The paper uses cross-section micro data from the GfK consumer panel for an econometric demand analysis of households in Germany. Contrary to most research which considered quot;averagequot; behavior, we analyze consumer behavior for different quot;intensitiesquot; of consumption. Our analytical...

This paper proposes a definition for financial market stability and an econometric test. It analyzes the impact of systematic and systemic shocks on developed and emerging market stock indices in normal and extreme market conditions. Financial market stability is defined as a constant impact of...