Neither a gradually rising carbon tax nor emission trading schemes can ensure that the costs of emitting greenhouse gases, in particular CO2, will steadily rise faster than the general price level. If, e.g., global fossil energy prices decline faster than a carbon tax or the emission permit...

Die im Auftrag des AMS durchgeführte Studie 'Die Beschäftigungsdynamik in den USA im Vergleich zu Deutschland und Japan' analysiert die Entwicklungen in den betreffenden Ländern unter dem Gesichtspunkt des neoliberalen und des systemischen Ansatzes. Wird der derzeit dominierenden neoliberalen...

Since the end of World War II the dollar has played a double role, it has served as national currency of the US and as key currency of the world economy. As world currency the dollar serves as "numeraire" for supranational flows and stocks since commodities as well as most international...

This paper investigates the sources of the profitability of 1024 moving average and momentum models when trading in the German mark (euro)/U.S. dollar market based on daily data. The main results are as follows. First, each of these models would have been profitable over the entire sample...

This paper examines the mutually reinforcing interactions between exchange rate dynamics and technical trading strategies. I first show that technical trading systems have been quite profitable during the floating rate period. This profitability stems from the successful exploitation of...

This paper investigates how technical trading systems exploit the momentum and reversal effects in the S&P 500 spot and futures market. The former is exploited by trend-following models, the latter by contrarian models. In total, the performance of 2,580 widely used models is analysed. When...

The study analyses the interaction between the trading behaviour of 1,024 moving average and momentum models and the fluctuations of the yen/dollar exchange rate. The paper shows first that these models would have exploited exchange rate trends quite profitably between 1976 and 1999, and then...

The study investigates the profitability of 1,024 moving average and momentum models and their components in the yen/dollar market. It turns out that all models would have been profitable between 1976 and 1999. The pattern of profitability is as follows: the models produce more single losses...