This paper provides an explanation of why garbage as a measure of consumption implies a several times lower coefficient of relative risk aversion in the consumptionbased asset pricing model than consumption…
The financial and economic crisis has stressed the need for a better understanding of destabilizing effects, in particular arising from the financial sector, and how these may spill over to economic activity. In…
Since trade is becoming more of a task-related phenomenon due to the increase in offshoring activities by firms, the pattern of effects across workers is changing as well. In particular, the skill-based…
A considerable degree of business cycle synchronization is key to a successful operating currency union. The European Monetary Union as well as many other countries strives to attract foreign direct investment…
Several studies document an important relationship between firms' productivity and their internationalisation strategy. Recent evidence suggests that trade liberalization might imply firm growth increasing…
The recent economic crisis has resulted in a dramatic deterioration of economic growth and labour market performance in various industrialized countries. There is a widespread view that economies under pressure…
Motivated by the current discussion on different separate banking systems, we provide an overview of the different systems, question them and outline their effect on systemic stability and the German banking…
