In this paper we analyze the West German labour market by means of a cointegrated structural VAR model. We find sensible stable long-run relationships that are interpreted as a labour demand, a wage setting and a goods market equilibrium. In order to...

This paper investigates the relative small sample performance of several robust unit root tests by means of a simulation study. It is confirmed that the traditional least-squares based Dickey-Fuller test has substantially lower power than several...

This paper proposes a model of the term structure with nonstationary term premia which exhibit a factor structure. This explains the common empirical finding of a cointegrating rank smaller than the one predicted by the rational expectations...

This paper uses dynamic panel data methods to examine the determinants of Foreign Direct Investment (FDI) into Central and Eastern European Countries (CEECs). Our empirical model shows that the traditional determinants, such as market potential, low...

In this paper we analyze the forecasting ability of the term structure with respect to future inflation in Germany. In contrast to previous studies, we find evidence in favor of a nonstationary term premium. Assuming that the nonstationary part of...

This paper analyzes the question whether money demand in the Euro area has undergone a structural change in the recent time when M3 money growth has considerably overshot the reference value set by the European Central Bank (ECB). It is found that...

In diesem Beitrag wird die Inflationsrate in Deutschland mit Hilfe eines Common Trends Modells untersucht. Ausgehend von einem IS-LM Modell der offenen Volkswirtschaft wird zunächst eine Kointegrationsanalyse durchgeführt, die der Bestimmung...

Some recent empirical studies deny any direct performance effects of measures of geography and conclude that institutions trump all other potential determinants of development. For given effects of institutional quality, our empirical results...

In May 2003 the European Central Bank (ECB) announced the revision of its monetary policy strategy. Although the ECB stressed that the revision would not imply any fundamental change in their decisions, this remains to be verified empirically....

In this paper we propose a model that describes the regularities of the revision process for real-time macroeconomic data. This model takes the typical publication process of statistical agencies into account: after an initial release, revisions are...