Title:The Overnight Interbank Market: Evidence From the G-7 and the Euro Zone
Author(s):PRATI, Alessandro; BARTOLINI, Leonardo; BERTOLA, GiuseppeDate:2003Type of Publication:ArticleAbstract:We study the interbank markets for overnight loans of the major industrial countries, linking the behavior of short-term interest rates to the operating procedures of these countries' central banks. We find that many of ...
Title:Banks' Reserve Management, Transaction Costs, and the Timing of Federal Reserve Intervention
Author(s):BARTOLINI, Leonardo; BERTOLA, Giuseppe; PRATI, AlessandroDate:2001Type of Publication:ArticleAbstract:We use daily data on bank reserves and overnight interest rates to document a striking pattern in the high-frequency behavior of the US market for federal funds: depository institutions tend to hold more reserves during ...
Title:Wages and the Size of Firms in Dynamic Matching Models
Author(s):BERTOLA, Giuseppe; GARIBALDI, P.Date:2001Type of Publication:ArticleAbstract:This paper studies the joint distribution of wages and employment levels in simple matching models of job creation and destruction with costly search and firm-specific labor demand shocks. Existing evidence on the relationship ...
Title:Employment Protection in Industrialized Countries: the Case for New Indicators
Author(s):BERTOLA, Giuseppe; BOERI, Tito; CAZES, S.Date:2000Type of Publication:ArticleAbstract:The once clear-cut negative correlation between employment stability and the stringency of employment protection appears to have been lost since the mid-1980s. This may be partly due to the obsolescence of existing measures ...
Title:Interest Rate Targeting and the Dynamics of Short-Term Rates
Author(s):BALDUZZI, P; BERTOLA, Giuseppe; FORESI, S; KLAPPER, LDate:1998Type of Publication:ArticleAbstract:A feature of U.S. monetary policy has been active targeting of overnight fed funds rates. We show that during a period of tight targeting (1989-1996) term fed funds spreads from the target displayed pronounced volatility ...