Over the last years, numerous national governments as well as the European Union have initiated so-called missions to guide transformation processes and tackle grand challenges, such as climate change, digitalization and an aging society. Previous research on mission-oriented innovation...

Over the last years, numerous national governments as well as the European Union have initiated so-called missions to guide transformation processes and tackle grand challenges, such as climate change, digitalization and an aging society. Previous research on mission-oriented innovation...

Through the canon of the UN SDGs or the European Green Deal, sustainability goals are finding their way into legislation. From an economic point of view, these targets often aim to reduce negative external effects, which is in many cases in line with the economic goal of maximising welfare. The...

Um ein auf Deutschland heruntergerechnetes Treibhausgasbudget einzuhalten, welches einer Beschränkung der globalen Erhitzung auf maximal 1,5°C mit einer Einhaltungswahrscheinlich-keit von 50 % entspricht, dürfen aus den Tagebauen Hambach und Garzweiler II ab Januar 2021 noch maximal 200...

The ECB's strategy of inflation targeting as currently practiced requires only minor adjustments to allow the ECB to best provide price stability and support the EU's general economic policies. The key to inflation targeting is a distinct and symmetric inflation target that serves as a benchmark...

The ECB's strategy of inflation targeting as currently practiced requires only minor adjustments to allow the ECB to best provide price stability and support the EU's general economic policies. The key to inflation targeting is a distinct and symmetric inflation target that serves as a benchmark...

The paper provides an integrated analysis of globalization effects on the inflation-output tradeoff and monetary policy in the New-Keynesian framework. The prediction of the analysis is threefold. First, labor, goods, and capital mobility flatten the Phillips curve, the tradeoff between...

A two-country sticky-price model is used to analyse the interactions between fiscal and monetary policy. The role of an 'activist' fiscal policy as a stabilisation tool is considered and a measure of the welfare gains from international fiscal policy cooperation is derived. It is found that...

In der gegenwärtigen COVID-19 Krise wurde die wirtschaftliche und gesellschaftliche Rolle von modernen und leistungsfähigen Internetinfrastrukturen und darauf basierenden Diensten besonders deutlich. So haben eine Reihe von Diensten, etwa im Bereich der Ausbildung ("e-learning" und...

The completion of EMU, and banking union as its critical component, requires that certain taboos in the policy debate are brought out in the open. First, the Commission must stop pretending that Italian public debt is sustainable under current policies and shift from politically motivated...

Despite a strong connection between the Paris Agreement and the 2030 Agenda for Sustainable Development, climate change mitigation actions and sustainable development objectives are oftentimes not aligned efficiently, causing conflicts between the objectives. This thesis creates a systematic...

In der gegenwärtigen COVID-19 Krise wurde die wirtschaftliche und gesellschaftliche Rolle von modernen und leistungsfähigen Internetinfrastrukturen und darauf basierenden Diensten besonders deutlich. So haben eine Reihe von Diensten, etwa im Bereich der Ausbildung ("e-learning" und...

Fiscal devaluation works as an alternative instrument to monetary de- valuation, helping countries to regain competitiveness in a monetary union. Focusing on a closed economy, this paper analyzes its effects in a dynamic framework. In the case of an increasing relative love for variety, fiscal...

In Deutschland ist es schlecht um die ökologische und soziale Nachhaltigkeit bestellt. Beide gehören zu den insgesamt vier Zielen des Neuen Magischen Vierecks der Wirtschaftspolitik. - Bei der ökologischen Nachhaltigkeit hat Deutschland keines seiner Ziele erreicht. Besonders die...

The fiscal position can affect fiscal multipliers through two channels. Through the Ricardian channel, households reduce consumption in anticipation of future fiscal adjustments when fiscal stimulus is implemented from a weak fiscal position. Through the interest rate channel, fiscal stimulus...

Europa braucht eine neue Fortschrittsvision. Eine Energiewende hat dieses Potenzial. Sie kann der »Europäischen Idee« einen zukunftsorientierten Inhalt geben. Das Ziel für 2050 ist klar: ein Europa ohne fossile und nukleare Energie! Das ist keine Utopie. Studien, Beschlüsse der EU und...

The fiscal position can affect fiscal multipliers through two channels. Through the Ricardian channel, households reduce consumption in anticipation of future fiscal adjustments when fiscal stimulus is implemented from a weak fiscal position. Through the interest rate channel, fiscal stimulus...

The fiscal position can affect fiscal multipliers through two channels. Through the Ricardian channel, households reduce consumption in anticipation of future fiscal adjustments when fiscal stimulus is implemented from a weak fiscal position. Through the interest rate channel, fiscal stimulus...

I offer both a moral and a macroeconomic case for institutionalizing continuous public operations in labor markets analogous to continuous Fed operations in money markets. The macroeconomic case stems from prevailing wage and salary rates' status as what I call ‘systemically important prices'...

- In Deutschland ist es schlecht um die ökologische und soziale Nachhaltigkeit bestellt. Beide gehören zu den insgesamt vier Zielen des Neuen Magischen Vierecks der Wirtschaftspolitik. - Bei der ökologischen Nachhaltigkeit hat Deutschland keines seiner Ziele erreicht. Besonders die...

Das HWWI hat gemeinsam mit dem Institut für Weltwirtschaft Kiel (IfW) im Auftrag der Initiative Neue Soziale Marktwirtschaft (INSM) die Wahlprogramme der möglichen Regierungsparteien unter die Lupe genommen und in den Bereichen Arbeitsmarkt, Soziale Sicherung, Steuern, Haushalt und Bildung...

The paper investigates the effects of short-term political motivations on the effectiveness of foreign aid. Specifically, the paper tests whether the effect of aid on economic growth is reduced by the share of years a country served on the United Nations Security Council (UNSC) in the period the...

This paper analyzes the relationship between fiscal multipliers and fiscal positions of governments using an Interactive Panel Vector Auto Regression model and a large data-set of advanced and developing economies. The methodology permits tracing the endogenous relationship between fiscal...

Firms in Africa report "regulatory and economic policy uncertainty" as a top constraint to their growth. This paper argues that often firms in Africa do not cope with policy rules, rather they face deals: firm-specific policy actions that can be influenced by firm actions (such as bribes) and...

Climate scientists have determined that we must act now to prevent an irreversible and catastrophic climatic tipping point, beyond which neither our own nor many other species can be assumed likely to survive. On the way to that bleak ending, moreover, extreme socio-economic injustice and...

"Fridays for Future" ist der Inbegriff einer globalen Klimaschutz-Bewegung. Aus einer Aktion der schwedischen Schülerin Greta Thunberg hat sich in kurzer Zeit eine weltweite Bewegung entwickelt. Klimaschutz steht ganz oben auf der Agenda, egal ob in Wirtschaft oder Wissenschaft, in Ministerien...

In der Dezemberausgabe 2015 veröffentlichte der Wirtschaftsdienst einen Aufsatz zur Überprüfung des Stabilitäts- und Wachstumsgesetzes (StabG) von Henrike Michaelis, Steffen Elstner und Christoph M. Schmidt. Dazu erscheinen diese Replik und eine Erwiderung der Autoren.

This paper analyzes the relationship between fiscal multipliers and fiscal positions of governments using an Interactive Panel Vector Auto Regression model and a large dataset of advanced and developing economies. Our methodology permits us to trace the endogenous relationship between fiscal...