The formation of macroeconomic policy is conceptualized as on-going process of interaction between private individuals and a centralized policymaker. This interaction is inherently strategic in nature and lends itself to a game-theoretical treatment. Starting from the basic principle of rational...

This book cleverly integrates the research on welfare measurement and social accounting in imperfect market economies. In their previously acclaimed volume, Welfare Measurement, Sustainability and Green National Accounting, the authors focused on the external effects associated with...

Dieser Beitrag stellt nach einem theoretischen Überblick über die Integration von Wirtschaftsräumen empirische Arbeiten zu den makroökonomischen Auswirkungen der EU-Osterweiterung vor. Aufgrund der vier konstituierenden Grundfreiheiten der Europäischen Union wird es mit der Aufnahme der...

"We study the effects of positive steady-state inflation in New Keynesian models subject to the zero bound on interest rates. We derive the utility-based welfare loss function taking into account the effects of positive steady-state inflation and show that steady-state inflation affects welfare...