Abstract Labor market performance has differed considerably between OECD countries over the last two decades. The focus of the literature so far has been to ask whether these differences can be explained by varying degrees of labor market rigidities and generosity of welfare states. This paper...

Purpose: The paper explores the precarious balance between modernizing monetary systems by means of digital currencies (either issued by the central bank itself or independently) and safeguarding financial stability as also ensured by tangible payment (and saving) instruments like paper money....

Summary In order to differentiate between unit root-persistence and structural break-hysteresis we estimate two types of cointegration models for West German employment. The standard model is compared with a model including structural breaks in the long-run relation between employment and its...

Zusammenfassung Die Zeitinkonsistenzliteratur sieht in einer hohen strukturellen Arbeitslosenrate die Hauptursache für eine hohe Inflationsrate. Eine Verringerung der gleichgewichtigen Arbeitslosigkeit und der inflationären Verzerrung erfordern aber fundamentale Reformen der...

Summary This study develops innovative measures of openness towards bilateral trade. The most widely applied openness indices are not able to accurately calculate the degree of trade openness. For example, the intra-regional export ratio which relates the value of exports of an integration area...

Summary The current financial crisis is often said to be caused by excessive liquidity and distorted incentives in the US subprime real estate sector. Taking this as a starting point, this paper analyzes the relation between house prices and credit respectively money growth between 1992 and 2006...

Zusammenfassung Das am 29. September 2010 von der Europäischen Kommission vorgestellte und dem Europäischen Parlament vorgelegte umfangreiche Maßnahmenpaket stellt die umfassendsten Versuch einer Verstärkung einer europäischen „Economic Governance“ seit Einführung der Wirtschafts- und...

Zusammenfassung Die EZB sollte der Versuchung widerstehen, die Deflationsgefahr in der Eurozone durch zusätzliche Varianten unkonventioneller Geldpolitik (z.B. „Quantitative Easing“) zu bekämpfen. Was in den USA oder in Großbritannien geklappt haben mag, wird in der Eurozone nicht...