Discussion Papers

We develop a structural model of an industry with many entrepreneurial firms in order to investigate the cyclical behaviour of aggregate fixed...

This paper contains a general equilibrium model of an economy with incomplete markets (GEI) with money and default. The model is a simplified version...

We apply a sector-based approach to companies going public in the six largest Continental European markets and Sweden during a period characterized by...

We perform a comparative country-by-country study of companies going public in the six largest Continental European markets and Sweden during 1988 and...

We study the relationship between management behaviour and the subsequent market response in the German IPO market. When applying two forms for...

This paper introduces a tractable, structural model of subjective beliefs. Since agents that plan for the future care about expected future utility...

Our concerns on the potential impact of the proposed new Basel Capital Accord (Basel II) were first expressed following the release of the second...

This paper is a theoretical study of the transmission mechanism of monetary policy in the presence of an endogenous role of bank capital. The basic...

This paper studies how the introduction of social learning with costs to delay affects coordination games with incomplete information. We present a...

Financial contagion is modeled as an equilibrium phenomenon in a dynamic setting with incomplete information and multiple banks. The equilibrium...

This paper investigates the benefits of allowing households to compensate the portfolio distortion due to their housing consumption through...

Housing and pension wealth are shown to be important determinants of personal sector consumption and retirement behaviour in the UK. Housing and state...

The concept of risk-based capital requirements enjoys widespread support. Effective implementation, however, requires that risk be measured accurately...

We study a very general setting, and propose a procedure for estimating the critical values of the extended Kolmogorov-Smirnov tests of First and...

We study the effects of sterilised intervention operations executed on behalf of the Swiss National Bank (SNB) using tick-by-tick transactions data...

It is typically less profitable for an opportunistic borrower to divert inputs than to divert cash. Suppliers, therefore, may lend more liberally than...