The macroeconomic impact of the French work-sharing reform of 2000 (a reduction of standard working hours in combination with wage subsidies) is analysed. Using a vector error correction model (VECM) for several labour market variables, as well as inflation and output, out-of-sample forecasts...

The analysis of diffusion processes in financial models is crucially dependent on the form of the drift and diffusion coefficient functions. A new model for a stock market index process is proposed in which the index is decomposed into an average growth process and an ergodic diffusion. The...

We test the hypothesis that the long-term Phillips curve is downward sloping and has become flatter in the last 10 to 15 years. Controlling for the most important other factors influencing the inflation rate, we estimate cointegrations and test whether a "break" in the Phillips curve can be...

The pension reforms of the years 2000 until 2007 were supposed to attenuate the foreseeable effects of demographic change on the pension system. This is why the retirement age was raised, the pension level was lowered and a so-called sustainability factor ("Nachhaltigkeitsfaktor") was introduced...

Mit den Rentenreformen der Jahre 2000 bis 2007 sollten die voraussehbaren Wirkungen des demografischen Wandels auf das Rentensystem bewältigt werden. Daher wurden das Rentenalter heraufgesetzt, das Rentenniveau gesenkt und ein so genannter Nachhaltigkeitsfaktor in die Rentenformel eingefügt....

The analysis of diffusion processes in financial models is crucially dependent on the form of the drift and diffusion coefficient functions. A methodology is proposed for estimating and testing coefficient functions for ergodic diffusions that are not directly observable. It is based on...

The analysis of diffusion process in financial models is crucially dependent on the form of the drift and diffusion coefficient functions. A methodology is proposed for estimating and testing coefficient functions for ergodic diffusions that are not directly observable. It is based on...

This paper analyses the Nairu in the Euro Area and the influence that monetary policy had on its development. Using the Kalman-filter technique we find that the Nairu has varied considerably since the early seventies. The Kalman-filter technique is applied here for the first time using explicit...

Die Beschäftigungsentwicklung in den EWU-Ländern hatte ihren Tiefpunkt zwar schon 1993/94 erreicht, aber erst seit 1997 bessert sich die Arbeitsmarktlage deutlich. Die Arbeitslosigkeit ist aber immer noch hoch, so dass die Ausweitung der Beschäftigung ein vorrangiges Ziel der...