infonet-economy

An eastern enlargement of the EU, from an incumbent country point of view, involves a fiscal burden from extending Union agricultural and cohesion policies to new members, coupled with potential gains as well as adjustment problems deriving from an extended customs union and a larger single market. Enlargement is controversial, because the net effect is unclear, a priori, and will...

This paper examines the effects of deficits spending on the Nazi recovery. Although deficits were substantial and full employment was reached within four years, their fiscal impulse was too small to account for the speed of recovery. VAR forecasts of output using fiscal and monetary policy instruments also suggest only a minor role for active policy. Nazi policies deliberately...

This paper investigates some common interest rate models for scenario generation in financial applications of stochastic optimization. We discuss conditions for the underlying distributions of state variables which preserve convexity of value functions in a multistage stochastic program. One- and multi-factor term structure models are estimated based on historical data for the Swiss...

This paper presents a complete analysis of a stochastic version of the Solow growth model in which all parameters are ergodic random variables. Applying random dynamical systems theory, we prove that the dynamics and, in particular, the long-runnbehavior is uniquely determined by a globally attracting stable random fixed point. We also discuss the relation of our approach to that of...

Im Oktober 2000 verlieh die Königlich Schwedische Akademie der Wissenschaften den insgesamt mit ca. 2 Millionen Euro dotierten Nobelpreis für Wirtschaftswissenschaften zu gleichen Teilen an die beiden US-Amerikaner James J. Heckman und Daniel L. McFadden. Das Papier erklärt die Bedeutung ihrer wissenschaftlichen Leistungen im Bereich der Mikroökonometrie. Download Volltext: (pdf, 22...