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inflation lead to a wealth transfer across sectors. Higher inflation decreases firms' real liabilities and default risk, which …
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This paper examines which measures of financial conditions are informative about the tail risks to output growth in the euro area. The Composite Indicator of Systemic Stress (CISS) is more informative than indicators focusing on narrower segments of financial markets or their simple aggregation...
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important but often neglected element of micro- and macroeconomic theory. With the onset of the financial crisis in 2007 and the … of uncertainty in macroeconomic models against the background of the theory of real option values, with a strong focus on … crisis. Within a partial investment model, two kinds of uncertainty are introduced: volatility and disaster risk. The article …
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Entwicklung kausaler Erklärungsansätze mittelfristiger gesamtwirtschaftlicher Fluktuationen. Aufbauend auf der "Theorie realer … gleichzeitig mit einer Entfremdung von Theorie und Praxis einher; die Hilfsfunktion der Theorie für die Wirtschaftspolitik weicht …
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