I Gegenstand und Ziele der Wettbewerbspolitik -- 1. Wettbewerb in der Marktwirtschaft -- 2. Horizontale Konzentration -- 3. Aushöhlung des Wettbewerbs durch Laissez Faire -- 4. Ansätze der Wettbewerbspolitik in den USA, Deutschland und der Europäischen Union -- 5. Fazit -- II...

The paper addresses the issue of central bank independence. The central argument is that government can precommit to the objective of price stability by providing a constitutional status of independence to the central bank. A sufficient set of institutional elements and the problem of incentive...

We analyze the choice between fixed and flexible exchange rates in the context of an open economy version of a multimarkets equilibrium model. In contrast to previous analysis, we separate the information and the shock-absorbing aspects of the two regimes. Under a relative price risk criterion,...