This paper provides a framework to analyse emergency liquidity assistance of central banks on financial markets in response to aggregate and idiosyncratic liquidity shocks. The model combines the microeconomic view of liquidity as the ability to sell assets quickly and at low costs and the...

This paper provides a framework to analyse emergency liquidity assistance of central banks on financial markets in response to aggregate and idiosyncratic liquidity shocks. The model combines the microeconomic view of liquidity as the ability to sell assets quickly and at low costs and the...

Eine aufgabenorientierte Vorbereitung ist für das Bestehen vieler Prüfungen im Bereich der Wirtschaftswissenschaften unerlässlich. Der Aufbau der Kapitel orientiert sich an der grundlegend aktualisierten 7. Auflage des Lehrbuches Makroökonomie (ISBN 9783868943085) von...

When back-testing the calibration quality of rating systems two-sided statistical tests can detect over- and under-estimation of credit risk. Some users though, such as risk-averse investors and regulators, are primarily interested in the under-estimation of risk only, and thus require one-sided...

Discretionary monetary policy produces a dynamic loss in the New Keynesian model in the presence of cost-push shocks. The possibility to commit to a specific policy rule can increase welfare. A number of authors since Woodford (1999) have argued in favour of a timeless perspective rule as an...