CFS working paper series
https://gfk-cfs.de/working-papers/
Refine
Year of publication
Document Type
- Working Paper (696)
Language
- English (696) (remove)
Has Fulltext
- yes (696)
Is part of the Bibliography
- no (696)
Keywords
- Deutschland (46)
- Geldpolitik (43)
- USA (43)
- Europäische Union (26)
- Schätzung (23)
- monetary policy (22)
- Bank (20)
- Monetary Policy (18)
- Haushalt (17)
- Venture Capital (17)
- Währungsunion (17)
- Risikokapital (16)
- Inflation (15)
- Kreditmarkt (14)
- Aktienmarkt (12)
- Going Public (12)
- Kreditrisiko (12)
- Volatilität (12)
- Corporate Governance (10)
- oil price (10)
- Financial Crisis (9)
- GARCH-Prozess (9)
- Household Finance (9)
- Inflation Targeting (9)
- Liquidity (9)
- Prognose (9)
- Sparen (9)
- Consumption (8)
- EMU (8)
- Kapitalertrag (8)
- Börsenkurs (7)
- Financial Literacy (7)
- Fiscal Policy (7)
- GARCH (7)
- Großbritannien (7)
- Market Microstructure (7)
- Stockholding (7)
- Value at Risk (7)
- Wechselkurs (7)
- Wettbewerb (7)
- insurance (7)
- Börsenzulassung (6)
- Europäische Zentralbank (6)
- Germany (6)
- Kapitalgewinn (6)
- Klein- und Mittelbetrieb (6)
- Kredit (6)
- Kreditwesen (6)
- Portfolio Selection (6)
- Portfoliomanagement (6)
- Precautionary Saving (6)
- Preisbildung (6)
- Schwellenländer (6)
- Wertpapieremission (6)
- Wirtschafts- und Währungsunion (6)
- asset pricing (6)
- fiscal policy (6)
- household finance (6)
- inflation (6)
- liquidity (6)
- Bankkredit (5)
- Buffer Stock Saving (5)
- Contagion (5)
- Deflation (5)
- Derivat, Wertpapier (5)
- ESG (5)
- Einkommen (5)
- Emerging Market (5)
- Euro Area (5)
- European Central Bank (5)
- Insurance (5)
- Japan (5)
- Liquidität (5)
- Mergers and Acquisitions (5)
- Model Uncertainty (5)
- Neuer Markt (5)
- Portfolio Choice (5)
- Private Equity (5)
- Regulation (5)
- Risikomanagement (5)
- Ruhestand (5)
- Transparency (5)
- Uncertainty (5)
- Underpricing (5)
- Unemployment (5)
- Zinsfuß (5)
- banking (5)
- corporate governance (5)
- credit risk management (5)
- expectations (5)
- finance (5)
- monetary policy rules (5)
- portfolio choice (5)
- real-time data (5)
- term structure (5)
- Öffentliche Ausgaben (5)
- Arbeitslosigkeit (4)
- Banking (4)
- Banks (4)
- Central Banking (4)
- Competition (4)
- Credit Ratings (4)
- Darlehen (4)
- ECB (4)
- Erwartung (4)
- Finanzkrise (4)
- Finanzplanung (4)
- IPO (4)
- Italien (4)
- Kanada (4)
- Kapitalanlage (4)
- Kapitalmarkt (4)
- Kapitalmarkteffizienz (4)
- Konjunktur (4)
- Kreditsicherung (4)
- Kreditwürdigkeit (4)
- Learning (4)
- Market Efficiency (4)
- Mitgliedsstaaten (4)
- Prediction (4)
- Privater Verbrauch (4)
- Progressive Taxation (4)
- Rating (4)
- Risikoverteilung (4)
- Risk (4)
- Unternehmenskooperation (4)
- Unternehmenssanierung (4)
- Value-at-Risk (4)
- Verbraucherpreis (4)
- Wirtschaftswachstum (4)
- Xetra-Handelssystem (4)
- Zinsstruktur (4)
- Zinsstrukturtheorie (4)
- bank lending (4)
- credit risk (4)
- exchange rates (4)
- financial crisis (4)
- financial intermediation (4)
- financial literacy (4)
- goods market integration (4)
- inflation targeting (4)
- law of one price (4)
- learning (4)
- liquidity trap (4)
- money creation (4)
- nominal rigidities (4)
- price discovery (4)
- purchasing power parity (4)
- rational expectations (4)
- realized volatility (4)
- relationship lending (4)
- relative price volatility (4)
- risk premium (4)
- systemic risk (4)
- transparency (4)
- Abnehmer (3)
- Aging (3)
- Aktienanlage (3)
- Aktienbörse (3)
- Algorithmic Trading (3)
- Arbeitsmarkt (3)
- Asset Pricing (3)
- Asset-Backed Security (3)
- Auslandskredit (3)
- Bankenaufsicht (3)
- Banking Regulation (3)
- Basler Eigenkapitalvereinbarung , 2001 (3)
- Bayesian inference (3)
- Beschaffungsmarketing (3)
- Beziehungsmanagement (3)
- Blockchain (3)
- Business Cycles (3)
- COVID-19 (3)
- Capital-Asset-Pricing-Modell (3)
- Cointegration (3)
- Consumer Credit (3)
- Credit Cards (3)
- Debt-equity swap (3)
- Debt-nature swap (3)
- Deutsche Börse (3)
- Disclosure (3)
- Event Study (3)
- Fair-Value-Bewertung (3)
- Financial Knowledge (3)
- Financial Regulation (3)
- Financial crisis (3)
- Finanzierungstheorie (3)
- Finanzwirtschaft (3)
- Fiscal Multiplier (3)
- Fiscal Stimulus (3)
- Fiskalpolitik (3)
- G-7-Staaten (3)
- Geduld (3)
- Generally Accepted Accounting Principles (3)
- Gewinn (3)
- Gleichgewicht (3)
- Gläubiger (3)
- Government Spending (3)
- Green bonds (3)
- Greenium (3)
- High-Frequency Data (3)
- Household Portfolios (3)
- Household finance (3)
- Initial Public Offerings (3)
- Investmentfonds (3)
- Kalman filter (3)
- Kenntnis (3)
- Kleingewerbe (3)
- Konjunkturzyklus (3)
- Konsumentenkredit (3)
- Kreditkarte (3)
- Kreditsicherheit (3)
- Krisenmanagement (3)
- Labor Market (3)
- Lieferung (3)
- Limited Commitment (3)
- Länderrating (3)
- Länderrisiko (3)
- Monetary Policy Rules (3)
- Neokeynesianismus (3)
- Neuer Markt <Börse> (3)
- New Economy (3)
- New Keynesian Model (3)
- OECD (3)
- Optimal Monetary Policy (3)
- Pensions (3)
- Performance (3)
- Preispolitik (3)
- Preisstarrheit (3)
- Quantitative Easing (3)
- Rentenmarkt (3)
- Retirement (3)
- Risk Management (3)
- Risk Sharing (3)
- Robustness (3)
- Saving (3)
- Schock <Wirtschaft> (3)
- Schulden (3)
- Schuldverschreibung (3)
- Sovereign Risk (3)
- Sovereign debt (3)
- Standardisierung (3)
- Sticky Prices (3)
- Systemic Risk (3)
- Transmissionsmechanismus (3)
- Trust (3)
- Umschuldung (3)
- Universalbank (3)
- Unternehmen (3)
- Unternehmenszusammenschluss (3)
- VAR (3)
- Verbrauch (3)
- Verbraucherpreisindex (3)
- Versicherungsmarkt (3)
- Vertrag (3)
- Wohlfahrtseffekt (3)
- Wohlstand (3)
- Währungskrise (3)
- Zertifizierung (3)
- Zinsertragskurve (3)
- annuity (3)
- asymmetric information (3)
- banking regulation (3)
- border effects (3)
- capital requirements (3)
- collateral (3)
- competition (3)
- contagion (3)
- corporate rating (3)
- crude oil (3)
- currency crisis (3)
- downside risk (3)
- euro (3)
- euro area (3)
- forward guidance (3)
- gasoline price (3)
- globalization (3)
- insider trading (3)
- interest rates (3)
- limited attention (3)
- limits to arbitrage (3)
- machine learning (3)
- model uncertainty (3)
- pension (3)
- portfolio allocation (3)
- regime-switching (3)
- risk aversion (3)
- spatial data (3)
- sticky prices (3)
- venture capital (3)
- volatility (3)
- wealth inequality (3)
- ARCH-Prozess (2)
- Abnormal Returns (2)
- Accounting for Banks (2)
- Active investors (2)
- Adaptive Erwartung (2)
- Adverse Selection (2)
- Adverse Selection Risk (2)
- Aktienkurs (2)
- Aktionär (2)
- Alternative investments (2)
- Altersversorgung (2)
- Anreiz (2)
- Asset Allocation (2)
- Asset Securitisation (2)
- Asymmetrische Information (2)
- Bank Simulation (2)
- Bank regulation (2)
- Bankbilanz (2)
- Banking crisis (2)
- Bankruptcy (2)
- Basle 2 (2)
- Basle Committee (2)
- Basler Eigenkapitalvereinbarung <1988> (2)
- Basler Eigenkapitalvereinbarung, 2001 (2)
- Basler Eigenkapitalvereinbarung, 2010 (2)
- Bayes-Entscheidungstheorie (2)
- Bayesian Estimation (2)
- Brent (2)
- Bundesanleihe (2)
- Business Sentiment (2)
- Börse (2)
- Börsenhändler (2)
- CLO (2)
- Central Bank Communication (2)
- Conditional Volatility (2)
- Consumption Dynamics (2)
- Contract Design (2)
- Core Inflation (2)
- Covid pandemic (2)
- Credit (2)
- Credit Rating Agencies (2)
- Crowding-out (2)
- Current Account (2)
- DSGE Model (2)
- Deductible Insurance (2)
- Delegated portfolio management (2)
- Density Forecasting (2)
- Desinvestition (2)
- Disaggregated Prices (2)
- Disinflation (2)
- Disposition Effect (2)
- Distress (2)
- Downside Risk (2)
- Dynamic Duration Models (2)
- Dynamisches Gleichgewicht (2)
- ECB Monetary Policy (2)
- Effektenbank (2)
- Eigenkapitalgrundsätze (2)
- Einkommensteuer (2)
- Electronic Commerce (2)
- Emissionsgeschäft (2)
- Emissionskurs (2)
- Entscheidung bei Unsicherheit (2)
- Entwicklungsländer (2)
- Environmental (2)
- Equity Crowdfunding (2)
- Equity Premium (2)
- Euro area (2)
- Euromarkt (2)
- Excess Zeros (2)
- Exchange Rates (2)
- FOMC (2)
- Fair Value Accounting (2)
- Fair value accounting (2)
- Finance (2)
- Financial Education (2)
- Financial Education Programs (2)
- Financial Institutions (2)
- Financial Instruments (2)
- Financial Markets (2)
- Finanzierung (2)
- Finanzintermediäre (2)
- Firmenkundengeschäft (2)
- Firmenwert (2)
- Fremdfinanzierung (2)
- G-SIFIs (2)
- Geldmarkt (2)
- General-to-specific Methodology (2)
- Geschichte 1997-2000 (2)
- Geschichte 2002 (2)
- Geschichte 2007-2010 (2)
- Glaubwürdigkeit (2)
- Governance (2)
- Government Debt (2)
- Green Bonds (2)
- Hausbank (2)
- Health (2)
- Hedge Accounting (2)
- Hedging (2)
- Herd Behavior (2)
- Hidden Liquidity (2)
- High-frequency Data (2)
- Hold-up (2)
- Homeownership (2)
- Household-Size Economies (2)
- Housing (2)
- Housing Wealth (2)
- Human Capital (2)
- IAS (2)
- Iceberg Orders (2)
- Incomplete Markets (2)
- Inequality (2)
- Inflation Convergence (2)
- Inflationsrate (2)
- Informationsökonomie (2)
- Insider Trading (2)
- Integration (2)
- Intermediary (2)
- International Accounting Standard 39 (2)
- Internationale Kapitalbewegung (2)
- Internationaler Konjunkturzusammenhang (2)
- Internationaler Kreditmarkt (2)
- Investor Sentiment (2)
- Investor protection (2)
- Ireland (2)
- Kapitalmobilität (2)
- Kassamarkt (2)
- Keynessche Theorie (2)
- Kointegration (2)
- Kongress (2)
- Konsol (2)
- Kosten (2)
- Kreditgeschäft (2)
- Kreditgewährung (2)
- Kreditpolitik (2)
- Kurtosis (2)
- Law and Finance (2)
- Lebenshaltungskosten (2)
- Leistungsbilanz (2)
- Limit Order Book (2)
- Limit Order Market (2)
- Limit Order Markets (2)
- Limited Enforcement (2)
- Limited Partnership (2)
- Linear Aggregation (2)
- Liquidity Constraints (2)
- Liquidity Risk (2)
- Liquidity Trap (2)
- Liquiditätspräferenztheorie (2)
- Loan Securitisation (2)
- Lock-up (2)
- Low-income Countries (2)
- Macroeconomic Announcements (2)
- Macroeconomic Modelling (2)
- Makroökonomie (2)
- Makroökonomisches Modell (2)
- Marginal Propensity to Consume (2)
- Mark-to-Market (2)
- Mark-to-market (2)
- Market Structure (2)
- Marktanteil (2)
- Markteffizienz (2)
- Messung (2)
- Microstructure (2)
- Minimax (2)
- Monetary policy transmission (2)
- Money (2)
- Moral Hazard (2)
- Multiplicative Error Model (2)
- Multivariate GARCH (2)
- Multivariate Probit (2)
- New-Keynesian Model (2)
- Nominal GDP Growth (2)
- Nominalzins (2)
- Notenbank (2)
- OTC markets (2)
- Optimal Taxation (2)
- Ownership Structure (2)
- PCAOB (2)
- Permanent Income Hypothesis (2)
- Phillips Curve (2)
- Phillips-Kurve (2)
- Policy Rules (2)
- Policy Under Uncertainty (2)
- Portfolio Optimization (2)
- Portugal (2)
- Predictive Likelihood (2)
- Preisindex der Lebenshaltung (2)
- Price Discovery (2)
- Price Impact of Trades (2)
- Procyclicality (2)
- Product Market Deregulation (2)
- Productivity (2)
- Prognoseverfahren (2)
- Quantity Theory (2)
- Rational Expectations (2)
- Real-time Data (2)
- Realer-Konjunkturzyklus-Theorie (2)
- Reform (2)
- Regelbindung (2)
- Regional Diversity (2)
- Regulierung (2)
- Rentenreform (2)
- Retirement Planning (2)
- Rezession (2)
- Risiko (2)
- Risikoprämie (2)
- Risk Aversion (2)
- Risk Transfer (2)
- Schweiz (2)
- Selection (2)
- Self-fulfilling Prophecy (2)
- Semiparametric Specification Test (2)
- Sicherheit (2)
- Simulated Maximum Likelihood (2)
- Social Insurance (2)
- Social Security (2)
- Sovereign Debt (2)
- Spanien (2)
- Spread Decomposition Models (2)
- Staatsanleihe (2)
- Stochastic Volatility (2)
- Structured Finance (2)
- Survey Indicator (2)
- Survey Method (2)
- Sustainable Finance (2)
- Sustainable Investing (2)
- Syndicated loans (2)
- Tagesgeschäft (2)
- Taylor Rules (2)
- Termingeschäft (2)
- Theorie (2)
- Trading (2)
- Trading Intensity (2)
- US GAAP (2)
- Unbewegliche Sache (2)
- Unternehmensgründung (2)
- Variance Decomposition (2)
- Vektor-autoregressives Modell (2)
- Venture capital (2)
- Verbraucher (2)
- Vertrauen (2)
- Volatility (2)
- WTI (2)
- Wage Rigidity (2)
- Wealth (2)
- Wealth Shocks (2)
- Welthandel (2)
- Wertpapierhandelssystem (2)
- Wertpapiermarkt (2)
- Wertpapierportefeuille (2)
- Wettbewerbsfreiheit (2)
- Wettbewerbsfähigkeit (2)
- Wirtschaftskrise (2)
- Wirtschaftspolitik (2)
- Wohneigentum (2)
- Zeitreihenanalyse (2)
- Zentraler Kontrahent (2)
- Zerobond (2)
- Zins (2)
- Zwangsanleihe (2)
- advertising (2)
- announcements (2)
- art (2)
- art market (2)
- asset purchases (2)
- asset valuation (2)
- auctions (2)
- bank deposits (2)
- bank regulation (2)
- banking supervision (2)
- behavioral finance (2)
- bid-ask spread (2)
- big data (2)
- business cycle (2)
- business equity (2)
- capital regulation (2)
- commitment (2)
- computer vision (2)
- consumption (2)
- continuation vote (2)
- core (2)
- corn (2)
- corporate bond market (2)
- corporate finance (2)
- cost of capital (2)
- credibility (2)
- credit constraints (2)
- debt maturity (2)
- deflation (2)
- delayed claiming (2)
- density forecasting (2)
- discount (2)
- distress (2)
- distress prediction (2)
- diversification (2)
- exchange rate (2)
- experts (2)
- factor model (2)
- financial innovation (2)
- financial sophistication (2)
- firm heterogeneity (2)
- forecast combination (2)
- forecasting (2)
- futures (2)
- gasoline (2)
- global real activity (2)
- habit formation (2)
- hedging (2)
- historical statistics (2)
- housebanks (2)
- household portfolio (2)
- household survey (2)
- household-portfolio shares (2)
- implied volatility skew (2)
- impulse response (2)
- information aggregation (2)
- international financial integration (2)
- investment (2)
- investor protection (2)
- joint inference (2)
- law and finance (2)
- limit order book (2)
- liquidity risk (2)
- loan contract design (2)
- loanable funds (2)
- long-term lending (2)
- loss function (2)
- macroeconomic modelling (2)
- manipulation (2)
- market efficiency (2)
- money markets (2)
- mutual funds (2)
- news (2)
- oil inventories (2)
- oil market (2)
- pass-through (2)
- payout policy (2)
- policy rules (2)
- policy under uncertainty (2)
- political economy (2)
- predictability (2)
- private information (2)
- quantity theory (2)
- real exchange rate (2)
- recovery (2)
- regulation (2)
- renegotiation (2)
- repurchases (2)
- risk transfer (2)
- saving (2)
- shipping (2)
- signaling (2)
- simulated method of moments (2)
- social security (2)
- sovereign exposures (2)
- sovereign risk (2)
- speed bump (2)
- spot market power (2)
- stockholding (2)
- structural VAR (2)
- subsistence consumption (2)
- surveillance (2)
- systematic risk (2)
- tragedy of the commons (2)
- uncertainty (2)
- unconventional oil (2)
- unemployment (2)
- wealth (2)
- workouts (2)
- yield curve (2)
- zero interest rate bound (2)
- zero lower bound (2)
- Älterer Mensch (2)
- Österreich (2)
- "magnet effect" (1)
- 401(k) plan (1)
- ABS (1)
- ARCH-Modell (1)
- Abhängigkeit (1)
- Absatzweg (1)
- Abwanderung-Widerspruch-Theorie (1)
- Accounting (1)
- Accounting for Financial Instruments in the Banking Industry: Conclusions from a Simulation Model (1)
- Accounting regulation (1)
- Accounting research (1)
- Acquisitions (1)
- Adaptation (1)
- Adverse Selection Costs (1)
- Affordability crisis (1)
- Agency Theory (1)
- Agency costs (1)
- Aggregate Fluctuations (1)
- Aggregate outcomes (1)
- Agile Methods (1)
- Aktienanalyse (1)
- Aktienbewertung (1)
- Aktienportefeuille (1)
- Allgemeines Gleichgewicht (1)
- Allgemeines Gleichgewichtsmodell (1)
- Allocation (1)
- Alternative Investments (1)
- Altersstruktur (1)
- Amtsperiode (1)
- Anchoring (1)
- Angebot (1)
- Anlagepolitik (1)
- Anlageverhalten (1)
- Anleihe (1)
- Annual General Meeting (1)
- Anteilseigner (1)
- Anticipatory Feeling (1)
- Arbeitsloser (1)
- Arbeitsmarktflexibilisierung (1)
- Arbeitsmarkttheorie (1)
- Arbitrage (1)
- Arm’s Length Debt (1)
- Art (1)
- Art Index (1)
- Art Market (1)
- Art investment (1)
- Art market (1)
- Art price index (1)
- Asset Location (1)
- Asset Market (1)
- Asset Price Bubbles (1)
- Asset Price Cycles (1)
- Asset Prices (1)
- Asset Purchase Programme (1)
- Asset Return (1)
- Asset Side Market Discipline (1)
- Asset prices (1)
- Asset pricing (1)
- Asymmetric Information (1)
- Asymmetries (1)
- Asymmetry (1)
- Asynchronous Trading (1)
- Auction (1)
- Audit fees (1)
- Audit partner tenure (1)
- Audit quality (1)
- Auditing (1)
- Auditor rotation (1)
- Auftragsabwicklung (1)
- Ausbreitung (1)
- Ausgaben (1)
- Auslandsanleihe (1)
- Auslandsschulden (1)
- Automation (1)
- Autoregressiver Prozess (1)
- Außenhandel (1)
- Außenwirtschaft (1)
- Außenwirtschaftliches Gleichgewicht (1)
- Außerbilanzielles Geschäft (1)
- Bank Capital Structure (1)
- Bank Deregulation (1)
- Bank Incentives (1)
- Bank Lending (1)
- Bank Lending Conditions (1)
- Bank Pool (1)
- Bank Regulation (1)
- Bank loan terms (1)
- Bankenliquidität (1)
- Banker's pay (1)
- Banking Competition (1)
- Bankrott (1)
- Bargaining (1)
- Bargaining Power (1)
- Basel II (1)
- Basel II Accord (1)
- Basel III (1)
- Bayes-Verfahren (1)
- Bayesian learning (1)
- Bellman Equations (1)
- Beschäftigungstheorie (1)
- Beschäftigungswirkung (1)
- Beta (1)
- Betafaktor (1)
- Beteiligungsfinanzierung (1)
- Betrieb (1)
- Betriebsgröße (1)
- Bevölkerungsentwicklung (1)
- Bewertungsstetigkeit (1)
- Bias (1)
- Bias in medical research (1)
- Bid-Ask Spread (1)
- Bilanz (1)
- Bilanzierungsgrundsätze (1)
- Bilanzklarheitsgrundsatz (1)
- Bilanzkontinuität (1)
- Bilanzrecht (1)
- Bilateral Trade Flows (1)
- Biotech Firms (1)
- Blankoverkauf (1)
- Blocked Realized Kernel (1)
- Blocking (1)
- Bond Market (1)
- Bond Spreads (1)
- Boom (1)
- Bootstrap (1)
- Borrowing (1)
- Brexit (1)
- Brokerage (1)
- Buchführung (1)
- Buchführungsgrundsätze (1)
- Buffer Stock Model (1)
- Bundesbank (1)
- Business Cycle (1)
- Business cycles (1)
- Business lending (1)
- Bust (1)
- Börsenkrach (1)
- Börsenmakler (1)
- CAPM (1)
- CBDC (1)
- CBRT (1)
- CDS (1)
- CDS spreads (1)
- CEO Speeches (1)
- COVID-19 pandemic (1)
- CSPP (1)
- Call Market (1)
- Call options (1)
- Call-Option (1)
- Canada (1)
- Capacity utilization (1)
- Capital Taxation (1)
- Capital requirements (1)
- Capitulation (1)
- Cash Flow Risk (1)
- Cash flow effect of monetary policy (1)
- Cashflow (1)
- Cat Bonds (1)
- Causal inferences (1)
- Central Counterparty (1)
- Central bank liquidity (1)
- Chart-Analyse (1)
- Checkliste (1)
- Childhood (1)
- Chile (1)
- China (1)
- Cholesky decomposition (1)
- Clearing (1)
- Closed-end fund (1)
- Closed-end fund discount (1)
- Closed-end funds (1)
- Closing Price (1)
- CoCos (1)
- Coalitions (1)
- Cognition (1)
- Cognitive Abilities (1)
- Cohorts (1)
- Collateral (1)
- Collateral Constraint (1)
- Collateral constraints (1)
- Collateralized debt obligation (1)
- Collective Action Clause (1)
- College dropout risk (1)
- College premium (1)
- College wage premium (1)
- Commercial banking (1)
- Commitment (1)
- Common Factor (1)
- Common Factor Model (1)
- Common Factor Models (1)
- Common Factor Weights (1)
- Compensation (1)
- Competition Policy (1)
- Competition in Order Flow (1)
- Complementarity (1)
- Complexity (1)
- Conditional intensity (1)
- Conditional response (1)
- Consumer Finance (1)
- Consumer confidence (1)
- Consumption Function (1)
- Consumption Inequality (1)
- Consumption Insurance (1)
- Consumption-Saving (1)
- Consumption-investment Problems (1)
- Consumption/Saving Forecast (1)
- Contestability (1)
- Contingent Commissions (1)
- Contingent Convertible Bonds (1)
- Continuous-time methodsc (1)
- Control transfers (1)
- Convertible Securities (1)
- Cooperation (1)
- Coordination (1)
- Coordination Risk (1)
- Copula (1)
- Corporate Announcements (1)
- Corporate Financing (1)
- Corporate Philanthropy (1)
- Corporate Quantitative Easing (1)
- Corporate bonds (1)
- Corporate deposits (1)
- Corporate quantitative easing (1)
- Correlated Events (1)
- Costly Capital (1)
- Counterfactual Decompositions (1)
- Counterparty Credit Limits (1)
- Counterparty Risk (1)
- Country Comparison (1)
- Country-Specific and Global Shocks (1)
- Covariance Estimation (1)
- Covariance Prediction (1)
- Covid-19 Pandemic (1)
- Credibility of Inflation Targets (1)
- Credit Crunch (1)
- Credit Cycles (1)
- Credit Default Swaps (1)
- Credit Risk (1)
- Credit Risk Transfer (1)
- Credit Spread (1)
- Credit derivatives (1)
- Credit rating (1)
- Credit risk (1)
- Credit spreads (1)
- Credit union (1)
- Creditor Rights Protection (1)
- Crime (1)
- Crisis contracts (1)
- Crowding Out (1)
- Culture (1)
- Cumulative prospect theory (1)
- Customer Flow (1)
- Customer Protection Rules (1)
- Cycle Portfolio Choice (1)
- DCC-GARCH (1)
- DGE Models (1)
- DSGE (1)
- DSGE Models (1)
- DSGE modelling (1)
- Debit Cards (1)
- Debt (1)
- Debt Management (1)
- Debt Securities (1)
- Debt and equity financing (1)
- Decision (1)
- Default (1)
- Default probability (1)
- Delaware Incorporation (1)
- Demand Analysis (1)
- Demutualization (1)
- Depths (1)
- Derivat <Wertpapier> (1)
- Deutsche Bundesbank (1)
- Deutscher Aktienindex (1)
- Devisen (1)
- Devisenbörse (1)
- Devisenmarkt (1)
- Dienstleistungsverkehr (1)
- Difference in Difference (1)
- Digital art (1)
- Directors' Dealings (1)
- Direktinvestition (1)
- Disappointment (1)
- Disasters (1)
- Disclosure regulation (1)
- Discount Broker (1)
- Discount Rate Risk (1)
- Discretion (1)
- Discretionary Fiscal Policy (1)
- Diskontsatz (1)
- Distraction (1)
- Distributed Ledger (1)
- Distributed lag (1)
- Distribution (1)
- Distribution of Welfare (1)
- Divergence of Opinion (1)
- Diversification (1)
- Dividendenpolitik (1)
- Double Auction (1)
- Downside risk (1)
- Downward Nominal Rigidity (1)
- Dual Moral Hazard (1)
- Dual-class shares (1)
- Dynamic Capabilities (1)
- Dynamic Factor Model (1)
- Dynamic Optimization (1)
- Dynamic Representative Consumer (1)
- Dynamic Stochastic General Equilibrium Model (1)
- Dynamisches Modell (1)
- ECB policy surprise (1)
- ESCB (1)
- ESG lending (1)
- ESG loans (1)
- ETFs (1)
- EU Bonds (1)
- EU crisis (1)
- EURONET-DIANE (1)
- Economic Literacy (1)
- Economic Performance (1)
- Economic Recovery (1)
- Economic Reforms (1)
- Education (1)
- Effective lower bound (1)
- Effektivverzinsung (1)
- Efficient Frontier (1)
- Efficient Importance Sampling (1)
- Efficient Return (1)
- Eigenheim (1)
- Eigenkapital (1)
- Einkommensunterschied (1)
- Elasticity (1)
- Electoral Pressure (1)
- Electronic Markets (1)
- Emerging Market Economies (1)
- Emerging Market Emerging Market (1)
- Emerging Markets (1)
- Empirical Contract Theory (1)
- Empirical methods (1)
- Employee commitment (1)
- Employee rights (1)
- Endogeneity (1)
- Endogenous Beliefs (1)
- Endogenous Gridpoints (1)
- Enforcement (1)
- Enforcement Delegation (1)
- Entrepreneurial Activity (1)
- Entrepreneurial Finance (1)
- Entrepreneurial finance (1)
- Entropy Measure (1)
- Entry (1)
- Entry and exit (1)
- Entscheidung (1)
- Entscheidungsregel (1)
- Entscheidungstheorie (1)
- Epstein-Zin-Weil recursive preferences (1)
- Equation of Exchange (1)
- Equilibrium Exchange Rates (1)
- Equity Culture (1)
- Equity Markets (1)
- Equity Options (1)
- Equity Trading (1)
- Equivalence Scales (1)
- Equivalent Incomes (1)
- Erich Gutenberg (1)
- Erwachsener, 50-60 Jahre (1)
- Erwachsener, 50-65 Jahre (1)
- Erwartungsbildung (1)
- Estimation efficiency (1)
- Ethereum (1)
- Euro (1)
- Euro <Währung> (1)
- Euro Area Regional and Sectoral Inflation (1)
- Euro Area and US (1)
- Euro, Währung (1)
- European Monetary Union (1)
- European System of Central Banks (1)
- European Union (1)
- European household portfolios (1)
- European integration (1)
- Evidence-based policymaking (1)
- Excessive risk taking (1)
- Exchange Rate Channel (1)
- Exchange Rate Mechanism (1)
- Exchange Rate Pass-Through (1)
- Exchange rate volatility (1)
- Exchange traded funds (1)
- Execution Quality (1)
- Exit Decisions (1)
- Exit Rights (1)
- Exotic options (1)
- Expectation Formation (1)
- Expectations (1)
- Expected Equity Returns (1)
- Expected shortfall (1)
- Expenditure Survey (1)
- Experiment (1)
- Explosive behavior (1)
- Exponential smoothing (1)
- Extreme Price Movements (1)
- Extreme value theory (1)
- FDI-intensity (1)
- Factor Model (1)
- Factor Models (1)
- Factor Structure (1)
- Factor-Augmented Vector Autoregression Model (FAVAR) (1)
- Fair-Value Accounting (1)
- Faktorenanalyse (1)
- FamaFrench model (1)
- Family Background (1)
- Fat-tails (1)
- Fear of job loss (1)
- Federal Reserve (1)
- Federal Reserve Bank <New York, NY> (1)
- FinTechs (1)
- Financial Advice (1)
- Financial Contagion (1)
- Financial Crises (1)
- Financial Crisis 2007/08 (1)
- Financial Decisionmaking (1)
- Financial Development (1)
- Financial Industry (1)
- Financial Information (1)
- Financial Innovation (1)
- Financial Market Integration (1)
- Financial Market Linkages (1)
- Financial Market Structure (1)
- Financial Media (1)
- Financial Reporting (1)
- Financial Risk (1)
- Financial Sophistication (1)
- Financial Stability (1)
- Financial and Economics Knowledge (1)
- Financial econometrics (1)
- Financial institutions (1)
- Financial interests (1)
- Financial intermediation (1)
- Financial market (1)
- Financial openness (1)
- Financial stability (1)
- Finanzanalyse (1)
- Finanzdienstleistung (1)
- Finanzlage (1)
- Finanzpolitik (1)
- Finite Normal Mixtures (1)
- Finland (1)
- Finnland (1)
- Fintech (1)
- Firm Prestige (1)
- Firm Value (1)
- Firm-specific News (1)
- Firma (1)
- First Loss Position (1)
- Fiscal Consolidation (1)
- Fiscal Transparency (1)
- Flat Taxes (1)
- Flotation Costs (1)
- Fonds (1)
- Forecast Distribution (1)
- Forecasting (1)
- Forecasts (1)
- Foreign Assets (1)
- Foreign Exchange Reserves (1)
- Foreign holdings (1)
- Forschung und Entwicklung (1)
- Forward Guidance (1)
- Fragmentation (1)
- Framing Effect (1)
- Framing effects (1)
- Frankreich (1)
- Frau (1)
- Fraud (1)
- Free-Riding (1)
- Fremdkapital (1)
- Friedman-Schwartz's evidence (1)
- Friktionelle Arbeitslosigkeit (1)
- Fund (1)
- Fund family (1)
- Fundamental Value (1)
- Fundamentalanalyse (1)
- Funds (1)
- Funds of Funds (1)
- Futures Market (1)
- Futures Markets (1)
- GARCH-Prozes (1)
- Gains from Trade (1)
- Gains from trade (1)
- Gamma distribution (1)
- Gauß-Funktion (1)
- Geld (1)
- Geldangebot (1)
- Geldmenge (1)
- Geldmengensteuerung (1)
- Geldmengenziel (1)
- Geldtheorie (1)
- Gemeinsamer Markt (1)
- Gender (1)
- Gender Issues (1)
- Generalized Dynamic Factor Model (1)
- German Banking (1)
- German Corporate Governance System (1)
- German Markets Model Case Act (KapMuG) (1)
- Geschichte 1866-1879 (1)
- Geschichte 1920-1922 (1)
- Geschichte 1948-2008 (1)
- Geschichte 1965-1979 (1)
- Geschichte 1966-1998 (1)
- Geschichte 1968-1979 (1)
- Geschichte 1970-1989 (1)
- Geschichte 1970-2004 (1)
- Geschichte 1971-2003 (1)
- Geschichte 1978-1997 (1)
- Geschichte 1979-1980 (1)
- Geschichte 1979-1983 (1)
- Geschichte 1983-2004 (1)
- Geschichte 1984-1995 (1)
- Geschichte 1984-1999 (1)
- Geschichte 1984-2005 (1)
- Geschichte 1986-1998 (1)
- Geschichte 1989-2002 (1)
- Geschichte 1990-1999 (1)
- Geschichte 1992-1996 (1)
- Geschichte 1992-1997 (1)
- Geschichte 1993-2003 (1)
- Geschichte 1995 (1)
- Geschichte 1995-1997 (1)
- Geschichte 1995-1998 (1)
- Geschichte 1998 (1)
- Geschichte 1999-2001 (1)
- Geschichte 2000-2002 (1)
- Geselligkeit (1)
- Gewerbebetrieb (1)
- Gleichgewichtstheorie (1)
- Global Accounting Standards (1)
- Global Economy (1)
- Global Yield (1)
- Globalization (1)
- Gläubigerschutz (1)
- Going-private Decisions (1)
- Gold Standard (1)
- Government Deficit (1)
- Government Spending Multipliers (1)
- Government Spending Shocks (1)
- Graccident (1)
- Gravity equations (1)
- Great Inflation (1)
- Great Recession (1)
- Green Finance (1)
- Greenwashing (1)
- Grexit (1)
- Growth (1)
- Grundschuld (1)
- Größe (1)
- Gutenberg, Erich (1)
- Haftungsbeschränkung (1)
- Handel (1)
- Haus (1)
- Haushal (1)
- Haushaltsdefizit (1)
- Headline (1)
- Health Insurance (1)
- Hedge Funds (1)
- Hedge funds (1)
- Heterogeneous Beliefs (1)
- Hidden Orders (1)
- High Frequency Data (1)
- High Frequency Trading (1)
- High-Frequency Trading (1)
- Hirshleifer Effect (1)
- Historical Cost (1)
- History-Dependent Policy (1)
- Hochzinspolitik (1)
- Home Bias (1)
- Home Equity (1)
- Home ownership (1)
- Horizontal Integration (1)
- House Prices (1)
- House prices (1)
- Household Consumption Data (1)
- Household Debt (1)
- Household Inflation Expectations (1)
- Household debt (1)
- Housing Market Cycles (1)
- Housing tenure (1)
- Human capital (1)
- Hurricane Katrina (1)
- Hurrikan (1)
- Hyperbolic Distribution (1)
- Hyperinflation (1)
- Hypothekengeschäft (1)
- Hysteresis (1)
- I(2) analysis (1)
- IASC New Structure (1)
- IFRS (1)
- IV (1)
- IV estimation (1)
- Idiosyncratic Risk (1)
- Illiquidity (1)
- Immaterieller Anlagewert (1)
- Immigration (1)
- Impact of Changing Stock-Market Regulation and Institution (1)
- Imperfect Competition (1)
- Imperfect Knowledge (1)
- Implicit Insurance Contracts (1)
- Implied Probability Densities (1)
- Import (1)
- Impulse Response Function (1)
- Impulse Responses (1)
- Incentive (1)
- Income Inequality (1)
- Incomplete Insurance Contracts (1)
- Incomplete markets (1)
- Indeterminacy (1)
- Index Model (1)
- Index Trigger (1)
- Index-Futures (1)
- Indexation (1)
- Industrie (1)
- Industriestaaten (1)
- Industry Comparison (1)
- Inefficient Forecasts (1)
- Inflation Expectations (1)
- Inflation Inertia (1)
- Inflation Rate (1)
- Inflation convergence (1)
- Inflation targeting (1)
- Informal Loans (1)
- Information Share (1)
- Information Shares (1)
- Information Theory (1)
- Information value (1)
- Informational Volatility (1)
- Informationsaustausch (1)
- Informationsgehalt (1)
- Informationswert (1)
- Infrastructure (1)
- Initial Public Offering (1)
- Initial Public Offering (IPO) (1)
- Innovation (1)
- Insidergeschäft (1)
- Insiderregeln (1)
- Institutional Investors (1)
- Institutional Setting on Underpricing (1)
- Institutional investors (1)
- Institutioneller Anleger (1)
- Insurance Brokers (1)
- Insurance Companies (1)
- Integrated Risk Management (1)
- Intensity Models (1)
- Interest Rate (1)
- Intergenerational Risk Sharing (1)
- Internal borrower rating (1)
- Internalization (1)
- International Accounting Standards (1)
- International Capital Flows (1)
- International Cross-Listings (1)
- International Financial Futures Exchange (1)
- International Financial Futures and Options Exchange (1)
- International Financial Reporting Standards (1)
- International Stock Exchange of the United Kingdom and the Republic of Ireland (1)
- International Transmission Mechanism (1)
- Internationale Bank (1)
- Internationale Währungspolitik (1)
- Internationaler Terrorismus (1)
- Internationaler Vergleich (1)
- Internationales Währungssystem (1)
- Internationalisierung (1)
- Internationalization (1)
- Internes Kontrollsystem (1)
- Intertemporal Choice (1)
- Intra-Day Volatility (1)
- Intraday Trading Process (1)
- Intratemporal Elasticity of Substitution (1)
- Inventory Risk (1)
- Investition (1)
- Investitionsentscheidung (1)
- Investment Banking (1)
- Investment Decisions (1)
- Investment Funds (1)
- Investments (1)
- Investmentsparen (1)
- Investor (1)
- Investor behavior (1)
- Jumps (1)
- Justiz (1)
- Justizverwaltung (1)
- Kapitalismus (1)
- Kapitalkonzentration (1)
- Katrina (1)
- Kaufentscheidung (1)
- Kaufkraftparität (1)
- Kaufkraftvergleich (1)
- Konditionenpolitik (1)
- Konjunkturschwankung (1)
- Konsumgütermarkt (1)
- Kontrolle (1)
- Konzentration <Wirtschaft> (1)
- Korrelation (1)
- Kovarianzanalyse (1)
- Kreditderivat (1)
- Kreditgenossenschaft (1)
- Kreditgenossenschaftlicher Verbund (1)
- Kreditmanagement (1)
- Kritik (1)
- Kunstmarkt (1)
- Kursanomalie (1)
- Kursrisiko (1)
- LASSO (1)
- Labor Market Deregulation (1)
- Labor Market Frictions (1)
- Labor Supply (1)
- Labour supply (1)
- Lack of Planning (1)
- Laffer Curve (1)
- Lag (1)
- Lagrange-d'Alembert equation (1)
- Langzeitvertrag (1)
- Laplace Distribution (1)
- Laplace-Verteilung (1)
- Latency (1)
- Latent Variables (1)
- Lead-lag relationship (1)
- Legal Institutions (1)
- Lender of Last Resort (1)
- Lender of last resort (1)
- Lending (1)
- Lernen (1)
- Leverage Effect (1)
- Lieferant (1)
- Life-Cycle Model (1)
- Limit Order (1)
- Limit Order Book Market (1)
- Limit Order Book Slopes (1)
- Limit Order Books (1)
- Limited partnerships (1)
- Lintner dividend model (1)
- Liquidity Premium (1)
- Liquidity Shocks (1)
- Listed Private Equity (1)
- Listing Requirements (1)
- Literacy (1)
- Livingston Survey (1)
- Loan Losses (1)
- Loan Pricing (1)
- Loan loss accounting (1)
- Loan to income ratio (1)
- Loan to value ratio (1)
- Loans (1)
- Lohnrigidität (1)
- Lohnstarrheit (1)
- Long Term Investment (1)
- Long-Run Performance (1)
- Long-Run Underperformance (1)
- Long-term Contracts (1)
- Lottery stocks (1)
- Lucas paradox (1)
- MIFID (1)
- MMFs (1)
- Machine Learning (1)
- Macroeconomic Fundamentals (1)
- Macroeconomic Modeling (1)
- Macroeconomic News (1)
- Macroeconomic News Announcements (1)
- Male and Female Differences (1)
- Managerial rent (1)
- Managing Innovations (1)
- Mark-to-Market Accounting (1)
- Market Concentration (1)
- Market Data Sales (1)
- Market Design (1)
- Market Linkage (1)
- Market Making (1)
- Market Manipulation (1)
- Market Microstructure Noise (1)
- Market Microstructure Theory (1)
- Market Reactions (1)
- Market Value (1)
- Market discipline (1)
- Market manipulation (1)
- Market microstructure (1)
- Market sentiment (1)
- Market volatility (1)
- MarketMicrostructure Noise (1)
- Marketplace lending (1)
- Markov Perfect Equilibrium (1)
- Markov Processes (1)
- Markov-Modell (1)
- Markov–Switching (1)
- Marktrisiko (1)
- Marktstruktur (1)
- Matching (1)
- Maximum likelihood estimation (1)
- Medicare (1)
- Mehrgenerationenmodell (1)
- Mehrproduktbetrieb (1)
- Merchandise trade (1)
- Merger Arbitrage (1)
- Methode (1)
- Mexiko (1)
- Microstructure Noise (1)
- Mikrostrukturtheorie <Kapitalmarkttheorie> (1)
- Mini-flash crash (1)
- Mitgliedschaft (1)
- Mixing Frequencies (1)
- Mixture Distributions (1)
- Mobility (1)
- Model Adequacy (1)
- Model Comparison (1)
- Modell (1)
- Monetarism (1)
- Monetary (1)
- Monetary Models (1)
- Monetary Policy Transmission (1)
- Monetary Targeting (1)
- Monetary Union (1)
- Monetary policy rules (1)
- Money demand (1)
- Money non neutrality (1)
- Monte Carlo Likelihood (1)
- Monte Carlo integration (1)
- Mortgage Markets (1)
- Mortgage affordability (1)
- Mortgage premia (1)
- Mortgages (1)
- Multi-Products Firms (1)
- Multi-Step estimation (1)
- Multiline Insurance (1)
- Multiple Blockholders (1)
- Multiple Equilibria (1)
- Multiple equilibria (1)
- Multiplicative Error Models (1)
- Multivariate Stable Distribution (1)
- Multivariate time series (1)
- Music (1)
- Mängelhaftung (1)
- Münzgewinn (1)
- NFT (1)
- Nachfrage (1)
- Narrow Banking (1)
- Nasdaq (1)
- Nash Bargaining (1)
- Nash equilibrium (1)
- National Accounting (1)
- Natural experiments (1)
- Negative home equity (1)
- Nelson-Siegel curve (1)
- Nelson-Siegel model (1)
- Net Foreign Assets (1)
- Net Worth (1)
- Networks (1)
- Neuseeland (1)
- Neutralität des Geldes (1)
- New Keynesian (1)
- New-Keynesian Models (1)
- News (1)
- News Releases (1)
- News Sentiment (1)
- News and Business Cycles (1)
- News media sentiment (1)
- Next Generation EU (1)
- Nichtlineare Zeitreihenanalyse (1)
- Nichtlineares mathematisches Modell (1)
- Nominal Wage Rigidity (1)
- Non-Display Order (1)
- Non-Fungible Tokens (1)
- Non-fungible tokens (NFTs) (1)
- Non-linear pricing design (1)
- Nonlinear Optimal Policy (1)
- Nonlinear Policy (1)
- Nonlinearity (1)
- Norwegian banking crisis (1)
- Number of Lenders (1)
- Number of lenders (1)
- Nutzenfunktion (1)
- OPEC (1)
- OTC (1)
- Occasionally Binding Constraint (1)
- Offene Volkswirtschaft (1)
- Older Population (1)
- Online Surveys (1)
- Open Economy (1)
- Open Economy DSGE Models (1)
- Opening Price (1)
- Operational Risk (1)
- Optimal Asset Allocation (1)
- Optimal Industrial Policies (1)
- Optimal Policy (1)
- Optimal Policy Mix (1)
- Optimierung (1)
- Optimism (1)
- Option (1)
- Option Pricing (1)
- Option-pricing Model (1)
- Options (1)
- Optionsgeschäft (1)
- Optionshandel (1)
- Optionsmarkt (1)
- Optionspreistheorie (1)
- Order Entry (1)
- Order Flow (1)
- Order Placement Strategy (1)
- Orderbuch (1)
- Original sin (1)
- Osteuropa (1)
- Output Gap (1)
- Output Gap Uncertainty (1)
- Output and Inflation Persistence (1)
- Over-Allotment Option (1)
- Overvaluation Hypothesis (1)
- Ownership structures (1)
- PPP (1)
- Panel Cointegration (1)
- Panel Data (1)
- Panelanalyse (1)
- Pareto Inferior (1)
- Pareto-Optimum (1)
- Patents (1)
- Patience (1)
- Paul Volcker (1)
- Peer Effects (1)
- Pension (1)
- Pension Finance (1)
- Perfect Sequential Equilibrium (1)
- Performance Gap (1)
- Permanent and Transitory Decomposition (1)
- Permanent-Income Hypothesis (1)
- Point-Mass Mixture (1)
- Point-mass Mixture (1)
- Population Aging (1)
- Portfolio (1)
- Portfolio Allocation (1)
- Portfolio Inertia (1)
- Portfolio Insurance (1)
- Portfolio allocation (1)
- Portfolio optimization (1)
- Portfolio-Management (1)
- Portfolios (1)
- Positive semidefiniteness (1)
- Prag <2008> (1)
- Pre-averaging (1)
- Preference Interaction (1)
- Preference Uncertainty (1)
- Preis (1)
- Preisdifferenzierung (1)
- Preisdiskriminierung (1)
- Preisstabilität (1)
- Preisänderung (1)
- Price Expectations (1)
- Price Formation (1)
- Price Impact (1)
- Price Stability (1)
- Price discrimination (1)
- Price elasticity of gasoline demand (1)
- Pricing Determinants (1)
- Pricing bubbles (1)
- Pride (1)
- Principal Agent (1)
- Principal Component Analysis (1)
- Prior (1)
- Private Altersversorgung (1)
- Private Business (1)
- Private benefits (1)
- Private debt (1)
- Privater (1)
- Privatization (1)
- Prize Stabilization (1)
- Pro-Rata (1)
- Produktivität (1)
- Propagation mechanism (1)
- Prospect Theory (1)
- Prudence (1)
- Prudential oversight (1)
- Public Housing (1)
- Public Policy (1)
- Public Private Partnership (1)
- Public pension funds (1)
- Publizität (1)
- Publizitätspflicht (1)
- Puffer (1)
- Pump-and-dump schemes (1)
- Put-Option (1)
- Quadratic Variation (1)
- Quantile Regression (1)
- Quantitative easing (1)
- Quantitative trade models (1)
- Quantity Equation (1)
- Quantitätstheorie (1)
- Question Framing (1)
- R&D (1)
- R&D Collaboration (1)
- RBC (1)
- Raiffeisenbank (1)
- Ramsey planner (1)
- Range-based estimation (1)
- Rating Process (1)
- Ratingagentur (1)
- Rationale Erwartung (1)
- Real Estate (1)
- Real Exchange Rate (1)
- Real GDP (1)
- Real Interest Rates (1)
- Real Wage Rigidities (1)
- Real effects (1)
- Real estate (1)
- Realer Wechselkurs (1)
- Realized Kernel (1)
- Realized Volatility (1)
- Realzins (1)
- Recht (1)
- Recursive Least Squares (1)
- Recursive Saddlepoint Method (1)
- Reference Point (1)
- Regional Entrepreneurship (1)
- Regional Inflation Dynamics (1)
- Regression Discontinuity (1)
- Regret (1)
- Regularization (1)
- Regulation of Financial Institutions (1)
- Relationship Lending (1)
- Relationship banking (1)
- Rent-Seeking (1)
- Rents (1)
- Reorganization (1)
- Representative Consumer (1)
- Reputation (1)
- Research and development (1)
- Research design (1)
- Reserve Orders (1)
- Reserve requirements (1)
- Resiliency (1)
- Resource Acquisition (1)
- Retail gasoline price (1)
- Retirement Accounts (1)
- Retirement Security (1)
- Retirement Seminars (1)
- Retirement and Retirement Policies (1)
- Retirement planning (1)
- Retirement saving (1)
- Return (1)
- Return Predictability (1)
- Return Risk (1)
- Returns to experience (1)
- Revolving Debt (1)
- Risikoanalyse (1)
- Risikoaversion (1)
- Risk Premium (1)
- Risk Taking (1)
- Risk-Return Characteristics (1)
- Risk-neutral densities (1)
- Risk-premium (1)
- Risk-taking (1)
- Riskfree Rate (1)
- Risky Decision (1)
- Robust Simple Rules (1)
- Routine Medical Care (1)
- Ruhegeld (1)
- Rule-of-Thumb Consumers (1)
- SEC (1)
- SFDR (1)
- SHARE, Projekt (1)
- SPR (1)
- STAR GARCH (1)
- SVAR (1)
- Sampling Schemes (1)
- Saving Behavior (1)
- Saving Decisions (1)
- Savings (1)
- Scenario (1)
- Schuldnerland (1)
- Schweden (1)
- Schätzfunktion (1)
- Schätztheorie (1)
- Scrum (1)
- Search Model (1)
- Securities Regulation (1)
- Securities regulation (1)
- Securitization (1)
- Self Control (1)
- Self-exciting point process (1)
- Selling Decisions (1)
- Semiparametric Model (1)
- Sequential Policy (1)
- Services Trade (1)
- Settlement (1)
- Settlement Latency (1)
- Severance Pay (1)
- Shannon capacity (1)
- Shareholder wealth (1)
- Short Selling Constraints (1)
- Short-time work (1)
- Shortfall Risk (1)
- Sign Restrictions (1)
- Signaling Game (1)
- Simulation (1)
- Skewness (1)
- Skonto (1)
- Small Open Economy Models (1)
- Smoothing (1)
- Sociability (1)
- Social (1)
- Social Impact (1)
- Social Interactions (1)
- Social Policy (1)
- Social Security Reform (1)
- Social Security and Public Pensions (1)
- Social Security reform (1)
- Social and Governance (ESG) (1)
- Socioeconomic Status (1)
- Solvency II (1)
- Sovereign Bond Markets (1)
- Sovereign Credit Risk (1)
- Sovereign Debt Restructuring Mechanism (1)
- Sovereign Wealth Funds (1)
- Sovereign debt crisis (1)
- Sovereign guarantees (1)
- Sovereign wealth funds (1)
- Sowjetunion (1)
- Sozialausgaben (1)
- Sozialversicherung (1)
- Sparse estimation (1)
- Spectral Decomposition (1)
- Speculation (1)
- Speculative bubbles (1)
- Spende (1)
- Spill-over-Effekt (1)
- Spillovers (1)
- Spitzentechnologie (1)
- Staat (1)
- Staatsanleihe Staatsanleihe (1)
- Staatsaufsicht (1)
- Stabilisierung (1)
- Stability (1)
- Stablecoins (1)
- Stagnation (1)
- Stakeholder (1)
- Standard Setting (1)
- Standards (1)
- Standortfaktor (1)
- State-Dependent Pricing (1)
- Stationarity (1)
- Stationary Equilibrium (1)
- Sterling (1)
- Steuerprogression (1)
- Steuersatz (1)
- Stochastic Discount Factor (1)
- Stochastic General Equilibrium Model (1)
- Stochastic Growth Model (1)
- Stochastische dynamische Optimierung (1)
- Stochastischer Prozess (1)
- Stock Exchanges (1)
- Stock Market (1)
- Stock Market Dynamic Interactions (1)
- Stock Market Participation (1)
- Stock Market Returns (1)
- Stock Returns (1)
- Stock Trading (1)
- Stone-Geary preferences (1)
- Strategic Complementarity (1)
- Strategic investors (1)
- Structural Change (1)
- Structural VAR (1)
- Structural VAR Approach (1)
- Structural estimation (1)
- Struktur (1)
- Stückkosten (1)
- Subsidization (1)
- Substitutionselastizität (1)
- Success Rates (1)
- Surveillance (1)
- Survey (1)
- Survey Data (1)
- Survey Methods (1)
- Sustainability (1)
- Sustainability-Linked Bonds (1)
- Sustainability-Linked Loans (1)
- Sustainable finance literacy (1)
- Swap (1)
- Sweden (1)
- Sydney Stock Exchange (1)
- Syndicated Loans (1)
- Syndication (1)
- Systematic Risk (1)
- Systemic risk (1)
- TIPS (1)
- TRACE (1)
- Tageswert (1)
- Takeover speculation (1)
- Tarifverhandlung (1)
- Tax Cuts (1)
- Tax Distortions (1)
- Tax Rebates (1)
- Taylor Rule (1)
- Taylor-Regel (1)
- Technische Aktienanalyse (1)
- Technischer Fortschritt (1)
- Technology Shocks (1)
- Term Structure (1)
- Term Structure Modelling (1)
- Terminmarkt (1)
- Terminplanung (1)
- Terms of Trade (1)
- Terrorism (1)
- Testen (1)
- Textual Analysis (1)
- Textual Sentiment (1)
- Threshold Error Correction (1)
- Tick Size (1)
- Time variation (1)
- Time-Consistency (1)
- Timing (1)
- Tone (1)
- Too big to fail (1)
- Too-big-to-fail (1)
- Top 1% (1)
- Trade Integration (1)
- Trade-sale Rights (1)
- Transition (1)
- Transition Financing (1)
- Transparenz (1)
- Treasury Futures (1)
- Trend Growth (1)
- Triple Difference Estimator (1)
- Trittbrettfahrerverhalten (1)
- Trustworthiness (1)
- Turkey (1)
- Tying (1)
- U.S. Banking Industry (1)
- U.S. oil independence (1)
- US monetary aggregates (1)
- US-Dollar (1)
- USA / Board of Governors of the Federal Reserve System (1)
- USA / President (1)
- Umbrella Policies (1)
- Umfrage (1)
- Unconventional Monetary Policy (1)
- Under Risk (1)
- Underwriter (1)
- Underwriter Fee (1)
- Undiversifiable Earnings Risk (1)
- Unendliches Spiel (1)
- Unit root (1)
- United States (1)
- Universal Banking (1)
- Universal banks (1)
- Unobserved Component Models (1)
- Unsichtbarer Handel (1)
- Unterbewertung (1)
- Unternehmensbewertung (1)
- Unternehmensentwicklung (1)
- Unternehmensgröße (1)
- Unternehmenskonzentration (1)
- Up-front fees (1)
- Upper Limit (1)
- Upside Risk (1)
- Utility Maximization (1)
- VAR Modeling (1)
- VC-backed IPOs (1)
- VLCC (1)
- VaR (1)
- Value creation (1)
- Value premium (1)
- Value-at-risk (1)
- Vector Autoregression (1)
- Vektoranalysis (1)
- Vergleich (1)
- Verhaltensökonomie (1)
- Verhandlungsspiel (1)
- Verhandlungstheorie (1)
- Verlust (1)
- Vermögen (1)
- Vermögensumverteilung (1)
- Vermögensverteilung (1)
- Versicherung (1)
- Versicherungsbetrieb (1)
- Versicherungsnehmer (1)
- Versicherungsschutz (1)
- Versicherungsverein auf Gegenseitigkeit (1)
- Versicherungsvertrag (1)
- Versicherungswirtschaft (1)
- Verteilungsgerechtigkeit (1)
- Vertical Integration (1)
- Vertical R&D (1)
- Vertragsschluss (1)
- Volcker Rule (1)
- Volksbank (1)
- Wachstum (1)
- Wage Setting (1)
- Wagner's Law (1)
- Washington <DC, 2008> (1)
- Watchlist (1)
- Wealth Accumulation (1)
- Wealth Decumulation (1)
- Wealth Distribution (1)
- Wealth Effect (1)
- Wealth Holdings (1)
- Wealth Losses (1)
- Wealth effects (1)
- Wechselkurspolitik (1)
- Welfare (1)
- Weltwirtschaft (1)
- Wertpapieranalyse (1)
- Wertpapierbörse (1)
- Wettervorhersage (1)
- Windfalls (1)
- Wirtschaftliche Stabilität (1)
- Wirtschaftsentwicklung (1)
- Wirtschaftsmodell (1)
- Wirtschaftssektor (1)
- Wissen (1)
- Wohlfahrtsstaat (1)
- World Yield (1)
- Währungspolitik (1)
- Währungsrisiko (1)
- Währungssystem (1)
- Xetra (1)
- Yen (1)
- Yield Curve (1)
- Yield Curve Risk (1)
- Yield curve (1)
- Yield spread (1)
- Zahlungsbedingungen (1)
- Zahlungsbilanzausgleich (1)
- Zahlungsbilanzungleichgewicht (1)
- Zeit (1)
- Zeitinkonsistenz (1)
- Zeitreihe (1)
- Zentralbankgeld (1)
- Zero Bound (1)
- Zinsparität (1)
- Zinspolitik (1)
- Zinsspanne (1)
- Zinsspannenrechnung (1)
- Zinsänderungsrisiko (1)
- abnormal returns (1)
- absence of arbitrage (1)
- absolute loss (1)
- accounting (1)
- accounting data (1)
- acquisition cost (1)
- adaptive learning (1)
- affect heuristic (1)
- affine equilibrium model (1)
- agriculture (1)
- algorithmic trading (1)
- allocative efficiency (1)
- ambiguity aversion (1)
- analytic functions (1)
- anchor (1)
- annual general meeting (1)
- annuity puzzle (1)
- anomalies (1)
- anticipation (1)
- art investing (1)
- art investments (1)
- asset management (1)
- asset managers (1)
- asymmetry (1)
- attention (1)
- auction (1)
- audit industry (1)
- audit partners (1)
- audit quality (1)
- auditor rotation (1)
- automatic enrollment (1)
- background risk (1)
- backtesting (1)
- ban (1)
- bank accounting (1)
- bank balance-sheet channel (1)
- bank capital (1)
- bank capital requirements (1)
- bank competition (1)
- bank default (1)
- bank distress (1)
- bank lending channel (1)
- bank loan terms (1)
- bank loans (1)
- bank relationship (1)
- bank resolution (1)
- bank runs (1)
- bank seserves (1)
- banking system liquidity (1)
- bankruptcy (1)
- banks’ funding costs (1)
- behavioral macroeconomics (1)
- beliefs (1)
- bi-power variation (1)
- biased assimilation (1)
- biases (1)
- biofuel (1)
- biofuels (1)
- blockchain (1)
- bond auctions (1)
- bond markets (1)
- bond ownership (1)
- bond returns (1)
- bonds (1)
- bootstrap (1)
- bracket creep (1)
- buffer-stock models of saving (1)
- bunker fuel (1)
- business cycles (1)
- business owners wealth (1)
- calendar effects (1)
- capacity constraints (1)
- capital (1)
- capital adequacy (1)
- capital flows (1)
- capital gains tax (1)
- capital markets (1)
- capital structure (1)
- capital-labor ratio (1)
- career development (1)
- careers (1)
- cash flow sensitivity (1)
- cash holdings (1)
- causal inferences (1)
- central bank (1)
- central bank information effect (1)
- central banking (1)
- certification (1)
- childcare (1)
- choice overload (1)
- closed-end funds (1)
- coal (1)
- cognitive abilities (1)
- cointegrated systems (1)
- cointegration (1)
- collective litigation (1)
- combined forecasting (1)
- commodities (1)
- commodity (1)
- common bond (1)
- comparability (1)
- competition between exchanges (1)
- competitive insurance market (1)
- complementarity (1)
- computer visionbiases (1)
- conditional CAPM (1)
- conditional volatility (1)
- confidence (1)
- conspicuous consumption (1)
- constrained efficiency (1)
- consumer loans (1)
- consumer prices (1)
- consumption dynamics (1)
- consumption heterogeneity (1)
- container (1)
- contract addition (1)
- contract econometrics (1)
- contract theory (1)
- contrarian trading (1)
- controlled diffusions and jump processes (1)
- conÖrmation bias (1)
- cooperation (1)
- coordination (1)
- coordination risk (1)
- copula (1)
- corporate control (1)
- corporate credit risk (1)
- corporate social responsibility (1)
- correlation (1)
- cost of carry model (1)
- cost-benefit analysis (1)
- covariance (1)
- crack spread (1)
- credit access (1)
- credit card debt (1)
- credit derivatives (1)
- credit management (1)
- credit market competition (1)
- credit misallocation (1)
- credit ratings (1)
- credit volume (1)
- credit-file data set (1)
- crisis (1)
- crop prices (1)
- cross-equation restrictions of rational expectations (1)
- cross-section (1)
- cross-subsidy (1)
- cross‐country analysis (1)
- crowding out (1)
- currencies (1)
- currency competition (1)
- dark trading (1)
- debt consolidation (1)
- debt issuance (1)
- debt structure (1)
- decision theory (1)
- default (1)
- default effect (1)
- default investment (1)
- demand curve (1)
- demand elasticities (1)
- derivates market (1)
- diesel (1)
- differential games (1)
- digital money (1)
- disaggregation (1)
- disaster risk (1)
- disclosure (1)
- disinflation (1)
- disintermediation (1)
- distance (1)
- distribution channel (1)
- divergence of opinion (1)
- dividend policy (1)
- dollar (1)
- dual systems (1)
- dynamic panel GMM estimation (1)
- dynamic panel sata models (1)
- dynamic spillovers (1)
- early retirement (1)
- economic fluctuations (1)
- economic growth (1)
- economic policy uncertainty (1)
- economic surprises (1)
- effective lower bound (1)
- egulation of financial markets (1)
- elasticity of intertemporal substitution (1)
- electricity (1)
- electronic markets (1)
- electronic trading systems (1)
- emerging markets (1)
- emotions (1)
- empirical contract theory (1)
- end-of-day price dislocation (1)
- endogeneity (1)
- endogenous growth (1)
- endorsement effect (1)
- entrepreneurship (1)
- entrusted loan (1)
- equity betas (1)
- equity markets (1)
- equity options (1)
- equity premium (1)
- equity-risk premium (1)
- escape dynamics (1)
- ethanol (1)
- event study (1)
- event-study (1)
- exchange rate determination (1)
- exchange rate response to monetary policy (1)
- exchange trading rules (1)
- exit strategies (1)
- expectation (1)
- experiment (1)
- experimental economics (1)
- experiments (1)
- expert forecasts (1)
- expert opinions (1)
- exploratory data analysis (1)
- export ban (1)
- exports (1)
- externality (1)
- factorization of matrix polynomials (1)
- family firms (1)
- fertility (1)
- finance and technology (1)
- financial crises (1)
- financial derivatives (1)
- financial development (1)
- financial education (1)
- financial fragmentation (1)
- financial frictions (1)
- financial market stability (1)
- financial markets (1)
- financial regulation (1)
- financial repression (1)
- financial risk und project risk (1)
- financial spillovers (1)
- financial stocks (1)
- financial structure (1)
- financial system (1)
- financial systems (1)
- firm objective (1)
- first-order approach (1)
- floor versus screen trading (1)
- food crisis (1)
- food price volatility (1)
- forbearance (1)
- forecast (1)
- forecast accuracy (1)
- forecasts (1)
- foreign currency lending (1)
- formal education (1)
- free banking (1)
- free-riding problem (1)
- fund growth (1)
- funding risk (1)
- futures markets (1)
- gasoline supply (1)
- gasoline tax (1)
- gender (1)
- global banking (1)
- gradualism (1)
- growth options (1)
- hedge funds (1)
- hedonic model (1)
- heterogeneous firms (1)
- heterogeneous price expectations (1)
- hidden action (1)
- high frequency data (1)
- high frequency trading (1)
- high-frequency data (1)
- high-tech (1)
- high-tech investment (1)
- higher order beliefs (1)
- higher-order beliefs (1)
- house price (1)
- household debt (1)
- household portfolios (1)
- household wealth (1)
- housing (1)
- identification (1)
- idiosyncratic risk (1)
- imperfect common knowledge (1)
- imperfect competition (1)
- imperfect labor market competition (1)
- implied volatility (1)
- import prices (1)
- import-export relations (1)
- incentive compatibility (1)
- incentive compensation (1)
- income risk (1)
- income tax (1)
- indeterminacy (1)
- indicators (1)
- indirect inference estimation (1)
- individual-bank lending (1)
- inertia in demand (1)
- inflation forecast targeting (1)
- inflation inertia (1)
- inflation target (1)
- information asymmetry (1)
- information frictions (1)
- information sharing (1)
- infrastructure (1)
- instability under learning (1)
- instruments (1)
- inter-corporate loan (1)
- interdependence (1)
- interest rate elasticity (1)
- interest-rate rules (1)
- intermediate targets (1)
- intermediation (1)
- internal borrower rating (1)
- internal financing (1)
- internal money market (1)
- internal ratings based approach (1)
- international capital markets (1)
- international comparative finance (1)
- international currencies (1)
- international lendin (1)
- international monetary system (1)
- international price dispersion (1)
- international price setting (1)
- internationaler Konjunkturzusammenhang (1)
- internet (1)
- intertemporal trade (1)
- intraday (1)
- intraday (co-)variation risk (1)
- intraday non-linearities (1)
- intuitive thinking (1)
- investment decisions (1)
- investor sophistication (1)
- jet fuel (1)
- jumps (1)
- knowledge of economics and finance (1)
- knowledge of finance and economics (1)
- labor market entry (1)
- labor supply (1)
- layoff risk (1)
- learning about jumps (1)
- leverage constraint (1)
- leverage effect (1)
- life cycle saving (1)
- lifecycle investment (1)
- lifecycle saving (1)
- liquidity elasticity (1)
- liquidity externalities (1)
- liquidity requirements (1)
- loan guarantees (1)
- loan loss allowances (1)
- loan price determination (1)
- local investors (1)
- local method of moments (1)
- local public debt (1)
- long memory (1)
- long real interest rates (1)
- long time series (1)
- long-run risk (1)
- long-term real interest rates (1)
- longevity (1)
- longevity risk (1)
- longrun risk (1)
- low risk anomaly (1)
- macro-prudential tools (1)
- macroeconomic fundamentals (1)
- macroeconomic models (1)
- macroeconomic risks (1)
- macroprudential supervision (1)
- make-up strategies (1)
- manufacturing (1)
- marginal propensity to consume (1)
- market and credit risk factors (1)
- market discipline (1)
- market expectation (1)
- market integration (1)
- market makers (1)
- market microstructure noise (1)
- market rate of interest (1)
- market risk (1)
- market shares (1)
- market size (1)
- market structure (1)
- market supervision (1)
- marketplace lending (1)
- mean response function (1)
- measurement error (1)
- median (1)
- median response function (1)
- medium-sized debtors (1)
- midpoint extended life order (1)
- mini-flash crash (1)
- missing data (1)
- missing disinflation (1)
- mitigation (1)
- mixed frequency (1)
- modal model (1)
- model comparison (1)
- model misspecification (1)
- momentum trading (1)
- monetary non-neutrality (1)
- monetary operations (1)
- monetary policy rule (1)
- monetary policy transmission (1)
- monetary reform (1)
- monetary shocks (1)
- monetary system (1)
- monetary targeting (1)
- monetary transmission (1)
- money (1)
- money illusion (1)
- money market funds (1)
- monitoring (1)
- moral hazar (1)
- moral hazard (1)
- multi agent models (1)
- multiple lending (1)
- multiple-bank lending (1)
- multiplicative error model (1)
- multivariate GARCH (1)
- mutual fund performance (1)
- nance premium (1)
- natural gas (1)
- natural unemployment rate (1)
- net asset value (1)
- net foreign assets (1)
- network centrality (1)
- network dynamics (1)
- network topology (1)
- network topology estimation (1)
- network visualization (1)
- nominal exchange rate regime neutrality (1)
- nominee account (1)
- nonlinear optimal policy (1)
- nonlinearities (1)
- nonparametric methods (1)
- nonstandard asymptotics (1)
- normal inverse gaussian distribution (1)
- official market interventions (1)
- oil (1)
- oil demand elasticity (1)
- oil price shock (1)
- oil sands (1)
- oil supply elasticity (1)
- oil trade (1)
- old cohorts wealth (1)
- one-child policy (1)
- open economy macro-finance modeling (1)
- operating procedures (1)
- optimal asset allocation (1)
- optimal capital structure choice (1)
- optimal inflation rate (1)
- optimal learning (1)
- optimal monetary policy (1)
- optimal policy (1)
- optimal rate of inflation (1)
- option prices (1)
- options (1)
- order flow (1)
- order submission (1)
- orthogonalization (1)
- overconfidence (1)
- overlapping wage contracts (1)
- overreaction (1)
- owner-manager conflict (1)
- ownership structure (1)
- pairwise connectedness (1)
- pandemic (1)
- pandemics (1)
- panel VAR (1)
- panel unit root test (1)
- parameter uncertainty (1)
- partially linear models (1)
- participation rate (1)
- passthrough (1)
- peak oil (1)
- peer-to-peer (1)
- pension funds (1)
- pension reform (1)
- performance (1)
- performance pricing (1)
- performance-sensitive debt (1)
- persistence (1)
- personal finance (1)
- peso problem (1)
- phased withdrawal accounts (1)
- policy credibility (1)
- policy intervention (1)
- policy uncertainty (1)
- politics (1)
- portfolio management (1)
- portfolio modelling (1)
- portfolio performance (1)
- portfolio selection (1)
- posterior (1)
- posterior risk (1)
- predictive likelihood (1)
- price discovery process (1)
- price discrimination (1)
- price elasticity (1)
- price impact (1)
- price reversal (1)
- price rigidities (1)
- price shocks (1)
- price stability (1)
- price-dividend ratio (1)
- price-setting (1)
- pricing estimates (1)
- primary dealers (1)
- principal agent (1)
- private financial services (1)
- private money (1)
- product development (1)
- productivity (1)
- profits (1)
- property rights (1)
- proprietary trading (1)
- public bonds (1)
- public debt (1)
- public information (1)
- public policy (1)
- public policy analysis (1)
- quadratic variation (1)
- quadratic variation and covariation (1)
- rare disaster risk (1)
- rare disasters (1)
- rating (1)
- rational bias (1)
- rational learning (1)
- reactive equilibrium (1)
- real and nominal border effect (1)
- real exchange rate dispersion (1)
- real exchange rate volatility (1)
- real exchange rates (1)
- real option (1)
- realized beta (1)
- realized quarticity (1)
- recession (1)
- reconciliation of Lucas's advocacy of rational-expectations modelling and policy predictions and Sims's advocacy of VAR modelling (1)
- redistribution (1)
- refined products (1)
- refining (1)
- regime switching model (1)
- regime-dependent correlations (1)
- regional heterogeneity (1)
- regional propagation (1)
- regret (1)
- regularization (1)
- relationship banking (1)
- relationship lending, (1)
- rent seeking (1)
- repeat sale (1)
- resilience (1)
- resource boom (1)
- retail investors (1)
- retirement (1)
- retirement plan (1)
- retirement policies (1)
- retirement preparation (1)
- reversals (1)
- risk (1)
- risk management (1)
- risk perception (1)
- risk premia (1)
- risk taking (1)
- risk-based capital (1)
- risk-sharing (1)
- risk-taking (1)
- robust decision theory (1)
- robust inference (1)
- robustness (1)
- safe assets (1)
- savings and wealth accumulation (1)
- scanner price data (1)
- scarring effects (1)
- screening (1)
- seasonality (1)
- second-order dependence (1)
- securities (1)
- securities law and regulation (1)
- securities trading (1)
- securitization (1)
- seigniorage (1)
- selection (1)
- selection bias (1)
- semi-parametric estimation (1)
- sentiment (1)
- shadow banking (1)
- shale oil (1)
- shareholder engagement (1)
- shifting endpoint (1)
- short-selling (1)
- simultaneity (1)
- skewness (1)
- skill (1)
- smoothing (1)
- social dilemmas (1)
- social distance (1)
- social impact (1)
- social norm (1)
- sovereign bond risk premiums (1)
- sovereign debt (1)
- sovereign debt crisis (1)
- sovereign rating (1)
- sovereignbank linkages (1)
- spot covariance (1)
- stability (1)
- stability of equilibria (1)
- stakeholder governance (1)
- stakeholders (1)
- standard setting (1)
- state-contingent contracts (1)
- state-space model (1)
- statement indicators (1)
- stationarity (1)
- stealth trading (1)
- sticky expectations (1)
- stock buybacks (1)
- stock market (1)
- stock market nonparticipation (1)
- stock ownership (1)
- stock pricing (1)
- stock repurchases (1)
- stocks (1)
- storage (1)
- storage demand (1)
- strategic complementarity (1)
- strategic trading (1)
- structural change (1)
- structural estimation (1)
- structured products (1)
- substitution (1)
- sunspots (1)
- super-elasticity (1)
- supervisory intervention (1)
- supply chain (1)
- survey expectations (1)
- sustainability (1)
- sustainability KPIs (1)
- sustainable finance (1)
- sustainable investments (1)
- systemic risk charge (1)
- systemic risk contribution (1)
- systemic risk fund (1)
- systemic risk network (1)
- tail dependence (1)
- talent, learning (1)
- tanker (1)
- targets (1)
- taste heterogeneity (1)
- tax arbitrage (1)
- tax clientele effects (1)
- technical and fundamental trading (1)
- temperature (1)
- temporary equilibrium (1)
- term structure of interest (1)
- term structure of price expectations (1)
- test cases (1)
- text analysis (1)
- textual analysis (1)
- tight oil (1)
- time charter (1)
- time-varying natural rate (1)
- time-varying systemic risk contribution (1)
- timing (1)
- too-big-to-fail (1)
- total connectedness (1)
- total directional connect- edness (1)
- trade (1)
- trade signaling (1)
- trading pause (1)
- trading process (1)
- trading rules (1)
- transaction costs (1)
- transition countries (1)
- transmission mechanism (1)
- two-asset portfolio (1)
- uncertainty aversion (1)
- underinvestment (1)
- unemployment insurance (1)
- universal banking (1)
- utility dividends (1)
- valuation (1)
- valuation adjustment (1)
- value at risk (1)
- variance decomposition (1)
- vector autoregression (1)
- vector error correction model (1)
- venture capital and bank financing (1)
- venture capitalism (1)
- venture funding (1)
- vertical differentiation (1)
- vignette survey method (1)
- volatility estimation (1)
- volatility forecasting (1)
- voyage (1)
- wages (1)
- weak identification (1)
- welfare (1)
- welfare effects (1)
- welfare state (1)
- winner's curse (1)
- workout (1)
- world interest rates (1)
- yen (1)
- zero-interest-rate bound (1)
- fiscal policy (1)
- Öffentliche Ordnung (1)
- Ökonometrisches Modell (1)
- Übernahmeangebot (1)
505
We examine the inter-linkages between financial factors and real economic activity. We review the main theoretical approaches that allow financial frictions to be embedded into general equilibrium models. We outline, from a policy perspective, the most recent empirical papers focusing on the propagation of exogenous shocks to the economy, with a particular emphasis on works dealing with time variation of parameters and other types of nonlinearities. We then present an application to the analysis of the changing transmission of financial shocks in the euro area. Results show that the effects of a financial shock are time-varying and contingent on the state of the economy. They are of negligible importance in normal times but they greatly matter in conditions of stress.
504
Empirical credit demand analysis undertaken at the aggregate level obscures potential behavioral heterogeneity between various borrowing sectors. Looking at disaggregated data and analyzing bank loans to non-financial companies, to financial companies, to households for consumption and for house purchases separately with respect to a common set of macroeconomic determinants may facilitate more accurate empirical relationships and more reliable insights for economic policy. Using quarterly Euro area panel data between 2003 and 2013, empirical evidence for heterogeneity in borrowing behavior across sectors and the credit cycle with respect to interest rates, output and house prices is found. The results motivate sector-specific, counter-cyclical capital requirements.
503
Traditional least squares estimates of the responsiveness of gasoline consumption to changes in gasoline prices are biased toward zero, given the endogeneity of gasoline prices. A seemingly natural solution to this problem is to instrument for gasoline prices using gasoline taxes, but this approach tends to yield implausibly large price elasticities. We demonstrate that anticipatory behavior provides an important explanation for this result. We provide evidence that gasoline buyers increase gasoline purchases before tax increases and delay gasoline purchases before tax decreases. This intertemporal substitution renders the tax instrument endogenous, invalidating conventional IV analysis. We show that including suitable leads and lags in the regression restores the validity of the IV estimator, resulting in much lower and more plausible elasticity estimates. Our analysis has implications more broadly for the IV analysis of markets in which buyers may store purchases for future consumption.
502
This paper is motivated by the fact that nearly half of U.S. college students drop out without earning a bachelor’s degree. Its objective is to quantify how much uncertainty college entrants face about their graduation outcomes. To do so, we develop a quantitative model of college choice. The innovation is to model in detail how students progress towards a college degree. The model is calibrated using transcript and financial data. We find that more than half of college entrants can predict whether they will graduate with at least 80% probability. As a result, stylized policies that insure students against the financial risks associated with uncertain graduation have little value for the majority of college entrants.
501
Some observers have conjectured that oil supply shocks in the United States and in other countries are behind the plunge in the price of oil since June 2014. Others have suggested that a major shock to oil price expectations occurred when in late November 2014 OPEC announced that it would maintain current production levels despite the steady increase in non-OPEC oil production. Both conjectures are perfectly reasonable ex ante, yet we provide quantitative evidence that neither explanation appears supported by the data. We show that more than half of the decline in the price of oil was predictable in real time as of June 2014 and therefore must have reflected the cumulative effects of earlier oil demand and supply shocks. Among the shocks that occurred after June 2014, the most influential shock resembles a negative shock to the demand for oil associated with a weakening economy in December 2014. In contrast, there is no evidence of any large positive oil supply shocks between June and December. We conclude that the difference in the evolution of the price of oil, which declined by 44% over this period, compared with other commodity prices, which on average only declined by about 5%-15%, reflects oil-market specific developments that took place prior to June 2014.
500
Although there is much interest in the future retail price of gasoline among consumers, industry analysts, and policymakers, it is widely believed that changes in the price of gasoline are essentially unforecastable given publicly available information. We explore a range of new forecasting approaches for the retail price of gasoline and compare their accuracy with the no-change forecast. Our key finding is that substantial reductions in the mean-squared prediction error (MSPE) of gasoline price forecasts are feasible in real time at horizons up to two years, as are substantial increases in directional accuracy. The most accurate individual model is a VAR(1) model for real retail gasoline and Brent crude oil prices. Even greater reductions in MSPEs are possible by constructing a pooled forecast that assigns equal weight to five of the most successful forecasting models. Pooled forecasts have lower MSPE than the EIA gasoline price forecasts and the gasoline price expectations in the Michigan Survey of Consumers. We also show that as much as 39% of the decline in gas prices between June and December 2014 was predictable.
499
This article examines how the shale oil revolution has shaped the evolution of U.S. crude oil and gasoline prices. It puts the evolution of shale oil production into historical perspective, highlights uncertainties about future shale oil production, and cautions against the view that the U.S. may become the next Saudi Arabia. It then reviews the role of the ban on U.S. crude oil exports, of capacity constraints in refining and transporting crude oil, of differences in the quality of conventional and unconventional crude oil, and of the recent regional fragmentation of the global market for crude oil for the determination of U.S. oil and gasoline prices. It discusses the reasons for the persistent wedge between U.S. crude oil prices and global crude oil prices in recent years and for the fact that domestic oil prices below global levels need not translate to lower U.S. gasoline prices. It explains why the shale oil revolution unlike the shale gas revolution is unlikely to stimulate a boom in oil-intensive manufacturing industries. It also explores the implications of shale oil production for the transmission of oil price shocks to the U.S. economy.
498
One of the leading methods of estimating the structural parameters of DSGE models is the VAR-based impulse response matching estimator. The existing asympotic theory for this estimator does not cover situations in which the number of impulse response parameters exceeds the number of VAR model parameters. Situations in which this order condition is violated arise routinely in applied work. We establish the consistency of the impulse response matching estimator in this situation, we derive its asymptotic distribution, and we show how this distribution can be approximated by bootstrap methods. Our methods of inference remain asymptotically valid when the order condition is satisfied, regardless of whether the usual rank condition for the application of the delta method holds. Our analysis sheds new light on the choice of the weighting matrix and covers both weakly and strongly identified DSGE model parameters. We also show that under our assumptions special care is needed to ensure the asymptotic validity of Bayesian methods of inference. A simulation study suggests that the frequentist and Bayesian point and interval estimators we propose are reasonably accurate in finite samples. We also show that using these methods may affect the substantive conclusions in empirical work.
497
We characterize optimal redistribution in a dynastic family model with human capital. We show how a government can improve the trade-off between equality and incentives by changing the amount of observable human capital. We provide an intuitive decomposition for the wedge between human-capital investment in the laissez faire and the social optimum. This wedge differs from the wedge for bequests because human capital carries risk: its returns depend on the non-diversi
able risk of children's ability. Thus, human capital investment is encouraged more than bequests in the social optimum if human capital is a bad hedge for consumption risk.
496
Money is more than memory
(2014)
Impersonal exchange is the hallmark of an advanced society. One key institution for impersonal exchange is money, which economic theory considers just a primitive arrangement for monitoring past conduct in society. If so, then a public record of past actions — or memory — supersedes the function performed by money. This intriguing theoretical postulate remains untested. In an experiment, we show that the suggested functional equality between money and memory does not translate into an empirical equivalence. Monetary systems perform a richer set of functions than just revealing past behaviors, which proves to be crucial in promoting large-scale cooperation.
495
Emotions-at-risk: an experimental investigation into emotions, option prices and risk perception
(2014)
This paper experimentally investigates how emotions are associated with option prices and risk perception. Using a binary lottery, we find evidence that the emotion ‘surprise’ plays a significant role in the negative correlation between lottery returns and estimates of the price of a put option. Our findings shed new light on various existing theories on emotions and affect. We find gratitude, admiration, and joy to be positively associated with risk perception, although the affect heuristic predicts a negative association. In contrast with the predictions of the appraisal tendency framework (ATF), we document a negative correlation between option price and surprise for lottery winners. Finally, the results show that the option price is not associated with risk perception as commonly used in psychology.
494
This chapter analyzes the risk and return characteristics of investments in artists from the Middle East and Northern Africa (MENA) region over the sample period 2000 to 2012. With hedonic regression modeling we create an annual index that is based on 3,544 paintings created by 663 MENA artists. Our empirical results prove that investing in such a hypothetical index provides strong financial returns. While the results show an exponential growth in sales since 2006, the geometric annual return of the MENA art index is a stable13.9 percent over the whole period. We conclude that investing in MENA paintings would have been profitable but also note that we examined the performance of an emerging art market that has only seen an upward trend without any correction, yet.
493
The record-breaking prices observed in the art market over the last three years raise the question of whether we are experiencing a speculative bubble. Given the difficulty to determine the fundamental value of artworks, we apply a right-tailed unit root test with forward recursive regressions (SADF test) to detect explosive behaviors directly in the time series of four different art market segments (“Impressionist and Modern”, “Post-war and Contemporary”, “American”, and “Latin American”) for the period from 1970 to 2013. We identify two historical speculative bubbles and find an explosive movement in today’s “Post-war and Contemporary” and “American” fine art market segments.
492
This paper investigates the impact of news media sentiment on financial market returns and volatility in the long-term. We hypothesize that the way the media formulate and present news to the public produces different perceptions and, thus, incurs different investor behavior. To analyze such framing effects we distinguish between optimistic and pessimistic news frames. We construct a monthly media sentiment indicator by taking the ratio of the number of newspaper articles that contain predetermined negative words to the number of newspaper articles that contain predetermined positive words in the headline and/or the lead paragraph. Our results indicate that pessimistic news media sentiment is positively related to global market volatility and negatively related to global market returns 12 to 24 months in advance. We show that our media sentiment indicator reflects very well the financial market crises and pricing bubbles over the past 20 years.
491
Since the 2008 financial crisis, in which the Reserve Primary Fund “broke the buck,” money market funds (MMFs) have been the subject of ongoing policy debate. Many commentators view MMFs as a key contributor to the crisis because widespread redemption demands during the days following the Lehman bankruptcy contributed to a freeze in the credit markets. In response, MMFs were deemed a component of the nefarious shadow banking industry and targeted for regulatory reform. The Securities and Exchange Commission’s (SEC) misguided 2014 reforms responded by potentially exacerbating MMF fragility while potentially crippling large segments of the MMF industry.
Determining the appropriate approach to MMF reform has been difficult. Banks regulators supported requiring MMFs to trade at a floating net asset value (NAV) rather than a stable $1 share price. By definition, a floating NAV prevents MMFs from breaking the buck but is unlikely to eliminate the risk of large redemptions in a time of crisis. Other reform proposals have similar shortcomings. More fundamentally, the SEC’s reforms may substantially reduce the utility of MMFs for many investors, which could, in turn, affect the availability of short term credit.
The shape of MMF reform has been influenced by a turf war among regulators as the SEC has battled with bank regulators both about the need for additional reforms and about the structure and timing of those reforms. Bank regulators have been influential in shaping the terms of the debate by using banking rhetoric to frame the narrative of MMF fragility. This rhetoric masks a critical difference between banks and MMFs – asset segregation. Unlike banks, MMF sponsors have assets and operations that are separate from the assets of the MMF itself. This difference has caused the SEC to mistake sponsor support as a weakness rather than a key stability-enhancing feature. As a result, the SEC mistakenly adopted reforms that burden sponsor support instead of encouraging it.
As this article explains, required sponsor support offers a novel and simple regulatory solution to MMF fragility. Accordingly this article proposes that the SEC require MMF sponsors explicitly to guarantee the $1 share price. Taking sponsor support out of the shadows embraces rather than ignores the advantage that MMFs offer over banks through asset partitioning. At the same time, sponsor support harnesses market discipline as a constraint against MMF risk-taking and moral hazard.
490
How much additional tax revenue can the government generate by increasing labor income taxes? In this paper we provide a quantitative answer to this question, and study the importance of the progressivity of the tax schedule for the ability of the government to generate tax revenues. We develop a rich overlapping generations model featuring an explicit family structure, extensive and intensive margins of labor supply, endogenous accumulation of labor market experience as well as standard intertemporal consumption-savings choices in the presence of uninsurable idiosyncratic labor productivity risk. We calibrate the model to US macro, micro and tax data and characterize the labor income tax Laffer curve under the current choice of the progressivity of the labor income tax code as well as when varying progressivity. We find that more progressive labor income taxes significantly reduce tax revenues. For the US, converting to a flat tax code raises the peak of the Laffer curve by 6%, whereas converting to a tax system with progressivity similar to Denmark would lower the peak by 7%. We also show that, relative to a representative agent economy tax revenues are less sensitive to the progressivity of the tax code in our economy. This finding is due to the fact that labor supply of two earner households is less elastic (along the intensive margin) and the endogenous accumulation of labor market experience makes labor supply of females less elastic (around the extensive margin) to changes in tax progressivity.
489
US data and new stockholding data from fifteen European countries and China exhibit a common pattern: stockholding shares increase in household income and wealth. Yet, there is a multitude of numbers to match through models. Using a single utility function across households (parsimony), we suggest a strategy for fitting stockholding numbers, while replicating that saving rates increase in wealth, too. The key is introducing subsistence consumption to an Epstein-Zin-Weil utility function, creating endogenous risk-aversion differences across rich and poor. A closed-form solution for the model with insurable labor-income risk serves as calibration guide for numerical simulations with uninsurable labor-income risk.
488
Using data from the US Health and Retirement Study, we study the causal effect of increased health insurance coverage through Medicare and the associated reduction in health-related background risk on financial risk-taking. Given the onset of Medicare at age 65, we identify our effect of interest using a regression discontinuity approach. We find that getting Medicare coverage induces stockholding for those with at least some college education, but not for their less-educated counterparts. Hence, our results indicate that a reduction in background risk induces financial risk-taking in individuals for whom informational and pecuniary stock market participation costs are relatively low.
487
This paper studies the effect of graduating from college on lifetime earnings. We develop a quantitative model of college choice with uncertain graduation. Departing from much of the literature, we model in detail how students progress through college. This allows us to parameterize the model using transcript data. College transcripts reveal substantial and persistent heterogeneity in students’ credit accumulation rates that are strongly related to graduation outcomes. From this data, the model infers a large ability gap between college graduates and high school graduates that accounts for 54% of the college lifetime earnings premium.
486
his paper distils three lessons for bank regulation from the experience of the 2009-12 euro-area financial crisis. First, it highlights the key role that sovereign debt exposures of banks have played in the feedback loop between bank and fiscal distress, and inquires how the regulation of banks’ sovereign exposures in the euro area should be changed to mitigate this feedback loop in the future. Second, it explores the relationship between the forbearance of non-performing loans by European banks and the tendency of EU regulators to rescue rather than resolving distressed banks, and asks to what extent the new regulatory framework of the euro-area “banking union” can be expected to mitigate excessive forbearance and facilitate resolution of insolvent banks. Finally, the paper highlights that capital requirements based on the ratio of Tier-1 capital to banks’ risk-weighted assets were massively gamed by large banks, which engaged in various forms of regulatory arbitrage to minimize their capital charges while expanding leverage. This argues in favor of relying on a set of simpler and more robust indicators to determine banks’ capital shortfall, such as book and market leverage ratios.