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116 documents, page 1 of 12

The Effect of Linear Time Trends on Cointegration Testing in Single Equations

This paper surveys the asymptotic distributions of three widely used single equation cointegration tests. Particular attention is paid to the case where the regressors are integrated with drift, i.e. at least one of the regressors follows a linear trend. Even if the regressions are not detrended, the asymptotic critical values are affected by the presence of linear trends in the regressors. Not taking into account this effect leads to tests that are biased towards establishing cointegration t...

Women's Labour Supply after Childbirth: An Empirical Analysis for Switzerland

In this paper, I investigate employment behaviour of women one year after childbirth. Since the study is based on a sample of mothers only, a corrective method for selection into motherhood has been applied. In the empirical work, I use the family sex composition as an instrument for fertility. The primary focus of this study is to investigate the regional differences in the labour supply of women after childbirth. In Switzerland, childcare policy is an area being the responsibility of canton...

Education, Economic Growth and Measured Income Inequality

In this paper education simultaneously affects growth and income inequality. More education does not necessarily decrease inequality when the latter is assessed by the Lorenz dominance criterion. Increases in education first increase and then decrease growth as well as income inequality, when measured by the Gini coefficient. There is no clear functional relationship between growth and measured income inequality. The model identifies regimes of this relationship which depend crucially on the ...

Transatlantic differences in labour markets changes in wage and non-employment structures in the 1980s and the 1990s

Rising wage inequality in the U.S. and Britain and rising continental European unemployment have led to a popular view in the economics profession that these two phenomena are related to negative relative demand shocks against the unskilled, combined with flexible wages in the Anglo-Saxon countries, but wage rigidities in continental Europe ('Krugman hypothesis'). This paper tests this hypothesis based on seven large person-level data sets for the 1980s and the 1990s. I use a more sophisticat...

Coalition Governments and Policy Reform with Asymmetric Information

With ideological parties being better informed about the state of the world than voters, the true motivation of policy proposals is hard to judge for the electorate. However, if reform proposals have to be agreed upon by coalition parties, it may become possible for the government to signal to the voters its private information about the necessity of reforms. Therefore, in coalition governments reforms will be more in line with policy requirements than in single-party governments. This is usu...

Wirtschaftswissenschaftliche Beratung - Fluch oder Segen für die Politik?

Referat im Rahmen der Verabschiedung Herrn Prof. Dr. rer. pol. Günther Poser, gehalten am 14.07.2003 im Georg-Christoph-Lichtenberg Haus, Darmstadt.

“To use the words of Keynes...” Olivier J. Blanchard on Keynes and the 'Liquidity Trap'

In the wake of the financial crisis of 2007-8 academic as well as non-academic interest in the economic thought of John Maynard Keynes was revived. The notion of a 'liquidity trap', interpreted as a zero bound of the (short-term) nominal rate of interest, is seen as one of Keynes's important and lasting contributions to economic theory and to the understanding of the potential problems of monetary policy.2 This view of the alleged connection between Keynes, the 'liquidity trap' and the zero b...

Entscheidungsregeln und ihr Einfluss auf den Aktienkurs

Der vorliegende Beitrag quantifiziert anhand eines Marktmikrostruktur-Modells mit asymmetrischer Information den Einfluss der Anwender praktischer Entscheidungsregeln auf die Aktienkurse. Letztere werden als unvollständig informierte Anleger betrachtet. Neben diesen Anlegern agieren auf dem Markt vollständig informierte, uninformierte Investoren und ein kompetitiver Market Maker, welcher periodisch zwei Transaktionskurse (Ask/Bid) festlegt. Der Einfluss der unvollständig informierten Anleger ...

Classification of network formation models

Social network formation models are often compared by their network structures, which satisfy specific equilibrium or welfare properties. Here, we concentrate on welfare criteria and define properties of utility function which are causal for certain network structures. We hope the identification of different properties of utility function will enhance the understanding of the relationship of different network formation models. If this line of research is continued, a kind of engineering of ne...

The dollar and the German stock market: determination of exposure to and pricing of exchange rate risk using APT-modelling

We estimate the impact of dollar changes on the value of German DAX corporations, using APT-modelling for the period 1977 - 1995. Several macroeconomic risk factors, including the dollar and a residual market factor representing the general market risk, are specified. The general notion is that the export-oriented German companies should benefit from increasing dollar values. We find time-varying dollar exposure presumably depending on the prevailing trade regime. Dollar sensitivity is positi...