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Discusses the Nobel Peace Prize committee's motivations behind Barak Obama's laureateship and the criticism this seemingly premature decision bought the committee. It is hard to evaluate whether the peace prize has helped or hindered Obama's task, but the Whitehouse originally expressed concerns over it. Internationally the prize gave Norway the impression of being a country full of reality removed idealists. L. Pitkaniemi

Im folgenden soll versucht werden, empirische Evidenz zum Transmissionsmechanismus mit Hilfe monetärer Schocks zu generieren. Die quantitativen Auswirkungen der monetären Impulse werden mit Hilfe von Impuls-Antwort-Funktionen beschrieben, wobei die Impuls- Antwort-Funktionen auf einem VAR Modell basieren. Bei der Schätzung der Impuls- Antwort-Folgen wird berücksichtigt, dass die zugrundeliegenden Daten meistenteils eine Einheitswurzel (unit root) aufweisen und die Zeitreihen kointegriert sind. Die Konfidenzintervalle der geschätzten Impuls-Antwort-Folgen werden mit Hilfe eines Bootstrap-Verfahrens ermittelt.

Topics in Structural VAR Econometrics Second, Revised and Enlarged Edition -- Copyright -- Foreword -- Contents -- Chapter 1 From VAR models to Structural VAR models -- Chapter 2 Identification analysis and F.I.M.L. estimation for the K-Model -- Chapter 3 Identification analysis and F.I.M.L. estimation for the C-Model -- Chapter 4 Identification analysis and F.I.M.L. estimation for the AB-Model -- Chapter 5. Impulse response analysis and forecast error variance decomposition in SVAR modelling -- Chapter 6. Long run a priori information. Deterministic components. Cointegration -- Chapter 7 Model selection in Structural VAR analysis -- Chapter 8 The problem of non fundamental representations -- Chapter 9 Two applications of Structural VAR analysis -- ANNEX 1 The notions of reduced form and structure in Structural VAR modelling -- ANNEX 2 Some considerations on the semantics, choice and management of the K, C and AB-models -- APPENDIX A -- APPENDIX B -- APPENDIX C -- REFERENCES.

AbstractCash Flow from operations can be controlled using real options. In this normative paper, we quantify Trigeorgis's intuition [Trigeorgis, L., 1996. Real options: Managerial flexibility and strategy in resource allocation. Cambridge, MA: MIT Press] (p 123), about the risk management properties of real options with respect to downside risk. This result is reached modeling the whole distribution in expanded NPV using a Markov chain Monte Carlo method, computing forward the same expected expanded NPV previously obtained in a backward induction process. A number of original results are derived for an all equity financed firm which exercises optimally the options to wait, to mothball, and to abandon. Cash Flow distribution and CFaR are derived for each epoch in the life of the project. A VaR for the expanded NPV at time 0 is derived. A numerical example studies value and risk in shipping finance.