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Cross-Hedging of Inflation Derivatives on Commodities: The Informational Content of Futures Markets

Fulli-Lemaire, Nicolas; Palidda, Ernesto - Volkswirtschaftliche Fakultät, … - 2013

According to the macro-econometric literature, the impact of exogenous oil price shocks on Inflation have greatly … increased in the last two decades throughout OECD countries while the persistence of those shocks on long-term inflation, namely … core inflation, has dramatically decreased. In the meantime, the market for inflation derivatives soared, spurred by a …

Persistent link: https://www.econbiz.de/10011112518

Sovereign default Risk in the Euro-Periphery and the Euro-Candidate Countries

Gabrisch, Hubert; Orlowski, Lucjan T.; Pusch, Toralf - Volkswirtschaftliche Fakultät, … - 2012

This study examines the key drivers of sovereign default risk in five euro area periphery countries and three euro-candidates that are currently pursuing independent monetary policies. We argue that the recent proliferation of sovereign risk premiums stems from both domestic and international...

Persistent link: https://www.econbiz.de/10011257986

Finance-dominated capitalism in crisis – the case for a Global Keynesian New Deal

Hein, Eckhard; Truger, Achim - Volkswirtschaftliche Fakultät, … - 2010

We analyse the long-run imbalances of finance-dominated capitalism underlying the present crisis – which began in 2007 – with a focus on developments in the US and Germany. We argue that beyond inefficient regulation of the financial sector, the severeness of the present crisis has been...

Persistent link: https://www.econbiz.de/10008592982

A Vicious Cycle of Manias, Crashes and Asymmetric Policy Responses - An Overinvestment View

Hoffmann, Andreas; Schnabl, Gunther - Volkswirtschaftliche Fakultät, … - 2009

The business cycles theories of Wicksell (1898), Schumpeter (1912), Mises (1912), Hayek (1929, 1935) and Minsky (1986, 1992) explain business cycles by distorted prices on capital markets, buoyant credit expansion and overinvestment. The exuberance during the boom endogenously causes the...

Persistent link: https://www.econbiz.de/10008549598

Real sector, banks and policy issues: An exploration in a dynamic macroeconomic model

Das, Pranab Kumar - Volkswirtschaftliche Fakultät, … - 2006

This paper formulates a dynamic macroeconomic model with banks and two uses of credit, viz. for fixed capital and for working capital. The model was simulated for the dynamic path of the endogenous variables. To see the role of policy in a bad state, government expenditure was increased financed...

Persistent link: https://www.econbiz.de/10010575761

The American mortgage crisis implications on the international economics evolutions

Nistor, Costel; Panico, Paolo; Nistor, Rozalia; … - Volkswirtschaftliche Fakultät, … - 2010

Shock waves that produce large cracks deepen existing political, economic and social, and sometimes a new order replaces the old. In 2010, states across the world over blast, which invariably will lead to changing the current world order. Last twenty years have seen major changes in...

Persistent link: https://www.econbiz.de/10008681002

The Effects of Discretionary Fiscal Stimulus: A Survey

Hristov, Atanas - Volkswirtschaftliche Fakultät, … - 2012

This paper surveys evidence on fiscal multipliers from the Euro area and the United States obtained by direct, cross-state or economywide measures of the effects of broad-based tax cuts and increases in government purchases. In view of the evidence in the literature I conclude that that fiscal...

Persistent link: https://www.econbiz.de/10011107362

An Empirical Analysis of Excess Interbank Liquidity: A Case Study of Pakistan

Muhammad, Omer; de Haan, Jakob; Scholtens, Bert - Volkswirtschaftliche Fakultät, … - 2014

We investigate the drivers of excess interbank liquidity in Pakistan, using the Autoregressive Distributed Lag approach on weekly data for December 2005 to July 2011. We find that the financing of the government budget deficit by the central bank and non-banks leads to persistence in excess...

Persistent link: https://www.econbiz.de/10011109947

Lessons from the Great Recession: Need for a New Paradigm

Shaikh, Salman - Volkswirtschaftliche Fakultät, … - 2012

The ongoing sovereign debt crisis in Europe and U.S. is challenging the conventional wisdom and is creating fears of a double dip recession in 2012. Massive levels of debt and consumption beyond means and speedy financial innovation with lax regulation has put major economies in a deep hole....

Persistent link: https://www.econbiz.de/10011112745

Fiscal Imbalances, Inflation and Sovereign Default Dynamics

Guillard, Michel; Sosa Navarro, Ramiro - Volkswirtschaftliche Fakultät, … - 2009

The central question this paper seeks to answer is how monetary policy might affect the equilibrium behavior of default and sovereign risk premium. The paper is based on �one-interest-rate� model. Public debt becomes risky due to an active fiscal policy, as in Uribe (2006), reflecting the...

Persistent link: https://www.econbiz.de/10008462316

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