.’s investment game by introducing an upper bound to what a contributor can be repaid afterwards. By varying this upper bound …

returns is developed. It is shown that these economies of scale need only be present in one sector of the economy (investment … able to. The introduction of animal spirits generates a low negative contemporaneous correlation of hours and productivity … as well as a procyclical investment share. The model can account for the observed variability of hours worked …

in the two countries and in (ii) the interaction of investment and financing decisions. This paper investigates the … impact of financing, investment, and dividend decisions on the value of stock corporations in Germany and the US. The … investment creates value in excess of cost, but the US industrial sector seems to be more efficient in making value …

contracting is infeasible. One example is the study by Berg et al. (1995) of the investment game. In this game the person who … receives the investment is the one who may reward the investor. This is a direct reward game. Similar to Dufwenberg et al … investor may only be rewarded by a third person who did not receive his investment. Furthermore we investigate the influence of …

, productivity and unemployment which is interpreted as a wage setting relation. From a Subset VECM we identify meaningful structural …

is provided by a productivity-based model of the real value of the euro. Some panel regression estimates of the … relationship between intercountry relative productivity differentials and real exchange rates is presented. Using these estimates … to conduct some calculations, one comes to the conclusion that unless drastic changes to productivity trends occur, there …