In einem kürzlich erschienenen ZfB-Beitrag schlagen Förster et al. eine Vorgehensweise für die Erfassung der Zinsschranke und ihrer Wirkung auf die zinsinduzierte Steuerersparnis vor. Dieser Beitrag nimmt kritisch dazu Stellung: Es wird gezeigt, dass die dort abgeleiteten Formeln für die...

This paper shows that obligations from debt hinder tacit collusion if equity owners are protected by limited liability. In contrast to its advantageous commitment value in short-run competition, leverage reduces profits from infinite interaction. Contrasting uncorrelated shocks with a cyclical...

This paper studies stylized business cycle properties of household production in four industrialized countries (Canada, the United States, Germany, and Japan). We employ a dynamic small open economy business cycle model that incorporates a household production sector. We use the model to...

The present paper develops a one-sector aggregate endogenous growth model with intertemporal preference dependence. The resultant model possesses the fundamental property of growth convergence, in the sense that countries with identical parameters regarding technology, preference, and government...

Discerning family resemblances in the world of theories can be useful for several reasons. For one thing, noticing that two theories share the traits of a family of theories may help us to understand each of them better. Secondly, noticing the family resemblances may help us to model them more...

The paper investigates how changes in industries' funding costs affect total factor productivity (TFP) growth. Based on panel regressions using 31 U.S. and Canadian industries between 1991 and 2007, and using industries' dependence on external funding as an identification mechanism, we show that...

One of the leading figures of the Austrian School is by far Ludwig von Mises. Known better for his findings regarding the relationship between money, prices and interest, Mises brought originality and a new perspective over the monetary policy. This paper is a tribute to the philosopher Mises,...

Schumpeter’s business cycle and growth theory encompasses two distinct types of superposition. The first one is well known from its graphical representation provided in Schumpeter’s Business Cycles [1939], namely the superposition of different waves or cycles of varying magnitude. There...

In a first section, we shall discuss the main issues that divided Wicksell and Mises during a debate that took place between them in 1914. We will first analyze how the two authors conceived the link between the “commodity market” and the “money market” as well as their respective stance...