We compare the ability of correlation and threshold effects in a stochastic volatility model to capture the asymmetric relationship between stock returns and volatility. The parameters are estimated using Maximum Likelihood based on the extended Kalman filter and uses numerical integration over...

Knowledge problems with discretionary monetary policy -- Incentive prolems with discretionary central banking -- When firefighters are arsonists -- On the shoulders of giants: monetary policy insights of the classically liberal nobel laureates -- Money and the rule of law -- Conclusion: money...