We introduce a dynamic panel threshold model to estimate inflation thresholds for long-term economic growth. Advancing on Hansen (J Econom 93:345–368, <CitationRef CitationID="CR14">1999</CitationRef>) and Caner and Hansen (Econom Theory 20:813–843, <CitationRef CitationID="CR7">2004</CitationRef>), our model allows the estimation of threshold effects with panel data even in...</citationref></citationref>

This paper provides new evidence on the causes and consequences of herding by institutional investors. Using a comprehensive database of every transaction made by financial institutions in the German stock market, we show that institutions exhibit herding behavior on a daily basis. Herding...

Die Modellierung der Geldpolitik steht in traditionellen Modellen zum Geldangebot teilweise in bemerkenswertem Widerspruch zur geldpolitischen Realität in Europa. In diesem Buch werden Modelle zum Geldangebot der Banken vorgestellt, in denen die neue europäische Geldpolitik besser zur Geltung...