Die aktuelle energiepolitische Debatte hat die längerfristigen Perspektiven einer nachhaltigen Energieversorgung allzu sehr aus dem Blick verloren. Vor allem die Potentiale der Kernfusion werden in der öffentlichen Diskussion kaum wahrgenommen. Dabei würden sich viele Probleme, die mit dem...

In state-of-the-art macroeconomic and labor market models shocks are assumed to be homoscedastic. However, we show that this assumption is much too restrictive. We estimate the conditional variance-covariance matrix using a VAR-DCC model and discuss the time-varying risk contained in a large set...

This paper studies sectoral effects of fiscal spending. We estimate a New Keynesian model with search and matching frictions and two sectors. Fiscal spending is either wasteful (consumption) or productivity enhancing (investment). Using U.S. data we find significant differences across sectors....

This paper provides evidence for the size of firing costs for eight countries. In contrast to the existing literature, we use the optimality conditions obtained in a search and matching model to find a reduced form equation for firing costs. We find that our estimates are slightly larger...

This paper aims to characterize the interactions between fiscal and monetary and policy in New Zealand. We estimate a multivariate Markov-switching model and document frequent policy switches. We identify two regime: accommodative and non-accommodative monetary policy. In the non-accommodative...

This paper introduces productivity dependent firing costs in an endogenous separation New Keynesian model. By strictly respecting the bonding critique, we show that firing costs tend to increase the performance of the model along the labor market dimension but fail along the persistence...