In practice, central banks have been confronted with a trade-off between stabilising inflation and output when dealing with rising oil prices. This contrasts with the result in the standard New Keynesian model that ensuring complete price stability is the optimal thing to do, even when an oil...

While consumption habits have been utilised as a means of generating a hump shapedoutput response to monetary policy shocks in sticky-price New Keynesian economies,there is relatively little analysis of the impact of habits (particularly, external habits) onoptimal policy. In this paper we...

Vorliegendes Arbeitspapier beschreibt den entsprechenden Einsatz künstlicher Ameisen und diskutiert erste numerische Ergebnisse.

Investitionsneutrale Steuersysteme haben keinen Einfluss auf unternehmerische Investitionsentscheidungen. Diese Eigenschaft besitzen die Besteuerung des ökonomischen Gewinns, die Cashflow–Steuer und die zinsbereinigte Steuer. Von diesen drei Systemen weist die zinsbereinigte Steuer die...

This paper suggests that changing risk conveys information useful to improve performance.

In this paper cluster analysis is used to construct homogeneous groups from 157 UK local markets using commercial property returns.

This paper examines the provision of managerial investment incentives by an accounting based incentive scheme in a multiperiod agency setting in which an impatient manager has to choose between mutually exclusive investment projects. We study the properties of accounting rules that motivate an...

This paper shows the infinite time ruin probability for an insurance company in the classical Cramér-Lundberg model with finite exponential moments.

This paper focuses on egocentric biases in financial decisions. Subjects first design a portfolio, whereby each combination of assets yields the same expected return and variance of returns. (...)