Ordnungspolitische Maßnahmen lösen vielfältige Anpassungsreaktionen der Marktakteure aus. Es fehlt jedoch ein einheitliches und standardisiertes Bewertungsverfahren, um die Dynamik und Anpassungen auf Märkten zu ermitteln und zu beurteilen. Das Forschungsziel der Arbeit ist die Entwicklung...

In this paper, we review the most common specifications of discrete-time stochastic volatility (SV) models and illustrate the major principles of corresponding Markov Chain Monte Carlo (MCMC) based statistical inference. We provide a hands-on ap proach which is easily implemented in empirical...

The vast majority of the efficiency and productivity measurement literature has been based on the static viewpoint of the firm. Few studies have developed the dynamic analog of static efficiency measurement, introducing the notions of long-run efficiency and inefficiency persistence. However,...

Policy counterfactuals based on estimated structural VARs routinely suggest that bringing Alan Greenspan back in the 1970s' United States would not have prevented the Great Inflation. We show that a standard policy counterfactual suggests that the Bundesbank - which is near-universally credited...