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Subject of this thesis is the non-perturbative investigation of the thermal transition in Quantum Chromodynamics by means of lattice gauge theory and a particular type of lattice fermions, the so-called twisted mass fermions. These fermions offer the possibility of improvement as compared to the standard Wilson-type formulation. We investigate the properties of these fermions at finite temperature, i.e. the structure of the bare parameter space as well as leading order cutoff effects in the weak coupling limit. Then we focus on two-flavour simulations at finite pion mass. We identify the (pseudo-)critical temperatures for our set of pion masses (300 to 500 MeV) and discuss the extrapolation to the chiral limit for which the nature of the transition is still an open question. Besides pseudo-critical temperatures we consider the magnetic equation of state and screening observables. We find that the assumption of a second order transition (in the 3d O(4) universality class) agrees with our data without being able to exclude alternatives. Finally, we discuss the future inclusion of strange and charm quarks in dynamical twisted mass simulations and look at the corresponding cutoff effects in the free limit.
This dissertation consists of three essays, which study the implication of financial frictions in business cycles and monetary policy making. The first essay develops a Dynamic Stochastic General Equilibrium (DSGE) model to study how the instability of the banking sector can amplify and propagate business cycles. Model simulations show that in an economic down turn, in addition to credit demand contraction induced by low firm net worth, low bank capital
position can create strong credit supply contraction, and have a quantitatively significant effect on business cycle dynamics. The second essay studies the optimal Taylor-type monetary policy rules based on the model developed in the first chapter and find that with interest rate smoothing, 'leaning against the wind' can significantly dampen the procyclicality of financial distortions, and increase the welfare of the economy. The third chapter examines the role of households frugality in a financial crisis and finds that higher savings by more frugal households provide an important cushion for the fall in private investment funding.