Publications des institutions partenaires
A Theory of Employment in Firms: Macroeconomic Equilibrium and Internal Organization of Work
: Physica-Verlag, 2002
Umfang 205 S. : Ill.
Reihe (Contributions to economics)
Bibliogr. Includes bibliographical references and index
ISBN Link(softcover : alk. paper)
Institution partenaire
English / 01/01/2002
Employability and the costs of organizing work
A new macroeconomic equilibrium theory is presented which gives a rigorous economic foundation of the notion of employability. Employability depends on the one side on the workers' interactive abilities, but on the other side also on the skill requirements implied by the organizational environment provided by firms. It is shown that the range of abilities which is considered as…
Institution partenaire
English / 01/01/2002
The relative dynamics of investment and the current account in the G7-economies
This paper contributes to the empirics of the intertemporal approach to the current account. We use a cointegrated VAR framework to identify permanent and transitory components of country-specific and global shocks. Our approach allows us to investigate empirically the sensitivity to persistence implied by many forward-looking models and our results shed new light on the excess…
Institution partenaire
English / 23/12/2001
Does Money Illusion Matter?
This paper shows that a small amount of individual-level money illusion may cause considerable aggregate nominal inertia after a negative nominal shock. In addition, our results indicate that negative and positive nominal shocks have asymmetric effects because of money illusion. While nominal inertia is quite substantial and long lasting after a negative shock, it is rather small…
Institution partenaire
English / 01/12/2001
Flexible Citizenship for a Global Society
States are ill equipped to meet the challenges of a globalized world. The concept of citizenship with its rights and obligations, including the allegiance owed, is too narrowly defined to exist only between individuals and a state. Today, people identify with, and pay allegiance to, many organizations beyond the state. This paper suggests that citizenship could be extended further…
Institution partenaire
English / 01/11/2001
Psychological Foundations of Incentives
During the last two decades economists have made much progress in understandingnincentives, contracts and organisations. Yet, they constrained their attention to a very narrow and empirically questionable view of human motivation. The purpose of this paper is to show that this narrow view of human motivation may severely limit understanding the determinants and effects of incentives…
Institution partenaire
English / 01/11/2001
Evolution of Portfolio Rules in Incomplete Markets
The paper considers the evolution of portfolio rules in markets with stationary returns and endogenous prices. The ultimate success of a portfolio rule is measured by the wealth share the rule is eventually able to conquer in competition with other portfolio rules. We give necessary and sufficient conditions for portfolio rules to be evolutionary stable. In the case of i.i.d. returns…
Institution partenaire
English / 01/10/2001
What can Economists learn from Happiness Research? Revised Version
Over the past few years, there has been a steadily increasing interest on the part of economists in happiness research. We argue that reported subjective well-being is a satisfactory empirical approximation to individual utility and that happiness research is able to contribute important insights for economics. We report how the economic variables income, unemployment and inflation…
Institution partenaire
English / 01/10/2001
Market Selection and Survival of Investment Strategies
The paper analyzes the process of market selection of investment strategies in an incomplete asset market. The payoffs of the as-sets depend on random factors described in terms of a discrete-time Markov process. Market participants make dynamic investment de-cisions based on their observations and time. We show that a trader distributing wealth across available assets according to…
Institution partenaire
English / 01/10/2001
Ökonomie und Psychologie: eine Übersicht
"Moderne Ökonomie und Sozialpsychologie beschäftigen sich beide mit der Erklärung menschlichen Verhaltens. Dieser Artikel gibt eine Übersicht über die Interaktion zwischen den beiden Wissenschaften. Zum einen werden einige grundlegende Aspekte dieser Beziehung diskutiert; zum anderen werden die Ergebnisse neuerer empirischer Arbeiten dargestellt. Im Zentrum stehen Erweiterungen…
Institution partenaire
Deutsch / 01/10/2001
Money Illusion and the Double Dividend in the Short Run
In their seminal paper, Bovenberg and De Mooij (1994) elucidate why an ecological tax reform will not yield a double dividend, i.e. fails to increase the efficiency of the tax system. The present paper slightly modifies the Bovenberg and De Mooij model by introducing money illusion. With this modification, an environmental tax reform that raises the price level may generate a double…
Institution partenaire
English / 01/10/2001
Liliput oder Leviathan? Der Staat in der Globalisierten Wirtschaft
Globalization is often seen to result in a smaller (Liliput) or larger (Leviathan) state. But future public activity will be more flexible. Persons have multiple identities. They can be citizens of sub- and supra-national jurisdictions, semi- and non-governmental organizations and private units, even profit-oriented firms. Such attachment may be temporary, multiple or partial. To…
Institution partenaire
English / 01/08/2001
Stochastic Tastes and Money in a Neo-Keynesian Economy
This paper studies a monetary economy with heterogenous agents in which trade takes place in a centralized market. Each agent is a potential producer and consumer of a service (or perishable good) but has stochastic preferences that determines his taste for the good in each period in time. Money serves as a medium of exchange as well as a store of value. We prove existence of…
Institution partenaire
English / 01/08/2001
From Rags to Riches: On Constant Proportions Investment
This paper studies the performance of self-financing constant proportions trading strategies, i.e. dynamic asset allocation strategies that keep a fixed constant proportion of wealth invested in each asset in all periods in time. We prove that any self-financing constant proportions strategy yields a strictly positive exponential rate of growth of investor's wealth in a…
Institution partenaire
English / 01/08/2001
Finanzintermediäre - Grössennachteile und Spezialisierungsvorteile
Fuer das Entstehen von Finanzintermediaeren existieren in der theoretischen Literatur zahlreiche ueberzeugende Begruendungen, die konsequent zu Ende gedacht allerdings auf einen Finanzintermediaer als natuerliches Monopol hinauslaufen. Beitraege, die Grenzen fuer das Wachstum von Finanzintermediaeren aufzeigen, sind indessen selten. Das vorliegende Papier baut auf einem Modell von…
Institution partenaire
English / 01/08/2001
Cycles of aggregate behavior in theory and experiment
We test in the laboratory the potential of evolutionary dynamics as predictor of actual behavior. To this end, we propose an asymmetric game (which we interpret as a borrower–lender relation), we study its evolutionary dynamics in a random matching setup, and we test its predictions. The theoretical model provides conditions for changes in qualitative aggregate behavior in response…
Institution partenaire
English / 01/08/2001
Homo Oeconomicus Versus Homo Reciprocans: Ansätze für ein Neues Wirtschaftspolitisches Leitbild?
Politik und öffentliches Bewusstsein werden zunehmend durch ökonomische Theorien und Handlungsvorschläge mitbestimmt. Kaum ein anderes erkenntnis- und handlungsleitendes Modell hat daher einen vergleichbaren Einfluss wie das Konzept des Homo Oeconomicus. Durch die Entwicklung experimenteller Methoden ist es möglich, die Annahmen dieses Konzepts unter kontrollierten Laborbedingungen…
Institution partenaire
English / 01/07/2001
The Lucas Critique in Practice: An Empirical Investigation of the Impact of European Monetary ...
An empirical investigation of the term structure (the relation of the long interest rate to the short interest rate) showed structural change as the deadline for the euro became closer. Our empirical analysis of the term structures (yield curves) in 12 OECD countries uncovers that econometrically estimated behavioural equations for most EMU countries were stable even in the light of…
Institution partenaire
English / 01/07/2001
Market Selection of Financial Trading Strategies: Global Stability
In this paper we analyze the long-run dynamics of the market selec-tion process among simple trading strategies in an incomplete asset market with endogenous prices. We identify a unique surviving finan-cial trading strategy. Investors following this strategy asymptotically gather total market wealth. This result generalizes findings by Blume and Easley (1992) to any complete or…
Institution partenaire
English / 01/07/2001
How to Regulate Vertical Market Structure in Network Industries
This paper analyzes the equilibrium outcomes in a network industry under daccess pricing, investment, vertical foreclosureifferent vertical market structures. In this industry, an upstream monopolist operates a network used as an input to produce horizontally differentiated final products that are imperfect substitutes. Three potential drawbacks of market structure regulation are…
Institution partenaire
English / 01/07/2001
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