We analyze the dynamics of zero-coupon bond options in a situation in which the currently floating exchange rate between two countries' currencies is announced to be fixed on a given future date. To this end, we combine two strands of research that have been treated as separate issues up to...

In this paper we analyze the dynamics of zero-coupon bond options in a situation in which two open economies plan to enter a currency union in the future. More precisely, we make use of recent theoretical work on the continuous-time dynamics of interest-rate differentials between the economies...

In this paper we develop a unifying Markov-switching GARCH model which enables us (1) to specify complex GARCH equations in two distinct Markov-regimes, and (2) to model GARCH equations of different functional forms across the two Markov-regimes. To give a simple example, our flexible...

From a public finance perspective, the article discusses alternative allocation policies for public broadcasting. Referring to a scheme for the optimal procurement of public goods two solutions are shown to be optimal, depending on the initial situation: Assuming a public service mission, public...

In this paper, we develop a market screening model to detect inconstancies in price changes. Although there is a long history of industrial organization research of collusion, price setting behavior, and conduct - a robust model to detect structural changes in market structure was missing so...

In diesem Aufsatz wird überprüft, ob Google mit seinem Dienst Google-Shopping, aus Sicht von Verkäufern und Käufern von Waren und Dienstleistungen, in Deutschland als Gatekeeper zum Internet und damit als wesentliche Einrichtung zu sehen ist. Dazu wird untersucht, wie groß die Marktmacht...

In this paper, we compare the distribution of price changes between collusive and noncollusive periods for ten major cartels. The first moments focus on previous research. We extend the discussion to the third (skewness) and fourth (kurtosis) moments. However, none of the above descriptive...

Das DIW Berlin rechnet für 2010 und 2011 mit einem Wachstum des realen Bruttoinlandsprodukts von 1,7 und 1,8 Prozent. Damit setzt die deutsche Wirtschaft ihren moderaten Erholungskurs der vergangenen Quartale fort. Zwar hat die Produktion im Winter überraschenderweise nur stagniert, dies ist...