Fiscal policy, banks and the financial crisis. National Bank of Belgium Working Paper No. 234, October 2012

This paper studies the effectiveness of Euro Area (EA) fiscal policy, during the recent financial crisis, using an estimated New Keynesian model with a bank. A key dimension of policy in the crisis was massive government support for banks—that dimension has so far received little attention in the macroeconomics literature. We use the estimated model to analyze the effects of bank asset losses, of government support for banks, and other fiscal stimulus measures, in the EA. Our results suggest that support for banks had a stabilizing effect on EA output, consumption and investment. Increased government purchases helped to stabilize output, but crowded out consumption. Higher transfers to households had a positive impact on private consumption, but a negligible effect on output and investment. Banking shocks and increased government spending explain half of the rise in the public debt/GDP ratio since the onset of the crisis.

The fragility of two monetary regimes: The European Monetary System and the Eurozone. National Bank of Belgium Working Paper No. 243, October 2013

The purpose of these working papers is to promote the circulation of research results (Research Series) and analytical studies (Documents Series) made within the National Bank of Belgium or presented by external economists in seminars, conferences and conventions organised by the Bank. The aim is therefore to provide a platform for discussion. The opinions expressed are strictly those of the authors and do not necessarily reflect the views of the National Bank of Belgium.

The distribution of debt across euro area countries : The role of individual characteristics, institutions and credit conditions. National Bank of Belgium Working Paper No. 252, December 2013

The aim of this paper is twofold. First, we present an up-to-date assessment of the differences across euro area countries in the distributions of various measures of debt conditional on household characteristics. We consider three different outcomes: the probability of holding debt, the amount of debt held and, in the case of secured debt, the interest rate paid on the main mortgage. Second, we examine the role of legal and economic institutions in accounting for these differences. We use data from the first wave of a new survey of household finances, the Household Finance and Consumption Survey, to achieve these aims. We find that the patterns of secured and unsecured debt outcomes vary markedly across countries. Among all the institutions considered, the length of asset repossession periods best accounts for the features of the distribution of secured debt. In countries with longer repossession periods, the fraction of people who borrow is smaller, the youngest group of households borrow lower amounts (conditional on borrowing), and the mortgage interest rates paid by low-income households are higher. Regulatory loan-to-value ratios, the taxation of mortgages and the prevalence of interest-only or fixed-rate mortgages deliver less robust results.

Effectiveness and transmission of the ECB’s balance sheet policies. National Bank of Belgium Working Paper No. 275, December 2014

We estimate the effects of exogenous innovations to the balance sheet of the ECB since the start of the financial crisis within a structural VAR framework. An expansionary balance sheet shock stimulates bank lending, stabilizes financial markets, and has a positive impact on economic activity and prices. The effects on bank lending and output turn out to be smaller in the member countries that have been more affected by the financial crisis, in particular those countries where the banking system is less well-capitalized.

Comparing fiscal multipliers across models and countries in Europe. National Bank of Belgium Working Paper No. 278, March 2015

This paper employs fifteen dynamic macroeconomic models maintained within the European System of Central Banks to assess the size of fiscal multipliers in European countries. Using a set of common simulations, we consider transitory and permanent shocks to government expenditures and different taxes. We investigate how the baseline multipliers change when monetary policy is transitorily constrained by the zero nominal interest rate bound, certain crisis-related structural features of the economy such as the share of liquidity-constrained households change, and the endogenous fiscal rule that ensures fiscal sustainability in the long run is specified in terms of labour income taxes instead of lump-sum taxes.

Mercantile Trust Company vs. the Portland & Ogdensburg Railroad Company et als. : hearing on bill; answers and proofs : abstract and points in behalf of Nathan Webb, Samuel E. Spring and Weston F. Milliken, trustees /

At head of title: Circuit Court of the United States. District of New Hampshire.

Establishment of a National Development Bank and related matters : hearings before the Subcommittee on General Oversight and Renegotiation of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-eighth Congress, first session, on H.R. 638 ... March 9 and 10; April 13, 14, and 28; and June 22, 1983.

Item 1013-A, 1013-B (microfiche)

History, the First national bank of Scranton, Pa., incorporated 1863; issued by authority of the Board of directors.

Mode of access: Internet.

Establishment of a national development bank and related matters : hearing before the Subcommittee on General Oversight and Renegotiation of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-seventh Congress, second session, on H.R. 14 ... September 15 and 28, 1982.

Item 1013-A, 1013-B (microfiche)

French furniture : Chinese porcelains & decorative objects : paintings & drawings, tapestries, rugs, old sevres, meissen & Dresden porcelain, silver, linens & laces, china : property from the estate of the late John Vernou Bouvier, New York, by order of the legatees, the present owners : property of the estate of the late Mrs. Elmer E. Smathers, New York, by order of the Guaranty Trust Company of New York, administrator : and property of Oscar F. Gavrilovitch, former Consul-General from Yugoslavia in New York and other owners : public auction sale, March 11, 12 and 13 at 2 pm.

"Sale number 944."

Westerly's oldest witness; how Westerly and the Washington Trust Company have progressed together for 150 years.

Includes index.

Letter to a lady in France : on the supposed failure of a national bank, the supposed delinquency of the national government, the debts of the several states, and repudiation : with answers to enquiries concerning the books of Capt. Marryat and Mr. Dickens /

Podeschi, J.B. Dickens,

Reports of the secretary of the Treasury of the United States, prepared in obedience to the act of the 10th May, 1800 ... to which are prefixed the reports of Alexander Hamilton, on public credit, on a national bank, on manufactures, and on the establishment of a mint.

Reports for 1801-1828 were also reprinted in 2 vols. with the reports of Alexander Hamilton on public credit, on a national bank, on manufacctures and on the establishment of a mint, prefixed. Washington, Printed by D. Green, 1828-29.

Remarks upon usury and its effects: a national bank a remedy; in a letter, &c.

Goldsmiths'-Kress no. 32290.34.

Speech of the Hon. Mr. Sergeant, of Pennsylvania, on the resolution reported from the Committee of Ways and Means, declaring it inexpedient to charter a National Bank /

Sabin