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...

Using data from Germany, Japan, UK, and the U.S., we explore possible threshold cointegration in nominal short- and long-run interest rates with corresponding inflation rates. Traditional cointegration implies perfect mean reversion in real rates and hence confirms the Fisher hypothesis....

The empirical joint distribution of return-pairs on stock indices displays high tail-dependence in the lower tail and low tail-dependence in the upper tail. The presence of tail-dependence is not compatible with the assumption of (conditional) joint normality. The presence of asymmetric-tail...

This paper questions traditional approaches for testing the day-of-the-week effect on stock returns. We propose an alternative approach based on the closure test principle introduced by Marcus, Peritz and Gabriel (1976), which has become very popular in Biometrics and Medical Statistics. We test...

The aim of this paper is to analyze and estimate salient characteristics of unemployment dynamics. Movements in unemployment are viewed as "chain reactions" of responses to labour market shocks, working their way through systems of interacting lagged adjustment processes. In the context of...

Motivated by economic-theory concepts - the Fisher hypothesis and the theory of the term structure - we consider a small set of simple bivariate closed-loop time-series models for the prediction of price inflation and of long- and short-term interest rates. The set includes vector...