We propose to treat survey-based density expectations as compositional data when testing either for heterogeneity in density forecasts across different groups of agents or for changes over time. Monte Carlo simulations ...

Recently, much attention has been devoted to the measurement of macroeconomic (expectation) uncertainty and its impact on aggregate economic fluctuations. This paper presents a new qualitative measure of macroeconomic ...

A test procedure based on ranks is suggested to test for nonlinear cointegration. For two (or more) time series it is assumed that there exist monotonic transformations such that the normalised series can asymptotically ...

We consider a continuous time multivariate financial market with proportional transaction costs and study the problem of finding the minimal initial capital needed to hedge, without risk, European-type contingent claims. ...

Using corpora of business cycle report sections dealing with monetary and fiscal policy issues from 1999 to 2017 and using methods of unsupervised text scaling (Slapin and Proksch, 2008; Lauderdale and Herzog, 2016), ...

We propose the realized systemic risk beta as a measure for financial companies’ contribution to systemic risk given network interdependence between firms’ tail risk exposures. Conditional on statistically pre-identified ...

Innovation activities in high tech industries provide considerable challenges for technology and innovation management. In particular, firms frequently face significant technological challenges since these industries has ...

Die einzelbetrieblichen Auswirkungen politischer Reformen beschäftigen (Agrar)Ökonomen seit Langem und sind aufgrund der anstehenden Reform der gemeinsamen EU-Agrarpolitik in 2014 hoch aktuell. In diesem Beitrag werden ...