This paper tests a geography and growth model using regional data for Europe, the US, and Japan. We set up a standard geography and growth model with a poverty trap and derive a log-linearized growth equation that corresponds directly to a threshold regression technique in econometrics. In...

Research efforts towards new energy sources and towards the efficiency of energy use will be vital to reducing CO2 abatement costs in the long term. Can such efforts be induced by price instruments? Economists often cite induced technological change as a possible consequence of environmental...

This paper presents and compares several time-series models for returns of broadbased stock indices. These models nest a nonlinear asymmetric GARCH (NGARCH) model as a special case. Some of these models are empirically motivated ad-hoc specifications others are derived from a representative...

The ongoing discussion of U.S.-Japanese trade relations suggests that national differences such as in the institutional environment may be relevant for assessing international trade policies. However, economic trade theory often assumes countries to be organized around common notions of complete...

The most commonly used model of labor market incorporation among immigrants in the United States analyzes their earnings largely as a function of human capital variables such as education, language competence, age, length of residence and employment experience in the receiving country. However,...

The present paper uses a comparison of Japan and the US to argue that the debate about corporate governance reform is best framed in terms of systems of complementary instruments and institutions. It argues that the Japanese and US systems of corporate governance differ along many dimensions,...

»Deflation«, »Kreditklemme« und »Bankenkrise« waren die Schlagworte in derFinanzpresse des Jahres 2003. Insbesondere hier zu Lande wurde über Monate in den Medien davon gesprochen, dass sich Deutschland in der japanischen Malaise befände. In ihrem Beitrag gehen Prof. Dr. Stephan Paul,...