Soziale Marktwirtschaft – das Fundament für Wachstum und Gerechtigkeit

Among all G20 countries, Germany has the lowest level of inequality in terms of disposable income. Germany’s tax and transfer system – which has a strong and effective redistributive impact compared with other countries – plays a key role in this connection. Over the past ten years, positive growth and employment trends have significantly improved opportunities for economic participation and have put a stop to previous trends towards greater income inequality. In order to safeguard efficient growth and redistributive policies in the future, it is essential for Germany to maintain sufficient incentives for investment, innovation and employment. Political reform strategies to ensure equality of opportunity should aim to achieve a more broad-based accumulation of private wealth and to strengthen labour force participation. The promotion of lifelong education and training, and the economic and social application of the knowledge created in this process, will play a decisive role in achieving these objectives.     

Developing CSR in retail–supplier relationships: a stakeholder interaction approach

The purpose of this research is to explore how a stakeholder interaction perspective can add to the understanding of the dynamics of the process of corporate social responsibility (CSR) development in retail buyer–supplier relationships. Firstly, we find that interaction with suppliers and other stakeholders seems to have a pivotal role in the development towards sustainable retail supply chains. Secondly, and by addressing the phases of initiation, implementation and maturation of CSR development, we find that the role and intensity of interaction in stakeholder interaction changes over time and that the salience of particular stakeholders can be pivotal in the phases of the process of CSR development. Thirdly, we find that there is not necessarily one active and one passive party in the stakeholder interaction. Although suppliers in developing countries are typically asked to follow codes of conducts of retailers, suppliers are also acting and taking initiatives, and organizing themselves to better meet the demands on CSR.     

Verlierer(-regionen) der Globalisierung in Deutschland: Wer? Warum? Was tun?

We describe the impact of globalisation across West German regional labour markets. The main losers are the Ruhr area, the Palatinate and Upper Franconia. The main winning regions are located mainly in Bavaria and Swabonia. The German manufacturing sector at large has gained from rising trade exposure to China and Eastern Europe. This is in sharp contrast to the experience of the United States and some European countries. The German experience could be one reason why the political discussion in this country is less prone towards trade protectionism than elsewhere. But policymakers should take the compensation of losers from globalisation more seriously than in the past.     

Consumer neuroscience the effect of retail brands on the perception of product packaging

Whereas classical marketing research is restricted to purely analyzing reported and/or behavioral data, the new research area of consumer neuroscience might be able to capture unconscious and emotional processes as well. The present study investigates the neural correlates associated with different retail brand frames. The authors assume that the integration of emotions and memories associated with the image and reputation of a retail brand can influence consumers’ perception of a product packaging.     

Gesamtwirtschaftliche Wirkungen der Haushaltspolitik des Koalitionsvertrages

In ihrem Koalitionsvertrag haben sich CDU, CSU und SPD am 11.11.2005 auf ein Programm mit weitreichenden haushaltspolitischen und gesamtwirtschaftlichen Wirkungen geeinigt. Wie lassen sich diese Wirkungen konkret berechnen und welches sind die Ergebnisse? Welche Folgen hat das Koalitionsprogramm für die europ?ischen Nachbarl?nder?     

The pricing kernel puzzle: survey and outlook

It has been a while since the literature on the pricing kernel puzzle was summarized in Jackwerth (Option-implied risk-neutral distributions and risk-aversion, The Research Foundation of AIMR, Charlotteville, 2004). That older survey also covered the topic of risk-neutral distributions, which was itself already surveyed in Jackwerth (J Deriv 2:66–82, 1999). Much has happened in those years and estimation of risk-neutral distributions has moved from new and exciting in the last half of the 1990s to becoming a well-understood technology. Thus, the present survey will focus on the pricing kernel puzzle, which was first discussed around 2000. We document the pricing kernel puzzle in several markets and present the latest evidence concerning its (non-)existence. Econometric studies are detailed which test for the pricing kernel puzzle. The present work adds much breadth in terms of economic explanations of the puzzle. New challenges for the field are described in the process.     

Was bringt die Anreizregulierung „2.1“?

After lengthy consultations, the German government has agreed to reform the existing incentive regulation ordinance (“Anreizregulierungsverordung”). Essential for the regulation of power and gas network operators, this ordinance determines the companies’ economic framework by defining their revenue options. The amendments which focus on improving investment conditions constitute a significant change towards a more cost-oriented system for investments. In addition, other important details have also been changed.