This paper analyses regional growth in eastern Europe in the second half of the 1990s, when regional disparities sharply increased. It aims to identify the factors behind growth and to investigate in particular the role of (foreign) investment, education and innovation as well as geographical...

This paper deals with the intra-day behavior of asset prices shortly before and after large price changes.

This paper analyzes optimal portfolio choice and consumption with stochastic volatility in incomplete markets.

This paper argues that mainstream economics does not follow the positivist research tradition it (often implicitly) claims to follow and expresses some serious doubt that econometrics in particular can make economics a hard science. Mathematical rigour and sophisticated statistical techniques...

Die zur Weltrezession ausgeweitete Finanzmarktkrise setzt im öffentlichen Diskurs auch die Wirtschaftswissenschaften unter Druck, ihre Erklärungs- und Beratungskompetenz werden bezweifelt. In Deutschland kulminiert die Debatte in einem leidenschaftlichen Streit um die künftige Ausrichtung der...