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)
620
We investigate the transmission of central bank liquidity to bank deposits and loan spreads in Europe over the January 2006 to June 2010 period. We find evidence consistent with an impaired transmission channel due to bank risk. Central bank liquidity does not translate into lower loan spreads for high-risk banks, even as it lowers deposit rates for both high-risk and low-risk banks. This adversely affects the balance sheets of high-risk bank borrowers, leading to lower payouts, lower capital expenditures, and lower employment. Overall, our results suggest that banks’ capital constraints at the time of an easing of monetary policy pose a challenge to the effectiveness of the bank lending channel and the effectiveness of the central bank as a lender of last resort.
2011, 06
We analytically show that a common across rich/poor individuals Stone-Geary utility function with subsistence consumption in the context of a simple two-asset portfolio-choice model is capable of qualitatively and quantitatively explaining: (i) the higher saving rates of the rich, (ii) the higher fraction of personal wealth held in risky assets by the rich, and (iii) the higher volatility of consumption of the wealthier. On the contrary, time-variant “keeping-up-with-the-Joneses” weighted average consumption which plays the role of moving benchmark subsistence consumption gives the same portfolio composition and saving rates across the rich and the poor, failing to reconcile the model with what micro data say. JEL Classification: G11, D91, E21, D81, D14, D11
508
We develop a dynamic recursive model where political and economic decisions interact, to study how excessive debt-GDP ratios affect political sustainability of prudent fiscal policies. Rent seeking groups make political decisions – to cooperate (or not) – on the allocation of fiscal budgets (including rents) and issuance of sovereign debt. A classic commons problem triggers collective fiscal impatience and excessive debt issuing, leading to a vicious circle of high borrowing costs and sovereign default. We analytically characterize debt-GDP thresholds that foster cooperation among rent seeking groups and avoid default. Our analysis and application helps in understanding the politico-economic sustainability of sovereign rescues, emphasizing the need for fiscal targets and possible debt haircuts. We provide a calibrated example that quantifies the threshold debt-GDP ratio at 137%, remarkably close to the target set for private sector involvement in the case of Greece.
2003, 03
Learning and equilibrium selection in a monetary overlapping generations model with sticky prices
(2003)
We study adaptive learning in a monetary overlapping generations model with sticky prices and monopolistic competition for the case where learning agents observe current endogenous variables. Observability of current variables is essential for informational consistency of the learning setup with the model set up but generates multiple temporary equilibria when prices are flexible and prevents a straightforward construction of the learning dynamics. Sticky prices overcome this problem by avoiding simultaneity between prices and price expectations. Adaptive learning then robustly selects the determinate (monetary) steady state independent from the degree of imperfect competition. The indeterminate (non-monetary) steady state and non-stationary equilibria are never stable. Stability in a deterministic version of the model may differ because perfect foresight equilibria can be the limit of restricted perceptions equilibria of the stochastic economy with vanishing noise and thereby inherit different stability properties. This discontinuity at the zero variance of shocks suggests to analyze learning in stochastic models.
2003, 01
This paper considers a sticky price model with a cash-in-advance constraint where agents forecast inflation rates with the help of econometric models. Agents use least squares learning to estimate two competing models of which one is consistent with rational expectations once learning is complete. When past performance governs the choice of forecast model, agents may prefer to use the inconsistent forecast model, which generates an equilibrium where forecasts are inefficient. While average output and inflation result the same as under rational expectations, higher moments differ substantially: output and inflation show persistence, inflation responds sluggishly to nominal disturbances, and the dynamic correlations of output and inflation match U.S. data surprisingly well.
2003, 02
This paper compares Bayesian decision theory with robust decision theory where the decision maker optimizes with respect to the worst state realization. For a class of robust decision problems there exists a sequence of Bayesian decision problems whose solution converges towards the robust solution. It is shown that the limiting Bayesian problem displays infinite risk aversion and that decisions are insensitive (robust) to the precise assignment of prior probabilities. This holds independent from whether the preference for robustness is global or restricted to local perturbations around some reference model.
2003, 12
We study optimal nominal demand policy in an economy with monopolistic competition and flexible prices when firms have imperfect common knowledge about the shocks hitting the economy. Parametrizing firms´ information imperfections by a (Shannon) capacity parameter that constrains the amount of information flowing to each firm, we study how policy that minimizes a quadratic objective in output and prices depends on this parameter. When price setting decisions of firms are strategic complements, for a large range of capacity values optimal policy nominally accommodates mark-up shocks in the short-run. This finding is robust to the policy maker observing shocks imperfectly or being uncertain about firms´ capacity parameter. With persistent mark-up shocks accommodation may increase in the medium term, but decreases in the long-run thereby generating a hump-shaped price response and a slow reduction in output. Instead, when prices are strategic substitutes, policy tends to react restrictively to mark-up shocks. However, rational expectations equilibria may then not exist with small amounts of imperfect common knowledge.
2005, 16
Ignoring the existence of the zero lower bound on nominal interest rates one considerably understates the value of monetary commitment in New Keynesian models. A stochastic forward-looking model with lower bound, calibrated to the U.S. economy, suggests that low values for the natural rate of interest lead to sizeable output losses and deflation under discretionary monetary policy. The fall in output and deflation are much larger than in the case with policy commitment and do not show up at all if the model abstracts from the existence of the lower bound. The welfare losses of discretionary policy increase even further when inflation is partly determined by lagged inflation in the Phillips curve. These results emerge because private sector expectations and the discretionary policy response to these expectations reinforce each other and cause the lower bound to be reached much earlier than under commitment. JEL Klassifikation: E31, E52
2004, 13
We determine optimal monetary policy under commitment in a forwardlooking New Keynesian model when nominal interest rates are bounded below by zero. The lower bound represents an occasionally binding constraint that causes the model and optimal policy to be nonlinear. A calibration to the U.S. economy suggests that policy should reduce nominal interest rates more aggressively than suggested by a model without lower bound. Rational agents anticipate the possibility of reaching the lower bound in the future and this amplifies the effects of adverse shocks well before the bound is reached. While the empirical magnitude of U.S. mark-up shocks seems too small to entail zero nominal interest rates, shocks affecting the natural real interest rate plausibly lead to a binding lower bound. Under optimal policy, however, this occurs quite infrequently and does not require targeting a positive average rate of inflation. Interestingly, the presence of binding real rate shocks alters the policy response to (non-binding) mark-up shocks. JEL Klassifikation: C63, E31, E52 .
2004, 15
Earlier studies of the seigniorage inflation model have found that the high-inflation steady state is not stable under adaptive learning. We reconsider this issue and analyze the full set of solutions for the linearized model. Our main focus is on stationary hyperinflationary paths near the high-inflation steady state. The hyperinflationary paths are stable under learning if agents can utilize contemporaneous data. However, in an economy populated by a mixture of agents, some of whom only have access to lagged data, stable inflationary paths emerge only if the proportion of agents with access to contemporaneous data is sufficiently high. JEL Klassifikation: C62, D83, D84, E31
600
Motivated by the observation that survey expectations of stock returns are inconsistent with rational return expectations under real-world probabilities, we investigate whether alternative expectations hypotheses entertained in the asset pricing literature are consistent with the survey evidence. We empirically test (1) the notion that survey forecasts constitute rational but risk-neutral forecasts of future returns, and (2) the notion that survey fore- casts are ambiguity averse/robust forecasts of future returns. We find that these alternative hypotheses are also strongly rejected by the data, albeit for different reasons. Hypothesis (1) is rejected because survey return forecasts are not in line with risk-free interest rates and because survey expected excess returns are predictable. Hypothesis (2) is rejected because agents are not al- ways pessimistic about future returns, instead often display overly optimistic return expectations. We speculate as to what kind of expectations theories might be consistent with the available survey evidence.
579
Optimal trend inflation
(2017)
We present a sticky-price model incorporating heterogeneous Firms and systematic firm-level productivity trends. Aggregating the model in closed form, we show that it delivers radically different predictions for the optimal inflation rate than canonical sticky price models featuring homogenous Firms:
(1) the optimal steady-state inflation rate generically differs from zero and,
(2) inflation optimally responds to productivity disturbances.
Using micro data from the US Census Bureau to estimate the inflation-relevant productivity trends at the firm level, we find that the optimal US inflation rate is positive. It was slightly above 2 percent in the year 1986, but continuously declined thereafter, reaching about 1 percent in the year 2013.
601
We analytically characterize optimal monetary policy for an augmented New Keynesian model with a housing sector. In a setting where the private sector has rational expectations about future housing prices and inflation, optimal monetary policy can be characterized without making reference to housing price developments: commitment to a 'target criterion' that refers to inflation and the output gap only is optimal, as in the standard model without a housing sector. When the policymaker is concerned with potential departures of private sector expectations from rational ones and seeks to choose a policy that is robust against such possible departures, then the optimal target criterion must also depend on housing prices. In the empirically realistic case where housing is subsidized and where monopoly power causes output to fall short of its optimal level, the robustly optimal target criterion requires the central bank to 'lean against' housing prices: following unexpected housing price increases, policy should adopt a stance that is projected to undershoot its normal targets for inflation and the output gap, and similarly aim to overshoot those targets in the case of unexpected declines in housing prices. The robustly optimal target criterion does not require that policy distinguish between 'fundamental' and 'non-fundamental' movements in housing prices.
595
In the secondary art market, artists play no active role. This allows us to isolate cultural influences on the demand for female artists’ work from supply-side factors. Using 1.5 million auction transactions in 45 countries, we document a 47.6% gender discount in auction prices for paintings. The discount is higher in countries with greater gender inequality. In experiments, participants are unable to guess the gender of an artist simply by looking at a painting and they vary in their preferences for paintings associated with female artists. Women's art appears to sell for less because it is made by women.
2005, 32
We find that on average consumers chose the contract that ex post minimized their net costs. A substantial fraction of consumers (about 40%) still chose the ex post sub-optimal contract, with some incurring hundreds of dollars of avoidable interest costs. Nonetheless, the probability of choosing the sub-optimal contract declines with the dollar magnitude of the potential error, and consumers with larger errors were more likely to subsequently switch to the optimal contract. Thus most of the errors appear not to have been very costly, with the exception that a small minority of consumers persists in holding substantially sub-optimal contracts without switching. Klassifikation: G11, G21, E21, E51
2008, 01
The reaction of consumer spending and debt to tax rebates – evidence from consumer credit data
(2008)
We use a new panel dataset of credit card accounts to analyze how consumer responded to the 2001 Federal income tax rebates. We estimate the monthly response of credit card payments, spending, and debt, exploiting the unique, randomized timing of the rebate disbursement. We find that, on average, consumers initially saved some of the rebate, by increasing their credit card payments and thereby paying down debt. But soon afterwards their spending increased, counter to the canonical Permanent-Income model. Spending rose most for consumers who were initially most likely to be liquidity constrained, whereas debt declined most (so saving rose most) for unconstrained consumers. More generally, the results suggest that there can be important dynamics in consumers’ response to “lumpy” increases in income like tax rebates, working in part through balance sheet (liquidity) mechanisms.
1999, 14
Modeling short-term interest rates as following regime-switching processes has become increasingly popular. Theoretically, regime-switching models are able to capture rational expectations of infrequently occurring discrete events. Technically, they allow for potential time-varying stationarity. After discussing both aspects with reference to the recent literature, this paper provides estimations of various univariate regime-switching specifications for the German three-month money market rate and bivariate specifications additionally including the term spread. However, the main contribution is a multi-step out-of-sample forecasting competition. It turns out that forecasts are improved substantially when allowing for state-dependence. Particularly, the informational content of the term spread for future short rate changes can be exploited optimally within a multivariate regime-switching framework.
1999, 15
This study uses Markov-switching models to evaluate the informational content of the term structure as a predictor of recessions in eight OECD countries. The empirical results suggest that for all countries the term spread is sensibly modelled as a two-state regime-switching process. Moreover, our simple univariate model turns out to be a filter that transforms accurately term spread changes into turning point predictions. The term structure is confirmed to be a reliable recession indicator. However, the results of probit estimations show that the markov-switching filter does not significantly improve the forecasting ability of the spread.
2003, 11
In this study a regime switching approach is applied to estimate the chartist and fundamentalist (c&f) exchange rate model originally proposed by Frankel and Froot (1986). The c&f model is tested against alternative regime switching specifications applying likelihood ratio tests. Nested atheoretical models like the popular segmented trends model suggested by Engel and Hamilton (1990) are rejected in favour of the multi agent model. Moreover, the c&f regime switching model seems to describe the data much better than a competing regime switching GARCH(1,1) model. Finally, our findings turned out to be relatively robust when estimating the model in subsamples. The empirical results suggest that the model is able to explain daily DM/Dollar forward exchange rate dynamics from 1982 to 1998.
2013, 16
We show that the presence of high frequency trading (HFT) has significantly mitigated the frequency and severity of end-of-day price dislocation, counter to recent concerns expressed in the media. The effect of HFT is more pronounced on days when end of day price dislocation is more likely to be the result of market manipulation on days of option expiry dates and end of month. Moreover, the effect of HFT is more pronounced than the role of trading rules, surveillance, enforcement and legal conditions in curtailing the frequency and severity of end-of-day price dislocation. We show our findings are robust to different proxies of the start of HFT by trade size, cancellation of orders, and co-location.