This article examines different approaches to airport privatisation. It shows that privatisation can only be a success when government provides a suitable regulatory framework prior to privatisation. This framework must protect the interests of the consumer and ensure the participation of...

Olaf Scholz, Bundesminister für Arbeit und Soziales, erläutert die Politik der Regierung und unterstreicht die Relevanz der Sozialpartnerschaft: "Der gemeinsame Einsatz für Arbeit von Bundesregierung, Arbeitgebern und Gewerkschaften wirkt und verhindert Schlimmeres. Das zeigt: Wir können mit...

In 2001 more than 80 percent of the Swiss electorate voted in favour of a constitutional amendment which aims at stopping the expansion of the public debt. A convincingly simple and seemingly intuitive formula provides an easy-to-implement expenditure rule for the budgetary process. This...

Unit root tests for time series with level shifts are considered. The level shift is assumed to occur at a known time point. In contrast to some other proposals the level shift is modeled as part of the intercept term of the stationary component of the data generation process which is separated...

The conditions under which European monetary policy is likely to be conducted are investigated by means of multi-variate time series modelling using aggregated data of all eleven European Monetary Union member states. A cointegration analysis identifies two stable long-run relationships within a...

It has long been recognized that aggregating time series introduces correlation between consecutive values of the aggregated observations (see Working (1960)). This paper investigates the effect of aggregation on the relation between variables assuming that the data generating process involves...

Efficient price setting implies that news create volatility since traders flock to the market in order to re-optimise their portfolios. In due course of the price finding process volatility should decline once the asset price approaches its new, efficient level. In this note I present evidence...