Previous research has emphasized the portfolio balance effects of Federal Reserve bond purchases, in which a reduced bond supply lowers term premia. In contrast, we find that such purchases have important signaling effects that lower expected future short-term interest rates. Our evidence comes...

Previous research has established that the Federal Reserve large scale asset purchases (LSAPs) significantly influenced international bond yields. This paper analyzes the channels through which these effects occurred. We use dynamic term structure models to decompose international yield changes...

Klappentext: Anschaulich wird hier über Entstehung, Faktenlage und Perspektiven der Währungsunion berichtet, werden die Funktionsweise des neuen Währungssystems dargestellt und geld- und währungspolitische Fachbegriffe erklärt. Die entsprechenden Stichwörter geben Aufschluß über alle...

Conditional yield skewness is an important summary statistic of the state of the economy. It exhibits pronounced variation over the business cycle and with the stance of monetary policy, and a tight relationship with the slope of the yield curve. Most importantly, variation in yield skewness has...

Zahlreiche, zum Teil sehr spektakuläre Unternehmenszusammenbrüche – national (z.B. Holzmann, Bankgesellschaft Berlin) wie international (z.B. Enron, Worldcom) – in Verbindung mit Bilanzmanipulationen, haben den Berufsstand in eine schwere Vertrauenskrise gestürzt. Vor allem der...

A major problem in studying the performance of private equity is the lack of reliable market data, or the lack of liquidity, the most instruments available in this growing market segment. However, there are an increasing number of publicly traded private equity (PTPE) vehicles. We have found a...