Last year's assessment report of the Intergovernmental Panel on Climate Change reemphasized the urgency of combating global warming. As the primary causes of climate change the report highlights fossil fuel use…
In this paper the accuracy of a wide range of German business cycle forecasters is assessed for the past 10 years. For this purpose, a data set is used comprising forecasts published on a monthly basis by…
Contributions to Edited Volumes and Conference Proceedings
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2008
In its Annual Report 2003/2004, the Council of Economic Experts launched a dual income tax as an option for a fundamental tax reform in Germany. Appointed by the German government the Council prepared a detailed…
Motivated by substantial cross-sectional variation in banks’ leverage, which stands in contrast to the conventional wisdom that capital regulation is the main driver of banks’ capital structures, this paper…
The vitality and stability of our democracy - as well as the economy - eventually depend on the social permeability of our society. (Horst Köhler, German Federal President, 29.12.2007, own translation) This…
Uncertainty is intrinsic to research and development (R&D) and has a fundamental influence on the decision to invest in such activities. Real options theoretical models with irreversible investment are a…