Density forecasts have become quite important in economics and finance. For example, such forecasts play a central role in modern financial risk management techniques like Value at Risk. This paper suggests a regression based density forecast evaluation framework as a simple alternative to other...

The flow of information between futures and spot prices may vary over time, in particular during periods of stress. This article analyses the information content of the Bund Future and German government bonds during 1998 and test whether it is constant over time. The use of high-frequency data...

In this paper we estimate a simple New-Keynesian DSGE model with German data for the sample period 1970:q1 to 1998:q4. Contrary to a number of recent similar papers estimated with US and euro-area data, we find that real money balances contribute significantly to the determination of inflation...

The three volumes cover the essential themes of macroeconomics included in an undergraduate program of study. Each volume deals with one year of study or a single modular unit. The volumes build on each other thematically, but are designed to be used independently, so each volume can be read...

Sehr viele Unternehmen stehen heute im globalen Wettbewerb. Sie treffen ihre Entscheidungen im internationalen Kontext und sind damit von den Entwicklungen auf den Weltmärkten und den dahinter stehenden wirtschafts- und währungspolitischen Eingriffen unmittelbar betroffen.Ein wesentliches Ziel...