for the Instability of Output in Low-Income Countries?
- External shocks, such as commodity price fluctuations, natural disasters, and the role of the international economy, are often blamed for the poor economic performance of low-income countries. This paper quantifies the impact of these different external shocks using a panel vector auto-regression approach and compares their relative contributions to output...
- White papers 2005-08-01
- Cataclysms and Currencies: Does the Exchange Rate Regime Matter for Real Shocks?
- Does the choice of exchange rate regime affect the way an economy's adjustment to real shocks? Exploiting the randomness of natural shocks, this paper assesses empirically the often contrasting answers found in the theoretical literature. The evidence supports key themes in this literature, and points to an important tradeoff between...
- White papers 2005-04-01
- International Risk Sharing and Currency Unions: The CFA Zones
- This paper explores income and consumption smoothing patterns among the member countries of each of the CFA zones-the CEMAC2 and the WAEMU3-during the period 1980-2000. It finds that for the CEMAC, only about 15 percent of shocks to GDP are smoothed through the standard channels (that is, capital market, credit...
- White papers 2005-05-01
- Setting the Stage for a National Currency in the West Bank and Gaza: The Choice of Exchange Rate Regime
- This paper sheds light on the quantitative behavioral responses of key economic variables in the Palestinian economy in the face of major economic shocks and draws implications for the choice of an exchange rate regime should a decision be taken to introduce a national currency. Time-series regression analysis shows that...
- White papers 2005-04-01
- Small Business Credit Availability and Relationship Lending: The Importance of Bank Organizational Structure
- This paper models the inner workings of relationship lending, the implications for bank organizational structure, and the effects of shocks to the economic environment on the availability of relationship credit to small businesses. Relationship lending depends on the accumulation over time by the loan officer of "soft" information. Because the...
- White papers 2001-04-01
- Deflation and the International Great Depression: A Productivity Puzzle
- This paper presents a dynamic, stochastic general equilibrium study of the causes of the international 'Great Depression'. It uses a fully articulated model to assess the relative contributions of deflation/monetary shocks, which are the most commonly, cited shocks for the Depression, and productivity shocks. It finds that productivity is the...
- White papers 2005-03-01
- Financial Markets in Times of Stress
- This paper examines which markets are most synchronized internationally and exhibit the greater extent of co movement. It focuses on daily data for four asset markets: bonds, equities, foreign exchange, and domestic money market. The extent of co movement and responsiveness to external shocks is examined in different ways. To...
- White papers 2001-10-01
- Analysis of Failure Modes and Mechanisms in Thermally Actuated Micromachined Relays for Harsh Environments Space Applications
- This paper reports test results on electrical characteristics, evaluation of design, failure modes and reliability of thermally actuated, commercially available micro machined relays. The selected parts have been characterized over a wide range of temperatures varying load conditions (voltages from 10 V to 70 V, and currents from 5 mA...
- White papers 2003-03-19
- Capital Controls and the International Transmission of U.S. Money Shocks
- This paper assess whether capital controls effectively insulate countries from U.S. monetary shocks, looking simultaneously at a large range of country experiences in a unified estimation framework. The paper estimates the effect of identified U.S. monetary shocks on the exchange rate and foreign country interest rates, and test whether countries...
- White papers 2003-09-01
- International Diversification Strategies
- Article talks about a model with country- and industry-specific shocks that extend the dummy variable model used in the portfolio diversification literature by relaxing the restriction that all stocks with exposure to a given shock have the same exposure to that shock. It is find that: i) This restriction is...
- White papers 2002-11-01
- Ricardian Equivalence with Incomplete Household Risk Sharing
- veral important empirical studies (e.g., Altonji, Hayashi, and Kotlikoff, 1992, 1996, 1997) find that households are not altruistically-linked in a way consistent with the standard Ricardian model, as put forward by Barro (1974). We build a two-sided altruistic-linkage model in which private transfers are made in the presence of two...
- Case studies 2003-01-01
- Interest Rates, Contagion and Capital Controls
- In this paper I analyze several issues related to contagion including its definition, recent experiences, alternative channels at work, and possible prevention mechanisms. The discussion deals with the macroeconomics implications of contagion, and concentrates on the relationship between the degree of openness of the capital account and the transmission of...
- White papers 2000-08-02
- Habit Formation and the Persistence of Monetary Shocks
- This paper studies the persistent effects of monetary shocks on output. Previous empirical literature documents this persistence, but standard general-equilibrium models with sticky prices fail to generate output responses beyond the duration of nominal contracts. The paper constructs and estimates a general-equilibrium model with price rigidities, habit formation, and costly...
- White papers 2002-10-01
- The Dynamics Of Plant-Level Productivity In U.S. Manufacturing
- Nowadays work in I.O. has emphasized the importance of firm- and plant-level heterogeneity in total factor productivity. In this paper, we estimate establishment-level productivity for the entire U.S. manufacturing sector from 1976 until 1999 by using the Census Bureau's Longitudinal Research Database combined with the Bureau's Longitudinal Business Database. We...
- White papers 2006-09-05
Additional Resources
- The mysterious X dimension - shock struts on U.S. Air Force planes - Brief Article
- In the past six years the USAF has had at least seven mishaps where improperly serviced landing gear shock struts have played either a direct or contributing role. This article is to help field maintenance crews understand the importance of properly servicing shock struts. Improper servicing can cause damage to...
- Research articles 2002-08-01
- Cigna covers WC self.-ins. shock loss. (Cigna Special Benefits Cos. offers self-insured workers' compensation programs)
- Cigna Covers WC Self.-Ins. Shock Loss To provide employers with "sleep tight security," Cigna Special Benefits Cos. has developed a new package to protect self-insured workers' compensation programs from shock loss. Employers who self-inCigna Covers WC Self.-Ins. Shock Loss ...
- Research articles 1991-04-08
- Casio Inc. (Shock the World).(Brief Article)
- Casio Inc. has signed Jeremy Shockey left, the rookie tight end for the New York Giants, to represent its G-Shock watch line. The "tough, aggressive, and high-spirited" Shockey "personifies the spirit of the G-Shock brand and is the Casio Inc. has signed Jeremy Shockey left,...
- Research articles 2003-03-01
- Multi-Shock Blankets for Protecting Spacecraft
- A report discusses multi-shock blankets, which are under investigation for use in protecting spacecraft against orbiting debris from prior spacecraft missions. Multi-shock blankets are described in comparison with early protective metallic "bumpers" and with a somewhat more recent invention called the "multi-shock shield." A multi-shock blanket is a stand-alone, self-contained...
- Research articles 2001-09-01
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