The paper evaluates the performance of three popular monetary policy rules when the central bank is learning aboutthe parameter values of a simple New Keynesian model. The three policies are: (1) the optimal non-inertial rule; (2)the optimal history-dependent rule; (3) the optimal price-level...

Der vorliegende Beitrag zeigt auf, wie hedonische Preisindizes für Immobilien auf der Basis von Transaktionen berechnet werden können. Der Heterogenität der Immobilien wird dabei durch ein ökonometrisches Modell Rechnung getragen, wobei in dieser Arbeit das Problem der Wahl einer geeigneten...

The composite indicator "Quality of work" for comparing European countries is constructed from data of the Third European Survey on Working Conditions. The main findings are as follows: (a) European countries differ with respect to working conditions statistically more signi¯cantly than with...

This paper extends a New Keynesian model to include roles for currency and depositsas competing sources of liquidity services demanded by households. It showsthat, both qualitatively and quantitatively, the Barnett critique applies: While a Divisiaaggregate of monetary services tracks the true...

Most empirical policy work requires the aggregation of policies. Trade policyaggregation exemplifies the aggregation problem poignantly, with thousands of highlydispersed trade barriers. This paper provides methods of policy aggregation that areconsistent with two common objectives of empirical...

In the literature technical change is mostly assumed to be exogenous and specified as afunction of time. However, some exogenous external factors other than time can also affecttechnical change. In this paper we model technical change via time trend (purely externalnon-economic) as well as other...

We propose a set of axioms for the measurement of school-based segregation withany number of ethnic groups. These axioms are motivated by two criteria. The first isevenness: how much do ethnic groups’ distributions across schools differ? The secondis representativeness: how different are...

In this qualitative sociological and quantitative economic policy paper, we start out from the assumption of a very recent European Commission Background paper on the "Efficiency and effectiveness of social spending", which says the effectiveness of social spending can be defined by the degree...

Starting from Professor Kornai´s assertion about the necessity to focus on the long-termperspectives of the transformation process, we analyze in this paper the Lisbon performanceof the countries of the European Union from such a long-term, structural perspective. Wepresent in a simple form the...