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  <channel rdf:about="https://hdl.handle.net/10419/127976">
    <title>EconStor Community: Study Center Gerzensee, Swiss National Bank</title>
    <link>https://hdl.handle.net/10419/127976</link>
    <description>Study Center Gerzensee, Swiss National Bank</description>
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        <rdf:li rdf:resource="https://hdl.handle.net/10419/312883" />
        <rdf:li rdf:resource="https://hdl.handle.net/10419/315039" />
        <rdf:li rdf:resource="https://hdl.handle.net/10419/315038" />
        <rdf:li rdf:resource="https://hdl.handle.net/10419/333552" />
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    <dc:date>2026-04-29T06:15:21Z</dc:date>
  </channel>
  <item rdf:about="https://hdl.handle.net/10419/312883">
    <title>A geometric approach to factor model identification</title>
    <link>https://hdl.handle.net/10419/312883</link>
    <description>Title: A geometric approach to factor model identification
Authors: Kaufmann, Sylvia; Pape, Markus
Abstract: We use the geometric representation of factor models to represent the factor loading structure by sets corresponding to unit-specific non-zero loadings. We formulate global and local, rotational identification conditions based on set conditions. We propose two algorithms to efficiently evaluate Sato (1992)'s counting rule. We demonstrate the efficiency and the performance of the algorithms by a simulation study. An application to exchange rate returns illustrates the approach.</description>
    <dc:date>2025-01-01T00:00:00Z</dc:date>
  </item>
  <item rdf:about="https://hdl.handle.net/10419/315039">
    <title>The zero lower bound on deposit rates, monetary policy and bank insolvency risk</title>
    <link>https://hdl.handle.net/10419/315039</link>
    <description>Title: The zero lower bound on deposit rates, monetary policy and bank insolvency risk
Authors: Driussi, Lorenz
Abstract: I develop a banking model with monopolistic competition to analyze the effect of reserve rate policy on bank insolvency risk, when banks are constrained by a zero lower bound on deposit rates. When binding, the lower bound compresses the solvency relevant deposit spread and causes it to be a function of the policy rate, which results in the policy rate affecting bank default. The policy rate has an impact through two separate effects: The direct effect increases default probability unambiguously as a lower policy rate decreases the deposit spread for every realization of credit risk. By contrast, the (indirect) risk effect may increase or decrease default probability depending on the hazard function of credit risk. The risk effect arises because banks endogenously adjust their solvency threshold in response to a policy rate change. This novel result suggests that in a low interest rate environment, the relationship between competition in the banking sector, monetary policy and financial stability cannot be isolated from the underlying credit risk distribution.</description>
    <dc:date>2025-01-01T00:00:00Z</dc:date>
  </item>
  <item rdf:about="https://hdl.handle.net/10419/315038">
    <title>Consumer adoption and use of payment technology: Convenience benefits vs. security concerns</title>
    <link>https://hdl.handle.net/10419/315038</link>
    <description>Title: Consumer adoption and use of payment technology: Convenience benefits vs. security concerns
Authors: Brown, Martin; Felber, Laura; Meyer, Christoph
Abstract: Convenience and security are the two key attributes that consumers consider when choosing between payment technologies. We examine how consumers react to an exogenous change to the convenience and security of digital payments. We study an increase in the 'tap-and-go' limit for contactless point-of-sale card payments. A higher 'tap-and-go' limit enables faster and easier verification for larger value transactions. However, a higher limit also increases security concerns, as the misappropriation of a card can lead to larger losses. Our analysis is based on anonymized transaction-level data for a large sample of debit card payments between 2019 and 2021. We reveal that the increase in the 'tap-and-go' limit caused a substantial increase in the consumer use of contactless payments, but had only a minor impact on first-time adoption. Our findings are consistent with a stylized model in which the convenience benefits of digital payments are largest for small-value on-the-fly transactions and security concerns are heterogeneous across consumers. In this framework, only consumers with weak security concerns adopt the technology and respond to subsequent improvements in its convenience.</description>
    <dc:date>2025-01-01T00:00:00Z</dc:date>
  </item>
  <item rdf:about="https://hdl.handle.net/10419/333552">
    <title>Using natural language processing to identify monetary policy shocks</title>
    <link>https://hdl.handle.net/10419/333552</link>
    <description>Title: Using natural language processing to identify monetary policy shocks
Authors: Piller, Alexandra; Schranz, Marc; Schwaller, Larissa
Abstract: Identifying the causal effects of monetary policy is challenging due to the endogeneity of policy decisions. In recent years, high-frequency monetary policy surprises have become a popular identification strategy. To serve as a valid instrument, monetary policy surprises must be correlated with the true policy shock (relevant) while remaining uncorrelated with other shocks (exogenous). However, market-based monetary policy surprises around Federal Open Market Committee (FOMC) announcements often suffer from weak relevance and endogeneity concerns. This paper explores whether text analysis methods applied to central bank communication can help mitigate these concerns. We adopt two complementary approaches. First, to improve instrument relevance, we extend the dataset of monetary policy surprises from FOMC announcements to policy-relevant speeches by the Federal Reserve Board chair and vice chair. Second, using natural language processing techniques, we predict changes in market expectations from central bank communication, isolating the component of monetary policy surprises driven solely by communication. The resulting language-driven monetary policy surprises exhibit stronger instrument relevance, mitigate endogeneity concerns and produce impulse responses that align with standard macroeconomic theory.</description>
    <dc:date>2025-01-01T00:00:00Z</dc:date>
  </item>
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