Publications of the Research Unit Pensions and Sustainable Financial Markets

In the paper we analyse the question whether interest rate policies and / or nominal as well as real exchange rate changes served as a national policy instrument in the past to either protect one country from…

Since the start of EMU national fiscal policy in the Eurozone can be conducted almost without paying any attention to consequences for the exchange rate. This might lower fiscal discipline. In order to shed…

• Support Schemes for Renewable Energies in Liberalising Electricity Markets
• Corporate Taxation and IAS
• Measuring Core Inflation
• Collective Agreements and Wages in Business-related Services
• ZEW und Heidelberger Druck…

• Debate on Effective Tax Burden of Corporations in Europe
• Labour Mobility as Adjustment Mechanism for Euroland?
• Exports in the Service Sector
• Wage Subsidies Have Little Effect on Employment of Low-skilled Workers
• Res…

• Trend towards Internationalisation of Young Technology Enterprises
• A Barometer for Transport Markets
• Germany's Technological Performance - Updated Report 1998
• Integrated Environmental Technologies - Small Net…

• Tax Reform: Only Few Growth Impulses
• Are Cities the Centres of Innovation?
• Biomass: A Promising Energy Source
• Results of the Survey in January 1999
• The End of the Depreciation Threat
• Pricing Strategies on Export…

In this paper we analyze the permanent price impact of trades in financial markets by investigating the relation between unexpected net order flow and price changes. We mainly focus on four questions. Does large…