We study the robustness of the Lerner symmetry result in an open economy New Keynesian model with price rigidities. While the Lerner symmetry result, i.e. the absence of allocative and trade-flow effects of an equally-sized change in import tariff and export subsidy, holds up approximately for a...

Vollkommene Konkurrenz auf Märkten ist dadurch charakterisiert, dass die Handlungen einzelner Wirtschaftssubjekte für alle anderen Wirtschaftssubjekte irrelevant sind. Jeder Einzelne kann das Gesamtergebnis (z.B. die Preise) auf einem Markt nicht unmittelbar beeinflussen; im Begriff des...

Mit der Implementierung des Bestellerprinzips - wer den Makler beauftragt, muss ihn auch bezahlen - hat der Gesetzgeber einen Wechsel der Zahllast fuer die Courtage vom Mieter zum Vermieter vorgenommen. Mit Hilfe eines sequentiellen Verhandlungsspiels wird hier diskutiert, inwieweit der Wechsel...

The paper studies the relevance of product heterogeneity for innovation dynamics using an agent-based model. The vantage point is a short a review on the empirical relevance of capability accumulation for innovation processes and an assessment of how these processes are modelled theoretically in...

It is well-known that stock prices fluctuate far more than dividends. Traditional valuation methods are not able to depict this fact. In this paper we incorporate excess volatility into a simple DCF model by considering an autoregressive cash flows process with random coefficients. We show that...

This paper investigates the dynamics of group decisions regarding risky tax avoidance strategies using a laboratory experiment. To identify the causes of risk taking by groups, we compare individual to group decisions in three scenarios. The first scenario allocates payoffs from group decisions...

Tech giants such as Google and Facebook generate significant amounts of advertising income, which is mainly reported in low-tax countries. This has created a policy discussion of how to re-align the location of value creation and taxation. The success of the business model of these digital...

Market concentration has been suggested as an enhancer of bargaining power imbalances for vertical commercial relationships. However, the empirical literature has not yet explored in which way this market concentration, as a result of -for instance- a M&A operations, could affect the...

In this paper, the interaction between inflation and monetary policy rules is analysed within the framework of a dynamic general equilibrium model derived from optimising behaviour and rational expectations. Using model simulations, it is illustrated that the control of monetary policy over the...