Bank of England Research

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Bank of England Research

Bank of England Research

@BoE_Research

Research papers, #bankunderground posts, publications and news from Bank of England researchers. Staff opinion and analysis, not necessarily official BoE views

London, United Kingdom Katılım Şubat 2018
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Bank of England Research
Bank of England Research@BoE_Research·
🚀 Exciting News! 🚀 We're now on LinkedIn and Bluesky! Follow us for the latest Staff Working papers, Bank Underground blog posts, research conferences, and researcher career opportunities. Connect with us and stay informed! 📢 🔗 b-o-e.uk/41rmsYN
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Bank of England Research
Bank of England Research@BoE_Research·
5/ Hedge funds appear to have withheld liquidity provision to the market in an effort to time the bottom of the fire sale. Findings demonstrate how capital can be slow moving internally, due to contracting frictions, + externally, due to strategic arbitrager behaviour.
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Bank of England Research
Bank of England Research@BoE_Research·
4/ Finds that operational frictions between LDIs + their well-capitalised pension owners hindered collateral transfers, leading to a fire sale. Pooled LDIs, with the greatest frictions, deleveraged more than non-pooled funds even when controlling for their higher leverage.
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Bank of England Research
Bank of England Research@BoE_Research·
4/ Firms use unexpected sales realizations to learn about demand. More attentive firms, proxied by their learning gain or pricing strategy, respond significantly stronger to sales surprises. Financial constraints, productivity + uncertainty channels cannot explain the findings.
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Bank of England Research
Bank of England Research@BoE_Research·
3/ A 1pp higher than expected growth rate of sales causes a 0.31pp increase in capital expenditure for UK firms. Firms also increase prices after positive sales surprises, consistent with a demand-driven interpretation of these surprises.
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Bank of England Research
Bank of England Research@BoE_Research·
6/ In the absence of the housing-consumption channel, counterfactual analysis of the general-equilibrium of housing + mortgage markets shows that mortgage + house price growth would have been respectively 50% and 31% lower since the 1990s.
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Bank of England Research
Bank of England Research@BoE_Research·
5/ Finds robust evidence for the housing-consumption channel: documents an elasticity of mortgage demand to house prices of 0.82, with the specific elasticity attributable to housing-consumption channel of 0.38.
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