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We use a unique dataset with bank clients’ security holdings for all German banks to examine how macroeconomic shocks affect asset allocation preferences of households and non-financial firms. Our analysis focuses on two alternative mechanisms which can influence portfolio choice: wealth...
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commodity markets. This book is about modelling commodity price shocks. It is intended to provide insights into the theoretical …, conceptual, and empirical modelling of the underlying causes of global commodity price shocks. Three main objectives motivated … of commodity price shocks. Second, to evaluate existing approaches used for forecasting large movements in future …
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