In the present article determinants of residential real estate prices are empirically estimated. The study is based on actually recorded, anonymous transactions data collected for the city of Muenster from 1999 to 2009. The observations include single-family houses, semi-detached houses,...

The purpose of this paper is to develop and test a cash-in-advance model of an open economy. Following the contribution of Bohn (1991) and using intertemporal balance of payments theory we set up a currency demand function with real consumption expenditure, the foreign interest rate and exchange...

Stocks of German renewable energy companies have commonly been regarded as lucrative investment opportunities. Their innovative line of business initially seemed to promise considerable future earnings. As shown by two powerful bubble tests, the positive sentiment for renewable energy stocks...

Recent technical developments in farming have exacerbated problems of land degradation and downstream watercourse pollution. The latter justifies governmental intervention more than on-farm costs or food security. Several intervention alternatives could be employed, each having different...

We investigate the hypothesis that some participants in mature and emerging stock markets engage in feedback trading. The analysis is based on the Shiller-Sentana-Wadhwani model, which has the attractive property that it yields testable implications about the presence of positive and negative...

Against the backdrop of critique on the German model of capitalism in general, and German public policy in particular as to the ability to successfully adjust to rapid change and exogenous shocks in wake of economic globalisation, this paper investigates the degree of shock persistence in...