This is a postprint of a paper that was published 1997 in H. Giersch (Ed.) Reforming the Welfare State. Berlin: Springer-Verlag

This paper presents a generic modeling framework to simultaneously decide about production quantities and maintenance operations for a capacitated resource facing a dynamic demand for di erent types of products. As the resource needs to be setup for each speci c type of product, a lot-sizing...

In this paper, we consider a detailed decomposition method for limited dependent variable models. That means, we propose a method to decompose the differential in the (limited dependent) outcome variable between two groups into the contributions of the explanatory variables. We provide a...

We set up a three-period overlapping generation model in which young individuals allocate their time to schooling and work, healthy middle aged individuals allocate their time to leisure and work and their income to consumption and savings for retirement, and old age individuals live off their...

A "lost decade" for the Eurozone is looming on the horizon. Under these circumstances, stable indicators for future economic activity are especially valuable to decision makers. This paper examines the predictive power of the yield spread, one of the most reliable indicators for gross domestic...

Monetary policy is superneutral in an overlapping generations model. Previous authors have argued that superneutrality does not hold in such a setting. However, the standard results rely on the counter-factual premise of helicopter money and are overturned if money creation through open market...

Independent regulatory authorities are a basic prerequisite for a successful liberalization process. However, contrary to what is expected, both graphical analyses and OLS regressions for a small sample of electricity and gas regulators operating in 16 European countries reveal a negative...

Despite the positive effect electricity grids separated from generation and supply by ownership are expected to have on the level of competition in the non-network activities, several EU member states still adhere to a solely legally unbundled transmission grid. This choice might be induced by...

The degree of liberalization in OECD electricity markets varies considerably across countries. Commonly explained by diverging economic performances, corruption levels or government ideologies, this paper suggest another potential reason for cross-national differences in market reforms: given...

This paper examines determinants of inconsistent voting behavior in the Federal Open Market Committee (FOMC). Inconsistent voting behavior is defined as a changing preference on the preferred interest rate voiced in the policy go-around relative to the interest rate preference cast in the formal...