- NOeG-l - Wirtschaftsuniversität Wien

UPDATE: Invitation: Vienna Joint Economics Seminar (May 12): Pierpaolo Battigalli and Thomas Gehrig
by Economics Department 09 May '16

09 May '16

[cid:image002.png@01CEBF6B.D0B28790] VIENNA JOINT ECONOMICS SEMINAR INVITATION U P D A T E (title & paper of Thomas Gehrig's presentation) The University of Vienna and the Institute for Advanced Studies cordially invite you to the following Vienna Joint Economics Seminar <http://www.ihs.ac.at/vienna/resources/Economics/Papers/20130226_Paper_Zimme…> Thursday, May 12, 2016 University of Vienna, Oskar-Morgenstern-Platz 1, 1090 Vienna, HS 15, 2nd floor 4:00 pm Pierpaolo Battigalli<http://mypage.unibocconi.eu/pierpaolobattigalli/> and Thomas Gehrig<https://homepage.univie.ac.at/thomas.gehrig/> U Bocconi University of Vienna A Framework for the Analysis of Self-Confirming Policies (Pierpaolo Battigalli) This paper provides a general framework for the analysis of self-confirming policies. We first study self-confirming equilibria in recurrent decision problems with incomplete information about the true stochastic model. Next we illustrate the theory with a characterization of stationary monetary policies in a linear-quadratic setting. Finally we provide a more general discussion of self-confirming policies. (Paper jointly with S. Cerreia-Vioglio, F. Maccheroni, M. Marinacci, T. Sargent) and Rumors and Runs in Opaque Markets: Evidence from the Panic of 1907<http://www.ihs.ac.at/fileadmin/public/2016_Files/Documents/20160512_Paper_G…> (Thomas Gehrig) Using a new daily dataset for all stocks traded on the New York Stock Exchange, we study the impact of information asymmetry during the liquidity freeze and market run of October 1907 - one of the most severe financial crises of the 20th century. We estimate that the run on the market increased spreads from 0.5% to 3% during the peak of the crisis and, using a spread decomposition, we also demonstrate that fears of informed trading account for most of that deterioration of liquidity. Information costs rose most in the mining sector - the origin of the panic rumors - and in other sectors with poor track records of corporate reporting. In addition to wider spreads and tight money markets, we find other hallmarks of information-based illiquidity: trading volume dropped and price impact rose. Importantly, despite short-term cash infusions into the market, the market remained relatively illiquid for several months following the panic. Also market illiquidity enters positively in the cross section of stock returns. Moreover, we identify information risk as the main driver of illiquidity. Thus, our findings demonstrate how opaque markets can easily transmit an idiosyncratic rumor into a long-lasting, market-wide crisis. Our results also demonstrate the usefulness of illiquidity measures to alert market participants to impending market runs. (Paper jointly with Caroline Fohlin (Emory University) and Marlene Haas (University of Vienna and VGSF)) We are looking forward to seeing you! Institute for Advanced Studies Josefstädter Straße 39, 1080 Vienna, Austria Tel.: +43 1 599 91 145 e-Mail: economics(a)ihs.ac.at<mailto:economics@ihs.ac.at> http://www.ihs.ac.at LINKS DIRECTIONS TO<https://www.google.at/maps/place/Oskar-Morgenstern-Platz+1,+1090+Wien/@48.2…> UNIVERSITY OF VIENNA on Google maps<https://www.google.at/maps/place/Oskar-Morgenstern-Platz+1,+1090+Wien/@48.2…> VIENNA JOINT ECONOMICS SEMINAR<https://www.google.com/calendar/embed?src=pjgnue7cg8r0m0up9v27riruic%40grou…> on Google calendar<https://www.google.com/calendar/embed?src=pjgnue7cg8r0m0up9v27riruic%40grou…> ECONOMICS SEMINARS <https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40grou…> IN VIENNA<https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40grou…> on Google calendar<https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40grou…> [cid:image003.jpg@01CEBF6B.D0B28790]<http://economics.ihs.ac.at/> [cid:image004.jpg@01CEBF6B.D0B28790]<http://econ.univie.ac.at/home/> [http://www.ihs.ac.at/vienna/resources/Economics/Others/twitter-bird-white-o…]<https://twitter.com/IHS_Vienna>Institute for Advanced Studies @IHS_Vienna<https://twitter.com/IHS_Vienna> Diese Zusendung erfolgt entsprechend den Bestimmungen des TKG 247107. Sollten Sie keine weiteren Zusendungen wuenschen, senden Sie uns bitte eine kurze Mitteilung an: economics(a)ihs.ac.at<mailto:economics@ihs.ac.at>. If you do not want to receive our mailings please send an e-mail to: economics(a)ihs.ac.at<mailto:economics@ihs.ac.at>. Also sent to noeg-l(a)wu.ac.at<mailto:noeg-l@wu.ac.at> (https://mailman.wu.ac.at/mailman/listinfo/noeg-l)

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REMINDER: Invitation: Econometrics Research Seminar (May 12): Joakim Westerlund
by Economics Department 09 May '16

09 May '16

[cid:image002.png@01D1A9D8.C17BEF50] ECONOMETRICS RESEARCH SEMINAR INVITATION R E M I N D E R The Institute for Advanced Studies cordially invites you to the following Econometrics Research Seminar <http://www.ihs.ac.at/vienna/resources/Economics/Papers/20130226_Paper_Zimme…> Thursday, May 12, 2016 Institute for Advanced Studies Josefstädter Straße 39, 1080 Vienna Seminar Room 101, 1st floor 9:00 am (Please note that the seminar will start at 9 am sharp!) Joakim Westerlund Lund University Optimal Panel Unit Root Testing with Covariates This paper provides asymptotic optimality results for panel unit root tests with covariates by deriving the Gaussian power envelope. The results extend those of Moon et al. (2007), who consider the special case when no information on covariates is available. The main conclusion is that the use of covariates holds considerable promise in the panel data context, much more so than in the time series context. The biggest difference occurs in the empirically relevant case with incidental trends. Speci cally, while the power envelope without covariates is defined within N^{-1/4}T^{-1}-neighborhoods of unity, the envelope with covariates is in general defined within N^{-1/2}T^{-1}-neighborhoods. Therefore, the use of the covariates not only leads to increased power, but it can actually have an order effect on the shrinking neighborhoods around unity for which power is non-negligible. As a way to explore this increase in power in practice, a feasible point optimal unit root test is proposed, whose small-sample properties are investigated by means of Monte Carlo simulation. We are looking forward to seeing you! Institute for Advanced Studies Josefstädter Straße 39, 1080 Vienna, Austria Tel.: +43 1 599 91 145 e-Mail: economics(a)ihs.ac.at<mailto:economics@ihs.ac.at> http://economics.ihs.ac.at<http://economics.ihs.ac.at/> LINKS DIRECTIONS TO IHS on Google maps<https://www.google.at/maps/place/Institut+f%C3%BCr+H%C3%B6here+Studien/@48.…> ECONOMICS SEMINARS <https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40grou…> IN VIENNA<https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40grou…> on Google calendar<https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40grou…> [cid:image004.jpg@01CEBF6B.00DB9700]<http://economics.ihs.ac.at/> [http://www.ihs.ac.at/vienna/resources/Economics/Others/twitter-bird-white-o…]<https://twitter.com/IHS_Vienna>Institute for Advanced Studies @IHS_Vienna<https://twitter.com/IHS_Vienna> Diese Zusendung erfolgt entsprechend den Bestimmungen des TKG 247107. Sollten Sie keine weiteren Zusendungen wuenschen, senden Sie uns bitte eine kurze Mitteilung an: economics(a)ihs.ac.at<mailto:economics@ihs.ac.at>. If you do not want to receive our mailings please send an e-mail to: economics(a)ihs.ac.at<mailto:economics@ihs.ac.at>. Also sent to noeg-l(a)wu.ac.at<mailto:noeg-l@wu.ac.at> (https://mailman.wu.ac.at/mailman/listinfo/noeg-l)

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OeNB - Einladung zum VOSTA-Freitagsseminar - 20. Mai 2016, 11 Uhr
by Event-Management 06 May '16

06 May '16

Einladung zu einem VOSTA-Freitagsseminar Hiermit übermitteln wir Ihnen die Einladung zu einem VOSTA-Freitagsseminar, mit dem Titel "Using financial market signals to predict downturns in real economic activity". Vortragender Paul MIZEN University of Nottingham Termin Freitag, 20. Mai 2016, 11:00 Uhr Ort Geldzentrum der OeNB (OeNB II) Veranstaltungssaal, 3. Stock Garnisongasse 15, 1090 Wien Abstract We provide new insights into the relationship between financial market tightness and real activity using a new database of corporate bonds issued in eight European countries. Bond spreads have a significant negative relationship with four real activity variables at horizons 1-8 quarters ahead. The relationship is robust to adding measures of monetary policy tightness and leading indicators, providing strong support for models previously only evaluated on US data. A sub-set of northern European countries have similar sensitivity of real GDP to bond spreads, but others have greater sensitivity to bond spreads, revealing diverse responses in Europe to financial market tightness. We also investigate the information flow from credit default swap spreads to macroeconomic activity in Europe and the United States. Single-name CDS contracts across maturities and sectors anticipate economic downturns, but the more liquid 5-year maturity contracts and Markit indexes show stronger results. The information flow from the CDS market intensifies with greater liquidity and becomes stronger around credit events, which also prove a useful signal of future downturns. Decomposing the CDS premium into liquidity and residual components we find the former plays a major role in explaining the rise in the CDS spreads with detrimental impact on future macroeconomic activity. Um Ihre Rückmeldung ersuchen wir bis Mittwoch, 18. Mai 2016 unter der Nr. (01) 404 20 6620 oder per E-Mail an event-management(a)oenb.at<mailto:event-management@oenb.at>. Wir freuen uns auf Ihre Teilnahme und stehen für Fragen gerne zur Verfügung. Mit freundlichen Grüßen Event-Management ________________________ Oesterreichische Nationalbank Abteilung für Öffentlichkeitsarbeit Communications Division Event-Management Phone: +43-1-404 20-6620 Fax: +43-1-404 20-6697 E-Mail: event-management(a)oenb.at<mailto:event-management@oenb.at> OeNB 1816-2016 - informieren Sie sich über 200 Jahre Stabilität und Sicherheit 200 Jahre OeNB<http://www.oenb.at/200JahreOeNB> Diese E-Mail kann vertrauliche Informationen enthalten und irrtümlich an Sie gelangt sein. In diesem Fall informieren Sie bitte sofort die Absenderin bzw. den Absender und vernichten Sie diese E-Mail. Das unerlaubte Kopieren sowie die unbefugte Weitergabe dieser Mail oder von Teilen dieser Mail sind nicht gestattet.

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CfP, ÖFG Workshop, 11./12 Nov. 2016 - Regulation as a Factor of Systemic Risk
by Thomas Gehrig 05 May '16

05 May '16

Dear colleagues, following last year's successful experience with a workshop on "Accounting, Information and Financial Crises" at the University of Graz, the ARGE "Finanzkrisen" of the ÖFG will co-organize a workshop on "Regulation as a Factor of Systemic Risk" jointly with the University of Innsbruck this year. Looking forward to meeting you in Innsbruck, Thomas Gehrig. Univ.-Prof. Thomas Gehrig, Ph.D. (LSE) Leiter ARGE Finanzkrisen Oesterreichische Forschungsgemeinschaft (ÖFG)

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Invitation: Vienna Joint Economics Seminar (May 12): Pierpaolo Battigalli and Thomas Gehrig
by Economics Department 04 May '16

04 May '16

[cid:image002.png@01CEBF6B.D0B28790] VIENNA JOINT ECONOMICS SEMINAR INVITATION The University of Vienna and the Institute for Advanced Studies cordially invite you to the following Vienna Joint Economics Seminar <http://www.ihs.ac.at/vienna/resources/Economics/Papers/20130226_Paper_Zimme…> Thursday, May 12, 2016 University of Vienna, Oskar-Morgenstern-Platz 1, 1090 Vienna, HS 15, 2nd floor 4:00 pm Pierpaolo Battigalli<http://mypage.unibocconi.eu/pierpaolobattigalli/> and Thomas Gehrig<https://homepage.univie.ac.at/thomas.gehrig/> U Bocconi University of Vienna A Framework for the Analysis of Self-Confirming Policies (Pierpaolo Battigalli) This paper provides a general framework for the analysis of self-confirming policies. We first study self-confirming equilibria in recurrent decision problems with incomplete information about the true stochastic model. Next we illustrate the theory with a characterization of stationary monetary policies in a linear-quadratic setting. Finally we provide a more general discussion of self-confirming policies. (Paper jointly with S. Cerreia-Vioglio, F. Maccheroni, M. Marinacci, T. Sargent) and tba (Thomas Gehrig) We are looking forward to seeing you! Institute for Advanced Studies Josefstädter Straße 39, 1080 Vienna, Austria Tel.: +43 1 599 91 145 e-Mail: economics(a)ihs.ac.at<mailto:economics@ihs.ac.at> http://www.ihs.ac.at LINKS DIRECTIONS TO<https://www.google.at/maps/place/Oskar-Morgenstern-Platz+1,+1090+Wien/@48.2…> UNIVERSITY OF VIENNA on Google maps<https://www.google.at/maps/place/Oskar-Morgenstern-Platz+1,+1090+Wien/@48.2…> VIENNA JOINT ECONOMICS SEMINAR<https://www.google.com/calendar/embed?src=pjgnue7cg8r0m0up9v27riruic%40grou…> on Google calendar<https://www.google.com/calendar/embed?src=pjgnue7cg8r0m0up9v27riruic%40grou…> ECONOMICS SEMINARS <https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40grou…> IN VIENNA<https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40grou…> on Google calendar<https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40grou…> [cid:image003.jpg@01CEBF6B.D0B28790]<http://economics.ihs.ac.at/> [cid:image004.jpg@01CEBF6B.D0B28790]<http://econ.univie.ac.at/home/> [http://www.ihs.ac.at/vienna/resources/Economics/Others/twitter-bird-white-o…]<https://twitter.com/IHS_Vienna>Institute for Advanced Studies @IHS_Vienna<https://twitter.com/IHS_Vienna> Diese Zusendung erfolgt entsprechend den Bestimmungen des TKG 247107. Sollten Sie keine weiteren Zusendungen wuenschen, senden Sie uns bitte eine kurze Mitteilung an: economics(a)ihs.ac.at<mailto:economics@ihs.ac.at>. If you do not want to receive our mailings please send an e-mail to: economics(a)ihs.ac.at<mailto:economics@ihs.ac.at>. Also sent to noeg-l(a)wu.ac.at<mailto:noeg-l@wu.ac.at> (https://mailman.wu.ac.at/mailman/listinfo/noeg-l)

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Invitation: Econometrics Research Seminar (May 12): Joakim Westerlund
by Economics Department 04 May '16

04 May '16

[cid:image002.png@01D1A613.0E17B840] ECONOMETRICS RESEARCH SEMINAR INVITATION The Institute for Advanced Studies cordially invites you to the following Econometrics Research Seminar <http://www.ihs.ac.at/vienna/resources/Economics/Papers/20130226_Paper_Zimme…> Thursday, May 12, 2016 Institute for Advanced Studies Josefstädter Straße 39, 1080 Vienna Lecture Room E02, ground floor 9:00 am (Please note that the seminar will start at 9 am sharp!) Joakim Westerlund Lund University Optimal Panel Unit Root Testing with Covariates This paper provides asymptotic optimality results for panel unit root tests with covariates by deriving the Gaussian power envelope. The results extend those of Moon et al. (2007), who consider the special case when no information on covariates is available. The main conclusion is that the use of covariates holds considerable promise in the panel data context, much more so than in the time series context. The biggest difference occurs in the empirically relevant case with incidental trends. Speci cally, while the power envelope without covariates is defined within N^{-1/4}T^{-1}-neighborhoods of unity, the envelope with covariates is in general defined within N^{-1/2}T^{-1}-neighborhoods. Therefore, the use of the covariates not only leads to increased power, but it can actually have an order effect on the shrinking neighborhoods around unity for which power is non-negligible. As a way to explore this increase in power in practice, a feasible point optimal unit root test is proposed, whose small-sample properties are investigated by means of Monte Carlo simulation. We are looking forward to seeing you! Institute for Advanced Studies Josefstädter Straße 39, 1080 Vienna, Austria Tel.: +43 1 599 91 145 e-Mail: economics(a)ihs.ac.at<mailto:economics@ihs.ac.at> http://economics.ihs.ac.at<http://economics.ihs.ac.at/> LINKS DIRECTIONS TO IHS on Google maps<https://www.google.at/maps/place/Institut+f%C3%BCr+H%C3%B6here+Studien/@48.…> ECONOMICS SEMINARS <https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40grou…> IN VIENNA<https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40grou…> on Google calendar<https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40grou…> [cid:image004.jpg@01CEBF6B.00DB9700]<http://economics.ihs.ac.at/> [http://www.ihs.ac.at/vienna/resources/Economics/Others/twitter-bird-white-o…]<https://twitter.com/IHS_Vienna>Institute for Advanced Studies @IHS_Vienna<https://twitter.com/IHS_Vienna> Diese Zusendung erfolgt entsprechend den Bestimmungen des TKG 247107. Sollten Sie keine weiteren Zusendungen wuenschen, senden Sie uns bitte eine kurze Mitteilung an: economics(a)ihs.ac.at<mailto:economics@ihs.ac.at>. If you do not want to receive our mailings please send an e-mail to: economics(a)ihs.ac.at<mailto:economics@ihs.ac.at>. Also sent to noeg-l(a)wu.ac.at<mailto:noeg-l@wu.ac.at> (https://mailman.wu.ac.at/mailman/listinfo/noeg-l)

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Einladung / HFCS Workshop / 20.6.2016
by Drusany, Susanne 04 May '16

04 May '16

EINLADUNG Household Finance and Consumption Survey (HFCS) Workshop: "Ergebnisse der 2. Welle" Montag, 20. Juni, 2016 Oesterreichische Nationalbank Otto-Wagner-Platz 3, 1090 Wien Veranstaltungssaal, Erdgeschoss 13.30 Uhr Registrierung 14.00 Uhr Wealth Distribution and Central Banks Andrea Brandolini Head of the Statistical Analysis Directorate Banca d´Italia 15.00 Uhr Kaffeepause 15.30 Uhr Ergebnisse der 2. Welle des HFCS Martin Schürz Projektleiter HFCS Oesterreichische Nationalbank Implikationen der HFCS Ergebnisse für die Finanzstabilität Pirmin Fessler Stellvertretender Projektleiter HFCS Oesterreichische Nationalbank 17.00 Uhr Diskussion u.A.w.g. bis 8. Juni 2016 per E-Mail unter susanne.drusany(a)oenb.at<mailto:susanne.drusany@oenb.at> Mit freundlichen Grüßen Susanne Drusany Expert Abteilung für Öffentlichkeitsarbeit und Finanzbildung Oesterreichische Nationalbank Otto-Wagner-Platz 3, 1090 Wien T:+43(0)1 40420-6627 F:+43(0)1 40420 04-6627 M:+43(0)664 4419861 susanne.drusany(a)oenb.at<mailto:susanne.drusany@oenb.at> www.oenb.at<http://www.oenb.at> OeNB 1816-2016 - informieren Sie sich über 200 Jahre Stabilität und Sicherheit 200 Jahre OeNB<http://www.oenb.at/200JahreOeNB> Diese E-Mail kann vertrauliche Informationen enthalten und irrtümlich an Sie gelangt sein. In diesem Fall informieren Sie bitte sofort die Absenderin bzw. den Absender und vernichten Sie diese E-Mail. Das unerlaubte Kopieren sowie die unbefugte Weitergabe dieser Mail oder von Teilen dieser Mail sind nicht gestattet.

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Veranstaltung "Vermögensverwaltung in Stiftungen und Investmentfonds"
by Weis[s]er Salon 04 May '16

04 May '16

Sehr geehrte Damen und Herren, ich lade Sie herzlich zu folgender Veranstaltung ein: Donnerstag, 12. Mai 2016 18:30 Uhr (Einlass 18:00) Palais Festetics, Kaisersaal, Berggasse 16, 1090 Wien. 18:45 Keynotes zu Vermögensverwaltung in Stiftungen und Investmentfonds 'Aspekte des Assetmanagements' Engelbert Dockner, Professor für Finanzwirtschaft und Unternehmensstrategie 'Steuerrechtliche Aspekte' Georg Kofler, Professor für Finanz- und Steuerrecht Podiumsdiskussion Moderation: Manfred Kainz, Börsen-Kurier Engelbert Dockner, Wirtschaftsuniversität Wien Robert Hellwagner, Abteilungsleiter, Finanzmarktaufsicht Georg Kofler, Johannes Kepler Universität Linz Peter Kunz, Kunz Schima Wallentin Rechtsanwälte OG Peter Brandner, Die Weis[s]e Wirtschaft Anmeldung und Details zum Programm siehe Beilage bzw. finden Sie auch hier <http://www.weissewirtschaft.at/event/vermoegensverwaltung-in-stiftungen-und -investmentfonds/> ! Mit freundlichen Grüßen Peter Brandner

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Ausschreibung von 2 DoktorandInnenstellen in Umweltökonomik, Klimaökonomik bzw. Energieökonomik
by Steininger, Karl (karl.steininger＠uni-graz.at) 04 May '16

04 May '16

[cid:35d86f2f-bd36-4bd1-8753-c1af3f62a06f] [cid:f3f2cf3a-2317-42bf-9eb2-30a0ddf91c1e] please finde more information and details for the application under: https://wegcenter.uni-graz.at/en/mitarbeiten/wissstelle/ <https://wegcenter.uni-graz.at/en/mitarbeiten/wissstelle/ as>

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Veranstaltung Globaler Wandel 27.04.2016
by johann.jachs＠clubofrome.at 03 May '16

03 May '16

Sehr geehrte Damen und Herren, gerne darf ich Sie informieren, dass die Vorträge der Club of Rome Veranstaltung Dimensionen des Globalen Wandels am 27.04.2016 in der Oesterreichischen Nationalbank auf der Homepage www.clubofrome.at unter Aktuelles zu Ihrer Information bereitstehen. Mit freundlichen Grüßen Johann Jachs Austrian Chapter des Club of Rome Generalsekretär c/o Oesterreichische Nationalbank Otto-Wagner-Platz 3 1090 Wien Tel. +43 1 5125770 Mobil +43 664 5305736 Email johann.jachs(a)clubofrome.at www.clubofrome.at

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