The foreign exchange market is the largest, fastest-growing financial market in the world. Yet conventional macroeconomic approaches do not explain why people trade foreign exchange. At the same time, they fail to explain the short-run determinants of the exchange rate. These nine innovative...

"The book draws lessons on the importance of rewarding merit for economic growth by analysing Italy's decline in the past few decades. Connections rather than merit are a long-standing feature of the Italian elites, even in the corporate sector. This became a significant problem when Italy could...

This paper uses the Blanchard (1985) finite horizon model to study how taxes and government spending can be managed to stabilize aggregate demand. It is shown that tax policy cannot stabilize demand in less time than it stabilizes the public debt, but that, if government spending is the...

Transparency plays a central role in all aspects involving good governance and business ethics: this is even more true in an industry such as life insurance, for which trust and long-term relationship are key cornerstones. Transparency of life and pension products is currently a burning issue in...

Angesichts der gegenwärtigen Budgetkrisen in Europa gerät der Stabilitätspakt mehr und mehr in die Diskussion. Prof. Dr. Georg Milbradt, Ministerpräsident des Freistaates Sachsen, vertritt die Meinung, dass ".̤ die bestehenden Vereinbarungen streng anzuwenden (seien).̤ Die anhaltende...

Main description: Am 6. April 2004 vollendet Professor Heinz Grossekettler sein 65. Lebensjahr. Zu diesem Anlass widmen ihm Freunde, Schüler und wissenschaftliche Wegbegleiter diese Festschrift.Heinz Grossekettler hat sich in seiner wissenschaftlichen Laufbahn mit einem breiten Spektrum...