A distinguishing feature of the ECB's monetary policy setup is the preannouncement of a minimum bid rate in its weekly repo auctions. However, whenever interest rates are expected to decline, the minimum bid rate is viewed as too high and banks refrain from bidding, severely impeding the ECB's...

In der soziologischen Methodenforschung werden Paneldaten als Instrument diskutiert, welches eine fundiertere Überprüfung einer kausalen Hypothese als Querschnittsdaten ermöglicht. Zur Realisierung dieses Potenzials ist allerdings die Isolierung intraindividueller Zusammenhänge im Rahmen der...

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 takes a...

Recent empirical OECD studies provide new empirical evidence confirming that financial development is closely linked to economic growth in OECD countries. Using new dynamic panel regression techniques, these appraisals indicate that within the group of high income countries stock market size as...