Monetary disequilibria and the euro/dollar exchange rate

Although stable money demand functions are crucial for the monetary model of the exchange rate, empirical research on exchange rates and money demand is more or less disconnected. This paper tries to fill the gap for the euro/dollar exchange rate. We investigate whether monetary disequilibria provided by the empirical literature on US and European money demand functions contain useful information about exchange rate movements. Our results suggest that the empirical performance of the monetary exchange rate model improves when insights from the money demand literature are explicitly taken into account.     

Housing,mortgage bailout guarantees and the macro economy

What are the macroeconomic and distributional effects of government bailout guarantees for Government Sponsored Enterprises (e.g., Fannie Mae)? A model with heterogeneous, infinitely lived households and competitive housing and mortgage markets is constructed to evaluate this question. Households can default on their mortgages via foreclosure. The bailout guarantee is a tax-financed mortgage interest rate subsidy. Eliminating this subsidy leads to a large decline in mortgage origination and increases aggregate welfare by 0.5% in consumption equivalent variation, but has little effect on foreclosure rates and housing investment. The interest rate subsidy is a regressive policy: it hurts low-income and low-asset households.     

Fiscal shocks and budget balance persistence in the EU countries from Central and Eastern Europe

This article analyses the time series properties of the fiscal balance in the 10 EU countries from Central and Eastern Europe. The persistence of the fiscal balance is analysed by means of unit root tests that account for possible nonlinearities and structural changes. The linear and nonlinear unit root tests find only mild evidence in favour of the stationarity hypothesis, with asymmetric effects present in a few cases. After controlling for structural changes in the Data Generation Processes (DGPs), the results point to stationarity of the series. Thus, in spite of relatively steady headline figures, the budget balance processes in the EU countries from Central and Eastern Europe exhibit substantial instability.     

见证中国企业社会责任的发展趋势

如果我们要见证CSR在中国最快的发展的趋势的话,最好的地方就是在北京,第四届企业社会责任国际论坛是最好的、能让我们看到CSR发展的地方。     

用工经济学：测评人的重要性

随着知识型员工和优质服务日益成为公司组织竞争优势的重要来源,对于人才的争夺战更为激烈。要在市场上取得胜利,高级主管们必须吸引和留住最优秀的人才。然而,在这一点上,许多公司暴露出了根本弱点：用于测评员工业绩的管理体系是依据资本的有效运用而设计的,而不是人力资源的充分利用。     

Neuausrichtung des Hypothekenkreditgeschäfts in der Lebensversicherung durch Kreditverkäufe

Loan portfolio sales represent a valid option to restructure the life insurer’s real estate loan business. Latest market experience gained by vendors from the German banking industry is positive as there has grown a liquid and professional market in Germany over the last few years. Some German life insurers have already utilised this market to sell loan portfolios and restructure their real estate loan business accordingly. Potential vendors from the insurance industry can rely on the given market experience and professional assistance to design the transaction process and the restructuring result efficiently.     

Eucken's 'Social Market Economy' and Its Test in Post-War West Germany

A bstract . Walter Eucken's paradigm of a "social market economy" and "Ordnung" provides a framework for a functional free-market mechanism, which not only accommodates development and change, but which also assures human dignity and freedom, as cornerstones of the Kantian moral universe. Eucken places special emphasis on the integration of economics with "order" and "Justice ," in a synthesis of negative liberty and positive freedom and of Rawls' and Nozick's theories of justice. Adam Smith's laissez faire economy does not assure a competitive economy, he holds, and will evolve into monopolistic practices, interventionism , and distortions of price relationships; but "structural" and "regulating" principles will facilitate a functionally competitive economy with a compatible social policy, characterized by a flexible price mechanism and stable policies. This "social market economy" would provide goods and services efficiently and also eliminate poverty and the maldistribution of income and resources.