Die aktuell weltweit stattfindende Debatte über den Klimaschutz wird in der Schweiz aufgrund des hohen Stellenwertes klima- und energiepolitischer Belange schon seit Längerem geführt. Das Hamburgische WeltWirtschaftsInstitut (HWWI) untersucht deshalb in seiner Studie "Ökologische...

In the recent economic debate on the design of fiscal policy in Germany it is gene rally agreed that the total hurden of taxes and levies has to be reduced. In this paper, arguments that form the basis of this claim are evaluated within a calihrated Real Business Cycle model. The analysis shows...

Monetary policy communication is particularly important during unconventional times, because high uncertainty about the economy, the introduction of new policy tools and possible limits to the central bank 's toolkit could hamper the predictability of policy actions. We study how monetary policy...

This paper provides a detailed description of an extended version of the ECB's New Area-Wide Model (NAWM) of the euro area (cf. Christoffel, Coenen, and Warne 2008). The extended model - called NAWM II - incorporates a rich financial sector with the threefold aim of (i) accounting for a genuine...