Gerade einmal 10 Jahre ist es her, dass Zentralbanker kaum etwas falsch machen konnten. Die grossen Krisen galten als überwunden - Zentralbankchef Ben Bernanke sprach 2004 gar über das Ende der grossen Wirtschaftskrisen. Gerade einmal vier Jahre später stürzte die Weltwirtschaft in die mit...

This paper tests whether value-at-risk has a negative relationship with expected equity returns in China; specifically, we investigate left-tail return momentum. The findings reveal that left-tail momentum is significant during high economic policy uncertainty (EPU) periods. Moreover, when the...

This book analyses the EU’s current interpretation of competition and its effects on the implementation of political initiatives in the single market, while sketching out a possible solution based on a new interpretation of competition on the basis of the problems identified in theory and...

We examine the impact of uncertainty on employment dynamics. Alternative measures of uncertainty are constructed based on the survey of professional forecasters, and regressionbased forecasting models for GDP growth, inflation, S&P500 stock price index, and fuel prices. Our results indicate that...