Zu Beginn des Jahres 2005 startete das europäische Emissionshandelssystem. Die vorliegende Studie beschäftigt sich mit den Auswirkungen des Emissionshandelssystems auf die deutsche Energiewirtschaft. Dargestellt und analysiert wird zunächst die europäische Emissionshandelsrichtlinie...

Using a two-country New Open Economy Macroeconomics model, we analyze how monetary policy should respond to a "global liquidity trap," where the two countries may fall into a liquidity trap simultaneously. We first characterize optimal monetary policy, and show that the optimal rate of infl...

We investigate, both theoretically and empirically, how the negative effects of government corruption on economic growth are magnified or reduced by capital account liberalization. Our model shows that highly corrupt countries impose higher tax rates than do less corrupt countries, thereby,...

This paper explores a dynamic two-country model with production externalities in which capital goods are not traded and international lending and borrowing are allowed. Unlike the integrated world economy model based on the Heckscher-Ohlin setting, our model yields indeterminacy of equilibrium...