In our paper we have shown that, avoiding logical inconsistencies, one cannot interpret the IS-curve as an equilibrium locus for the goods market. In the neoclassical synthesis the goods market is depicted by the AD/AS-diagram and, therefore, it cannot be represented by the IS-curve...

Hamilton (2018) suggests that the Kilian (2009) index of global real economic activity is misleading and calls for alternative measures. The problem documented by Hamilton is a consequence of a coding mistake. Specifically, the index of nominal freight rates underlying the Kilian index was...

The aim of this study is to test the ability of the yield curve on US government bonds to forecast the future evolution in the prices of commodities often used in as raw materials. We consider the monthly prices of nine commodities for more than 30 years. Our findings, confirmed by several...

It is widely understood that the real price of globally traded commodities is determined by the forces of demand and supply. One of the main determinants of the real price of commodities is shifts in the demand for commodities associated with unexpected fluctuations in global real economic...

This aim of this paper is to analyse possibilities and potential effects of soft commodity derivative market on the development of risk management practice within the CEE. Agricultural producers and other participants in the soft commodity market in CEE are lacking local commodity market. As a...

Die Preise für Industrierohstoffe, die im Laufe des vergangenen Jahres auf ein Rekordtief gefallen waren, zeigen seit mehreren Wochen Aufwärtstendenz, und auch die Rohölpreise ziehen wieder an. Sind angesichts der sich mehrenden Anzeichen für eine Besserung der Weltkonjunktur die Weichen...

Der HWWA-Rohstoffpreisindex hat sich in diesem Jahr kräftig erhöht. Industrierohstoffe verteuerten sich allerdings hauptsächlich zu Beginn des Jahres, ab dem zweiten Quartal stagnierten sie. Die Preise für Rohöl, die bis Ende September auf den höchsten Stand seit 16 Monaten geklettert...

This paper discusses environmental policies which aim at a sustainable use of domestic resources which are mobile. It assumes that one country introduces such a policy but the other country does not. If a resource is mobile, strict domestic environmental policies may increase the resource...

The very low interest rates and inflation rates of recent years has generated renewed interest in alternative policies that would not leave central banks trapped by the zero lower bound on nominal interest rates. Amongst this debate, surprisingly little attention has been paid to the possibility...