Nobel Prize in Economics

This year's Nobel Prize in Economics American economists won by Thomas Sargent and Christopher Sims for empirical research on the causes and consequences in macroeconomics. In Stockholm, the committee announced the Nobel Prize in Swedish Academy of Sciences.

Sargent and Sims have developed methods to determine how the gross domestic product and inflation affected by the temporary rise in interest rates or vice versa tax cuts. Also investigated what happens when the central bank permanently changes the inflation target, or when the government modifies its plans for a balanced budget .

Laureates of the price of a diploma, medal and a check for ten million Swedish crowns to take over the official ceremony of the 10th December, the anniversary of the death of Swedish inventor Alfred Nobel.Based on his legacy are valued individuals who contributed to peace, scientists and writers.

Nobel Prize in economics

Nobel Prize in economics is not one of the original price for Nobel in his testament of 1895. Folded it up in 1968 to commemorate the Nobel Swedish central bank Sveriges Riksbank.

Erste group

Austrian Erste Group, which controls the Česká spořitelna, recognizes after three quarter loss of 920 to 970 million euros. This is due to the revaluation of debt securities affected countries European debt crisis and the revaluation of subsidiaries in Hungary and Romania. Without these measures should profit 700 million euros. Shares of banks on the Prague Stock Exchange in response to this report, fell 17.51 ​​percent. For the whole of this year expects the bank as a result of these steps a net loss of approximately 700 to 800 million euros. Without these measures should gain 850 to 950 million euros.

Erste reduced its exposure to Greece , Portugal, Spain ,Ireland and Italy, from 1.9 billion euros at year-end 2010 to 0.6 billion euros at 30 September 2011. It also revalued to market value sales of credit insurance, the securities of CDS.

Erste also completely write off the company's value (goodwill), the Hungarian subsidiary of € 312 million before tax and create additional reserves and provisions for losses on loans and advances totaling 450 million euros.