The paper presents a model where individuals decide to become workers or entrepreneurs in the presence of capital constraints and where individuals differ in wealth levels. The model shows that the higher the initial level of inequality in wealth is, the lower the long run aggregate wealth of...

Im vorliegenden Beitrag werden die langfristigen Trends in der Entwicklung der Ungleichheit in Deutschland analysiert. Er geht aber noch einen Schritt weiter. Wie anhand eines Beispiels gezeigt wird, kann man die Ungleichheit in Deutschland in drei Komponenten zerlegen: die Ungleichheit zwischen...

The article discusses the validity of Walras' Law in case of quantity constraints.

Im vorliegenden Beitrag werden die langfristigen Trends in der Entwicklung der Ungleichheit in Deutschland analysiert. Er geht aber noch einen Schritt weiter. Wie anhand eines Beispiels gezeigt wird, kann man die Ungleichheit in Deutschland in drei Komponenten zerlegen: die Ungleichheit zwischen...

This article summarises the results of a study on the Germany energy crisis and the need for an extension and modificationsof the electricity price break. The study shows that the energy crisis led to a short-run output loss comparable to the output losses as-sociated with the COVID-19 crisis in...

The prime task of modelling cross-market contagion is to predict the imminence of a pestilent currency crisis. Empirical models are developed here to study the roles and channels of contagion in exchange rate volatilities, in ways which are as economically sound and econometrically simple as...

It is widely believed that seriously excess debt problems form a major cause of the 1997 Asian financial crisis. This paper investigates empirically the role of the debt problems with respect to both the won/$US rate fluctuations and the won collapse in November 1997. The problems are...

This article summarises the results of a study on the Germany energy crisis and the need for an extension and modificationsof the electricity price break. The study shows that the energy crisis led to a short-run output loss comparable to the output losses as-sociated with the COVID-19 crisis in...

Based upon the foundations of mean-variance decision-making theory, we demonstrate that a change in the risk situation of an international enterprise open currency position does not inevitably require a corresponding hedging accommodation. Given a new risk situation, whether a revision of the...

We consider two models of lump sum taxation in pure exchange economy in which the state imposes taxes on (or offers financial aid to) economic agents characterized by their demand functions and initial resources. In the first model the state has its own preferences and uses the collected money...