Publications des institutions partenaires

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Samuel Reynard: Financial Market Participation and the Apparent Instability of Money Demand

This paper uses multi-period cross-sectional data on financial assets holdings to shed light on the postwar stability of money demand in the United States. I first present a new measure of the evolution of financial market participation, by relating participation to the extensive margins of money demand, and quantify the influence of wealth on participation decisions. I then relate...

Institution partenaire

Banque nationale suisse

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English / 27/04/2016

Raphael Anton Auer: What Drives Target2 Balances? Evidence From a Panel Analysis

What are the drivers of the large Target2 (T2) balances that have emerged in the European Monetary Union since the start of the financial crisis in 2007? This paper examines the extent to which the evolution of national T2 balances can be statistically associated with cross-border financial flows and current account (CA) balances. In a quarterly panel spanning the years 1999 to 2012...

Institution partenaire

Banque nationale suisse

Full Text

English / 27/04/2016

Raphael Anton Auer and Raphael S. Schoenle: Market Structure and Exchange Rate Pass-Through

In this paper, we examine the extent to which market structure and the way in which it affects pricing decisions of profit-maximizing firms can explain incomplete exchange rate passthrough. To this purpose, we evaluate how pass-through rates vary across trade partners and sectors depending on the mass and size distribution of firms affected by a particular exchange rate shock. In the...

Institution partenaire

Banque nationale suisse

Full Text

English / 27/04/2016

Andreas Kropf and Philip Ulrich Sauré: Fixed Costs per Shipment

Exporting firms do not only decide how much of their products they ship abroad but also at which frequency. Doing so, they face a trade-off between saving on fixed costs per shipments (by shipping large amounts infrequently) and saving on storage costs (by delivering just in time with small and frequent shipments). The firm's optimal choice defines a mapping from size and frequency...

Institution partenaire

Banque nationale suisse

Full Text

English / 27/04/2016

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