Confidence intervals for impulse responses computed from autoregressive processes are considered. A detailed analysis of the methods in current use shows that they are not very reliable in some cases. In particular, there are theoretical reasons for them to have actual coverage probabilities...

In this article, the dependence structure of the asset classes stocks, government bonds, and corporate bonds in different market environments and its implications on asset management are investigated for the US, European, and Asian market. Asset returns are modelled by a Markov-switching model...

The introduction of the minimum wage in the German painter and varnisher trade in 2003 is used as a natural experiment to study the effects of minimum wages on wages and employment. We find a significant positive effect on the average hourly wage of skilled workers in East Germany, but not in...

"The introduction of the minimum wage in the German painter and varnisher trade in 2003 is used as a natural experiment to study the effects of minimum wages on wages and employment. We find a significant positive effect on the average hourly wage of skilled workers in East Germany, but not in...

The introduction of the minimum wage in the German painter and varnisher trade in 2003 is used as a natural experiment to study the effects of minimum wages on wages and employment. We find a significant positive effect on the average hourly wage of skilled workers in East Germany, but not in...