The paper examines consolidation episodes in the EU since 1970 with a view to shedding light on the factors that determine the success or failure of fiscal adjustment. Compared to the existing literature on successful fiscal consolidations we add a number of new dimensions. Two deserve...

The recent financial crisis has been characterized by unprecedented monetary policy interventions of central banks with the intention to stabilize financial markets and the real economy. This paper sheds light on the actual impact of monetary policy on stock liquidity and thereby addresses its...

Fiscal policymakers are expected to conduct countercyclical policies to mitigate cyclical fluctuations of output, but the assessment of cyclical conditions in real time is subject to considerable uncertainty. They face two types of risk: (i) launching discretionary measures to support or dampen...

In dem vorliegenden Modell wurden die Erkenntnisse der Portfoliotheorie sowie deren ökonometrischer Umsetzung genutzt, um Prognosen für die Struktur der Renditen von verschiedenen Finanzanlagen zu erstellen. Hierbei wurde auf die Annahme, das Angebot der Anlagen sei perfekt elastisch,...