This paper empirically analyzes the effects of de jure financial openness on institutional quality as captured by indicators on investment risk, corruption level, impartiality of judiciary system as well as the effectiveness of bureaucratic authorities. Using a panel data set of more than 110...

Der schleppende quantitative und qualitative Ausbau der Kindertagesbetreuung in Deutschland wird von uns als Anlass genommen, die gegenwärtige Finanzierungsstruktur und deren Anreize für die Marktteilnehmer im Bereich Kindertagesbetreuung zu untersuchen. Dazu wird die politische Fokussierung...

In this paper we systematically evaluate how central banks respond to inflation deviations from target. We present a stylized New Keynesian model in which agents' inflation expectations are sensitive to inflation deviations from target. To (re-)establish credibility, optimal monetary policy...

The Federal Open Market Committee (FOMC) of the U.S. Federal Reserve publishes the range of members' forecasts for key macroeconomic variables, but not the distribution of forecasts within this range. To evaluate these projections, previous papers compare the midpoint of the ranges with the...

Trotz der klimapolitischen Zurückhaltung der USA auf der internationalen Ebene existieren innerhalb der USA Initiativen für klimapolitische Emissionshandelssysteme. Umgesetzt ist dabei bisher allein ein System im Nordosten, jedoch steht ein weiteres System im Westen kurz vor der Einführung...

Theories of industrial organization (IO) are tested in the laboratory more and more often. The example we consider throughout the paper is oligopoly theory, specifically, the Cournot and the Stackelberg model of duopolistic quantity competition with homogeneous products. These models have often...

We examine both the degree and the structural stability of inflation persistence at different quantiles of the conditional inflation distribution. Previous research focused exclusively on persistence at the conditional mean of the inflation rate. Economic theory, however, provides various...

We examine determinants of the composition of public expenditure in the German Laender (states) over the period 1993-2008, as the Laender exhibit a high degree of institutional and political homogeneity and are endowed with extensive fiscal competences. Our prime contribution is an investigation...

In this paper we introduce the cost channel of monetary policy (e.g., Ravenna and Walsh, 2006) into an otherwise standard New Keynesian model of a two-country monetary union, which is being hit by aggregate, asymmetric and idiosyncratic shocks. The single central bank implements the optimal...

Die Begriffe Wohlfahrt und Wohlstand werden in ihrem dogmenhistorischen Entstehungskontext untersucht. Dabei wird zum einen der Schwerpunkt auf die von den Physiokraten, aber auch von John Stuart Mill, W. Stanley Jevons und sogar von deutschen Ordoliberalen thematisierten Wachstumsgrenzen gelegt...