Die Idee eines bedingungslosen Grundeinkommens (BGE) ist mittlerweile in der öffentlichen Diskussion angekommen. Ein Grundeinkommen ist ein monetärer Transfer, dessen Höhe die Existenz des Individuums absichert und seine Teilhabe an der Gesellschaft ermöglicht. Die Auszahlung erfolgt ohne...

West Africa is receiving renewed attention from the international community. At the heart of climatic, migratory and security issues with international consequences, the region is the source of many resilience, humanitarian aid and security programmes as well as development projects. Focusing on...

Standard theories of price adjustment are based on the problem of a single-product firm, and therefore they may not be well suited to analyze price dynamics in the economy with multiproduct firms. To guide new theory, we study a unique dataset with comprehensive coverage of daily prices in large...

Die Idee eines bedingungslosen Grundeinkommens (BGE) ist mittlerweile in der öffentlichen Diskussion angekommen. Ein Grundeinkommen ist ein monetärer Transfer, dessen Höhe die Existenz des Individuums absichert und seine Teilhabe an der Gesellschaft ermöglicht. Die Auszahlung erfolgt ohne...

We show that, to form aggregate inflation expectations, consumers rely on the price changes they face in their daily lives while grocery shopping. Specifically, the frequency and size of price changes, rather than their expenditure share, matter for individuals' inflation expectations. To...

The German minimum wage was introduced in January 2015. This paper investigates the short-term macroeconomic impacts of its introduction. Therefore, an estimated VAR/VECM is used to perform forecasts that are interpreted as counterfactual to the introduction of the minimum wage and compared to...

We investigate (i) the characteristics of real economic and price convergence, (ii) the relationship between economic growth (convergence) and real exchange rate (RER) misalignments within the European Union (EU) during the period 1995–2016. In addition to the relative external price level of...

With the aim of determining the welfare implications of price change in consumption data, we introduce a revealed preference relation over prices. We show that an absence of cycles in this preference relation characterizes a model of demand where consumers trade-off the utility of consumption...

In recent years, various "unconventional" views have been advanced that promise to offer new analytical insights and policy approaches that are suited to control the value of money, particularly in a constellation of low growth and unemployment. Whereas Forward Guidance attempts to decrease the...

There have been attempts to resurrect the fiscal theory of the price revel (FTPL). The original FTPL rests on a fundamental compounded fallacy: confusing the intertemporal budget constraint (IBC) of the State, holding with equality and with sovereign bonds priced at their contractual values,...

Most of the literature on the real exchange rate and the trade balance assumes that the trade balance reacts in the same way irrespective of whether the nominal exchange rate or the price level change. Both are seen as equivalent and the sign of the reaction of the trade balance dependent only...

Many of the hopes arising from the 1989 fall of the Berlin Wall were still unrealized in 2010 and remain so today, especially in monetary policy and financial supervision. The major players that helped bring on the 2008 financial crisis still exist, with rising levels of moral hazard, including...