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...

We explain the recent events in the German market for online access using a model of a regulated monopoly renting phone lines to retailers. Retailers offer either a linear or a flat tariff to consumers. Consumer heterogeneity leads to adverse selectiion. We show why market entry for flatrate...

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...

Decisions on the presence of seasonal unit roots in economic time series are commonly taken on the basis of statistical hypothesis tests. Some of these tests have absence of unit roots as the null hypothesis, while others use unit roots as their null. Following a suggestion by Hylleberg (1995)...

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...

This paper attempts to give a meaning to the empty concept of subsidiarity. It examines various kinds of government activity with respect to the optimal layer of government in Europe at which these activities should be performed. The paper criticizes Europe's industrial policies and its...