Who and what is Germany in 2018? Among the things the country is known for are its consensus-based politics, its conservative social values, its egalitarian social-market economy, its collaborative and incrementalist firms and, on the international stage, its economic assertiveness combined with military reticence. Now, as Angela Merkel's (probably) final term as chancellor gets going after an...
The 4th DIW Europe Lecture was held by Christine Lagarde, Managing Director of the International Monetary Fund (IMF). She argued for fundamental reforms of the euro architecture and talked about her ideas for the next steps of economic integration in the eurozone. You can now find a review including a video of the event, which took place in Berlin on Monday 26. The DIW Europe Lecture is a lecture ...
Wie muss die Eurozone reformiert werden, um besser auf Krisen vorbereitet zu sein? Christine Lagarde, Direktorin des Internationalen Währungsfonds (IWF), hat dazu klare Vorstellungen. Am Montag, den 26. März 2018 erläuterte sie ihre Reformideen im Rahmen der DIW Europe Lectures im mit 250 Gästen vollständig gefüllten Saal des Auditoriums Friedrichstraße. Einen Rückblick ...
We use a cointegrated structural vector autoregressive model to investigate the relation between euro area monetary policy and the stock market. Since there may be an instantaneous causal relation we consider long-run identifying restrictions for the structural shocks and also use (conditional) heteroskedasticity in the residuals for identification purposes. Heteroskedasticity is modelled by a Markov-switching ...
