This paper examines the pricing of public debt in a quantitative macroeconomic model with government default risk. Default may occur due to a fiscal policy that does not preclude a Ponzi game. When a build-up of public debt makes this outcome inevitable, households stop lending such that the...

We propose using sign restrictions to identify regional labor demand shocks in a panel VAR of US federal states. Observed migration responds significantly, but less persistently than the residual-based migration measure constructed by Blanchard and Katz (1992). -- regional labor markets ;...

Das Buch untersucht, wie sich die Wirkungsweise internationaler Wirtschaftspolitik durch die Einbeziehung von Multinationalen Unternehmungen (MNU) verändert. In den bisherigen Arbeiten zu diesem Thema ist diese Einbeziehung vernachlässigt worden. Eine empirische Untersuchung (Kapitel 2) zeigt...