Angesichts eines niedrigen Steueraufkommens bei gleichzeitig hohen Ausgabenerfordernissen in Ostdeutschland wurde im Jahre 1995 der sogenannte Solidarpakt geschlossen, der den ostdeutschen Ländern, befristet auf 10 Jahre, finanzielle Leistungen von Bund und westdeutschen Ländern in Höhe von...

Money growth in the euro area has exceeded its target since 2001. Likewise, recent empirical studies did not find evidence in favour of a stable long run money demand function. The equation appears to be increasingly unstable if more recent data are used. If the link between money balances and...

Monetary growth in the euro area has exceeded its target level especially since 2001. Likewise, recent empirical studies did not find evidence in favour of a stable long run relationship between the variables entering the money demand function. Instead the equation appears to be increasingly...

We investigate hysteresis and persistence behaviour in the course of unemployment in EU countries and US states by means of first and second generation panel unit root tests. While the former tests assume independent cross sections, the latter control for dependencies. The first generation tests...

The accumulation of the human capital stock plays a key role to explain the macroeconomic performance across regions. However, despite the strong theoretical support for this claim, empirical evidence has been not very convincing, probably because of the low quality of the data. This paper...