We estimate the Dollar exposure of German DAX corporations. Our results are based on a new time-variant, APT-based and panel econometric extension of the exchange-rate exposure model in the tradition of Adler and Dumas (1984) and Jorion (1990). Our stock market data consist of 28 performance...

In this paper, several seasonal unit root tests are analysed in the context of structural breaks at known time and a new break corrected test is suggested. We show that the widely used HEGY test as well as an LM variant thereof are asymptotically robust to seasonal mean shifts of finite...

Eine Vielzahl von Forschungsbeiträgen zur Quantifizierung der Präventivwirkung von Strafmaßnahmen haben gemeinsam, diese Abschreckungswirkung im Sinne der ökonomischen Theorie der Kriminalität zumindest einem der Faktoren Strafhöhe und/oder Strafwahrscheinlichkeit zuzusprechen. Inhaltlich...

Nonstationary fractionally integrated time series may possibly be fractionally cointegrated. In this paper we propose a test for the null hypothesis of no cointegration. It builds on a static cointegration regression of the levels of the variables as a first step. In a second step, a univariate...

Bisherige quantitative Untersuchungen haben den Effekt der Teilbesteuerung von Rentenversicherungsbeiträgen unterschätzt oder gar nicht beachtet. Wird dieser Effekt zusätzlich in einem lebensphasenübergreifenden Modell berücksichtigt, legen die Ergebnisse eine Inversion der aktuellen...

We assume that some consistent estimator of an equilibrium relation between non-stationary fractionally integrated series is used in a first step to compute residuals (or differences thereof). We propose to apply the semiparametric log-periodogram regression to the (differenced) residuals in...

We estimate a linear and a piecewise linear Phillips curve model with regional labor market data for West German and Neue Länder. Employing regional observations allows us to country difference the data. This eliminates, under the assumption of homogeneous Länder, supply shocks and changes in...

The rising trends both in drug addiction and crime rates are of major public concern in Germany. Surprisingly, the economic theory of crime seems to ignore the drugs-crime nexus, whereas the criminological literature considers illicit drug use a main reason of criminal activities. This paper...

In this paper we introduce a new card game called The Economists' Quartet. Its aim is twofold: it is designed to make students interested in the life of contemporary and former economists and their most important ideas, as well as be an entertaining pastime for 'grown-up' post graduate...