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Gerzensee Working Papers
2021 - 2025
2016 - 2020
2011 - 2015
2006 - 2010
2001 - 2005
1996 - 2000
1991 - 1995
2021
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2025
25.05
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Using Natural Language Processing to Identify Monetary Policy Shocks
Alexandra Piller, Marc Schranz and Larissa Schwaller
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25.04
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Risk Attitudes do not explain Cash Holdings
Nicole Hentschel
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25.03
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On the Optimal Design of Consumption Taxes
Michael Barczay
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25.02
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The Zero Lower Bound on Deposit Rates, Monetary Policy and Bank Insolvency Risk
Lorenz Driussi
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25.01
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Consumer Adoption and Use of Payment Technology: Convenience Benefits vs. Security Concerns
Martin Brown, Laura Felber and Christoph Meyer
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24.07
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Currency speculation around the opening of the telegraph between London and Paris in 1851
Nils Herger
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24.06R
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A geometric approach to factor model identification
Sylvia Kaufmann and Markus Pape
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24.06
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A geometric approach to factor model identification
Sylvia Kaufmann and Markus Pape
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24.05
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On-the-run Premia, Settlement Fails, and Central Bank Access
Fabienne Schneider
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24.04
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Credit and Anonymity
Fabienne Schneider and Remo Taudien
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24.03
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Truth by Consensus: A Theoretical and Empirical Investigation
Gabriele Camera, Rodney Garratt and Cyril Monnet
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24.02
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Dynamic factor models with common (drifting) stochastic trends
Sylvia Kaufmann and Rodney W. Strachan
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24.01
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A Runs Test for Stock-Market Prices with an Unobserved Trend
Nils Herger
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23.04R
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Bayesian (non-)unique sparse factor modelling
Sylvia Kaufmann and Markus Pape
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23.04
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Bayesian (non-)unique sparse factor modelling
Sylvia Kaufmann and Markus Pape
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23.03
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Moral Constraints, Social Norm Enforcement and Strategic Default in Weak and Strong Economic Conditions
Martin Brown, Jan Schmitz and Christian Zehnder
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23.02
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Communication and Hidden Action: A Credit Market Experiment
Martin Brown, Jan Schmitz and Christian Zehnder
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23.01
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Fragility of Secured Credit Chains
Piero Gottardi, Vincent Maurin and Cyril Monnet
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22.04
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Real interest rates and population growth across generations
Lucas Fuhrer and Nils Herger
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22.03
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Central Bank Digital Currency: Stability and Information
Cyril Monnet and Todd Keister
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22.02R
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Covid-19 outbreak and beyond: A retrospect on the information content of registered short-time workers for GDP now- and forecasting.
Sylvia Kaufmann
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22.02
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Covid-19 outbreak and beyond: A retrospect on the information content of registered short-time workers for GDP now- and forecasting.
Sylvia Kaufmann
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22.01
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The Political Economy of Early COVID-19 Interventions in US States
Martín Gonzalez-Eiras and Dirk Niepelt
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21.01
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Distributed Ledgers and the Governance of Money
Raphael Auer, Cyril Monnet and Hyun Song Shin
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2016
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2020
20.06
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Optimally Controlling an Epidemic
Martín Gonzalez-Eiras and Dirk Niepelt
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20.05
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Monetary Policy with Reserves and CBDC: Optimality, Equivalence, and Politics
Dirk Niepelt
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20.04
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Bank lending in Switzerland: Capturing cross-sectional heterogeneity and asymmetry over time
Toni Beutler, Matthias Gubler, Simona Hauri and Sylvia Kaufmann
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20.03
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Covid-19 outbreak and beyond: The information content of registered short-time workers for GDP now and forecasting
Sylvia Kaufmann
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20.02
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Tractable Epidemiological Models for Economic Analysis
Martín Gonzalez-Eiras and Dirk Niepelt
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20.01
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On the Optimal "Lockdown" During an Epidemic
Martín Gonzalez-Eiras and Dirk Niepelt
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19.06
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Unregulated and regulated free banking. The case of Switzerland reinterpreted
Nils Herger
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19.05
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On the Equivalence of Private and Public Money
Markus K. Brunnermeier and Dirk Niepelt
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19.04
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On the Instability of Banking and Other Financial Intermediation
Chao Gu, Cyril Monnet, Ed Nosal and Randall Wright
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19.03
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Streamlining Time-varying VAR with a Factor Structure in the Parameters
Simon Beyeler
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19.02
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Unraveling News: Reconciling Conflicting Evidence
Maria Bolboaca and Sarah Fischer
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19.01
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News Shocks: Different Effects in Boom and Recession?
Maria Bolboaca and Sarah Fischer
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18.03
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The Risk-Taking Channel of Liquidity Regulations and Monetary Policy
Stephan Imhof, Cyril Monnet and Shengxing Zhang
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18.02
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Reserves for All? Central Bank Digital Currency, Deposits, and their (Non)-Equivalence
Dirk Niepelt
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18.01
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Asset Prices under Alternative Exchange Rate Regimes
Nicole Aregger
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17.04
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Testing the interest parity condition with Irving Fisher’s example of Indian rupee and sterlingbonds in the London financial market (1869-1906).
Nils Herger
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17.03
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Unconventional Monetary Policy under Appreciation Pressure -The Role of Financial Frictions
Nicole Aregger and Jessica Leutert
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17.02
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Policy Evaluation by the Synthetic Control Approach: The Case of the Swiss Franc
Nicole Aregger and Jessica Leutert
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17.01
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An empirical assessment of the Swedish Bullionist Controversy
Nils Herger
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16.08R
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Factor augmented VAR revisited - A sparse dynamic factor model approach
Simon Beyeler and Sylvia Kaufmann
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16.08
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Factor augmented VAR revisited - A sparse dynamic factor model approach
Simon Beyeler and Sylvia Kaufmann
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16.07
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Exchange rate floor and central bank balance sheets: Simple spillover tests of the Swiss franc
Adrien Alvero and Andreas M. Fischer
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16.06
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Hidden Markov models in time series, with applications in economics
Sylvia Kaufmann
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16.05
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Fiscal Federalism, Taxation and Grants
Martín Gonzalez-Eiras and Dirk Niepelt
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16.04
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Capital Flows and the Swiss Franc
Pinar Yesin
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16.03
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Exchange Rate Predictability and State-of-the-Art Models
Pinar Yesin
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16.02
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Changing dynamics at the zero lower bound
Gregor Bäurle, Daniel Kaufmann, Sylvia Kaufmann and Rodney W. Strachan
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16.01
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The impact of international swap lines on stock returns of banks in emerging markets
Alin Marius Andries, Andreas M. Fischer and Pinar Yesin
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2011
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2015
15.05
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The Impact of Interest Rate Risk on Bank Lending
Toni Beutler, Robert Bichsel, Adrian Bruhin and Jayson Danton
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15.04
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An uncovered interest parity condition that worked – The continental investment demand for London bills of exchange during the gold standard (1880 -1914).
Nils Herger
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15.03
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Human Capital and the Dynamic Effects of Trade
Raphael A. Auer
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15.02
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Capital flow waves to and from Switzerland before and after the financial crisis
Pinar Yesin
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15.01
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Exchange Rate Pass-Through, Domestic Competition, and Inflation: Evidence from the 2005/08 Revaluation of the Renminbi
Raphael A. Auer
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14.07
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Austerity
Harris Dellas and Dirk Niepelt
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14.06
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Intertemporal discoordination in the 100 percent reserve banking system
Romain Baeriswyl
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14.05
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Trade linkages and the globalisation of inflation in Asia and the Pacific
Raphael A. Auer and Aaron Mehrotra
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14.04
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K-state switching models with time-varying transition distributions – Does credit growth signal stronger effects of variables on inflation?
Sylvia Kaufmann
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14.03
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The Cyclical Component of Labor MarketPolarization and Jobless Recoveries in the US
Paul Gaggl and Sylvia Kaufmann
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14.02
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Horizontal, Vertical, and Conglomerate FDI: Evidence from Cross Border Acquisitions
Nils Herger and Steve McCorriston
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14.01
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Offshoring and Sequential Production Chains: A General-Equilibrium Analysis
Philipp Harms, Jaewon Jung and Oliver Lorz
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13.08
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Market Entries and Exits and the Nonlinear Behaviour of the Exchange Rate Pass-Through into Import Prices
Nils Herger
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13.07
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Risk-off Episodes and Swiss Franc Appreciation: the Role of Capital Flows
Irineu de Carvalho Filho
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13.06
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Foreign Currency Loans and Systemic Risk in Europe
Pinar Yesin
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13.05
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Credibility For Sale
Harris Dellas and Dirk Niepelt
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13.04
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Bayesian Estimation of Sparse Dynamic Factor Models with Order-Independent Identification
Sylvia Kaufmann and Christian Schuhmacher
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13.03
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What Drives Target2 Balances? Evidence From a Panel Analysis
Raphael A. Auer
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13.02
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On Discrete Location Choice Models
Nils Herger
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13.01
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Product Heterogeneity, Cross-Country Taste Differences, and the Consumption Home Bias
Raphael A. Auer
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12.03
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Forecasting Exchange Rates with Commodity Convenience Yields
Toni Beutler
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12.02
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Economic and Politico-Economic Equivalence
Martín Gonzalez-Eiras and Dirk Niepelt
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12.01
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Transmission of Sovereign Risk in the Euro Crisis
Filippo Brutti and Philip Sauré
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11.11
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The Collateral Channel under Imperfect Debt Enforcement
Toni Beutler and Mathieu Grobéty
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11.10
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An FDI is an FDI is an FDI? The growth effects of greenfield investment and mergers and acquisitions in developing countries
Philipp Harms and Pierre-Guillaume Méon
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11.09
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Prices and Choices in the Swiss Health Care Insurance Market
Yves Ortiz
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11.08
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Limited Rationality and Strategic Interaction: A Probabilistic Multi-Agent Model
Yves Ortiz and Martin Schüle
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11.07
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Surfing the Capital Waves: A sector-level examination of surges in FDI inflows
Salvatore Dell’Erba and Dennis Reinhardt
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11.06
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Ageing, Government Budgets, Retirement, and Growth
Martín Gonzalez-Eiras and Dirk Niepelt
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11.05
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The Journal Rankings of Central Banks
Emanuel Kohlscheen
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11.04
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Spatial Competition in Quality, Demand-Induced Innovation, and Schumpeterian Growth
Raphael Auer and Philip Sauré
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11.03
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CHF Strength and Swiss Export Performance – Evidence and Outlook From a Disaggregate Analysis
Raphael Auer and Philip Sauré
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11.02
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Low-Wage Import Competition, Inflationary Pressure, and Industry Dynamics in Europe
Raphael Auer, Kathrin Degen and Andreas M. Fischer
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11.01
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Development (Paradigm) Failures
Roland Hodler
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2006
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2010
10.05
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Foreign Aid and Enlightened Leaders
Roland Hodler and Paul A. Raschky
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10.04
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Compulsory Voting and Public Finance
Roland Hodler
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10.03
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The Home Bias in Equities and Distribution Costs
Philipp Harms, Mathias Hoffmann and Christina Ortseifer
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10.02
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Into the Allocation Puzzle - A Sectoral Analysis
Dennis Reinhardt
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10.01
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Biased Experts, Costly Lies, and Binary Decisions
Roland Hodler, Simon Loertscher and Dominic Rohner
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09.06
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Deciding to Peg the Exchange Rate in Developing Countries: The Role of Private-Sector Debt
Philipp Harms and Mathias Hoffmann
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09.05
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Product Heterogeneity, Within-Industry Trade Patterns, and the Home Bias of Consumption?
Raphael Auer
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09.04
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Can Parameter Instability Explain the Meese-Rogoff Puzzle?
Philippe Bacchetta, Eric van Wincoop and Toni Beutler
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09.03
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The Colonial and Geographic Origins of Comparative Development
Raphael Auer
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09.02
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The Demographics of Expropriation Risk
Philipp Harms and Philipp an de Meulen
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09.01
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Offshoring Along the Production Chain
Philipp Harms, Oliver Lorz and Dieter Urban
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08.05
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Debt Maturity without Commitment
Dirk Niepelt
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08.04
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Explaining Bank Failures in the United States: The Role of Self-Fulfilling Prophecies, Systemic Risk, Banking Regulation, and Contagion
Nils Herger
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08.03
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Monetary Policy in a Small Open Economy Model: A DSGE-VAR Approach for Switzerland
Gregor Bäurle and Tobias Menz
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08.02
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Managing Beliefs about Monetary Policy under Discretion
Elmar Mertens
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08.01
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Are Spectral Estimators Useful for Implementing Long-Run Restrictions in SVARs?
Elmar Mertens
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07.05
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Population Ageing, Government Budgets, and Productivity Growth in Politico-Economic Equilibrium
Martín Gonzalez-Eiras and Dirk Niepelt
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07.04
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How does private foreign borrowing affect the risk of sovereign default in developing countries?
Oya Celasun and Philipp Harms
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07.03
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Words, Deeds, and Outcomes: A Survey on the Growth Effects of Exchange Rate Regimes
Philipp Harms and Marco Kretschmann
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07.02
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The Future of Social Security
Martín Gonzalez-Eiras and Dirk Niepelt
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07.01
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Random Walk Expectations and the Forward Discount Puzzle
Philippe Bacchetta and Eric van Wincoop
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06.04
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Predictability in Financial Markets: What Do Survey Expectations Tell Us?
Philippe Bacchetta, Elmar Mertens and Eric van Wincoop
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06.03
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The Stability Pact—Rationales, Problems, Alternatives
Assar Lindbeck and Dirk Niepelt
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06.02
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Exchange Rate Volatility and Productivity Growth: The Role of Financial Development
Philippe Aghion, Philippe Bacchetta, Romain Ranciere and Kenneth Rogoff
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06.01
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Financing Government Expenditures Optimally
Pinar Yesin
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2001
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2005
05.05
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Structural Shocks and the Comovements between Output and Interest Rates
Elmar Mertens
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05.04
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Starving the Beast? Intra-Generational Conflict and Balanced Budget Rules
Dirk Niepelt
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05.03
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Incomplete Information Processing: A Solution to the Forward Discount Puzzle
Philippe Bacchetta and Eric van Wincoop
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05.02
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Shock Identification of Macroeconomic Forecasts based on Daily Panels
Marlene Amstad and Andreas M. Fischer
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05.01
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Measuring Income Elasticity for Swiss Money Demand: What do the cantons say about financial innovation?
Andreas M. Fischer
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04.07
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Timing Tax Evasion
Dirk Niepelt
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04.06
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Sequential Information Flow and Real-Time Diagnosis of Swiss Inflation: Intra-Monthly DCF Estimates for a Low-Inflation Environment
Marlene Amstad and Andreas M. Fischer
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04.05
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Foreign aid and developing countries’ creditworthiness
Philipp Harms and Michael Rauber
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04.04
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Price Clustering in the FX Market: A Disaggregate Analysis using Central Bank Interventions
Andreas M. Fischer
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04.03
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Higher Order Expectations in Asset Pricing
Philippe Bacchetta and Eric van Wincoop
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04.02
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Tax Collection Costs, Tax Evasion and Optimal Interest Rates
Pinar Yesin
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04.01
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A Scapegoat Model of Exchange Rate Fluctuations
Philippe Bacchetta and Eric van Wincoop
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03.07
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Optimal Cyclical Monetary Policy: Does Steady-State Inflation Matter?
Samuel Reynard
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03.06
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On the Inadequacy of Newswire Reports for Empirical Research on Foreign Exchange Interventions
Andreas M. Fischer
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03.05
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The New Basel Accord: Implications of the Co-existence between the Standardized Approach and the Internal Ratings-based Approach
Bertrand Rime
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03.04
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Aid, Governance, and Private Foreign Investment: Some Puzzling Findings and a Possible Explanation
Philipp Harms and Matthias Lutz
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03.03
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Understanding Reserve Volatility in Emerging Markets: A Look at the Long-Run
Ricarda Demarmels and Andreas M. Fischer
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03.02
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Can Information Heterogeneity Explain the Exchange Rate Determination Puzzle?
Philippe Bacchetta and Eric van Wincoop
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03.01
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Fixing Swiss Potholes: The Importance and Cyclical Nature of Improvements
Michael J. Dueker and Andreas M. Fischer
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02.08
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Product Market Deregulation and Labor Market Outcomes
Monique Ebell and Christian Haefke
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02.07
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Deregulation and the current account
Philipp Harms
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02.06
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Growing into and out of social conflict
Philipp Harms and Stefan Zink
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02.05
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Why Do Consumer Prices react less than Import Prices to Exchange Rates?
Philippe Bacchetta and Eric van Wincoop
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02.04
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The Relationship Between Risk and Capital in Swiss Commercial Banks: A Panel Study
Robert Bichsel and Jürg Blum
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02.03
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Fluctuations in the Swiss Franc: What has Changed Since the Euro's Introduction?
Andreas M. Fischer
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02.02
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Understanding Reserve Volatility in Emerging Markets: A Look at the Last Thirty Years
Ricarda Demamerls and Andreas M.Fischer
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02.01
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Stochastic Capital Depreciation and the Comovement of Hours and Productivity
Dueker, Michael J., Andreas M. Fischer and Robert D. Dittmar
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01.07
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A Theory of the Currency Denomination of International Trade
Philippe Bacchetta and Eric van Wincoop
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01.06
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Do Depositors Discipline Swiss Banks?
Urs W. Birchler and Andréa M. Maechler
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01.05
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A Corporate Balance-Sheet Approach to Currency Crises
Philippe Aghion, Philippe Bacchetta and Abhijit Banerjee
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01.04
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Bank Integration and Business Volatility in the U.S.
Don Morgan, Bertrand Rime and Philip Strahan
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01.03
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The Performance of Universal Banks: Evidence from Switzerland
Bertrand Rime and Kevin J. Stiroh
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01.02
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The Mechanics of a Successful Exchange-Rate Peg: Lessons for Emerging Markets
Michael Dueker and Andreas M. Fischer
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01.01
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Why Are Asset Returns More Volatile during Recessions? A Theoretical Explanation
Monique C. Ebell
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1996
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2000
00.14
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Are Banks Excessively Monitored?
Urs W. Birchler
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00.13
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Financial Development and Stock Market Performance
Harris Dellas and Martin K. Hess
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00.12
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Alternative Indicator of Monetary Policy for a Small Open Economy
Nicolas A. Cuche
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00.11
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Trade Flows, Prices, and The Exchange Rate Regime
Philippe Bacchetta and Eric van Wincoop
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00.10
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Monetary Policy with Forward-looking Rules: The Swiss Case
Nicolas A. Cuche
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00.09
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The Politics of Trade Liberalization in the Presence of FDI Incentives
Andréa M. Maechler
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00.08
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The Limits of Market Discipline in Reducing Banks' Risk Taking
Jürg Blum
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00.07
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Currency Crises and Monetary Policy in an Economy with Credit Constraints
Philippe Aghion, Philippe Bacchetta and Abhijit Banerjee
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00.06
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Financial Development and the Sensitivity of Stock Markets to External Influences
Harris Dellas and Martin K. Hess
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00.05
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Bank Capital Behaviour: Empirical Evidence for Switzerland
Bertrand Rime
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00.04
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Do Interventions Smooth Interest Rates?
Andreas M. Fischer
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00.03
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Monetary Policy with Foreign Currency Debt
Philippe Bacchetta
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00.02
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The UBS-SBC Merger and Competition in the Swiss Retail Banking Sector
Dominik Egli and Bertrand Rime
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00.01
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Bankruptcy Priority for Bank Deposits: a Contract Theoretic Explanation
Urs W. Birchler
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99.06
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Estimating the Term Structure of Interest Rates: The Swiss Case
Iwan Meier
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99.05
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A Simple Model of Monetary Policy and Currency Crises
Philippe Aghion, Philippe Bacchetta & Abhijit Banerjee
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99.04
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Trade Credit and the Bank Lending Channel
Jeffrey H. Nilsen
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99.03
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Modeling Financial Fragility in Transition Economies
Jeffrey H. Nilsen and Riccardo Rovelli
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99.02
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Estimating Monthly GDP in a General Kalman Filter Framework: Evidence from Switzerland
Nicolas A. Cuche and Martin K. Hess
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99.01
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Capital Markets and the Instability of Open Economies
Philippe Aghion, Philippe Bacchetta and Abhijit Banerjee
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98.03
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Why Did Czech Banks Switch From Loans in 1995?
Jeffrey H. Nilsen
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98.02
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Financial Liberalization and Volatility in Emerging Market Economies
Philippe Aghion, Philippe Bacchetta Philippe and Abhijit Banerjee
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98.01
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Capital Flows to Emerging Markets: Liberalization, Overshooting and Volatility
Philippe Bacchetta and Eric van Wincoop
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97.01
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Consumption and Credit Constraints: International Evidence
Philippe Bacchetta and Stefan Gerlach
96.01
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Trade in Nominal Assets and Net International Capital Flows
Philippe Bacchetta and Eric van Wincoop
1991
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1995
95.11
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Exchange-of-information Clauses in International Tax Treaties
Philippe Bacchetta and María Paz Espinosa
95.10
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Exchange Rate Policy and Disinflation: The Spanish Experience in the ERM
Philippe Bacchetta
95.09
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Do Capital Market Imperfections Exacerbate Output Fluctuations?
Philippe Bacchetta and Ramon Caminal
95.08
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The Impact of Monetary Policy and Bank Lending: Some International Evidence
Philippe Bacchetta and Fernando Ballabriga
95.07
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American vs. European Option Pricing Models: Does it Really Matter?
Walter Wasserfallen
95.06
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Portfolio Insurance for the Small Investor
Walter Wasserfallen and Christoph Schenk
95.05
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Capital Controls and the Political Discount: The Spanish Experience in the Late 1980s
Philippe Bacchetta
95.04
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The Hedging Performance of Swiss Interest Rate Futures
Walter Wasserfallen and Daniel Liechti
95.03
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Firm Restructuring and the Optimal Speed of Trade Reform
Philippe Bacchetta and Harris Dellas
95.02
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Interest Rate Differentials and the Structure of Banks' Balance Sheets
Walter Wasserfallen
95.01
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Foreign Equity Investment Restrictions, Capital Flight, and Shareholder Wealth Maximization, Theory and Evidence
René M. Stulz and Walter Wasserfallen
94.03
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Net Capital Flows under Exchange Rate and Price Volatility
Philippe Bacchetta and Eric van Wincoop
94.02
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Information Sharing and Tax Competition among Governments
Philippe Bacchetta and María Paz Espinosa
94.01
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Regional Investment and Growth in the European Community
Philippe Bacchetta
93.03
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Pricing Initial Public Offerings, Evidence from Germany
Walter Wasserfallen and Christian Wittleder
93.02
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Money, Interest Rates and Exchange Rates in the Short Run
Walter Wasserfallen and Guido Kürsteiner
93.01
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Stock and Option Markets: The Swiss Evidence
Thomas Stucki and Walter Wasserfallen