The monetary pillar and the great financial crisis

Since its inception, a most distinctive (and controversial) feature of the ECB monetary policy strategy has been its emphasis on money and monetary analysis, which constitute the basis of the so-called monetary pillar. The present paper examines the performance of the monetary pillar around the recent financial crisis episode, and discusses its prospects in light of the renewed emphasis on financial stability and the need for enhanced macro-prudential policies.

Contractual resolutions of financial distress

In a financial contracting model, we study the optimal debt structure to resolve financial distress. Weshow that a debt structure where two distinct debt classes co-exist - one class fully concentrated andwith control rights upon default, the other dispersed and without control rights - removes the controllingcreditor's liquidation bias when investor protection is strong. These results rationalize the use and theperformance of floating charge financing, debt financing where the controlling creditor takes the entirebusiness as collateral, in countries with strong investor protection. Our theory predicts that the efficiency ofcontractual resolutions of financial distress should increase with investor protection.

Endogenous credit cycles

I develop an overlapping-generations framework in which changes in lending standards generateendogenous cycles. In my economy, entrepreneurs who are privately informed about thequality of their projects need to borrow funds. Intermediaries screen entrepreneurs both throughthe amount of investment undertaken and through the level of entrepreneurial net worth.I show that endogenous regime switches in financial contracts from pooling to separatingand vice-versa may generate fluctuations even in the absence of exogenous shocks. Whenthe economy is in the pooling (separating) regime, lending standards seem lax ( tight ) andinvestment is high (low). Differently from the existing literature, my model does not requireentrepreneurial net worth to be counter cyclycal or inconsequential for determining aggregateinvestment.

Strengthening the Reporting of Observational Studies in Epidemiology (STROBE): explanation and elaboration.

Much medical research is observational. The reporting of observational studies is often of insufficient quality. Poor reporting hampers the assessment of the strengths and weaknesses of a study and the generalisability of its results. Taking into account empirical evidence and theoretical considerations, a group of methodologists, researchers, and editors developed the Strengthening the Reporting of Observational Studies in Epidemiology (STROBE) recommendations to improve the quality of reporting of observational studies. The STROBE Statement consists of a checklist of 22 items, which relate to the title, abstract, introduction, methods, results and discussion sections of articles. Eighteen items are common to cohort studies, case-control studies and cross-sectional studies and four are specific to each of the three study designs. The STROBE Statement provides guidance to authors about how to improve the reporting of observational studies and facilitates critical appraisal and interpretation of studies by reviewers, journal editors and readers. This explanatory and elaboration document is intended to enhance the use, understanding, and dissemination of the STROBE Statement. The meaning and rationale for each checklist item are presented. For each item, one or several published examples and, where possible, references to relevant empirical studies and methodological literature are provided. Examples of useful flow diagrams are also included. The STROBE Statement, this document, and the associated Web site (http://www.strobe-statement.org/) should be helpful resources to improve reporting of observational research.

Iowa Comprehensive Annual Financial Report, 2006

In accordance with Iowa Code Section 8A.502(8) we are pleased to submit the Comprehensive Annual Financial Report (CAFR) for the State of Iowa for the fiscal year ended June 30, 2006. As required by State statute, this report has been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for governments as promulgated by the Governmental Accounting Standards Board (GASB). The report is presented in three sections as follows: • The Introductory Section includes this transmittal letter, the Government Finance Officers Association (GFOA) Certificate of Achievement for the fiscal year 2005 CAFR, an organizational chart of State government, and a list of principal State officials. • The Financial Section contains the independent auditor’s report on the Basic Financial Statements, Management’s Discussion and Analysis (MD&A), the Basic Financial Statements, and Notes to the Financial Statements. The Financial Section also contains Required Supplementary Information (RSI), other than the MD&A, and supplementary information in the form of combining financial statements and schedules. • The Statistical Section includes financial trend information, revenue capacity information, debt capacity information, demographic and economic information, and operating information. The Department of Administrative Services is responsible for both the accuracy of the presented data, and the completeness and fairness of the presentation. We believe the information presented is accurate in all material respects and the necessary disclosures have been made which enable the reader to obtain an understanding of the State’s financial activity.

Iowa Comprehensive Annual Financial Report, 1997

In accordance with Iowa Code Section421.3(5), we are please to sbmit the Comprehensive Annual Finanical Report (CAFR) for the State of iowa for the fiscal year ended June 30, 1997. The Department of Revenue and Finance is responsible for both the accuracy in all materials respects and the necessary disclosures have been made which enable the reader to obtain an understanding of the State's finanical activity. This report is prepared in accordance with generally accepted accountinfg principles (GAAP) for governments Standards Board (GASB).

Iowa Comprehensive Annual Financial Report, 1998

In accordance with Iowa Code Section421.3(5), we are please to submit the Comprehensive Annual Financial Report (CAFR) for the State of Iowa for the fiscal year ended June 30, 1998. The Department of Revenue and Finance is responsible for both the accuracy in all materials respects and the necessary disclosures have been made which enable the reader to obtain an understanding of the State's financial activity. This report is prepared in accordance with generally accepted accounting principles (GAAP) for governments Standards Board (GASB).

Iowa Comprehensive Annual Financial Report, 2000

In accordance with Iowa Code Section421.3(5), we are please to sbmit the Comprehensive Annual Finanical Report (CAFR) for the State of iowa for the fiscal year ending in June. The Department of Revenue and Finance is responsible for both the accuracy in all materials respects and the necessary disclosures have been made which enable the reader to obtain an understanding of the State's finanical activity. This report is prepared in accordance with generally accepted accountinfg principles (GAAP) for governments Standards Board (GASB).

Iowa Comprehensive Annual Financial Report, 2001

In accordance with Iowa Code Section421.3(5), we are please to sbmit the Comprehensive Annual Finanical Report (CAFR) for the State of iowa for the fiscal year ending in June. The Department of Revenue and Finance is responsible for both the accuracy in all materials respects and the necessary disclosures have been made which enable the reader to obtain an understanding of the State's finanical activity. This report is prepared in accordance with generally accepted accountinfg principles (GAAP) for governments Standards Board (GASB).

Iowa Comprehensive Annual Financial Report, 2002

In accordance with Iowa Code Section421.3(5), we are please to sbmit the Comprehensive Annual Finanical Report (CAFR) for the State of iowa for the fiscal year ending in June. The Department of Revenue and Finance is responsible for both the accuracy in all materials respects and the necessary disclosures have been made which enable the reader to obtain an understanding of the State's finanical activity. This report is prepared in accordance with generally accepted accountinfg principles (GAAP) for governments Standards Board (GASB).

Iowa Comprehensive Annual Financial Report, 2003

In accordance with Iowa Code Section421.3(5), we are please to submit the Comprehensive Annual Financial Report (CAFR) for the State of Iowa for the fiscal year ending in June. The Department of Administrative Services is responsible for both the accuracy in all materials respects and the necessary disclosures have been made which enable the reader to obtain an understanding of the State's financial activity. This report is prepared in accordance with generally accepted accounting principles (GAAP) for governments Standards Board (GASB).

Iowa Comprehensive Annual Financial Report, 2004

In accordance with Iowa Code Section421.3(5), we are please to submit the Comprehensive Annual Financial Report (CAFR) for the State of Iowa for the fiscal year ending in June. The Department of Administrative Services is responsible for both the accuracy in all materials respects and the necessary disclosures have been made which enable the reader to obtain an understanding of the State's financial activity. This report is prepared in accordance with generally accepted accounting principles (GAAP) for governments Standards Board (GASB).

Iowa Comprehensive Annual Financial Report, 2005

In accordance with Iowa Code Section 8A.502(8) we are pleased to submit the Comprehensive Annual Financial Report (CAFR) for the State of Iowa for the fiscal year ended June 30, 2005. The report is presented in three sections as follows: • The Introductory Section includes this transmittal letter, the Government Finance Officers Association (GFOA) Certificate of Achievement for the fiscal year 2004 CAFR, an organizational chart of State government, and a list of principal State officials. • The Financial Section contains the independent auditor’s report on the Basic Financial Statements, Management’s Discussion and Analysis (MD&A), the Basic Financial Statements, and Notes to the Financial Statements. The Financial Section also contains Required Supplementary Information (RSI), other than the MD&A, and supplementary information in the form of combining financial statements and schedules. This letter is intended to be read in conjunction with the MD&A. • The Statistical Section highlights selected financial and demographic information, generally presented on a multi-year basis. The Department of Administrative Services is responsible for both the accuracy of the presented data, and the completeness and fairness of the presentation. We believe the information presented is accurate in all material respects and the necessary disclosures have been made which enable the reader to obtain an understanding of the State’s financial activity. This report has been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for governments as promulgated by the Governmental Accounting Standards Board (GASB). As a part of the statewide accounting system upgrade during fiscal year 2005, the implementation team performed a comprehensive review of the adequacy of internal controls and budgetary controls of the system. The team determined that internal controls continue to be in place to provide reasonable, but not absolute, assurance that assets are safeguarded against unauthorized use or disposition, and that financial records from all appropriate sources are reliable for preparing financial statements and maintaining accountability. The concept of reasonable assurance recognizes the cost of internal controls should not exceed the benefits likely to be derived from their use. To monitor the adequacy of internal controls, the Auditor of State reviews internal control procedures as an integral part of departmental audits.

Adoption of financial technologies: Implications for money demand and monetary policy

In this paper we argue that inventory models are probably not usefulmodels of household money demand because the majority of households does nothold any interest bearing assets. The relevant decision for most people is notthe fraction of assets to be held in interest bearing form, but whether to holdany of such assets at all. The implications of this realization are interesting and important. We find that(a) the elasticity of money demand is very small when the interest rate is small,(b) the probability that a household holds any amount of interest bearing assetsis positively related to the level of financial assets, and (c) the cost ofadopting financial technologies is positively related to age and negatively relatedto the level of education. Unlike the traditional methods of money demand estimation, our methodology allowsfor the estimation of the interest--elasticity at low values of the nominalinterest rate. The finding that the elasticity is very small for interest ratesbelow 5 percent suggests that the welfare costs of inflation are small. At interest rates of 6 percent, the elasticity is close to 0.5. We find thatroughly one half of this elasticity can be attributed to the Baumol--Tobin orintensive margin and half of it can be attributed to the new adopters or extensivemargin. The intensive margin is less important at lower interest rates and moreimportant at higher interest rates.