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This article quantifies the activities of medieval and early modern parliaments. It traces the long‐term evolution of this European institution, and offers a first pass at analysing its impact on long‐term economic development. Starting in Spain in the twelfth century, parliaments gradually spread over the Latin west between 1200 and 1500. In the early modern period, parliaments declined in influence in southern and central Europe and further gained in importance in the Netherlands and Britain, resulting in an institutional ‘Little Divergence’ between 1500 and 1800. We discuss the background of this phenomenon in detail. Moreover, by analysing the effects of parliamentary activity on city growth we find that these differences in institutional development help to explain the economic divergence between north‐western and southern and central Europe. 相似文献
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PHILIP VERMEULEN DANIEL A. DIAS MAARTEN DOSSCHE ERWAN GAUTIER IGNACIO HERNANDO ROBERTO SABBATINI HARALD STAHL 《Journal of Money, Credit and Banking》2012,44(8):1631-1650
This paper summarizes the microevidence on the setting of producer prices in the euro area. The main findings are: (i) 21% of producer prices are adjusted each month, (ii) producer prices are changed more frequently and by smaller amounts than consumer prices (even after controlling for product characteristics), (iii) price decreases are relatively frequent, (iv) inflation correlates positively with the difference between the frequency of price increases and decreases, and (v) there is substantial variation in price flexibility across sectors, which can be explained in part by differences in the cost structure, the degree of competition, and the level of sectoral inflation. 相似文献
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MARIE GOPPELSROEDER MAARTEN PIETER SCHINKEL JAN TUINSTRA 《The Journal of industrial economics》2008,56(4):778-808
This paper introduces the Werden‐Froeb Index (WFI) to assist in evaluating merger‐specific efficiencies in horizontal mergers. The index measures the weighted average reduction in marginal costs required to restore pre‐merger equilibrium prices and quantities after the (full or partial) merger is consummated. The WFI is well defined, objective and robust, and it has relatively low information requirements. We propose to use the index as a natural complement to concentration measures such as the Hirschmann‐Herfindahl Index in the assessment of horizontal mergers. 相似文献
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We analyze a dynamic version of the Akerlof–Wilson “lemons” market in a competitive durable good setting. There is a fixed set of sellers with private information about the quality of their wares. The price mechanism sorts sellers of different qualities into different time periods—prices and average quality of goods traded increase over time. Goods of all qualities are traded in finite time. Market failure arises because of the waiting involved—particularly for sellers of better quality. The equilibrium path may exhibit intermediate breaks in trading. 相似文献
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In this paper, we exploit the open nature of conference calls to explore whether managers withhold information from the investing public. Our evidence suggests that managers regularly leave participants on the conference call in the dark by not answering their questions. We find that the best predictors of such an event are firm size, a CEO's stock price–based incentives, company age, firm performance, litigation risk, and whether analysts are actively involved during the call's Q&A section. Finally, we document strong support for the assumption maintained in the literature that investors interpret silence negatively. That is, investors seem to interpret no news as bad news. 相似文献
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MAARTEN R.C. VAN OORDT 《Journal of Money, Credit and Banking》2023,55(2-3):465-501
This paper proposes a novel methodology to calibrate the magnitude of the countercyclical capital buffer (CCyB) using market-based stress tests. The macroprudential authority in our paper aims to contain the possibility of a breach of a minimum capital ratio in the event of a severe system-wide shock within a certain permissible failure probability. We apply the methodology by stress-testing major banks in six advanced economies on a quarterly basis over a period of 27 years. The estimates suggest that the cap on the CCyB should not be less than around 1.7% of total assets. Its potential normal-times level is estimated at approximately 0.8% of total assets. 相似文献
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