"Money is a promise with future benefits or dangers that can never, because unknowable, be calculated. The financial sector is driven to beat this uncertainty by speculating on whether prices will rise or fall. No matter how often the folly of this behaviour is demonstrated through crisis after...

Norbert Blüm hat sich nach seiner aktiven Zeit in der Politik - zuletzt (1982-1998) als Bundesminister für Arbeit und Sozialordnung - mit einigen Büchern zu Wort gemeldet. Zuletzt mit "Gerechtigkeit" (BA 2/07). Hier wie dort befasst er sich mit der Frage nach der gerechten Gesellschaft - hier...

This paper provides the first evidence for empirical tests of the impact of rational expectations as well as behavioral biases, including among other animal spirits such as defined by Akerlof and Shiller on the variability of trading. Using a daily data for five international capital markets in...

How investor expectations move markets and the economyThe collapse of Lehman Brothers in September 2008 caught markets and regulators by surprise. Although the government rushed to rescue other financial institutions from a similar fate after Lehman, it could not prevent the deepest recession in...