This paper explores the influence of wage and price staggering on monetary persistence. Weshow that, for plausible parameter values, wage and price staggering are complementary ingenerating monetary persistence. We do so by proposing the new measure of "quantitativeinertia," after discussing...

Über die letzten zwei Jahrzehnte ist die Bedeutung von Sponsoring in Deutschland kontinuierlichgewachsen: Umfasste das Sponsoring-Volumen der Unternehmen 1990 noch 750 Mio.Euro, wird das Gesamtvolumen im Jahre 2010 auf voraussichtlich 5,2 Mrd. Euro anwachsen(Pilot Group 2008). Dieser Anstieg...

This paper makes three contributions to our understanding of the price discovery process in currencymarkets. First, it provides evidence that this process cannot be the familiar one based on adverse selectionand customer spreads, since such spreads are inversely related to a trade’s likely...

This study shows that order flow in a foreign exchange market only has permanent price impact if itcomes from certain regions. These regions are – as predicted by the local information hypothesis –centers of political and financial decision making. It is revealing that orders from other...

Success in innovation management of telecommunication products depends not only on sales, but also, and primarily so, on actual call times by subscribers (e.g. on their mobile phones). It is not only the purchase price that plays a major role for this type of service, but also call and rental...

We test the menu cost model of Ball and Mankiw (1994, 1995), which impliesthat the impact of price dispersion on inflation should differ between inflation anddeflation episodes, using data for Japan and Hong Kong. We use a random crosssectionsample split when calculating the moments of the...

Horizontale Unternehmenszusammenschlüsse werden aus unterschiedlichen Motiven undmit unterschiedlichen Ergebnissen durchgeführt. Abbildung 1 zeigt die Zahl der Zusammenschlüssein der Bundesrepublik Deutschland in den letzten 10 Jahren. Die horizontalenZusammenschlüsse machen dabei etwa...

Extreme adverse selection arises when private information has unboundedsupport, and market breakdown occurs when no trade is the only equilibriumoutcome. We study extreme adverse selection via the limit behavior of afinancial market as the support of private information converges to an...

Die Frage der Zulassung von Parallelimporten von patentierten Gütern wird in der Schweizkontrovers diskutiert. Medikamente zeichnen sich dabei als ein Spezialfall unter den Güternmit Patentschutz aus, da die Preise für Medikamente in allen westlichen Ländern durchstaatliche Behörden direkt...