We argue in the present paper that the Stability and Growth Pact and its application can be improved, taking into account the experience gained during the last years. The reform debate should focus on the fundamental economic rationale and the initial orientation of the Pact. It puts more weight...

We argue in the present paper that the Stability and Growth Pact and its application can be improved, taking into account the experience gained during the last years. The reform debate should focus on the fundamental economic rationale and the initial orientation of the Pact. It puts more weight...

This documentation provides an overview of the Kaisha Database, a database consisting of annual accounts data of Japanese manufacturing firms. The documentation is aimed at enabling the researcher interested in the database to work independently. The structure as well as the procedures used to...

Japanese-style management is characterized by the traditional practice of so-called lifetime employment. Shukko plays an important role in supporting and supplementing Japanese long-term employment. Shukko involves the transfer of parent company employees to an affiliated company or a...

Die vorliegende Dokumentation vermittelt einen umfassenden Einblick in die Systematik der Kaisha-Datenbank. Sie soll interessierten Lesern einen Überblick über die Grundstruktur der Datenbank geben. Neben einer Darstellung des Aufbaus erfolgt die Beschreibung der Vorgehensweise bei Reformen...

This paper investigates within a SVAR framework the effects of anticipated monetary policy in the euro area. Building on a procedure recently proposed by Cochrane yielding the response of output to an anticipated monetary policy impulse, we show that in the past twenty years anticipated monetary...

Keynesian theory suggests that a reduction in government expenditure has a negative effect on private demand and therefore on output. Contrary, neoclassical theory argues that reduced public expenditure makes room for an expansion of the private sector and thus has a stimulating effect on the...

This paper investigates within a SVAR framework the effects of anticipated monetary policy in the euro area. Building on a procedure recently proposed by Cochrane which yields the response of output to an anticipated monetary policy impulse, we show that in the past twenty years anticipated...

In Ergänzung zu den Beiträgen im ifo Schnelldienst 3/2012 kommentieren Christian Kastrop, Ludger Schuknecht und Carsten Zinkan, Bundesministerium der Finanzen, die Beschlüsse der EU-Gipfel vom Dezember 2011 und Januar 2012. Sie sind der Auffassung, dass insgesamt die Grundlagen für eine...