A simple OLG model is used to show that the natural interest rate is superior to the golden rule. This remains valid with public goods, provided these are financed in an appropriate way. In order to preserve the natural interest rate, the so-called helicopter money appears to be more appropriate...

Trotz jahrzehntelanger Reformdiskussion hat es der Gesetzgeber bisher nicht geschafft, die Grundsteuer verfassungskonform zu gestalten. Das Bundesverfassungsgericht hat die bestehende Grundsteuer für verfassungswidrig erklärt, weil sie auf stark veralteten Grundstückswerten beruht. Die...

I use my "Viking Village" macroeconomic model for examining the economic meaning of the so-called Target-balances in the EMU. While some authors like H.W. Sinn and Thomas Mayer interpret them as liabilities that must be redeemed and paid interest on, others like Marcel Fratzscher, Martin Hellwig...