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What are the Effects of Fiscal Policy Shocks ?

Mountford, Andrew; Uhlig, Harald - Sonderforschungsbereich Ökonomisches Risiko <Berlin> - 2005

We propose and apply a new approach for analyzing the effects of fiscal policyusing vector autoregressions. Unlike most of the previous literature this approachdoes not require that the contemporaneous reaction of some variables to fiscalpolicy shocks be set to zero or need additional...

Persistent link: https://www.econbiz.de/10005861975

Fiscal sustainability andpolicy implications for the euro area

Balassone, Fabrizio; Cunha, Jorge; Langenus, Geert; … - Volkswirtschaftliches Forschungszentrum <Frankfurt, Main> - 2009

In this paper we examine the sustainability of euro area public finances against thebackdrop of population ageing. We … indicators to quantify sustainability gaps for euro area countries. Withrespect to the policy implications, we assess the … adisproportionate way to future generations. For many euro area countries this impliesthat the medium-term targets defined in the …

Persistent link: https://www.econbiz.de/10005866241

How Unique Are US Banks? - The Role of Banks in Five Major Financial Systems

Hackethal, Andreas - 2000

Initiated by the seminal work of Diamond/Dybvig (1983) and Diamond (1984), advances in the theory of financial intermediation have sharpened our understanding of the theoretical foundations of banks as special financial institutions. What makes them "unique" is the combination of accepting...

Persistent link: https://www.econbiz.de/10005840290

Disintermediation and the Role of Banks in Europe: An International Comparison

Schmidt, Reinhard H.; Hackethal, Andreas; Tyrell, Marcel - 1998

The paper presents an empirical analysis of the alledged transformation of the financial systems in the three major European economies, France, Germany and the UK. Based on a unified data set developed on the basis of national accounts statistics, and employing a new and consistent method of...

Persistent link: https://www.econbiz.de/10005840403

On the Informational Content of Changing Risk for Dynamic Asset Allocation

Barone-Adesi, Giovanni; Gagliardini, Patrik; Trojani, Fabio - 2000

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

Persistent link: https://www.econbiz.de/10005843230

The Convergence of Financial Systems in Europe

Schmidt, Reinhard H.; Hackethal, Andreas; Tyrell, Marcel - 2001

Since the beginning of the 1990s, it has been widely expected that the implementation of the European Single Market would lead to a rapid convergence of Europes financial systems. In the present paper we will show that at least in the period prior to the introduction of the common currency...

Persistent link: https://www.econbiz.de/10005844565

September 11 and Stock Return Expectations of Individual Investors

Glaser, Markus; Weber, Martin - 2003

This study offers the unique opportunity to analyze how an unprecedented crisis such as the September 11 tragedy in uences expected returns and volatility forecasts of individual investors. Via e-mail, we asked a randomly selected group of individual investors with accounts at a German online...

Persistent link: https://www.econbiz.de/10005844823

On the Trend Recognition and Forecasting Ability of Professional Traders

Glaser, Markus; Langer, Thomas; Weber, Martin - Universität <Mannheim> / Lehrstuhl für Allgemeine … - 2007

Empirical research documents that temporary trends in stock pricemovements exist. Moreover, riding a trend can be a profitable investment strategy. (...)

Persistent link: https://www.econbiz.de/10005844860

Valuation in Over-the-Counter Markets

Duffie, Darrell; Gârleanu, Nicolae; Pedersen, Lasse Heje - 2004

We provide the impact on asset prices of search-and-bargaining frictions in over-the-counter markets. Under natural conditions, prices are lower and illiquidity discounts higher when counterparties are harder to find, when sellers have less bargaining power, when the fraction of qualified owners...

Persistent link: https://www.econbiz.de/10005846988

Online Broker Investors: Demographic Information, Investment Strategy, Portfolio Positions, and Trading Activity

Glaser, Markus - Sonderforschungsbereich Rationalitätskonzepte, … - 2003

The main goal of this paper is to present various descriptive statistics on demographic information, investment strategy, portfolio positions, and trading activity.

Persistent link: https://www.econbiz.de/10005850472