Der Beitrag untersucht den Zusammenhang von Migrationspolitiken und der sozialen und ökonomischen Adaption und Integration von Immigranten und deren Nachkommen. Es wird argumentiert, dass eine Politik temporärer Arbeits- und Aufenthaltsgenehmigungen negative Auswirkungen auf die Investitionen...

Dienstleistungen sind in Deutschland unterentwickelt, und es spricht vieles dafür, dass hier Wachstumspotentiale liegen. Durch die Korrelation der Dienstleistungsbeschäftigung in den verschiedenen EU-Ländern mit Indikatoren für unterschiedliche, in der theoretischen Debatte genannte...

We characterize the response of U.S., German and British stock, bond and foreign exchange markets to real-time U.S. macroeconomic news. Our analysis is based on a unique data set of high-frequency futures returns for each of the markets. We find that news surprises produce conditional mean...

We develop a multivariate generalization of the Markov-switching GARCH model introduced by Haas, Mittnik, and Paolella (2004b) and derive its fourth-moment structure. An application to international stock markets illustrates the relevance of accounting for volatility regimes from both a...

We estimate the degree of 'stickiness' in aggregate consumption growth (sometimes interpreted as reflecting consumption habits) for thirteen advanced economies. We find that, after controlling for measurement error, consumption growth has a high degree of autocorrelation, with a stickiness...

The popular Nelson-Siegel (1987) yield curve is routinely fit to cross sections of intra-country bond yields, and Diebold and Li (2006) have recently proposed a dynamized version. In this paper we extend Diebold-Li to a global context, modeling a potentially large set of country yield curves in...