It is tempting to interpret empirical evidence in a number of recent studies as suggesting that term structure spreads help predict future inflation over moderate horizons of 3 to 5 years. This paper argues that common measures of the predictive power of the term structure spread for future...

In dieser Arbeit werden Solow-Residuen für 17 OECD-Länder ab 1960 berechnet und verglichen. Einem zentralen Problem - der Schwierigkeit, eine geeignete Schätzung für den Kapitalstock zu finden - wird damit begegnet, dass unterschiedliche Schätzungen verwendet und deren Auswirkungen auf die...

In the transition periods between new technologies, marked setbacks in productivity growth are possible. Whereas new private goods are not fully visible in national accounts, often only their negative substitution effects turn up. If this is a market phenomenon, it should be reflected in weaker...