Organisation : Département Finance
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News
L’économie luxembourgeoise à l’épreuve des taux
En savoir plusEntre la hausse du taux de TVA le 1er janvier dernier et l’impact de la flambée des taux d’intérêts sur le marché immobilier, comment le Luxembourg se positionne face aux autres pays européens ? Deux économistes de l’Uni décryptent cela.
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Events
DF Lunch Seminar: Tough Talk: The Fed and the Risk Premium
En savoir plusAbstract:The Federal Reserve faces a challenge of supporting the economy by cutting rates aggressively in downturns and potentially creating uncertainty about future output gap, inflation, and interest rates. We study how the Fed’s communication of its forward-looking policy stance affects risk premia in financial markets. We analyze private deliberations of the Federal Open Market Committee…
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Events
DF Lunch Seminar – Social Media as a Bank Run Catalyst
En savoir plusAbstract: Social media fueled a bank run on Silicon Valley Bank (SVB), and the effects werefelt broadly in the U.S. banking industry. We employ comprehensive Twitter data toshow that preexisting exposure to social media predicts bank stock market losses inthe run period even after controlling for bank characteristics related to run risk (i.e.,mark-to-market losses and uninsured…
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Events
DF Lunch Seminar : Markup Shocks and Asset Prices
En savoir plusAbstract:We explore the asset pricing implications of shocks that allow firms to extract more rents from consumers. These markup shocks directly impact the representative household’s marginal utility and the firms’ cash flow. Using firm-level data, we construct a measure of aggregate markup shocks and show that the price of markup risk is negative, that is,…
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Events
DF Lunch Seminar: Financing and Resolving Banking Groups
En savoir plusAbstract:We study how banks’ resolution regimes affect investment. Banking groups create financing synergies by transferring excess financing capacity across units and lowering bankers’ agency rents from monitoring. Single-point-ofentry (SPOE) resolution preserves groups’ structure, which permits ex post efficient reinvestment into weaker units hit by negative shocks, but can prevent optimal investment ex ante. Multiple-point-of-entry (MPOE)…
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Events
DF Lunch Seminar: Consumption Smoothing via Product Markets
En savoir plusAbstract:We study changes in households’ shopping behavior as an alternative mechanism for coping with financial shocks in smoothing consumption. Our results show that in financial downturns, households become more conscious about prices, such that they shop more from discount stores, purchase more products that they perceive as deals, and use more coupons in their shopping.…