Frontier markets have become increasingly investible, providing diversification opportunities; however, there is very little research (with conflicting results) on the relationship between Foreign Exchange (FX) and frontier stock markets. Understanding this relationship is important for both...

Mit einem Markov-Switching-Modell können die monatlichen Veränderungen des ifo Geschäftsklimas in Wahrscheinlichkeiten für die beiden konjunkturellen Regime »Expansion« bzw. «Kontraktion« umgesetzt werden. Diese Wahrscheinlichkeiten – abgebildet in der ifo Konjunkturampel – liefern...

This paper discusses nonparametric kernel regression with the regressor being a d-dimensional ß-null recurrent process in presence of conditional heteroscedasticity. We show that the mean function estimator is consistent with convergence rate p n(T)hd, where n(T) is the number of regenerations...

Seit Mitte 2007 sind die Preise für Grundnahrungsmittel wie Reis, Mais und Weizen bei international gehandelten Sorten dramatisch gestiegen. In welchem Umfang zu dieser Entwicklung Spekulationen an den Rohstoffmärkten beigetragen haben, lässt sich nicht beziffern. Unabhängig davon setzt eine...

The occupational skill structure depends on the business cycle if employers respond to shortages of applicants during upturns by lowering their hiring standards. Devereux uses this implication to construct empirical tests for the notion of hiring standards adjustment (the so-called Reder...

Die Lissabon-Agenda sieht eine Steigerung der Ausgaben für Forschung und Entwicklung bis zum Jahr 2010 auf drei Prozent des Bruttoinlandsprodukts vor. Europa will damit zu einem der wettbewerbsfähigsten und dynamischsten Wirtschaftsräume werden. Wesentlich für die Zukunftsfähigkeit eines...

Using longitudinal social security data, this study finds evidence of weak real wage cyclicality in Spain throughout 1988 - 2011. The baseline estimate of a 0.4 % increase in wages in response to a one percentage point decline in the unemployment rate lies in the lower bound of available...

This study empirically investigates the relationship between economic growth and several factors (investment, private and government consumption, trade openness, population growth and government debt) in Greece, where imbalances persist several years after the financial crisis. The results...

Using a representative establishment data set for Germany, I show that, in line with the existing literature for several countries, firms' adjustment costs for employment are characterized by a fixed and convex functional form. Furthermore, they are asymmetric with dismissal costs exceeding...

The explanatory factors of individual healthcare consumption are studied by means of healthcare expenditures from the 2000–2005 Swiss Household Income and Expenditure Survey (SHIES). In order to tackle the issues of large number of null expenditures and skewed distribution of positive...