In this paper, a model of bounded rational investors investing their portfolio in a passive investment vehicle (e.g., an Exchange Traded Fund replicating a broad index) or an actively managed fund is presented. The model proposes that the quick reswitching of these short-term oriented investors...

The monetary transmission mechanism plays an important role in studying the effects of monetary policy on the real side of the economy. At least since Chari et al. (2000) it is generally accepted that new keynesian models of the business cycle display a persistence problem. In this paper, we...

Die Arbeit untersucht Entscheidungen des Bundeskartellamtes in den Bereichen "Missbrauchsaufsicht" und "Wettbewerbsbeschränkende Vereinbarungen". Die hier interessierende Frage ist, inwieweit die Entscheidungen der Kartellbehörde durch Kenntnis des Vorwurfs und einiger beobachtbarer...

We investigate economic and institutional determinants of ICT infrastructure for a broad cross section ofmore than 100 countries. The ICT variable is constructed from a principal components analysis. The explanatory variables are selected by variants of the Lasso estimator from the machine...

Recent estimates suggest that developing countries lose about 1 trillion US dollars each year due to illicit financial flows. This paper reviews the empirical methodology that underlies those estimates. Various critical aspects of the analytical approach are highlighted, focusing in particular...