We analyze the transmission effects of monetary policy in a general equilibrium model of the financial sector, with bank lending and securities markets. Bank lending is constrained by capital adequacy requirements, and asymmetric information adds a cost to outside bank equity capital. In our model, monetary policy does not affect bank lending through changes in bank liquidity; rather, it operat...

The paper uses a reduced-form vector autoregressive framework to study the effects of quantitative easing and operation ‘‘twist’’, as well as a conventional monetary expansion, on corporate bond yields and spreads. We construct ratingand maturity-based weekly bond portfolios using TRACE and simulate monetary policies as shocks to the Treasury yield curve. We find that none of the policies can p...

• We investigate how firms adjust labour costs in the presence of wage rigidities. • Portuguese firms adjust labour costs by adjusting the quantity and cost of labour. • Firms with more flexible base wages are 20 pp. less likely to reduce employment. • By cutting labour costs, firms are 35 pp. less likely to reduce employment. a b s t r a c t a r t i c l e i n f o This paper uses firm level sur...

Since early 1995, monetary stabilization has gradually been achieved in Russia. Extremely high real interest rate have been maintained throughout autumn 1996, an exchange rate target has been adhered to since mid-1995, auctions of Central Bank credit have gained in importance, and subsidized lending has been cut down. However, the conduct of monetary policy remains a trial-and-error process: In...

This analysis examines the effectiveness of monetary policy as a contra-cyclical instrument. The survey covers three basic fields of monetary policy. The first part investigates to what extent expansion of the money supply effectively results in the alleged growth effect. The second section studies the effect of monetary expansion on money velocity. The third part investigates the outcome of in...

The design of time-domain equalizers or TEQs for discrete multitone modulation (DMT) systems has recently received much attention. In this paper, we present a generalization of one such design method which takes into account the noise observed in a DMT channel. Furthermore, we show how this generalization can be used for the design of fractionally spaced equalizers or FSEs. Experimental results...

Tone reservation peak-to-average (PAR) ratio reduction is an established area when it comes to bringing down signal peaks in multicarrier (DMT or OFDM) systems. When designing such a system, some questions often arise about PAR reduction. Is it worth the effort? How much can it give? How much does it give depending on the parameter choices? With this paper, we attempt to answer these questions ...

We construct cooperative diversity coding schemes that mitigate the effects of symbol asynchronicity among network users. We do so by modifying, at the expense of implementation practicality, the signaling complexity of well behaved existing schemes. The modification allows the same good performance (DMT optimality) in the presence of synchronicity, and almost-surely permits full-diversity gain...

evaluating and selecting alternatives investment projects needs considering all relevant and important aspects. in traditional methods, the focus is just on tangible monetary criteria. also in the traditional methods, either all the information’s about factors must be known precisely or sufficient objective data must be available for applying probability theory. in this paper, a combinative app...