This paper introduces a democratic voting process into an OLG economyin order to analyze the effects of a rising old-age dependency ratio on the composition ofgovernment spending and endogenous economic growth. Forward-looking agents vote eachperiod on the public policy mix between productive...

Der Begriff „Wachstum“ gehört zu den schillernden Schlagwörtern des politischen Alltags.2 Wachstum ist gut, und vieles scheint in Gefahr, wenn Wachstum ausbleibt. So führt Bundeskanzlerin Merkel in ihrer Regierungserklärung vom 10. November 2009 zum Beginn der neuen Legislaturperiode...

This paper develops a fully-endogenous, variety-expansion growth model with firm-specific quality heterogeneity, limit pricing, and an endogenous distribution of markups.Trade induces only firms with high-quality products to export, whereas firms with low-quality products serve only the domestic...

We extend the model of friendship networks developed by Brueck-ner (2006) in two ways. First, we extend the level of indirect bene…tsby incorporating bene…ts from up to three links and explore its impli-cation for the socially optimal and individual e¤ort levels. Next, wegeneralize the...

This article investigates economic performance when enforceable propertyrights are missing and basic needs matter for consumption. It suggests anew view of the so-called voracity eect according to which windfall gains inproductivity induce behavior that leads to lower economic growth. Takinginto...

In an inuential article Tornell and Lane (1999) considered an economy populatedby multiple powerful groups in which property rights in the formal sectorof production are not protected. They obtained conditions under which thegroups appropriate output from the formal sector in order to invest it...

We analyze the cross-national distribution of GDP per capita and its evolutionfrom 1970 to 2003. We argue that peaks are not a suitable measure for distinctgrowth regimes, because the number of peaks is not invariant under strictlymonotonic transformations of the data (e.g. original vs. log...

The Swiss Banking Institute of theUniversity of Zurich carried out a writtenquestionnaire (1391 questionnaires weredistributed in April 2007) to find out whereindependent asset managers (IAMs) in Switzerlandsee the problems and challenges oftheir industry both today and in the futureand the...

Wo drückt der Schuh? Mit dieser Fragestellung hat sich der TrendReport des Instituts für schweizerisches Bankwesen der UniversitätZürich beschäftigt. Ziel war, direkt von den unabhängigenVermögensverwaltern zu erfahren, wo sie Probleme und Herausforderungender Branche heute und in Zukunft...

Schweizer Private-Banking-Anbieter gehören trotz starken Ertragseinbrüchen im Zuge derFinanzkrise weiterhin international zu den wettbewerbsfähigsten Instituten. Offshore-Strategienstagnieren allerdings und kommen unter Druck. Dies zeigt die neueste «International PrivateBanking Study» des...