270 research outputs found

    Formulas or supervision? Remarks on the future of regulatory capital

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    This paper was presented at the conference "Financial services at the crossroads: capital regulation in the twenty-first century" as part of session 6, "The role of capital regulation in bank supervision." The conference, held at the Federal Reserve Bank of New York on February 26-27, 1998, was designed to encourage a consensus between the public and private sectors on an agenda for capital regulation in the new century.Bank capital ; Bank supervision ; Bank management

    Securitization and the efficacy of monetary policy

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    Paper for a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary TransmissionCredit ; Monetary policy ; Asset-backed financing

    A prolegomenon to future capital requirements

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    Bank supervisors have made significant strides since 1980 in the area of capital requirements, and they are currently pursuing further refinements. This article looks beyond such developments at longer term supervisory goals. Abstracting to some extent from the current regulatory framework, the author attempts to delineate a set of fundamental principles for future work on capital requirements. He distinguishes minimum capital--an objective standard imposed by regulators across firms--from optimum capital--a subjective standard adopted by individual firms to cover their own risks-- and shows how the two concepts can form the basis for a general supervisory approach to capital.Bank capital ; Bank supervision

    Are 'Deep' Parameters Stable? The Lucas Critique as an Empirical Hypothesis

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    For years, the problems associated with the Lucas critique have loomed over empirical macroeconomics. However, relatively little effort has been devoted to testing the empirical importance of this critique. This paper develops a set of tests for small macroeconometric models, especially those used for monetary policy analysis, and implements them on a set of models used extensively in the literature. In particular, I attempt to test the robustness of optimizing versus non-optimizing models to changes in the monetary policy regime.

    Average Marginal Tax Rates U.S. Household Interest and Dividend Income 1954-80

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    This paper carefully outlines a method for the calculation of average marginal tax rates. The method is applied to Statistics of Income data for dividend and interest income earned by U.S. households from 1954 to 1980. To illustrate the effects these data can have inempirical work, the tax rates are used in comparing the sample moments of before and after-tax real yields on financial assets.

    Capital ratios as predictors of bank failure

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    The current review of the 1988 Basel Capital Accord has put the spotlight on the ratios used to assess banks’ capital adequacy. This article examines the effectiveness of three capital ratios—the first based on leverage, the second on gross revenues, and the third on risk-weighted assets—in forecasting bank failure over different time frames. Using 1988-93 data on U.S. banks, the authors find that the simple leverage and gross revenue ratios perform as well as the more complex risk-weighted ratio over one- or two-year horizons. Although the risk-weighted measures prove more accurate in predicting bank failure over longer horizons, the simple ratios are less costly to implement and could function as useful supplementary indicators of capital adequacy.Bank failures ; Bank capital ; Banks and banking - Ratio analysis

    Desarrollo de una taxonomía de comprensión tabular

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    Algunas investigaciones muestran que la ordenación de datos en forma de tabla y su interpretación, resultan problemáticas para los sujetos. Esta baja competencia en el uso de tablas se explica por la poca importancia de su aprendizaje escolar, pese a incluirse en el currículo de matemáticas y ciencias. Sin embargo, el nivel de problemas presentados conduce a que las tablas se enseñen a un nivel elemental, y así los alumnos no las apropien como herramientas cognitivas. Este trabajo muestra parte del desarrollo de una taxonomía de comprensión tabular, principalmente se identifican los flujos de lectura (centrado en ítems TIMSS) y los roles del sujeto activados al enfrentarse a situaciones con tablas

    The Term Structure of Interest Rates and Its Role in Monetary Policy for The European Central Bank

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    This paper examines the relationship of the term structure of interest rates to monetary policy instruments and to subsequent real activity and inflation in both Europe and the United States. The results show that monetary policy is an important determinant of the term structure spread, but it unlikely to be the only determinant. In addition, there is significant predictive power for both real activity and inflation. The yield curve is thus a simple and accurate measure that should be viewed as one piece of useful information which, along with other information, can be used to help guide European monetary policy.
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