theory of interacting particle systems. We clarify the structure of the equilibrium joint rating distribution using ergodic … losses ; voter model ; Choquet theory ; ergodic decomposition ; re-scaling …

possibility is to adopt restrictions from economic theory. The purpose of this paper is to investigate the implications of the …

The most important policy instruments of the Bundesbank and of the coming European Central Bank involve lending to … domestic credit institutions. In this monetary setup, banks use short-term central bank credits extensively in order to … borrowed reserves is of crucial importance for monetary policy practice. -- Loan and money supply ; central bank lending …

. -- monetary policy ; Endogenous money ; industrial organization approach to banking theory ; money multiplier ; vector error …

We reexamine the expectations theory of the term structure focusing on the question how monetary policy actions … tests of expectations theory this implication only requires rational expectations but not stationary risk premia. Therefore …, its empirical test sheds new light on the importance of expectations theory for the determinants of the term structure of …