A structural Bayesian vector autoregression model predicts that - when accompanied by a decline in consumer confidence - a one-percent decrease in house prices is associated with a contraction of economic activity by 0.2 to 1.2 percent after one year. Results point to important second-round...

In der gerade begonnenen Legislaturperiode steht eine Modernisierung der Altersvorsorge an. Der Koalitionsvertrag sieht eine Kapitaldeckung und eine renditeorientierte Anlage in allen Schichten des deutschen Alterssicherungssystems vor; die Einrichtung staatlich organisierter Fonds soll geprüft...

We analyze the Phillips curve relationship in the euro area and the U.S. using monthly survey data on expected inflation. The dataset enables us to estimate models of the Phillips curve without assuming rational expectation formation. We find evidence for a Phillips curve relationship consistent...

The article examines the European Commission proposal to amend the shareholder rights directive and the the preparations of an informal trialogue of the Council of the European Union and the European Parliament concerning the provision on related party transactions. Both the international...

The European Central Bank's asset purchase programs, while intended to stabilize the economy, may have unintended side effects on financial stability. This paper aims at gauging the effects on financial markets, the banking sector, and lending to non-financial firms. Using a structural vector...

The European Commission launched, in April 2014, a new initiative to amend the shareholder rights directive as regards to the encouragement of long-term shareholder engagement. Under this heading, the Commission proposal intends to grant rights to shareholders concerning director remuneration...