In practice, central banks have been confronted with a trade-off between stabilising inflation and output when dealing with rising oil prices. This contrasts with the result in the standard New Keynesian model that ensuring complete price stability is the optimal thing to do, even when an oil...

While consumption habits have been utilised as a means of generating a hump shapedoutput response to monetary policy shocks in sticky-price New Keynesian economies,there is relatively little analysis of the impact of habits (particularly, external habits) onoptimal policy. In this paper we...

Vorliegendes Arbeitspapier beschäftigt sich mit der Produktion von individuellen digitalen Produkten. Dabei soll zunächst Individualisierung definiert, Produktsegment und Variantenwettbewerb abgegrenzt sowie der Markt für individuelle Produkte beschrieben werden.

Um im heutigen Wettbewerb zu ueberleben, muessen Firmen den gesteigerten Kundenbeduerfnissen durch bestmoegliche Produktions-Qualitaet Rechnung tragen. Erfolgreiche Firmen haben wiederholt empirische Belege fuer die Profitabilitaet einer Hoch-Qualitaetsstrategie geliefert.

We introduce a generic simulation framework suitable for agent-based simulations featuring the support of heterogeneous agents, hierarchical scheduling and flexible specification of design parameters.(...)

The paper analyzes the existence and impact of …financing constraints as a possiblyserious obstacle to innovation by …firms. Direct measures of fi…nancing constraints areemployed using survey data collected by the Banque de France and Eurostat, whichovercomes the problems with the traditional...

This review of the empirical and theoretical literature was commissioned by the Small Business Service (Department for Trade and Industry). Our brief was to consider existing research that has examined the causes and the impact of economic churn on productivity, employment and ultimately...

Economic intuitions concerning rational behaviour in interactive social situations are shaped byidealized models which are regarded as “approximately true”. But ideal models cannot be meaningfullydeemed approximately true unless asymptotically convergent processes imply them as limit cases....

We describe Amartya Sen’s Capability Approach to welfare evaluationin the language of standard welfare economics, and assess to what extentit provides a genuine alternative for individual welfare measurement andpolicy evaluation. We review the nascent empirical literature on the...