"Financial systems are inherently fragile because of the very function which makes them valuable: liquidity transformation. Regulatory reforms can strengthen the financial system and decrease the risk of liquidity crises, but they cannot eliminate it completely. This leaves monetary policy with...

1. Introduction -- 2. Some Introductory Thoughts -- Part I. The European “Postwar Consensus” and the European Project -- 3. The Origins of the Idea of European Integration: A German Perspective -- 4. The European “Postwar Consensus” and the Birth of the EEC -- 5 “Large Switzerland”...

This paper attempts to determine whether the fluctuations of conditional first and second moments--which are observed for many assets--are consistent with the Sharpe-Lintner-Mossin capital asset pricing model. The authors test the mean-variance model under several different assumptions about the...