Die einzelnen Notenbanken gehen bei ihrer Inflationsprognose zwar in Abhängigkeit
von den jeweiligen Gegebenheiten unterschiedlich vor, bei den Grundprinzipien der
Prognose herrscht jedoch in den Industrieländern im Wesentlichen Übereinstimmung.
Wie wird Inflation prognostiziert? Sollte man sich bei Prognosen auf den jeweiligen
Inflationsindikator du jour oder ein einzelnes Prognosemodell verlassen, oder sollte man
ein looking at everything und einen multiparadigmatischen Ansatz verfolgen?
Dr. Guido Zimmermann, 35, ist Mitarbeiter der
Volkswirtschaftlichen Abteilung der DekaBank in
Frankfurt. Der Autor vertritt hier seine persönlicheAuffassung. 相似文献
The influence of local and regional policies on the uptake of multifunctional farming systems is analysed. The conceptual framework of how regional and local policies can influence farmers’ behaviour is empirically verified by analysing data on uptake of diversification and environmental management by farmers located in the Brussels’ peri-urban area. In a two-stage model, farmers’ participation and behaviour to influence local policy-makers is also examined. It has been found among other things that, in a municipality that attaches greater importance to environmental issues, the uptake of agri-environmental measures is higher and that promotion of local agriculture will encourage farmers to start processing or selling products on their farms. 相似文献
The European Community faces the task of reformulating its Mediterranean policy in the light of the rather disappointing experience with the “Global Mediterranean Policy” adopted in 1972, the effects of the southward enlargement of the Community and the changed world economic climate. The article that follows discusses the experiences to date, the scope for action and possible guidelines for a future Mediterranean policy in the industrial sphere. 相似文献
A major objective of European agricultural policy is to have a sustainable and efficient farming sector that is applying environmentally-friendly production methods. Policy makers aim to combine a strong economic performance and a sustainable use of natural resources. Therefore, it is important to measure and to assess farm sustainability. For a large dataset of Flemish dairy farms, a valuation method that is based on the concept of opportunity costs is used to calculate and analyze differences among the sample farms with respect to the creation of “sustainable value”. But more important than measuring the creation of sustainable value is to analyze differences in sustainable efficiency. Therefore, sustainable efficiency measures are calculated and differences in sustainable efficiency are explained. Using panel data, an effect model captures the determinants of sustainable efficiency of the studied farms. The empirical model shows that, in general, larger farms have a higher sustainable efficiency. Also farmer's age and dependency on support payments proved to be determining characteristics for observed differences in sustainable efficiency. 相似文献
The Kreps–Wilson–Milgrom–Roberts framework is one of the most renowned ways of modeling reputation-building. Once the number
of repetitions of the game is considered as a choice variable, such a framework can fruitfully be employed to study the optimal
length of the commitment to a relationship. We analyze a model where a principal plays with an agent a finitely repeated trust
game, characterize the optimal length of the relationship between principal and agent when the principal’s preferences on
the agent’s type stochastically change over time and show that a commitment to a stable relationship may be optimal (even)
in very unstable environments.
相似文献
R&D investment has well‐known liquidity problems, with potentially important consequences. In this study, we analyze the effects of monetary policy on economic growth and social welfare in a Schumpeterian growth model with cash‐in‐advance (CIA) constraints on R&D investment, consumption, and manufacturing. Our main results can be summarized as follows. Under the CIA constraints on R&D and consumption (the CIA constraint on manufacturing), an increase in the nominal interest rate decreases (increases) R&D and economic growth. We also analyze the optimality of Friedman rule and find that Friedman rule can be suboptimal due to a unique feature of the Schumpeterian model. 相似文献
Tobacco companies have started to position themselves as good corporate citizens. The effort towards CSR engagement in the
tobacco industry is not only heavily criticized by anti-tobacco NGOs. Some opponents such as the the World Health Organization
have even categorically questioned the possibility of social responsibility in the tobacco industry. The paper will demonstrate
that the deep distrust towards tobacco companies is linked to the lethal character of their products and the dubious behavior
of their representatives in recent decades. As a result, tobacco companies are not in the CSR business in the strict sense.
Key aspects of mainstream CSR theory and practice such as corporate philanthropy, stakeholder collaboration, CSR reporting
and self-regulation, are demonstrated to be ineffective or even counterproductive in the tobacco industry. Building upon the
terminology used in the leadership literature, the paper proposes to differentiate between transactional and transformational
CSR arguing that tobacco companies can only operate on a transactional level. As a consequence, corporate responsibility in
the tobacco industry is based upon a much thinner approach to CSR and has to be conceptualized with a focus on transactional
integrity across the tobacco supply chain.
Guido Palazzo is Assistant Professor for Business Ethics at the University of Lausanne (Switzerland). He graduated in Business
Administration at the University of Bamberg (Germany) and earned his PhD in Political Philosophy (1999) from the University
of Marburg (Germany). His research interests are in Corporate Social Responsibility, Corporate Branding, Democratic Theory,
and Organizational Ethics.
Ulf Richter is a doctoral student at the University of Lausanne. He is writing his thesis on Corporate Social Responsibility,
conceptualizing the concept from a multidisciplinary perspective. He has studied in Germany, Peru and the US, and graduated
from the European Business School, Oestrich-Winkel, majoring in International Management and Real Estate. 相似文献
This paper summarizes and projects research in the field of automated software engineering as that work has been applied to the domain of accounting-centered enterprise models. In particular, we review the basic concepts and goals of the REA (Resource–Event–Agent) accounting model and speculate on its past, present, and future use as an embedded domain theory of enterprise economic activity within computer-aided systems engineering (CASE) tools. The REA CASE tools reviewed here include ones like REAVIEWS, CREASY, and REAtool that have already been built plus others like REACH, FREACC, and REAVERSE that have been specified only in theory. The entire systems development life cycle is used as a discussion vehicle to treat these tools and projected future work in an integrated way. 相似文献
We examine theoretically and experimentally a certain class of new financial instruments which are designed as lotteries on the outcome of prominent sports events like the Soccer World Cup 2006. From a theoretical point of view, sports betting products may be superior to a fixed rate investment because of heterogeneous expectations, risk-loving behavior of investors or additional non-monetary utility components. In comparison to the direct placement of bets at bookmakers’, sports betting products may be preferable in cases of hedonic framing. Our experimental section, however, reveals the limited practical relevance of these theoretical arguments for “average” decision makers. Despite this, financial instruments with sports betting components offer a certain profit potential due to the diversity of preferences across individuals. Summarizing, the issuance of sports betting products may actually be mainly driven by marketing aspects, nevertheless sports betting products may be considered to be “viable” niche products with low cost of capital for banks. 相似文献
Systemic liquidity risk, defined by the International Monetary Fund as “the risk of simultaneous liquidity difficulties at multiple financial institutions,” is a key topic in financial stability studies and macroprudential policy-making. In this context, the complex web of interconnections of the interbank market plays the crucial role of allowing funding liquidity shortages to propagate between financial institutions. Here, we introduce a simple yet effective model of the interbank market in which liquidity shortages propagate through an epidemic-like contagion mechanism on the network of interbank loans. The model is defined by using aggregate balance sheet information of European banks, and it exploits country and bank-specific risk features to account for the heterogeneity of financial institutions. Moreover, in order to obtain the European-wide topology of the interbank network, we define a block reconstruction method based on the exchange flows between the various countries. We show that the proposed contagion model is able to estimate systemic liquidity risk across different years and countries. Results suggest that our effective contagion approach can be successfully used as a viable alternative to more realistic but complicated models, which not only require more specific balance sheet variables with high time resolution but also need assumptions on how banks respond to liquidity shocks.