CFS Working Paper Series

From Center for Financial Studies (CFS)
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511: A global lending channel unplugged? Does U.S. monetary policy affect cross-border and affiliate lending by global U.S. banks?

Judit Temesvary, Steven Ongena and Ann Owen

510: Is optimal monetary policy always optimal?

Troy Davig and Refet Gürkaynak

509: Corporate investment, debt and liquidity choices in the light of financial constraints and hedging needs

Christina Bannier and Carolin Schürg

508: Political economics of external sovereign defaults

Carolina Achury, Christos Koulovatianos and John Tsoukalas

507: The consumption and wealth effects of an unanticipated change in lifetime resources

Tullio Jappelli and Mario Padula

506: Das anhaltende Niedrigzinsumfeld in Deutschland

Volker Brühl and Uwe Walz

505: Financial shocks and the real economy in a nonlinear world: From theory to estimation

Andrea Silvestrini and Andrea Zaghini

504: Interest rate elasticity of bank loans: The case for sector-specific capital requirements

Florian Hense

503: Anticipation, tax avoidance, and the price elasticity of gasoline demand

John Coglianese, Lucas Davis, Lutz Kilian and James H. Stock

502: How risky is college investment?

Lutz Hendricks and Oksana Leukhina

501: Understanding the decline in the price of oil since June 2014

Christiane Baumeister and Lutz Kilian

500: Inside the crystal ball: New approaches to predicting the gasoline price at the pump

Christiane Baumeister, Lutz Kilian and Thomas K. Lee

499: The impact of the shale oil revolution on U.S. oil and gasoline prices

Lutz Kilian

498: Impulse response matching estimators for DSGE models

Pablo Guerron, Atsushi Inoue and Lutz Kilian

497: Human capital and optimal redistribution

Winfried Koeniger and Julien Prat

496: Money is more than memory

Maria Bigoni, Gabriele Camera and Marco Casari

495: Emotions-at-risk: An experimental investigation into emotions, option prices and risk perception

Ronald Bosman, Roman Kräussl and Thomas van Galen

494: Art as an alternative asset class: Risk and return characteristics of the Middle Eastern & Northern African art markets

Roman Kräussl

493: Is there a bubble in the art market?

Roman Kräussl, Thorsten Lehnert and Nicolas Martelin

492: News media sentiment and investor behavior

Roman Kräussl and Elizaveta Mirgorodskaya

491: The broken buck stops here: Embracing sponsor support in money market fund reform

Jill E. Fisch

490: How does tax progressivity and household heterogeneity affect Laffer curves?

Hans Holter, Dirk Krueger and Serhiy Stepanchuk

489: Fitting parsimonious household- portfolio models to data

Sylwia Hubar, Christos Koulovatianos and Jian Li

488: The impact of health insurance on stockholding: A regression discontinuity approach

Dimitris Christelis, Dimitris Georgarakos and Anna Sanz-de-Galdeano

487: The return to college: Selection and dropout risk

Lutz Hendricks and Oksana Leukhina

486: Lessons from the European financial crisis

Marco Pagano

485: Financial disclosure and market transparency with costly information processing

Marco Di Maggio and Marco Pagano

484: Do demographics prevent consumer aggregates from reflecting micro-level preferences?

Christos Koulovatianos, Carsten Schröder and Ulrich Schmidt

483: A note on uniqueness in game-theoretic foundations of the reactive equilibrium

Wanda Mimra and Achim Wambach

482: Advertising arbitrage

Sergey Kovbasyuk and Marco Pagano

481: Dealing with financial crises: How much help from research?

Marco Pagano

480: Consumption-based asset pricing with rare disaster risk

Joachim Grammig and Jantje Sönksen

479: Give me strong moments and time: Combining GMM and SMM to estimate long-run risk asset pricing models

Joachim Grammig and Eva-Maria Schaub

478: Marginalized predictive likelihood comparisons of linear Gaussian state-space models with applications to DSGE, DSGEVAR, and VAR models

Anders Warne, Günter Coenen and Kai Christoffel

477: Estimating the spot covariation of asset prices: Statistical theory and empirical evidence

Markus Bibinger, Nikolaus Hautsch, Peter Malec and Markus Reiss

476: Performance-sensitive debt: The intertwined effects of performance measurement and pricing grid asymmetry

Christina Bannier and Markus Wiemann

475: Incentive schemes, private information and the double-edged role of competition for agents

Christina Bannier, Eberhard Feess and Natalie Packham

474: In lands of foreign currency credit, bank lending channels run through? The effects of monetary policy at home and abroad on the currency denomination of the supply of credit

Steven Ongena, Ibolya Schindele and Dzsamila Vonnák

473: High marginal tax rates on the top 1%?

Fabian Kindermann and Dirk Krueger

472: The costs and benefits of leaving the EU

Gianmarco Ottaviano, João Paulo Pessoa, Thomas Sampson and John van Reenen

471: Wealth shocks, unemployment shocks and consumption in the wake of the Great Recession

Dimitris Christelis, Dimitris Georgarakos and Tullio Jappelli

470: European integration and the gains from trade

Gianmarco Ottaviano

469: Relaxing credit constraints in emerging economies: The impact of public loans on the performance of Brazilian manufacturers

Gianmarco Ottaviano and Filipe Lage de Sousa

468: Order exposure and liquidity coordination: Does hidden liquidity harm price efficiency?

Gökhan Cebiroglu, Nikolaus Hautsch and Ulrich Horst

467: Systemic risk spillovers in the European banking and sovereign network

Frank Betz, Nikolaus Hautsch, Tuomas Peltonen and Melanie Schienle

466: A general approach to recovering market expectations from futures prices with an application to crude oil

Christiane Baumeister and Lutz Kilian

465: The benefits of panel data in consumer expenditure surveys

Christopher Carroll, Jonathan Parker and Nicholas S. Souleles

464: Representing consumption and saving without a representative consumer

Christopher Carroll

463: Everything you always wanted to know about systemic importance (but were afraid to ask)

Piergiorgio Alessandri, Sergio Masciantonio and Andrea Zaghini

462: Credit default swaps and corporate cash holdings

Marti G. Subrahmanyam, Dragon Yongjun Tang and Sarah Qian Wang

461: To disclose or not to disclose: Transparency and liquidity in the structured product market

Nils Friewald, Rainer Jankowitsch and Marti G. Subrahmanyam

460: The role of oil price shocks in causing U.S. recessions

Lutz Kilian and Robert Vigfusson

459: Paying for risk: Bankers, compensation, and competition

Simone M. Sepe and Charles K. Whitehead

458: Trust, trustworthiness and selection into the financial industry

Andrej Gill, Matthias Heinz and Heiner Schumacher

457: Monetary policy, long real yields and the financial crisis

Laura Moretti

456: The role of bank lending tightening on corporate bond issuance in the eurozone

Orcun Kaya and Lulu Wang

455: Who are the value and growth investors?

Sebastien Betermier, Laurent Calvet and Paolo Sodini

454: Bank bonds: Size, systemic relevance and the sovereign

Andrea Zaghini

453: On the economics of crisis contracts

Elias Aptus, Volker Britz and Hans Gersbach

452: A model of mortgage default

John Campbell and João F. Cocco

451: The determinants of inflation differentials in the euro area

Laura Moretti

450: Efficient iterative maximum likelihood estimation of high-parameterized time series models

Nikolaus Hautsch, Ostap Okhrin and Alexander Ristig