The study analyses the characteristics of professional exchange rate forecasts for the /US-$ rate. The results indicate that the quality of forecasts produced by profes-sional economists is rather poor and incompatible with the rational expectations hy-pothesis. This dismal result is according...

This paper investigates the nature of the academic field of finance as it looks in the early 21st century. Using Kuhn’s structure of scientific revolutions as a framework, the paper examines the development of the field over the last 50 years with particular emphasis on intellectual...

The study analyses the characteristics of professional exchange rate forecasts for the €/US$ rate. The results indicate that the quality of forecasts produced by professional economists is rather poor and incompatible with the rational expectations hypothesis. This dismal result is according...

Der Bericht stellt den Wirtschaftsnobelpreis 1995 für Robert E. Lucas zur Diskussion. Dabei wird die Entwicklung der Forschungsinhalte des Preisträgers gewürdigt. Bekanntgeworden ist Robert Lucas in den siebziger Jahren neben der Übertragung der rationalen Erwartungen auf die Makroökonomik...

The second welfare theorem and the core-equivalence theorem have been proved to be fundamental tools for obtaining equilibrium existence theorems, especially in an infinite dimensional setting. For well-behaved exchange economies that we call proper economies, this paper gives (minimal)...

We prove existence of a competitive equilibrium in a version of a Ramsey (one sector) model in which agents are heterogeneous and gross investment is constrained to be non negative. We do so by converting the infinite-dimensional fixed point problem stated in terms of prices and commodities into...

We study a class of finite strategic games with the property that every deviation of a coalition of players that is profitable to each of its members strictly decreases the lexicographical order of a certain function defined on the set of strategy profiles. We call this property the...