Staff Working Papers
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Institutional Quality, Trade, and the Changing Distribution of World Income
Conventional wisdom holds that institutional changes and trade liberalization are two main sources of growth in per capita income around the world. -
Working Time over the 20th Century
From 1870 to 2000, the workweek length of employed persons decreased by 41 per cent in industrialized countries. -
Risk-Cost Frontier and Collateral Valuation in Securities Settlement Systems for Extreme Market Events
The authors examine how the use of extreme value theory yields collateral requirements that are robust to extreme fluctuations in the market price of the asset used as collateral. -
Benchmark Index of Risk Appetite
Changes in investors' risk appetite have been used to explain a variety of phenomena in asset markets. -
LVTS, the Overnight Market, and Monetary Policy
Operational events in the Large Value Transfer System (LVTS) almost always result in a disturbance of the regular flow of payments.