Showing 1 - 10 of 33
This paper discusses a number of issues that the newly constituted Board of the ECB will face early on. We show how conducting a European monetary policy is very different from living under the protective umbrella of the Bundesbank. We discuss voting on the ECB Board and argue that the ability...
Persistent link: https://www.econbiz.de/10005774455
Property rights are a key aspect of the rules governing economic interactions, providing individuals with dependable information and incentives. Well-defined and stable property rights encourage the effective use of existing scarce resources and also provide the incentive to innovate. In this...
Persistent link: https://www.econbiz.de/10012759623
While both errors of overoptimism and errors of overpessimism are possible in the face of imperfect information, the presence of option value from deferring a decision to exchange causes trader errors to be overpessimistically biased. This is problematic because unlike errors of overoptimism,...
Persistent link: https://www.econbiz.de/10012761888
The Market Process presents a series of important and innovative articles written by economists of the Austrian School. Covering the gamut of economic issues, including equilibrium theory, free banking, public choice, and the problems of contemporary social reform, the book is an ideal...
Persistent link: https://www.econbiz.de/10011253606
Market process theory is principally concerned with explaining how the market moves towards a state of general economic equilibrium and how production and consumption plans become coordinated. Market Process Theories presents in two volumes the most important articles by leading economists which...
Persistent link: https://www.econbiz.de/10011253910
The Elgar Companion to Austrian Economics is a major new reference work which highlights the common ground between all the branches of the school while demonstrating the breadth and diversity within it. The Companion reflects the many areas where Austrian economists have made contributions,...
Persistent link: https://www.econbiz.de/10011119760
This paper applies a full-information technique to test for the presence of contagion across the money markets of ERM members. We show that whenever it is possible to estimate a model for interdependence, a test for contagion based o a full information technique is more powerful. We test for the...
Persistent link: https://www.econbiz.de/10005123753
We examine monetary policy in the euro area from both theoretical and empirical perspectives. We discuss what theory tells us the strategy of Central banks should be and contrasts it with the one employed by the ECB. We review accomplishments (and failures) of monetary policy in the euro area...
Persistent link: https://www.econbiz.de/10005791458
This paper proposes a characteristic function-based method to estimate the time-changed Levy models, which take into account both stochastic volatility and infinite activity jumps. The method facilitates computation and overcomes problems related to the discretization error and to the...
Persistent link: https://www.econbiz.de/10012716622
The paper explores the determinants of yield differentials between sovereign bonds, using Euro area data. There is a common trend in yield differentials, which is correlated with a measure of aggregate risk. In contrast, liquidity differentials display sizeable heterogeneity and no common...
Persistent link: https://www.econbiz.de/10012722909