The paper integrates the two-pillar Phillips curve, which explains expected inflation by the money growth trend, within a simple macro model. A Taylor-like interest rule contains also a money growth target. The model takes into account serially correlated supply and money demand shocks; the...

We expand a standard New-Keynesian model by allowing for a special role of money in the inflation and expectations building process. Motivated by the two-pillar Phillips curve, we introduce heterogeneous expectations. Thereby a fraction of agents forms inflation expectations by observing trend...

Recent developments in the German demography will give rise to a shortage in skilled workers in the coming decades. The German economy is in need of thousands of engineers already. A solution to this problem might involve a higher degree of integration of female engineers into the workforce....

The notion of a "real rate of interest" has been a centre of confusion in the history of economic thought. In neoclassical economics, real interest rates were designed as relative prices of contemporary and future goods and Böhm-Bawerk believed that misalignments were corrected by market...

Classical theories of competition in two-dimensional space mainly deal with the questions of where firms locate in the plane and what shape their market areas will consequently adopt. Out of that develops the construct of catchment areas. As part of long-term infrastructure equipment, an airport...