We propose an arbitrage-free shadow-rate term structure model to analyze the euro-area yield curve from 1999 to mid-2015, when bond yields turned negative at various maturities. In the model the 'shadow rate' can reach any positive or negative level, while the actual one-month rate cannot fall...

We discuss how cross-country unemployment insurance can be used to improve international risk sharing. We use a two-country business cycle model with incomplete financial markets and frictional labor markets where the unemployment insurance scheme operates across both countries. Cross-country...

We analyze the impact of status preferences on technological progress and long-run economic growth within an R&D-based framework. For this purpose, we extend the standard relative wealth approach by allowing the various assets held by households to differ with respect to their status relevance....

Using data from several seasons in Rwanda, we test the indpendence between Laspeyres local and seasonal price indices and nominal living standards in Rwanda. the results show that the hypothesis of independence cannot generally be rejected in rwanda, although the choice of the adult-equivalence...

Recent research on exchange rate regimes has stressed the similarity amongst intermediate regimes (managed floats and "soft" pegs) rather than the traditional peg/float dichotomy. We investigate the choice of regime amongst hard pegs, soft pegs, managed floats and independent floats for a panel...

We offer a barrier model of growth with a broader understanding of the sources of productivity growth. Organizational change is suggested as an alternative to innovation and technology adoption. Domestic and international barriers (related to the level of human capital and the trade share)...

Der Band bietet Studierenden und Lehrenden einen strukturierten und verständlichen Überblick über die Theorien der Sozialen Arbeit, die seit den 1960er Jahren in der deutschen Fachdiskussion entwickelt worden sind. Im Zentrum stehen die einzelnen Theorien. Diese Gegenstandsbestimmungen werden...

In this study, we have constructed a valuation model based on the CVM consistent with the TCM, in order to measure the use and the non-use values of environmental goods consistently. And the practicality of our model has been examined, by applying this model to measurement of environmental...

An Independent Central Bank is often associated with being able to achieve low inflation and greater output stability than government run policies. In this paper we examine whether, and under what circumstances, an independent Central Bank can achieve both these targets with only one policy...

This paper considers the political economy of the mix of profit, investment and saving taxation in a small open economy where agents generally differ in their shares of profit and other income. In this setting, capital income taxation can have the dual role of financing government spending and...