Empirical research based on the Bhaduri/Marglin-variant of the Kaleckian model has recently shown that aggregate demand in many medium-sized and large open economies tends to be wage-led in the medium to long run, even in a period of increasing globalisation. In this paper we extend this type of...

Im ersten Teil der Studie wird die Entwicklung der funktionalen Einkommensverteilung in sechs ausgewählten Industrieländern seit Beginn der 1960er Jahre dargestellt. Als Maß wird dazu die Arbeitseinkommensquote verwendet, die das Verhältnis der gesamtwirtschaftlichen Arbeitseinkommen zum...

Disability insurance - the insurance against the loss of the ability to work - is a substantial part of social security expenditures in many countries. The benefit recipiency rates in disability insurance vary strikingly across European countries and the US. This paper investigates the extent...

We study experimentally the protection of property in five widely distinct countries - Austria, Mexico, Mongolia, South Korea and the United States. Our main results are that the security of property varies with experimental institutions, and that our subject pools exhibit significantly...

We review research on the impact of immigration on income distribution. We discuss routes through which immigration can affect income distribution in the host and source countries, including compositional effects and effects on native incomes. Immigration may affect the composition of skills...

We show in a public goods experiment on three continents that conditional cooperation is a universal behavioral regularity. Yet, the number of conditional cooperators and the extent of conditional cooperation are much higher in the U.S.A. than anywhere else.

In this paper we challenge the traditional labour market view, which argues that unemployment is determined in the long-term by its equilibrium rate, which in turn is affected by permanent shocks of some exogenous variables. In our empirical approach we decompose the dynamics of employment and...

I examine whether or not returns on stock markets are a leading indicator for real macroeconomic developments in Austria, Japan and the USA. Further I deal with the concept of stock market efficiency, the question whether or not information from real and financial sectors of the economy is...

Density forecasts have become quite important in economics and finance. For example, such forecasts play a central role in modern financial risk management techniques like Value at Risk. This paper suggests a regression based density forecast evaluation framework as a simple alternative to other...

This paper uses the findings of a very recent major international research collaboration on the impact of federal arrangements on the development of the welfare state to explore the possibilities of progress beyond Europe's present diversity of nation-state welfare standards. These findings -...