On 4 March 2011, SUERF – The European Money and Finance Forum and the National Bank of Poland jointly organised a conference on the theme of: "Monetary Policy after the Crisis". Following a call for papers with a large number of submissions, the scientific committee selected 9 papers, which...

This paper surveys the literature on the linkages between asset prices and macroeconomic outcomes. It focuses on three major questions. First, what are the basic theoretical linkages between asset prices and macroeconomic outcomes? Second, what is the empirical evidence supporting these...

This paper surveys the theoretical and empirical literature on the macroeconomic implications of financial imperfections. It focuses on two major channels through which financial imperfections can affect macroeconomic outcomes. The first channel, which operates through the demand side of finance...

The underpricing phenomenon of Initial Public Offerings (IPOs) has been widely studied across different stock markets around the world and has often been explained to be as a result of asymmetrically distributed information and ex-ante uncertainty. However, as Ritter and Welch (2002) argue to...

When stock markets are less liquid or illiquid, investors are expected to require compensation for taking the risk of not being able to sell quickly. Many studies have documented the existence of the co-movements (commonality) of market liquidity in equity markets as a priced factor. The primary...

Nach dem Ausbruch der internationalen Finanzkrise wird hier eine erste Bilanz für den deutschen Bankensektor gezogen. Dabei zeigt sich: Es bestehen weiterhin erhebliche Risiken. Die systemische Relevanz einzelner Banken ist sogar noch gestiegen. Wesentlich für die Zukunftsfähigkeit des...

This study examines the role and effectiveness of the several modes of financial inclusion and technology for uninterrupted economic and business activities during the COVID-19 pandemic. The study is based on empirical analysis through statistical estimation of four mathematical equations. The...

This paper contributes to the GDP-consumption comovement puzzle literature investigating the role of tax evasion in explaining the consumption path after a Marginal Efficiency of Investment shock. We use an otherwise standard medium-scale New Keynesian DSGE model combining tax evasion with...

Cryptocurrencies refer to a type of digital cash that use distributed ledger - or blockchain technology - to provide secure transactions. These currencies are generally misunderstood. While initially dismissed as fads or bubbles, many large central banks are considering launching their own...