A5

The effect of new housing supply in structural models: a forecasting performance evaluation

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Sunday, February 4, 2024
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Key Points: 

    Deposit market concentration and monetary transmission: evidence from the euro area

    Retrieved on: 
    Sunday, February 4, 2024

    Abstract

    Key Points: 
      • Abstract
        I study the transmission of monetary policy to deposit rates in the euro area with a
        focus on asymmetries and the role of banking sector concentration.
      • Moreover, the
        gap between deposit rates across euro area member states - despite being exposed to the same
        key ECB interest rates - has widened.
      • This begs the question whether deposit rates are more
        sluggish in response to both policy rate increases and cuts, and what factors might influence the
        transmission of monetary policy to deposit rates.
      • Whether banks are indeed able to adjust deposit rates asymmetrically to positive and
        negative changes in policy rates could thus well depend on how much market power they hold
        in the deposit market.
      • Arguing that market power increases in the degree of market concentration,
        I further consider whether more concentrated banking sectors set rates (more) asymmetrically.
      • The response of deposit rates in banking sectors with an average degree of concentration does
        not appear asymmetric.
      • The degree of market concentration is often pointed at, but recent evidence
        for the euro area is scarce.
      • In this paper, I provide empirical evidence on the asymmetric response of deposit rates to
        monetary policy, and relate this to the degree of concentration within a country?s banking sector.
      • Both papers
        provide empirical evidence based on US deposit markets showing that deposit rates respond
        more rigidly to upward changes in market rates than downward changes, especially so in more
        concentrated markets.
      • Recent research on euro area deposit markets,
        instead, has focused more on the transmission of negative policy rates (see e.g.
      • Whether banks are able to set deposit rates that materially differ from policy rates is affected

        ECB Working Paper Series No 2896

        4

        by market concentration: market power is assumed to increase in the degree of concentration in
        the banking sector.

      • Concentration thus appears to matter for how quickly ECB monetary policy has
        been transmitted to deposit rates across the euro area.
      • Banks thus have a motive to be
        rigid in adjusting deposit rates to a ?positive? monetary policy shock.
      • While customers are generally (and potentially rationally) inattentive, swift and substantial
        nominal deposit rate declines may trigger deposit outflows.
      • relative deposit rate = deposit rate - short term rate
        The inverse of the wedge, the relative deposit rate will allow us to see more clearly how
        the deposit rate evolves in comparison to the short-term rate.
      • This then translates to (more
        pronounced) effects on the transmission of policy to the deposit wedge, reinforcing the asymmetry discussed before.
      • More concentration would mean more rigid deposit rates (and thus an
        increase in the deposit wedge) in case of positive surprises, and more flexible deposit rates (and
        thus a decrease in the deposit wedge) in case of negative surprises (see also e.g.
      • I add an identical
        altered-linex adjustment cost for deposit rates, to capture the upward rigidity and downward
        flexibility of deposit rates as well.
      • As discussed
        previously, the deposit rate is particularly rigid in case of a positive shock, illustrating the dividend smoothing motive and bank market power.
      • Without the asymmetric adjustment cost,
        the response of the deposit rates to positive and negative changes in policy would have been
        symmetric.
      • This appears a reasonable assumption
        in general, as market concentration or market shares are slow-moving concepts.
      • 3

        Methods and data

        I study the dynamic response to an unexpected change in monetary policy on deposit rates
        in different countries in the euro area.

      • deposit rate - short-term rate), which for the sake of
        brevity I will refer to as the ?relative deposit rate?.
      • Positive IRFs for the relative deposit rate imply that
        the deposit rate has increased by more than the short-term rate, narrowing the wedge between
        the short-term rate and the deposit rate.
      • 0
        ?2

        ?2
        ?4
        ?6

        ?4
        4

        8

        12

        4

        Months

        8

        12

        Months

        Figure 9: NFC rate response - linear combination of ?0 and ?1

        Relative deposit rate at 1 month

        Relative deposit rate at 4 months

        0.0

        0
        ?1

        p.p.

      • 0
        0

        ?2
        ?1
        ?4
        4

        8

        12

        4

        8

        Months

        12

        Months

        Figure 12: NFC rate response - linear combination of ?0 and ?1

        Relative deposit rate at 1 month

        Relative deposit rate at 4 months
        2.0

        1.5

        p.p.

      • And, (2) how quickly
        households and NFCs learn about changes in monetary policy, via the deposit rate, may vary
        across the monetary union.
      • ?0 , ?1 )
        Figure A16: NFC overnight deposits, small member states

        Relative deposit rate (average)

        Relative deposit rate (interaction)

        2

        10
        5

        p.p.

      • ?0 , ?1 )
        Figure A19: NFC overnight deposits, four lags

        Relative deposit rate (average)

        Relative deposit rate (interaction)
        5

        0

        p.p.

      • ?0 , ?1 )
        Figure A28: NFC overnight deposits, small member states

        Relative deposit rate (average)

        Relative deposit rate (interaction)

        3

        5.0

        2

        2.5

        p.p.

      • ?0 , ?1 )
        Figure A31: NFC overnight deposits, four lags

        Relative deposit rate (average)

        Relative deposit rate (interaction)

        3
        2

        p.p.

    Pan American Energy Selects Drill Contractor For Advanced Exploration Program At The Big Mack Lithium Project

    Retrieved on: 
    Monday, October 30, 2023

    Full Force is a diamond drilling, mineral exploration company that was established in 2004.

    Key Points: 
    • Full Force is a diamond drilling, mineral exploration company that was established in 2004.
    • The drill program was designed by Axiom’s team of geological and geophysical experts who will maintain oversight and management of the program in the field.
    • Full Force and Axiom’s commitment to excellence aligns seamlessly with our vision to explore and develop a made-in-Ontario critical mineral project.
    • We are looking forward to mobilizing in the coming days and commencing the advanced exploration drill program shortly after mobilization."

    From Discovery to Market Entry: CISCAREX Announces a Dietary Supplement for Vitamin A5, the First Newly Identified Vitamin for 80 Years

    Retrieved on: 
    Friday, November 3, 2023

    CISCAREX, the Berlin-based start-up founded by the scientists behind the vitamin A5 discovery, announced today the commercial launch of MIN A5®: a first-of-its-kind vitamin A5 dietary supplement.

    Key Points: 
    • CISCAREX, the Berlin-based start-up founded by the scientists behind the vitamin A5 discovery, announced today the commercial launch of MIN A5®: a first-of-its-kind vitamin A5 dietary supplement.
    • “Having conducted the discovery and research into vitamin A5, we’re delighted to now be able to bring a convenient, unique, first-in-class vitamin A5 supplement to customers,” said Dr. Dr. Rühl.
    • CISCAREX has exclusive access to the global patent rights protecting vitamin A5, as well as major trademarks for this new vitamin.
    • First identified as recently as 2021, vitamin A5 marked the first discovery of a new vitamin for 80 years.

    Unveiling the ugee Q6 Mobile Drawing Tablet: Portable and Precise, Unleash Imagination Any Time, Any Where

    Retrieved on: 
    Sunday, October 8, 2023

    SHENZHEN, China, Oct. 8, 2023 /PRNewswire/ -- ugee, a global leader in digital art solutions, has introduced its latest offering, the ugee Q6 Mobile Drawing Tablet .

    Key Points: 
    • SHENZHEN, China, Oct. 8, 2023 /PRNewswire/ -- ugee, a global leader in digital art solutions, has introduced its latest offering, the ugee Q6 Mobile Drawing Tablet .
    • The ugee Q6 is designed with a vertical layout to maximize compatibility with Android phones, tablets and other mobile devices, providing a customized experience specifically for mobile drawing .
    • The ugee Q6 boasts a trendy and fashionable appearance, available in three different color(Beige, Mint Green, and Charcoal Grey).
    • Embrace creativity and rules, and let the ugee Q6 brings artistic vision to life.

    Unveiling the ugee Q6 Mobile Drawing Tablet: Portable and Precise, Unleash Imagination Any Time, Any Where

    Retrieved on: 
    Thursday, September 28, 2023

    SHENZHEN, China, Sept. 27, 2023 /PRNewswire/ -- ugee, a global leader in digital art solutions, has introduced its latest offering, the ugee Q6 Mobile Drawing Tablet .

    Key Points: 
    • SHENZHEN, China, Sept. 27, 2023 /PRNewswire/ -- ugee, a global leader in digital art solutions, has introduced its latest offering, the ugee Q6 Mobile Drawing Tablet .
    • The ugee Q6 is designed with a vertical layout to maximize compatibility with Android phones, tablets and other mobile devices, providing a customized experience specifically for mobile drawing .
    • The ugee Q6 boasts a trendy and fashionable appearance, available in three different color(Beige, Mint Green, and Charcoal Grey).
    • Embrace creativity and rules, and let the ugee Q6 brings artistic vision to life.

    Robotic Milker Litigation: Second Class Settlement Secured for U.S. Dairy Farmers

    Retrieved on: 
    Monday, September 18, 2023

    KANSAS CITY, Mo., Sept. 18, 2023 /PRNewswire/ -- Following last year's $55M settlement with DeLaval Holding AB, DeLaval International AB, DeLaval Inc., and West Agro, Inc., Stueve Siegel Hanson LLP, Cullenberg & Tensen PLLC, and Perrone Law PLLC have achieved another historic settlement against a manufacturer of allegedly defective milking robots.

    Key Points: 
    • Final approval of settlement worth approximately $122 million granted for Lely A4 dairy farmers.
    • On September 1, 2023, the Court granted final approval of the settlement for the Lely A4.
    • The settlement provided class members with the option to replace their existing robot with Lely's newer A5 model or to receive cash relief.
    • Nearly all of the approximately 400 class members participated, and the relief selected is worth approximately $121,956,000.

    Mindray Introduces Innovative Upgrades to A Series Anaesthesia Systems for Enhanced Patient Safety and Efficiency

    Retrieved on: 
    Wednesday, August 30, 2023

    SHENZHEN, China, Aug. 29, 2023 /PRNewswire/ -- Mindray (SZSE: 300760), a global leader in providing advanced medical device solutions, has unveiled upgrades to its A7 and A5 anaesthesia systems under the A Series Anaesthesia.

    Key Points: 
    • SHENZHEN, China, Aug. 29, 2023 /PRNewswire/ -- Mindray (SZSE: 300760), a global leader in providing advanced medical device solutions, has unveiled upgrades to its A7 and A5 anaesthesia systems under the A Series Anaesthesia.
    • These enhancements incorporate innovative technologies that empower anaesthesiologists to deliver precise anaesthesia, leading to greater patient safety and efficiency throughout the perioperative period.
    • The use of jet ventilation can improve patient safety by maintaining oxygenation levels and creating a better surgical environment.
    • The systems enhance connectivity and efficiency by offering an overview of patient status in each operating room, granting anaesthesiologists convenient access to real-time updates on patient vital sign status.

    Mindray Introduces Innovative Upgrades to A Series Anaesthesia Systems for Enhanced Patient Safety and Efficiency

    Retrieved on: 
    Wednesday, August 30, 2023

    SHENZHEN, China, Aug. 30, 2023 /PRNewswire/ -- Mindray (SZSE: 300760), a global leader in providing advanced medical device solutions, has unveiled upgrades to its A7 and A5 anaesthesia systems under the A Series Anaesthesia.

    Key Points: 
    • SHENZHEN, China, Aug. 30, 2023 /PRNewswire/ -- Mindray (SZSE: 300760), a global leader in providing advanced medical device solutions, has unveiled upgrades to its A7 and A5 anaesthesia systems under the A Series Anaesthesia.
    • These enhancements incorporate innovative technologies that empower anaesthesiologists to deliver precise anaesthesia, leading to greater patient safety and efficiency throughout the perioperative period.
    • The use of jet ventilation can improve patient safety by maintaining oxygenation levels and creating a better surgical environment.
    • The systems enhance connectivity and efficiency by offering an overview of patient status in each operating room, granting anaesthesiologists convenient access to real-time updates on patient vital sign status.

    Hobonichi Techo to Expand English Edition Lineup and Release in 2024, Riding the Rising Popularity Wave Worldwide

    Retrieved on: 
    Friday, August 25, 2023

    TOKYO, Aug. 24, 2023 /PRNewswire/ -- Get ready for the highly anticipated launch of Hobonichi Techo 2024, coming your way on September 1st, 2023!

    Key Points: 
    • TOKYO, Aug. 24, 2023 /PRNewswire/ -- Get ready for the highly anticipated launch of Hobonichi Techo 2024, coming your way on September 1st, 2023!
    • In response to its rapidly increasing popularity worldwide, Hobonichi is launching an expanded lineup of English editions.
    • Hobonichi Techo is a long-selling daily planner book, now approaching its 23rd year with the 2024 edition.
    • Original (A6) and Cousin (A5) models, beloved staples of the Hobonichi Techo lineup, are now also available as part of the English HON series, featuring integrated hardcovers with captivating designs.