Using a simple stochastic growth model that nests both exogenous and endogenous growth, this paper shows that the growth rate should be mean stationary if growth is exogenous and difference stationary if growth is endogenous and any variable affecting the investment rate is difference...

Financialisation, i.e., the process by which financial markets and their participants gain more influence over the functioning of enterprises/companies and the framework of the financial system, changes the functioning of the economic system, both at the macro- and microeconomic level. There is...

Eine geschlossene ökonomische Theorie der Naturkatastrophen existiert bislang nicht. Arbeiten, die sich dieses Themas aus volkswirtschaftlicher Sicht annehmen und dabei vor allem die langfristig wirksam werdenden ökonomischen Prozesse betrachten, besitzen folglich Pioniercharakter. Denn die...

This paper examines the relationship between financialisation and the future of work in the post-COVID era. It combines an analysis of changes in labour relations due to financialization with an analysis of the macroeconomic impact of financialisation. It will discuss these for the periods...

Projections of climate change damages based on climate-econometric estimates suggest that, without mitigation, global warming could reduce average global incomes by over 20% towards the end of the century (Burke et al., 2015). This figure significantly surpasses climate damages in Integrated...