We investigate the relevance of Carroll's sticky information model of inflation expectations for four major European economies (France, Germany, Italy and the United Kingdom). In contrast to the most rational expectation models, households in the sticky information environment update their...

Purpose – The purpose of this paper is two-fold. First, it studies whether output volatility and growth are linked at the firm-level, using data for German firms. Second, it explores whether the link between volatility and growth depends on the degree of credit market imperfections....

We test whether there has been a "Great Moderation" of output volatility at the firm level. The multifactor residual model proposed by Pesaran (2006) is used to isolate the idiosyncratic component of firms' sales growth from macroeconomic developments. This methodology is applied to a balanced...

Purpose – The purpose of this paper is two‐fold. First, it studies whether output volatility and growth are linked at the firm‐level, using data for German firms. Second, it explores whether the link between volatility and growth depends on the degree of credit market imperfections....

Main description: Seit geraumer Zeit gibt es eine lebhafte Diskussion über die Wirksamkeit von Strukturanpassungs- und Stabilisierungsprogrammen des Internationalen Währungsfonds in Entwicklungsländern. Die dabei vertretene Position des "Washington Consensus" setzt auf Stabilisierung,...

Summary A reliable leading indicator should possess the following properties: (1) The movements in the indicator series should resemble those in the business cycle reference series. (2) The relation between the reference series and the indicator should be statistically significant and stable...