We argue that compensating losers is more difficult for immigration than for trade and capital movements. While a tax-cum-subsidy mechanism allows the government to turn the gains from trade into a Pareto improvement, the same is not true for the so-called immigration surplus, if the...

The business literature shows that exporting firms typically require the help of foreign trade intermediaries or need to set up own foreign wholesale affiliates. In contrast, conventional trade theory models assume that producers can directly access foreign consumers. This paper models the...

We expand a standard New-Keynesian model by allowing for a special role of money in the inflation and expectations building process. Motivated by the two-pillar Phillips curve, we introduce heterogeneous expectations. Thereby a fraction of agents forms inflation expectations by observing trend...

Recent developments in the German demography will give rise to a shortage in skilled workers in the coming decades. The German economy is in need of thousands of engineers already. A solution to this problem might involve a higher degree of integration of female engineers into the workforce....

I estimate a Gaussian two-factor affine term structure model of bond yields for three countries, the United States, the United Kingdom and Germany. I find a considerable time-varying component of excess returns in the data. They are positively correlated with the slope of the term structure and...

New Keynesian Macroeconomics (NKM) obeys to the new dogma that macroeconomics should be firmly grounded in First Principles of micro theory. Households are assumed to run an intertemporal optimization calculus with respect to leisure and consumption by making use of perfect financial markets....

Analyzing sample moments of survey forecasts, we derive disagreement and un- certainty measures for the short- and medium term inflation outlook. The latter provide insights into the development of inflation forecast uncertainty in the context of a changing macroeconomic environment since the...

Using a cross-section of countries, we adapt Frankel and Romer's (1999) IV strategy to international labor mobility. Controlling for institutional quality, trade, and financial openness, we establish a robust and non-negative causal effect of immigration on real percapita income.

Landslides are a severe problem during the rainy season in many mountainous regions in Asia where forests have been cut so that mountain slopes are destabilized. In this study we analyze the extent and causes of landslides in a mountainous area in Northern Vietnam as viewed from the perspective...

Environmental valuation studies aim at the assessment of the social benefits or the social costs caused by some change in environmental quality (in the broadest sense). The most popular field of application of environmental valuation studies is project appraisal where the benefits arising from...