EMU | Jotup

Christine Lagarde: Unlocking the power of ideas

Retrieved on:

Tuesday, April 23, 2024

CHIPS, Reproduction, International Energy Agency, Friends, Face, Learning, Theodore Roosevelt, CIT, The New York Times, Printing, History, Pleasure, Commerce Clause, Frankfurt, Artificial intelligence, Commerce, Wine, Congo, European Commission, Rail transport by country, USD, Inflation, Courage, Speech, Congress, Liberty, Hidden champions, ECB, Gibbons v. Ogden, Shock, Diffusion, Observation, Communication, International Monetary Fund, Ambition, GDP, Coal, IEA, McKinsey & Company, Electricity, EDS, European University Institute, Public policy, CHIPS and Science Act, Research, News, AI, EMU, Competition (economics), Robotics, Oxford University Press, Single market, Machine learning, Book, Australian Strategic Policy Institute, Solow–Swan model, European Central Bank, Democratic republic, Brain, Growth, Brookings Institution, European Council, Supreme, Steel, Natural Resources, Society, University of Chicago Press, Literacy, Necessary, Life, Diplomacy, Heart, Optimism, Economic growth, European Investment Fund, Renewable energy

Since 2022 rising housing costs have, on average, largely been offset by growth in household income, leading to stable housing cost to household income ratios.

Key Points:

Since 2022 rising housing costs have, on average, largely been offset by growth in household income, leading to stable housing cost to household income ratios.
The housing cost burden has, however, increased slightly for both renter and mortgage households at the upper end of the income distribution.

A new measure of firm-level competition: an application to euro area banks

Retrieved on:

Thursday, April 18, 2024

Glass, RPD, Journal of Economic Perspectives, Goldberg, Employment, Lead, Competition, SCP, Research Papers in Economics, TCF, Intuition, Laboratory, Euromoney, Bank of Canada, Calendar, International political economy, Manufacturing, Oxford Economic Papers, Harvard University Press, Paper, Linearity, R2, Environment, Delicatessen, System, Website, Panzar, Working paper, World Bank, Elzinga, Friends, Madiga, CPB, Investment, Lerner index, Statistics, Croatian National Bank, PDF, Elsevier, ECB, Industrial organization, Policy, Social science, JEL, Operations research, Internet, Journal, Research, Literature, European Central Bank, Journal of Economic Surveys, MRP, Commercial, Section 5, Financial intermediary, Ministry of Social Affairs, Elasticity, National bank, Government, Developed country, Cell, Tarazi, Wealth, Publishing, Springer Nature, Prudential, Marketing, Law, The Economic Journal, Lerner, L16, Business economics, OECD, International Monetary Fund, Section 4, Database, Section 3, Krieger, EMU, Section 2, Pressure, Central bank, Economics Letters, Bank, Jorgenson, Character, Sparkassen-Finanzgruppe, Life, EDS, American Economic Review, K2, Appendix, Applied economics, CEE, Palgrave Macmillan, Livret A, Bell Labs, GDP, Part, Country, Public policy, De Economist, Management, Publication, Motivation, Cooperative, Reproduction, IMF, Edward Elgar Publishing, Housing, Handbook, G21, Real estate

Abstract

Key Points:

Abstract
This paper extends Boone (2008) by introducing a competition measure at the individual
firm level rather than for an entire market segment.
We apply this extended Boone indicator to individual bank-level competition
in the loan market in the four largest euro area countries and Austria.
Our new measure of firm-level competition enriches and complements
other competition measures and provides a promising starting point for future market
power analyses.
The only measure among non-structural measures that is based on the
concept of competition as a process of rivalry is the Boone (2008) indicator.
We introduce
a new performance measure of competition by extending the Boone indicator to the
individual firm level.
Introduction
The ability to reliably measure competition is valuable to researchers, analysts, and
policymakers, especially antitrust authorities, financial supervisors, and central banks.
One broad
category of indicators often used to measure competition are structural competition
measures, such as static concentration measures, and dynamic measures, e.g., entry and
exit rates.
Out of these measures, the only measure based on the
concept of competition as a process of rivalry is the Boone indicator.
This study introduces a new performance measure of competition by extending the
Boone indicator to the individual firm level.
It thus measures the
increase in profits in percent of one percentage point increase in efficiency, with marginal
costs as measure of efficiency.
We extend the theoretical
underpinning of the measurement of competition for the entire market of Boone (2008) by
a new measure of individual firm-level competition.
A concern of the literature is the gap
between the practical application and the theoretical framework of Boone (2008).
We introduce within the same theoretical
framework a new measure of competition on firm level, the MRP.
Our new
measure significantly augments the antitrust evaluative framework by shedding light on
whether a merger results in a less competitive market.
Our novel indicator focuses on
firms? incentives to enhance their relative efficiency, as manifested in the elasticity
between relative profits and efficiency.
However, an inefficient firm that is foreclosed could be more
competitive than the larger efficient firm that relies on its scale economies.
Our new metric of competition unveils
banks? ability to influence their profitability in the short term by cutting costs relative to
their peers.
The new MRP indicator provides the ability to assess the impact
of individual banks? competitiveness on their interest rate-setting behaviour in loan
markets.
Incorporating this information promises a more refined understanding of the impact and
timing of monetary policy rates changes on the real economy.
Section 3 introduces within the Boone
(2008) theoretical framework our new measure of individual firm-level competition,
including the interpretation of the MRP.
Section 4 provides an application of our new
ECB Working Paper Series No 2925
6

individual firm-level competition measure to the loan market.
The StructureConduct-Performance paradigm (SCP) provides a traditional framework in the field of
industrial organization for analysing competition behaviour in markets.
Concentrated
markets ease the possibilities to collude implicitly or explicitly and therefore concentrated
markets result in higher prices and profits.
For example, a tougher competition
setup may lead to a reallocation of market shares, potentially forcing some firms to exit
the market.
This approach gives firms? strategic behaviour
central stage and focuses on the strategic interaction on prices and quantities, known as
conjectural variation.
Another measure from
this strand of literature is the H-statistic developed by Panzar and Rosse (1987).
The only competition measure from this performance literature where competition is the
outcome from a process of rivalry is the Boone indicator.
A continuous and monotonically increasing relationship exists between
RPD and the level of competition if firms are ranked by decreasing efficiency.
(2013) compare the Boone indicator with the price-cost margin
and conclude that the profit elasticity is a more reliable measure of competition.
The high
elasticity of profits to efficiency unequivocally indicates that the high market shares and
therefore high profits are due to high efficiency.
A firm that quickly passes changes to the input prices is seen as a price
taker with little market power.
Indicators of competition tend to measure different phenomenon and may provide
conflicting messages, as reported for European banking by Carbo et al.
Application 2: Test the ?quiet life? and related market structure hypotheses using the
MRP as competition or market structure measure.
Data
Our application to individual bank-level competition in the euro area loan market uses
balance sheet and income statement data from the Moody?s Analytics BankFocus for the
calendar years 2013-2020.
As such, most publications
on competition in the euro area includes the largest four member states.
Due to these restrictions the database was reduced to an unbalanced panel of up to 1862
banks (depending on the year) from five euro area countries.
Application 1: Measure bank competition using MRP
Looking at the distribution of the MRP for individual banks (Fig.
A similar finding for the four largest euro area countries as a group is
reported in Carbo et al.
Application 2: Test of market structure hypotheses using MRP
Our new measure of individual-bank competition can be used to test market structure
theories.
Euro area banks? market power,
lending channel and stability: the effects of negative policy rates, European Central Bank
Working Paper, 2790 (February).
A
new approach to measuring competition in the loan markets of the euro area, Applied
Economics, 43 (23), 3155?3167.
Impact of bank competition on the interest rate pass-through in the euro area, Applied
Economics, 45 (11), 1359?1380.

Feedback on the input provided by the European Parliament as part of its resolution on the ECB’s Annual Report 2022

Retrieved on:

Thursday, April 18, 2024

Crypto, European banking union, Governance, Exercise, TARGET, Ciccarelli, Single, Climate, OJ, Ethics, Carbon, ECRB, Parliament, Council, European Systemic Risk Board, European Commission, Paris Agreement, Television, Annual, Letter, Speech, Employment, Social, ESRB, Euro, Prejudice, FSB, AML, ECB, Blog, Risk, ESCB, Committee, NGFS, Policy, Woman, Suggestion, Radio, GDP, Privacy, Weather, Person, Climate change, Communication, Digital, Intelligence, Economic and monetary union, SSM, Bias, Knowledge, Mentorship, EMU, Commission, Economy, Publication, Annual report, Financial Action Task Force, Orientation, Nickel, NPL, European Central Bank, Uncertainty, Financial Stability Board, Conference, NCBS, Treaty, Growth, Financial system, Central bank, European Parliament, Network, Natural Resources, COVID-19, Terrorism, Bank, Female, IMF, Multi-function printer, Recreation, Memorandum, Data, AMLA, Security printing

Beyond managing related risks, the financial sector can also contribute to the transition toward a net-zero economy.

Key Points:

Beyond managing related risks, the financial sector can also contribute to the transition toward a net-zero economy.
Our work aims to enhance data transparency in climate change analysis, while informing monetary policy, financial stability and banking supervision.
The indicators we have developed focus on the euro area financial sector and are built from harmonised granular datasets.

Significant Copper and Gold Mineralization Located on Georgetown Project, Australia

Retrieved on:

Wednesday, March 20, 2024

Kidston operated from 1985 to 2001 and was one of Australia’s largest historical gold producers producing 5.1 million ounces (145 tonnes) of gold*.

Key Points:

Kidston operated from 1985 to 2001 and was one of Australia’s largest historical gold producers producing 5.1 million ounces (145 tonnes) of gold*.
EMU’s sampling program was designed to assess a number of higher-priority prospects within the Georgetown Project tenements utilizing termite mound and outcrop rock chip geochemistry.
EMU’s announcement “ Exploration Update Georgetown, Scale Potential Confirmed ” dated March 4 2024, provides details of the work conducted and interpretation of sampling results.
The copper mineralization is now almost exclusively supergene altered to the copper oxide assemblage chrysocolla, malachite, tenorite, cuprite, and sooty chalcocite (Figures 5 and 6).

Isabel Schnabel: R(ising) star?

Retrieved on:

Wednesday, April 3, 2024

Reproduction, Economy, Faculty, Shousha, Journal of Economic Perspectives, Frankfurt, Climate, Second, Goodhart, History, BIS, Fit, Del Negro, Life expectancy, DFR, Investment, International Renewable Energy Agency, European Commission, USD, International economics, Policy, Corporation, Journal of International Economics, Speech, Black, Industrial Revolution, Innovation, IRENA, ECB, Observation, Communication, University of Cambridge, Zombie, International Monetary Fund, MIT Press, Watcher, Ferreira, Black Death, Canadian International Council, Federal, NBER, Weather, Federal Reserve Bank, Climate change, Longevity, Green, COVID-19, Intelligence, Spitzer, European University Institute, Journal, Research, Harvard Business School, SMA, University, Private sector, EMU, Education minister, Literature, Retirement, EIB, Bank of England, Feedback, Financial economics, Quarterly Journal of Economics, European Central Bank, The, Civil service commission, Uncertainty, Conference, Pressure, Faculty (division), Growth, Journal of Financial Economics, MIT, Anatomy, Society, Bank, Revolution, Quarterly Review, Productivity, IMF, Federal Reserve, Thought, Working paper, Rogoff, Renewable energy

This box investigates how households have responded to the 2021-23 inflationary episode using evidence from the ECB’s Consumer Expectations Survey.

Key Points:

This box investigates how households have responded to the 2021-23 inflationary episode using evidence from the ECB’s Consumer Expectations Survey.
The findings suggest that households have primarily adjusted their consumption spending to cope with higher inflation.

Eastern Michigan University professor's loss fuels passion to create compassionate classrooms with grant

Retrieved on:

Wednesday, February 28, 2024

Anxiety, Mental health, Student, Eastern Michigan University, The Jed Foundation, Suicide, The, Health, University, Grief, EMU, Community, Environment, Education, Depression, Nursing

Backed by a $50,000 grant from the Flinn Foundation , Flowers is leading the charge to create an environment where students feel secure, supported, and understood.

Key Points:

Backed by a $50,000 grant from the Flinn Foundation , Flowers is leading the charge to create an environment where students feel secure, supported, and understood.
Viewing this as a crisis, Flowers has taken a public health approach, establishing a campus-wide task force called "Building a Community of Caring."
Emerson Storlie, an EMU graduate student who advocates for creating compassionate classrooms, said it's important students are also seen as individuals.
The compassionate classrooms initiative is highlighted in a recent episode of the University's podcast series, "Enlighten U."

Isabel Schnabel: From laggard to leader? Closing the euro area’s technology gap

Retrieved on:

Saturday, February 17, 2024

Eurofi, Lecture, NGEU, Research, European Economic Association, GameChanger, Artificial intelligence, European Investment Bank, Education, Investment, Mining, Invention, Quarterly Journal of Economics, Growth, Superstar, Commerce, MIT Press, Labour economics, GDP, Health, Christian Social Union (UK), Climate change, History, Information technology, CompStat, Applied economics, ICC, Policy, Apple, Public policy, Diagnosis, Federal Reserve, European Parliament, Literature, NBER, Ageing, International economics, Software, Metal, Productivity, New Vision (newspaper), Review of World Economics, Recovery, Next Generation, Computer, MIT, Journal of Labor Economics, Nicolaus Copernicus, Journal of Monetary Economics, Craft, EDIS, European Fiscal Board, Howitt, International Chamber of Commerce, Financial management, Council, Journal, Electricity, Congress, Nobel, American Economic Journal, Transatlantic, Communication, Environment, Journal of Economic Perspectives, European Commission, American Economic Review, European Economic Review, Capital market, Economic impact analysis, Indicator, Demography, World War II, Paul Krugman, Single market, RRF, Macroeconomics, IMF, Daniel Schwaab, Frankfurt, Conference, Aggression, Carbon, Civil service commission, European Central Bank, Rise, Business, Labor share, Skill, Democracy, Heart, Quarterly Journal, E.F, Speech, Public, Public sector, OECD, Reproduction, Internet, Monetary economics, Fabiani, AI, Labour, Intangibles, Paper, Government, Competition, Economic and monetary union, Journal of International Economics, Organization, Treaty, Diffusion, Observation, Autumn, COVID-19, Resilience, Amazon, Role, Hand, Lost, EMU, Unemployment, ECB

This paper, by means of a DSGE model including heterogeneous firms and banks, financial frictions and prudential regulation, first shows the need of climate-related capital requirements in the existing prudential framework.

Key Points:

This paper, by means of a DSGE model including heterogeneous firms and banks, financial frictions and prudential regulation, first shows the need of climate-related capital requirements in the existing prudential framework.
We further show that relying on microprudential regulation alone would not be enough to account for the systemic dimension of transition risk.

Eastern Michigan University study examines communication and cultural strategies impacting Ukrainian refugees and others involved

Retrieved on:

Tuesday, February 13, 2024

Refugee, Woman, College, Eastern Michigan University, Transport, University of Michigan, Female, Language, Business communication, Empathy, Communication, Cultural diversity, Grief, Business school, Business, Shoe, EMU, Research, Tourism

However, according to Eastern Michigan University research published in Global Advances of Business Communication , many refugees who migrated struggle with the process due to communication and cross-cultural challenges.

Key Points:

However, according to Eastern Michigan University research published in Global Advances of Business Communication , many refugees who migrated struggle with the process due to communication and cross-cultural challenges.
The authors uncovered key themes such as language and cultural complexities, and managing chaotic change, loss, and grief.
"The Ukrainian refugee situation presents a dramatic need to accommodate millions of Ukrainians into host or transit countries," said Barker.
Day emphasized the importance of resolving the challenges facing the Ukrainian refugees and others involved.

Piero Cipollone: The euro at 25: what next for Economic and Monetary Union?

Retrieved on:

Tuesday, February 13, 2024

We document how gas price fluctuations have a heterogeneous pass-through to euro area prices depending on the underlying shock driving them.

Key Points:

We document how gas price fluctuations have a heterogeneous pass-through to euro area prices depending on the underlying shock driving them.
Supply shocks, moreover, are found to pass through to all components of euro area inflation – producer prices, wages and core inflation, which has implications for monetary policy.

Agnes & Stephen Reading gift additional $1 million for WCC nursing students, now funding 20 full-ride scholarships

Retrieved on:

Tuesday, January 9, 2024

ANN, Student, WCC, Patient, Book, National League, University of Michigan, Washtenaw Community College, EMU, Washtenaw, Nursing

ANN ARBOR, Mich., Jan. 09, 2024 (GLOBE NEWSWIRE) -- Agnes and Stephen Reading have endowed an additional $1 million to double the size of the Reading Nursing Scholarship program for Washtenaw Community College (WCC) students.

Key Points:

ANN ARBOR, Mich., Jan. 09, 2024 (GLOBE NEWSWIRE) -- Agnes and Stephen Reading have endowed an additional $1 million to double the size of the Reading Nursing Scholarship program for Washtenaw Community College (WCC) students.
The Ann Arbor philanthropists and WCC President Dr. Rose B. Bellanca today announced the gift on campus alongside student benefactors.
The Reading Nursing Scholarship endowment now totals $2 million and provides 20 full-ride nursing scholarships each year for WCC students.
In 2022, the couple established the Reading Scholars program with a $1 million endowment to cover tuition, books, uniforms, clinical fees and other costs for nursing students.