The article continues as follows: the next section presents the model using a framework introduced by Schlesinger (1987). It reports the fundamental result concerning the optimal design of an insurance contract for multiple ...

We attempt to capture the sentiment in CEO speeches held at German companies’ AGMs and to assess whether this sentiment is associated with significant market reactions subsequent to the AGM. For that purpose, we gather the ...

N/A

Our objective is to compare the real-time out-of-sample forecast accuracy of selected product spread models for the average monthly real price of crude oil. This approach is consistent with the objective of government ...

We establish our result, in a single-period economy, by a technique similar to that applied by Ábrahám, Koehne and Pavoni (2011) to a two-period moral-hazard economy where noncontingent savings are hidden, but insurance ...

The model which is set up in this section captures important features of the nancial system and replicates several stylized facts encountered during the recent nancial crisis. It consists of (i) a system of three ...

The study relies on the CFS Loan Data Set, collected under the Center for Financial Studies’ field research project on Credit Management (see Elsas et al. (1998) for further details). The data underlying our analysis include ...

The model is calibrated to the U.S. economy accounting for the high degree of inflation persistence as actually observed in the data, e.g., Christiano, Eichenbaum and Evans (2001) and Giannoni and Woodford (2003). From a ...

The experiment was conducted using the on-line labor market Mechanical Turk. Participation was restricted to Mechanical Turk workers residing in the United States. In total about 300 individuals participated in the experiment. ...

For the estimation of our money demand system we use the same variables as in CGL and - except the long-run interest rate- as in BDW, albeit with a much longer extended sample. And we introduce housing wealth into the ...