In the wake of the financial crisis of 2007-8 academic as well as non-academic interest in the economic thought of John Maynard Keynes was revived. The notion of a 'liquidity trap', interpreted as a zero bound of the (short-term) nominal rate of interest, is seen as one of Keynes's important and...

In this paper we test the 'red herring' hypothesis for expenditures on long-term care. The main contribution of this paper is that we assess the 'red herring' hypothesis using an aggregated measure that allows us to control for entering the final period of life on the individual level. In...

A potential vehicle to move capital unrecorded out of a country is the misinvoicing of international trade transactions. Exporters may understate the export revenue on their invoices and importers may overstate import expenditures, while their trading partners are instructed to deposit the...

This paper complements research on how love of wealth bears on key variables in a Ramsey-Cass-Koopmans growth framework. It is shown that for an optimum the social planner cannot have an excessive love of wealth. If the planner has the right love of wealth an optimum exists and implies higher...

In this study we analyze the relationship between heat events and mortality in Germany. The main research questions are: Does heat lead to rising mortality and if yes, are the effects persistent or compensated for in the near future? Furthermore, we consider differences between heat effects in...

The recent global financial crises has caused renewed interest in the economic theories of John Maynard Keynes. In the general public and parts of academe Keynes is seen as the one economist who had very clear knowledge of the instability of markets, the volatility of economic activity and the...

In this paper we present a new approach to evaluate the environmental efficiency of decision making units. We propose a model that describes a two-stage process consisting of a production and an end-of-pipe abatement stage with the environmental efficiency being determined by the efficiency of...

This work investigates the interrelation between production efficiency and population size of German cities. The productive efficiency in this context is the scale efficiency, which is a result of positive and negative agglomeration externalities. The investigation is performed in a two-stage...

This paper presents a Heterogeneous Agent Model of a financial market with chartist and fundamentalist traders that exhibit bounded rationality and short-term thinking to explain the effect of under and overreaction to news. The existence of the Market Maker's finite price adjustment speed leads...

In this study we analyze the relationship between heat events and mortality in Germany. The main research questions are: Does heat lead to rising mortality and if yes, are the effects persistent or compensated for in the near future? Furthermore, we consider differences between heat effects in...