Summary In order to differentiate between unit root-persistence and structural break-hysteresis we estimate two types of cointegration models for West German employment. The standard model is compared with a model including structural breaks in the long-run relation between employment and its...

Zusammenfassung Die Zeitinkonsistenzliteratur sieht in einer hohen strukturellen Arbeitslosenrate die Hauptursache für eine hohe Inflationsrate. Eine Verringerung der gleichgewichtigen Arbeitslosigkeit und der inflationären Verzerrung erfordern aber fundamentale Reformen der...

Summary This study develops innovative measures of openness towards bilateral trade. The most widely applied openness indices are not able to accurately calculate the degree of trade openness. For example, the intra-regional export ratio which relates the value of exports of an integration area...

Summary The current financial crisis is often said to be caused by excessive liquidity and distorted incentives in the US subprime real estate sector. Taking this as a starting point, this paper analyzes the relation between house prices and credit respectively money growth between 1992 and 2006...