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In a recently published study on mineral waters from various manufacturers, scientists at Johann Wolfgang Goethe University Frankfurt established that some of the samples exam-ined in an in vitro test system revealed the presence of not otherwise specified substances with hormone-like activity. The scientists noted that this effect was determined more particu-larly in samples taken from mineral water in bottles made of the plastic, PET. Amongst the public at large this prompted questions about the potential health impact of drinking mineral water from PET bottles. The Federal Institute for Risk Assessment (BfR) has undertaken an initial, provisional assessment of the study findings.
Traditional New Keynesian models prescribe that optimal monetary policy should aim at price stability. In the absence of a labor market frictions, the monetary authority faces no unemployment/inflation trade-off. I study the design of optimal monetary policy in a framework with sticky prices and matching frictions in the labor market. Optimal policy features deviations from price stability in response to both productivity and government expenditure shocks. When the Hosios 1990 condition is not met, search externalities make the flexible price allocation unfeasible. Optimal deviations from price stability increase with workers’ bargaining power, as firms´ incentives to post vacancies fall and unemployment fluctuates above the Pareto efficient one.
Recent empirical research suggests that measures of investor sentiment have predictive power for future stock returns at intermediate and long horizons. Given that sentiment indicators are widely published, smart investors should exploit the information conveyed by the indicator and thus trigger an immediate market response to the publication of the sentiment indicator. The present paper is the first to empirically analyze whether this immediate response can be identified in the data. We use survey-based sentiment indicators from two countries (Germany and the US). Consistent with previous research we find predictability at intermediate horizons. However, the predictability in the US largely disappears after 1994. Using event study methodology we find that the publication of sentiment indicators affects market returns. The sign of this immediate response is the same as the sign of the intermediate horizon predictability. This is consistent with sentiment being related to mispricing but is inconsistent with the sentiment indicator providing information about future expected returns.
JEL-Classification: G12, G14
Die IX. Tagung des Verbandes der Deutschlehrer und Germanisten der Slowakei in Bratislava, 11.-13.09.2008 (Mária Vajičková)
II. Königgrätzer Linguistik- und Literaturtage in Hradec Králové, 29.-30.10.2008 (Jana Ondráková)
Holocaust in Literatur, Musik, Sprache, bildender Kunst und Unterricht. Internationales Kolloquium in Linz und Ústí nad Labem, 23.-26.03./18.-20.05.2009 (Hana Bergerová, Jarmila Jehličková)
"Übersetzung als Interpretation – Interpretation als Übersetzung". Franz Werfel-Jahrestagung in Wien, 27.-28.03.2009 (Renata Cornejo)
Otfried Preußler didaktisch. Internationales studentisches Seminar in Řehlovice, 28.05.-01.06.2009 (Jan Kvapil)
Hotzenplotz aus Osoblaha. Die böhmische Thematik im Werk Otfried Preußlers. Wissenschaftliches Symposium in Ústí nad Labem, 12.-14.06.2009 (Rahel Rosa Neubauer)
Deutsch bewegt. XIV. Internationale Tagung der Deutschlehrerinnen und Deutschlehrer in Jena – Weimar, 03.-08.08.2009 (Nadežda Zemaníková)