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behavior and risk sensitivity of a risk-neutral bank. The bank is exposed to credit risk and may use credit default swaps (CDS …) for hedging purposes. Regulation is found to induce the risk-neutral bank to behave in a more risk-sensitive way: Compared … trading is found to interact with the former effect when regulation accepts CDS as an instrument to mitigate credit risk …
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Strategic environmental policy games are usually based on simultaneous decision making and reach the conclusion that the policy choices are strategic substitutes. Empirical evidence, however, shows that the introduction of a regulatory instrument usually follows a consecutive pattern that is...
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This paper introduces the reader into the apparatus behind the popular New Keynesian Phillips (NKPC) curve. It derives several log-linear versions of this curve and recursive formulations of the Calvo-Yun price staggeringmodel that is behind this curve. These formulations can be used for...
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Preliminaries -- Table of Contents; Introduction -- Theorie der wirtschaftlichen Entwicklung -- The Theory of Economic …. Schumpeter's "Soziologie des Geldes" -- Adaptation Without Attribution? -- The Missing Chapter in Schumpeter's The Theory of …
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