About
23
Publications
4,280
Reads
How we measure 'reads'
A 'read' is counted each time someone views a publication summary (such as the title, abstract, and list of authors), clicks on a figure, or views or downloads the full-text. Learn more
106
Citations
Publications
Publications (23)
Most central banks have increased their transparency in the recent past. The question is whether higher transparency comes at some cost. Firstly, the article shows in a theoretical model that transparency does not necessarily lead to higher unemployment. Secondly, the paper analyses the main theoretical results of other authors that transparency le...
The increase in central bank transparency has been one of the main developments in central banking in the past two decades. This leads to the question of the effect of central bank transparency on the volatility of exchange rates. According to theoretical considerations, more information could lead to either more precise forecasts or more noise tra...
The last decades have shown a tendency towards higher central bank transparency. This leads to the question of how central bank transparency is entangled with price stability and inflation volatility. A plethora of studies analysed the relationship from a theoretical point of view and came to contradictory results. Thus, the article aims to analyse...
There is still some doubt about those economic variables that really matter for the Fed’s decisions. In comparison with other estimations, this study uses the approach of Bayesian model averaging (BMA). The estimations show that over the long-run inflation, unemployment rates and long-term interest rates are the crucial variables in explaining the...
There is a long tradition in detecting anomalies of the Efficient Market Hypothesis. Among these are calendar anomalies, first described by French back in 1980. Whilst there is a plethora of studies for well-developed stock markets, there is still a lack of comprehensive studies for some small or emerging financial markets. It is particularly inter...
The Euro crisis is mainly a consequence of the international financial crisis of 2008. Thereby, the term Euro crisis is misleading as there is no currency crisis. First, the article shows some of the birth defects of the Euro. Second, it shows that the increase in public debt was caused by rescue measures for banks and anti-cyclical fiscal policy....
The Euro crisis is mainly a consequence of the international financial crisis of 2008. Thereby, the term Euro crisis is misleading as there is no currency crisis. First, the article shows some of the birth defects of the Euro. Second, it shows that the increase in public debt was caused by rescue measures for banks and anti-cyclical fiscal policy....
Im Zentrum vieler Bereiche der Wirtschaftstheorie, wie der mikroökonomischen Konsumtheorie oder der finanzwirtschaftlichen Portfoliotheorie, stehen die Entscheidungen der Individuen. Dabei hängen diese Entscheidungen wesentlich vom Grad des Risikos und der Unsicherheit, unter der sie getroffen werden müssen, ab. Die vorherrschende Theorie zur Erklä...
The Iraqi stock market is a young and nascent market that began its operation in June 2004. This paper explains the development of the Iraq stock exchange (ISX). It is shown that some progress was achieved in its development but the market is still very small with less than 100 companies listed. Moreover, the determinants of the Iraqi stock market...
Die deutschen Leistungsbilanzüberschüsse stehen international in der Kritik. Welche Entwicklungen liegen diesen Überschüssen im Einzelnen zugrunde? Die Autoren untersuchen vor allem vier Fragen: Ist die deutsche Wettbewerbsfähigkeit durch den Euro gestiegen? Sind die Lohnstückkosten gesunken? Ist die Binnennachfrage ausreichend gewesen? Sind die de...
The extraordinary measures taken by the ECB to combat the fi nancial crisis have led many observers to question whether the bank has put its independence at risk. The bank’s vow to do “whatever it takes” to save the euro has added a second (and potentially contradictory) goal alongside its primary mission of achieving price stability. This expansio...
The Federal Reserve System (Fed) was created in December 1913 when the Federal Reserve Act was signed. Since then, the Fed has become the most influential central bank in the world. This article gives an overview of the Fed's history and its structure before evaluating the Fed's monetary policy over the last 100 years. The main findings are that th...
Das deutsche Sozialsystem gilt als lohnzentriert. Damit ist gemeint, dass zur Finanzierung der Sozialleistungen Beiträge auf die Lohneinkommen erhoben werden. Dies verteuert den Arbeits- gegenüber dem Kapitaleinsatz. Zudem reduziert dies das Arbeitsangebot. Als Alternative bietet sich eine Umfinanzierung auf direkte Steuern oder Pauschalbeiträge an...
The ECB is a central bank with a high level of transparency. However, it still does not publish voting records or minutes, and it publishes infl ation forecasts only on a quarterly basis. This paper argues that both the credibility and effectiveness of the ECB’s monetary policy could be enhanced by enlarging its transparency. This is especially nec...
Even almost 100 years after its foundation, there is still some doubt about those economic variables that really matter for the FED's decisions. This study aims to address this issue with a different approach. Whereas most studies apply conventional regression analysis or time-series approaches, this study uses the approach of Bayesian Model Averag...
