In response to the COVID-19 pandemic, G7 central banks have launched asset purchase programs in anticipation of an increase in government bond offerings to finance ballooning fiscal deficits. As the volume of government bonds owned by private investors is not expected to rise during the current...

Supporters of the Austrian School of Economics and a number of empirical studies have claimed that the increasing number of "zombie" companies is a supply-side reason for the low growth rates in Europe. Often, these studies cite empirical findings for Japan to justify their claims, and conclude...

While studies predict, that the expected growth of the Bitcoin hash rate will cause a surge in emissions of greenhouse gases, this paper shows inter alia that a first technology jump in 2030 could bring down production costs of Bitcoin tremendously. In contrast, the biggest threat Bitcoin is...

In response to the COVID-19 pandemic, G7 central banks have launched asset purchase programs in anticipation of an increase in government bond offerings to finance ballooning fiscal deficits. As the volume of government bonds owned by private investors is not expected to rise during the current...

New and innovative payment systems are often hailed as historic steps forward. Central banks worldwide have encouraged technological progress in these systems to improve the accessibility and efficiency of payment. This has always been in the self-interest of central banks to fulfil their...

This study focuses on the question whether nonlinear transformation of lagged time series values and residuals are able to systematically improve the average forecasting performance of simple Autoregressive models. Furthermore it investigates the potential superior forecasting results of a...

This study explores the dynamics of monthly metal prices during the past 100 years. On the basis of a unique data set, co-movement, price cycles and long-run trends are analyzed by means of common statistical methods and the results are compared to the findings in the literature. Due to its...

Although many macroeconomic time series are assumed to follow nonlinear processes, nonlinear models often do not provide better predictions than their linear counterparts. Furthermore, such models easily become very complex and difficult to estimate. The aim of this study is to investigate...