This paper addresses the welfare effects of conditional grants when there is government failure on the subordinate (hereafter regional) level. Government failure on the regional level may occur due to the…

• Experts are More Cautious in Their Economic Expectations for Central and Eastern Europe
• Czech Republic, Poland, and Slovakia: Good Current Situation; Weaker Economic Expectations
• Hungary, Romania, Croatia: Current…

• Economic Expectations Brighten up Again
• Eurozone: Economic Expectations Remain Pessimistic
• USA: No Further Interest Rate Cuts Anticipated
• Japan: Survey Participants Forecast Climbing Inflation Rates
• Great Britain:…

We show empirically that survey-based measures of expected inflation are significant and strong predictors of future aggregate stock returns in several industrialized countries both in-sample and out-of-sample.…

• Konjunktur trotzt Kreditkrise
• Die voraussichtliche Lage in der EWU
• Ergebnisse der Maiumfrage 2008
• Konjunkturaussichten hellen sich auf
• Finanzmarktkrise verändert europäische Bankenlandschaft
• Konjunkturbedingte…

Kaum ein anderes Geschäftsfeld im deutschen Bankensektor hat sich in den vergangenen Jahren so dynamisch entwickelt wie das Retail-Banking. Bedrängt durch alternative Vertriebskanäle haben viele Filialbanken…

The telecommunications sector is characterized by economies of scale and scope, high sunk costs, and strong network effects. This combination may facilitate monopolization and abuse of market power. The…

• Verhaltener Ausblick
• EZB: Inflationsrisiken im Blick
• USA: Geldpolitik und Steuerschecks beleben die Konjunktur
• Japan: Exporte profitieren von der Konjunkturbelebung in den USA
• Großbritannien: Inflationsbericht…