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This paper concerns the effects of macroeconomic announcements on the covariance structure of US government bond returns for six different maturities; the study shows that the conditional variances, covariances, and correlation coefficients are significantly greater on announcement days. On non-announcement days, the correlation coefficients are relatively… (More)
A consensus development conference sponsored by the National Institute of Arthritis and Musculoskeletal and Skin Diseases, the European Foundation for Osteoporosis and Bone Disease and the American National Osteoporosis Foundation was held in Copenhagen in October 1990. The consensus statement is presented (also published in Am J Med 1991; 90:107-10).
Any opinions expressed here are those of the author(s) and not those of the institute. Research disseminated by IZA may include views on policy, but the institute itself takes no institutional policy positions. The Institute for the Study of Labor (IZA) in Bonn is a local and virtual international research center and a place of communication between… (More)
The paper investigates volatility spillover from US and aggregate European asset markets into European national asset markets. A main contribution is that bond and equity volatilities are analyzed simultaneously. A new model belonging to the " volatility-spillover " family is suggested: The conditional variance of e.g. the unexpected German stock return is… (More)
Like the stock market, the human capital market consists of a wide range of assets, i.e. educations. Each young individual chooses the educational asset that matches his preferred combination of risk and return in terms of future income. A unique register-based data set with exact information on type and level of education enables us to focus on the shared… (More)
Severe simultaneous recessions are defined to occur when at least half of the countries under investigation (Australia, Canada, Germany, Japan, United Kingdom, and United States) are in recession simultaneously. I pose two new research questions that extend upon stylized facts for US recessions. One, are the occurrences of simultaneous recessions… (More)