2,374 research outputs found
Long run recursive VAR models and QR decompositions
Full text linkLong-run recursive identification schemes are very popular in the structural VAR literature. This note suggests a two-step procedure based on QR decompositions as a solution algorithm for this type of identification problem. Our procedure will always deliver the exact solution and it is much easier to implement than a Newton-type iteration algorithm. It may therefore be very useful whenever quick and precise solutions of a long-run recursive schemes are required, e.g. in bootstrapping confidence intervals for impulse response
The relative dynamics of investment and the current account in the G-7 economies
No full textThis paper contributes to the empirics of the intertemporal approach to the current account. We use a cointegrated VAR framework to identify permanent and transitory components of country-specific and global shocks. Our approach allows us to empirically investigate the sensitivity to persistence implied by many forward-looking models and our results shed new light on the excess volatility of investment encountered by Glick and Rogoff (JME 1995). In G7 data, we find the relative current-account and investment response to be in line with the intertemporal approach
International macroeconomic fluctuations and the current account
No full textIntertemporal models of the current account generally assume that global shocks do not affect the current account. We use this assumption to identify global and country-specific shocks in a bivariate VAR. We test the quality of the identification using evidence from G7-data. In accordance with the theory, we observe a link between the global shock and a measure of the world real interest rate. We also find that long-term output growth is driven by global factors in most countries, that country-specific shocks are less persistent in smaller economies and generally less volatile than global shock
Das Bankgeschäft sollte wieder langweilig werden
Full text linkWirtschaftsprofessor Mathias Hoffmann empfiehlt, den Finanzplatz nicht speziell zu fördern
Interview on «Pyrrhussieg für Schäuble»
No full textMathias Hoffmann, Professor für International Trade and Finance an der Universität Zürich, erklärt im Interview mit «Finanz und Wirtschaft», weshalb es eine Bankenunion braucht, um die Eurokrise zu lösen
Schweizer Verhältnis zu Europa wird nicht einfacher
Full text linkEmmanuel Macron wird der neue Präsident Frankreichs. Finanzprofessor Mathias Hoffmann erklärt, was das für die Schweizer Wirtschaft bedeutet
International risk sharing in the short run and in the long run
Full text linkUsing a panel of 23 industrialised countries, the paper investigates how short-run and long-run income risks are shared and how the source of uncertainty matters for the way this risk gets insured. Surprisingly, short-term and long-term output risks are found to be equally well insured. Transitory shocks get smoothed almost completely whereas permanent shocks remain 80 percent uninsured. We find a somewhat more important role for international capital markets than earlier studies. Whereas our results tie in with some recent theoretical insights and are consistent with empirical findings on home bias in international portfolios, they raise the question why permanent shocks are so hard to insure internationally
Werke / Hoffmann, E. T. A. Hörtext: Der Sandmann. Rororo Monographie: E. T. A. Hoffmann.
No full textWerke/ausgewählt von Mathias Bertram; Der Sandmann/vorgetragen von Achim Hübner; E. T. A. Hofmann/Gabrielle Wittkop-Ménardea
Beim Kirschenpflücken
No full textPostal que reproduce una pintura del año 1943 de Paul Mathias PaduaEn la postal aparece el siguiente texto: München. Haus der Deutschen Kuns
Mauersegler weiter Wege. Mathias Enard: Kompass
No full textAnalysis of the peculiar scientific narrative in the novel of the Prix-Goncourt winning author Mathias Enard
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