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Was kostet die Krise? Mittelfristige Wachstumsperspektiven in Deutschland, 2010 - 2014

Buchen, Teresa; Carstensen, Kai; Henzel, Steffen; … - 2010

2009 ist eine Diskussion darüber entbrannt, inwieweit die derzeitige Finanzkrise Einfluss auf die mittelfristigen … Zeitreihenmodellen abgeschätzt. Die Ergebnisse deuten darauf hin, dass das Niveau des Produktionspotenzials aufgrund der Finanzkrise … Euro ableiten. Demgegenüber dürfte die Trendwachstumsrate in den kommenden Jahren bei 1,3 % liegen und damit nur …

Persistent link: https://www.econbiz.de/10010427571

How to deal with the US financial crisis at no cost to the taxpayer

Hillinger, Claude - 2008

I discuss briefly the crisis itself and then give some criteria that should be used in evaluating any policy proposed o deal with it. This is followed by a critical discussion of some of the policy measures that have been suggested. Finally, I give a list of proposals, that I believe best...

Persistent link: https://www.econbiz.de/10010427521

Predictive Ability of Business Cycle Indicators under Test: A Case Study for the Euro Area Industrial Production

Carstensen, Kai; Wohlrabe, Klaus; Ziegler, Christina - 2010

In this paper we assess the information content of seven widely cited early indicators for the euro area with respect … indicator, the OECD composite leading indicator, and the FAZ-Euro indicator published by the Frankfurter Allgemeine Zeitung. If …

Persistent link: https://www.econbiz.de/10010427576

Derivatives and Default Risk

Scholz, Sebastian - 2010

Upstream producers that possess market power, sell forwards with a lengthy duration to regional electricity companies (REC). As part of the liberalization of the electricity market, RECs have been privatized and exposed to a possible bankruptcy threat if spot prices have fallen below their...

Persistent link: https://www.econbiz.de/10010427577

Liquidity Shortages and Monetary Policy

Illing, Gerhard; Cao, Jin - 2007

The paper models the interaction between risk taking in the financial sector and central bank policy. It shows that in the absence of central bank intervention, the incentive of financial intermediaries to free ride on liquidity in good states may result in excessively low liquidity in bad...

Persistent link: https://www.econbiz.de/10010427485

Liquidity Risk and Monetary Policy

Sauer, Stephan - 2007

This paper provides a framework to analyse emergency liquidity assistance of central banks on financial markets in response to aggregate and idiosyncratic liquidity shocks. The model combines the microeconomic view of liquidity as the ability to sell assets quickly and at low costs and the...

Persistent link: https://www.econbiz.de/10010427492

Three Liquidity Crises in Retrospective: Implications for Central Banking Today

Sauer, Stephan - 2007

Liquidity problems lie at the heart of crises on financial markets as demonstrated in this paper by detailed descriptions of the stock market crash in 1987, the LTCM-crisis in 1998 and the financial market consequences of 11 September 2001. The events also demonstrate that modern central banks,...

Persistent link: https://www.econbiz.de/10010427504

Endogenous Systemic Liquidity Risk

Cao, Jin; Illing, Gerhard - 2008

Traditionally, aggregate liquidity shocks are modelled as exogenous events. Extending our previous work (Cao & Illing, 2007), this paper analyses the adequate policy response to endogenous systemic liquidity risk. We analyse the feedback between lender of last resort policy and incentives of...

Persistent link: https://www.econbiz.de/10010427534

Illiquidity, insolvency, and banking regulation

Cao, Jin - 2010

This paper provides a compact framework for banking regulation analysis in the presence of uncertainty between systemic liquidity and solvency shocks. Extending the work by Cao & Illing (2009a, b), it is shown that systemic liquidity shortage arises endogenously as part of the inferior mixed...

Persistent link: https://www.econbiz.de/10010427592

Inflation expectations from index-linked bonds: Correcting for liquidity and inflation risk premia

Kajuth, Florian; Watzka, Sebastian - 2008

-linked bonds using a state-space estimation. Our results show that once one accounts for time-varying liquidity and inflation risk …

Persistent link: https://www.econbiz.de/10010427531