Kalte Progression wird nach Einführung der Schuldenbremse ein zunehmendes Problem

As taxpayers typically pay relatively little attention to low levels of inflation induced income tax bracket creep, policy makers tend to regularly postpone correction of this problem. Eventually, however, the fiscal illusion fades away, and political pressure for tax relief arises once the cumulative increase of the average tax rate exceeds a critical threshold. Using Germany as an example, it is shown that bracket creep can provoke revenue cycles in public budgets that hinder governments’ compliance with the numerical budget rules. An indexation of the tax tariff, which would provide an automatic correction for bracket creep, could prevent such fluctuations and thus provide a favourable framework for the debt brake.     

Bitcoins,Blockchain und Distributed Ledgers

Cryptocurrencies such as bitcoin were invented to facilitate instant payment services without the need for a central bank or financial intermediaries executing payments. Using cryptographic functions, any user of the bitcoin system can transfer units of the virtual currency globally on an anonymous basis. However, financial supervisory authorities are about to increase regulation of virtual currencies due to concerns that the anonymous character of the system facilitates money laundering and the financing of illegal transactions. Nevertheless, the underlying blockchain technology, or in broader terms the distributed ledger technology, may revolutionise several industries. This paper illustrates the functioning and recent market developments in the bitcoin industry as well as the disruptive potential of the underlying technologies.     

Versuche,die Robustheit der deutschen Volkswirtschaft zu verstehen

GDP and employment in Germany have been improving since the economic and financial crisis. This paper investigates where this stability comes from. Michael Hüther does not believe that the cheap euro alone accounts for the high level of German competitiveness. He stresses unique German features such as the advantages of collaboration through social partnership and interconnected networks, as well as the flexibility of the economic sectors. In addition, German social stability plays an important role. He warns about the risks that would accompany a reversal of supply side political reforms, a lack of development of the country’s digital infrastructure and a failure to take coming demographic changes into account.     

Foreign direct investment via M&A and domestic entrepreneurship: blessing or curse?

There are conflicting predictions in the literature about the relationship between FDI and entrepreneurship. This paper explores how foreign direct investment (FDI) inflows, measured by lagged cross-border mergers and acquisitions (M&A), affect entrepreneurial entry in the host economy. We have constructed a micro-panel of more than two thousand individuals in each of seventy countries, 2000–2009, linked to FDI by matching sectors. We find the relationship between FDI inflows and domestic entrepreneurship to be negative across all economies. This negative effect is much more pronounced in developed than developing economies and is also identified within industries, notably in manufacturing. Policies to encourage FDI via M&A need to consider how to counteract the prevailing adverse effect on domestic entrepreneurship.     

Buchbesprechungen

Ohne Zusammenfassung     

Revisiting Tversky's Trail—How Money Makes a Subtle Difference in Similarity Effect Experiments

Recent findings in research on context effects indicate that, as opposed to choices under hypothetical settings, compromise effects are significantly attenuated in binding settings that include real payments for products. The present investigation examines to what extent this finding applies to yet another context effect, namely the similarity effect (SE). The SE stipulates that, compared with initial shares of two options A and B in a binary choice set, the introduction of an option C that is dissimilar to B but similar to A will hurt the latter more than the nonadjacent option B. The conducted online survey examines the SE in unforced choices of experienced consumers between real brands across three consumer good categories. The results confirm that the SE is evidently reduced under real payment conditions, hence confirming the hypothesis that the applied choice setting moderates the efficacy of the composition of choice sets.     

Category management and consumer choice

This paper shows the results of an exploratory analysis of the structure of a complex product category: Wine. In complex categories, a usual strategy of consumers is the partitioning of alternatives into homogeneous subsets and the sequential eliminations of subsets until a product/brand is chosen from among few homogeneous alternatives in the last subset. To identify if there is such a kind of strategy and the product attributes involved is of great interest for the retailer. After a discussion of the different modelling alternatives of the choice process, the authors provide an application of the additive trees (ADDTREE) model to explore the hierarchical structure. The ADDTREE results provide a first overview of the competitive market structure of the wine category: competition becomes more intense as the wine category is partitioned by, first, the type of wine criteria and, second, the designation of origin (DO) criteria.     

Match Point Management — Gleichzeitig Kosten- und Marktperformance verbessern

Der Matchpoint entscheidet über Sieg oder Niederlage. Match Point Management zeigt, wie man Krisen meistert, indem man gleichzeitig Gewinn und Kosten verbessert — ohne in die Falle eines zyklischen Auf und Ab zu tappen.