The main objective of this study is to examine the existence and nature relationship between exchange rate foreign reserves. To avoid influencing market expectations, intervention program should indicate in advance nature, frequency, size central bank's transactions. Thus, sense, it essential determine interventions made from for official reserve. Following realization study, was highlighted co...

We investigate the effect of monetary policy on stock market bubbles and trading behavior in experimental asset markets. We introduce the possibility of investing in interest bearing bonds to the widely used laboratory asset market design of Smith et al. (1988). Treatment groups face a variable interest rate policy which depends on asset prices, while control groups are subjected to a constant ...

During the last two decades, an evolving market structure is recognised starting from the spot market and its derivatives, resulting to several other markets such as the Intraday Market (IM), the Balancing Market (BM) and the Reserve Capacity Market (RCM). The participation in these markets has changed significantly the operation policy of the plants and, consequently, their value in the market...

Restoring the health of the housing market is a necessary part of a broader strategy for economic recovery. There has been much discussion about the pathway forward, and the Federal Reserve has received questions and requests for our input and assistance. We have been looking at these issues and in the interest of continuing a dialogue, my staff has written a white paper, entitled "The U.S. Hou...

Liquidity problems lie at the heart of crises on financial markets as demonstrated in this paper by detailed descriptions of the stock market crash in 1987, the LTCM-crisis in 1998 and the financial market consequences of 11 September 2001. The events also demonstrate that modern central banks, in particular the U.S. Federal Reserve under AlanGreenspan, provided emergency liquidity to limit the...

Based on unbalanced panel dates of 4060 companies listed from 2003 2007 in Shanghai and Shenzhen Stock Markets, this paper empirically studies the degree of product market competition, the relationship between cash dividends distribution tendency and cash dividends policy. Results show that controlling shareholders have significant motivation to distribute cash dividends, and this kind of incen...

HE relationship between the Federal Reserve’s discount rate and money market interest rates continues to be a topic of nuch interest and even more confusion. A significant number’ of money mar-ket analysts and some in public service believe that the discount rate is an iniportant tool through which the Federal Reserve exerts its influence overthe economy — particularly market interest rates. Th...

Over the last few years, a strong penetration of Intermittent Renewable Energy Sources (IRES) has been in progress Italian power system. In this new framework, dispatching activity must improve its efficiency to ensure adequacy and security national electricity European market integration initiatives are making goal achievable, provided that coherency price signals reserve procurement at level ...

Working papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded offi cial Federal Reserve Bank of Cleveland publications. The views stated herein are those of the authors and are not necessarily those of the Federal Reserve Ban...

The recently launched Brazilian "forest certificates" market is expected to reduce environmental compliance costs for landowners through an offset mechanism, after a long history of conservation laws based in command-and-control and strict rules. In this paper we assessed potential costs and evaluated the cost-effectiveness of the instrument when introducing to this market constraints that aim ...