Aufgrund des Balassa-Samuelson-Effektes werden die Länder im Euro-Gebiet in Zukunft sehr verschiedene Inflationsraten aufweisen. Wie auch immer das Inflationsziel der Europäischen Zentralbank aussieht, es wird Länder mit Inflationsraten unter und über diesem Ziel geben. Nach unseren...

As a result of the Balassa effect relative prices change rapidly between and within the euro countries. Thus it is impossible to find a common monetary policy that will result in price stability in all countries. Based on empirical estimates of the Balassa model, the paper calculates a minimum...

As a result of the Balassa effect relative prices change rapidly between and within the euro countries. Thus it is impossible to find a common monetary policy that will result in price stability in all countries. Based on empirical estimates of the Balassa model, the paper calculates a minimum...

The view that high unemployment in West Germany and other European countries is caused by a path dependence effect - or "hysteresis" effect - is quite popular among economists. However, because of an identification problem, much of the empirical evidence for this hypothesis is not fu lly...

The September performance of the DAX (German stock market index) was found to be below average in the period from 1959-1999. This finding is shown to be robust to several changes in the empirical specification. None of the variables under consideration - elections, risk premia and German...

Die Studie untersucht die Möglichkeiten und Grenzen der Finanzpolitik in den Mitgliedsländern der EU zur Erreichung gesamtwirtschaftlicher Ziele, insbesondere der Verbesserung der Wachstums- und Beschäftigungsbedingungen. Dabei wird auch auf das Zusammenwirken der Finanzpolitik mit den...