In the framework of small-scale agent-based financial market models, the paper starts out from the concept of structural stochastic volatility, which derives from different noise levels in the demand of fundamentalists and chartists and the time-varying market shares of the two groups. It...

Unternehmen halten durchschnittlich immer höhere Liquiditätsreserven. Der nicht betriebsnotwendige Teil dieser Reserven stellt Überschussliquidität dar, deren Verwendung dem diskretionären Entscheidungsspielraum des Managements unterliegt. Überschussliquidität erhöht zum einen die...

Background. By decoupling economic growth from an intensive use of resources, preventing the impairment of natural capital, and enhancing resilience to system-wide shocks, Circular Economy (CE) is a powerful opportunity for economic agents willing to hedge against “sustainability” risk...