Döpke, Jörg; Pierdzioch, Christian - In: Kredit und Kapital 34 (2001) 3, pp. 327-355
This paper analyzes the link between financial market volatility and real economic activity. Using monthly data for … Germany from 1968 to 1998, we specify GARCH models to capture the volatility of stock market prices, of the real exchange rate … stance of the business cycle and on the volatility of industrial production. The results of our empirical investigation lead …