Andreas Schabert

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We develop a closed economy model to study the interactions among sovereign risk premia, fiscal limits, and fiscal policy. The stochastic fiscal limit, which measures the ability and willingness of the government to service its debt, arises endogenously from dynamic Laffer curve. The distribution of fiscal limits is country-specific, depending on the size(More)
Evidence from vector autoregressions indicates that the impact of interest rate shocks on macroeconomic aggregates can substantially be affected by the so-called cost channel of monetary transmission. In this paper we apply a structural approach to examine the relevance of the cost channel for inflation dynamics in G7 countries. We augment the so-called(More)
The viscoelastic behaviour of arteries in vivo is analyzed by separate representation of the purely elastic and the purely viscous properties, using natural pressure and diameter pulses of various dog arteries recorded under steady-state conditions. The circumferential wall stress (σ) and the radius (r) of the mean wall layer are calculated as functions of(More)
We develop a macroeconomic framework where money is supplied against only few eligible securities in open market operations. The relationship between the policy rate, expected in ation and consumption growth is a ected by money market conditions, i.e. the varying liquidity value of eligible assets and the associated risk. This induces a liquidity premium,(More)
We analyze optimal monetary policy in a sticky price model where the central bank supplies money outright via asset purchases and lends money temporarily against collateral. The terms of central bank lending a¤ect rationing of money and impact on macroeconomic aggregates. The central bank can set the policy rate and its in‡ation target in a way that(More)
The dynamic elastic modulus (Ed) and the coefficient of wall viscosity (η W) of the tail artery of normotensive rats were determined as functions of the circumferential wall stress under quasistatic and dynamic conditions. The experiments were performed under strong smooth muscle activation induced by norepinephrine, and during relaxation induced by(More)
In exposed common carotid arteries of 15 patients (36–74 years) undergoing neck surgery, the intra-arterial pressure (P) was recorded by means of a catheter-tip manometer and, at the same site, the external diameter (D) by means of a contactfree photoelectric device. On the average, the pulsatile diameter changes were 5.6% of the end-diastolic diameter at(More)
A photoelectric device is described which permits contact-free recording of the diameter of an in situ exposed artery. The light emitted by the filament of a bulb (6 W) is collimated by a projection lens (1∶2.8, 50 mm) and directed onto the surface of a silicone photocell (12.6×6.2 mm) covered by a neutral light filter. The voltage drop caused by the(More)
A new photoelectric device for measuring blood vessel diameters is described. The principle of this device consists in locating the vessel within a beam of parallel light at right angles to the beam direction, and eliminating all light striking the vessel. Thus only the light passing by the side of the vessel determines the signal strength of a photocell.(More)