This paper extends the Puga (1999) model by introducing urban frictions. It assumes that the agglomeration of manufacturing in a city imposes a cost on the inhabitants of the agglomerated region. Furthermore, an implicit function methodology is developed to provide a numerical stability function...

In the traditional model of international trade, labour market reforms in one country are often viewed as beggar-thy-neighbour policies, because they negatively affect the competitiveness and employment levels of the country's trading partners. Empirical evidence, however, suggests that this is...

Welche Zukunft hat die Personalarbeit? Wie wird Personalarbeit in Zukunft gestaltet? Mit welchen Themen wird sie sich beschäftigen?Welche Probleme müssen früh erkannt und gelöst werden? Wo müssen wir Zukunft gestalten?Das vorliegende Buch handelt von Innovation, Talentverknappung,...

Angesichts demographischer, sozialer und ökonomischer Veränderungen hat das klassische 'Generationenmodell', in dem die Jungen für die Alten sorgen, ausgedient. Generationengerechtigkeit bezieht sich nicht mehr ausschließlich auf die Solidarität der Jungen mit den Alten, sondern ist zum...

In this paper we design a simple trading strategy to exploit the hypothesized distinct informational content of the arithmetic and geometric mean. The rejection of cointegration between the two stock market indicators supports this conjecture. The profits generated by this cheaply replicable...

In the paper we consider the role of seasonal intercepts in seasonal cointegration analysis. For the nonseasonal unit root, such intercepts can generate a stochastic trend with a drift common to all observations. For the seasonal unit roots, however, we show that unrestricted seasonal intercepts...