Texte remanié de: Diss.--Freiburg im Breisgau, 1987. / Bibliogr. p. 373-375.

Inaug.-diss.-München. / "Literaturverzeichnis": p.85-86.

Thesis (doctoral)--Université de Paris, 1901. / Includes bibliographical references (p. 369-381).

Inaug.-diss.--Freiburg i. Br. / Lebenslauf. "Literatur": p. [3-5].

Inaug.-diss.--Freiburg i. Br. / Lebenslauf. "Literatur": p. [3-5].

DIPLOMA THESIS A comparison of the legal regulation of the Central Bank in the CR and selected countries of the European Union Abstract The aim of this thesis is to analyze and evaluate the central bank legislation in the Czech Republic and in selected countries of the European Union. Major focus is on banks' degree of legal independence from the executive power and from potential negative impact of executive power representatives on governance of the institution as well as on monetary policy decision making. The issue of independence is closely linked to monetary stability, especially to level of inflation, where the politicians' excessive influence may result in undesirable fluctuations in the state's economy. The thesis results in a comparison of the banks' legislation and in a positive assessment on the question of selected banks' affiliation within the category of most appropriately regulated institutions. Initial hypotheses about the privileged status of the central bank of the Federal Republic of Germany and its suitability as a template for banks of central Europe's transition economies in the Nineties of 20th century are also positively evaluated. Apart from the key parts of the thesis, i.e. the introduction of theoretical models and works dealing with measurement of central banks' independence in...

Thesis (M.A.)--University of North Texas, May, 2007. / Title from title page display. Includes bibliographical references.

The topic of this thesis is the confrontations between William Gladstone and the Bank of England. These confrontations have remained a mystery to authors who noted them, but have generally been ignored by others. This thesis demonstrates that Gladstone's measures taken against the Bank were reasonable, intelligent, and important for the development of nineteenth-century British government finance. To accomplish this task, this thesis refutes the opinions of three twentieth-century authors who have claimed that many of Gladstone's measures, as well as his reading, were irrational, ridiculous, and impolitic. My primary sources include the Gladstone Diaries, with special attention to a little-used source, Volume 14, the indexes to the Diaries. The day-to-day Diaries and the indexes show how much Gladstone read about financial matters, and suggest that his actions were based to a large extent upon his reading. In addition, I have used Hansard's Parliamentary Debates and nineteenth-century periodicals and books on banking and finance to understand the political and economic debates of the time.

Master of Arts / Department of Economics / William F. Blankenau / The financial crisis that began in the summer of 2007 has greatly tested the abilities of central banks to counter financial instability and economic slowdown through traditional monetary policy. This paper will examine in detail the monetary response of both the Federal Reserve Bank of the United States (Fed) and the Bank of England to the turmoil in the financial markets. The Bank of England, which adopted inflation targeting after the Black Wednesday crisis in 1992, and the Fed, which has no such stated policy, allows us to compare two different monetary regimes in the aftermath of a crisis. To counter the financial crisis the Bank of England resorted to unconventional monetary policies that included expansion of liquidity easing operations and a policy of quantitative easing through purchase of debt securities. The Fed also made use of both traditional tools as well as more innovative measures to combat liquidity concerns in the financial market. A multitude of new programs was initiated by the Fed to supply liquidity to susceptible lending institutions and lower the spreads on commercial loans and securities. Overall, we find that the actions of the Bank of England and the Fed were effective in restoring stability to financial markets and preventing a prolonged economic depression. Further, the Bank of England's inflation targeting framework did not hinder its ability to respond to the crisis and there was no major divergence in the policy actions of the two central banks.

Equity Risk Premium (ERP) is the cornerstone in Financial Economics. It is a basic requirement in stock valuation, evaluation of portfolio performance and asset allocation. For the last decades, several studies have attempted to investigate the relationship between macroeconomic drivers of ERP. In this work, I empirically investigate the macroeconomic determinants of UK ERP. For this I parsimoniously cover a large body of literature stemming from ERP puzzle. I motivate the empirical investigation based on three mutually exclusive theoretical lenses. The thesis is organised in the journal paper format. In the first paper I review the literature on ERP over the past twenty-eight years. In particular, the aim of the paper is three fold. First, to review the methods and techniques, proposed by the literature to estimate ERP. Second, to review the literature that attempts to resolve the ERP puzzle, first coined by Mehra and Prescott (1985), by exploring five different types of modifications to the standard utility framework. And third, to review the literature that investigates and develops relationship between ERP and various macroeconomic and market factors in domestic and international context. I find that ERP puzzle is still a puzzle, within the universe of standard power utility framework and Consumption Capital Asset Pricing Model, a conclusion which is in line with Kocherlakota (1996) and Mehra (2003). In the second paper, I investigate the impact of structural monetary policy shocks on ex-post ERP. More specifically, the aim of this paper is to investigate the whether the response of UK ERP is different to the structural monetary policy shocks, before and after the implementation of Quantitative Easing in the UK. I find that monetary policy shocks negatively affect the ERP at aggregate level. However, at the sectoral level, the magnitude of the response is heterogeneous. Further, monetary policy shocks have a significant negative (positive) impact on the ERP before (after) the implementation of Quantitative Easing (QE). The empirical evidence provided in the paper sheds light on the equity market’s asymmetric response to the Bank of England’s monetary policy before and after the monetary stimulus. In the third paper I examine the impact of aggregate and disaggregate consumption shocks on the ex-post ERP of various FTSE indices and the 25 Fama-French style value-weighted portfolios, constructed on the basis of size and book-to-market characteristics. I extract consumption shocks using Structural Vector Autoregression (SVAR) and investigate its time-series and cross-sectional implications for ERP in the UK. These structural consumption shocks represent deviation of agent’s actual consumption path from its theoretically expected path. Aggregate consumption shocks seem to explain significant time variation in the ERP. At disaggregated level, when the actual consumption is less than expected, the ERP rises. Durable and Semi-durable consumption shocks have a greater impact on the ERP than non-durable consumption shocks. In the fourth and final paper I investigate the impact of short and long term market implied volatility on the UK ERP. I also examine the pricing implications of innovations to short and long term implied market volatility in the cross-section of stocks returns. I find that both the short and the long term implied volatility have significant negative impact on the aggregate ERP, while at sectoral level the impact is heterogeneous. I find both short and long term volatility is priced negatively indicating that (i) investors care both short and long term market implied volatility (ii) investors are ready to pay for insurance against these risks.