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Recent empirical research found that the strong short-term relationship between monetary aggregates and US real output and inflation, as outlined in the classical study by M. Friedman and Schwartz, mostly disappeared since the early 1980s. In the light of the B. Friedman and Kuttner (1992) information value approach, we reevaluate the vanishing relationship between US monetary aggregates and these macroeconomic fundamentals by taking into account the international currency feature of the US dollar. In practice, by using official US data for foreign flows constructed by Porter and Judson (1996) we find that domestic money (currency component of M1 corrected for the foreign holdings of dollars) contains valuable information about future movements of US real output and inflation. Statistical evidence here provided thus suggests that the Friedman and Schwartz's stylized facts can be reestablished once the focus of analysis is back on the domestic monetary aggregates. This Version: August, 2001. Klassifikation: E3, E4, E5
What do academics have to offer market risk management practitioners in financial institutions? Current industry practice largely follows one of two extremely restrictive approaches: historical simulation or RiskMetrics. In contrast, we favor flexible methods based on recent developments in financial econometrics, which are likely to produce more accurate assessments of market risk. Clearly, the demands of real-world risk management in financial institutions - in particular, real-time risk tracking in very high-dimensional situations - impose strict limits on model complexity. Hence we stress parsimonious models that are easily estimated, and we discuss a variety of practical approaches for high-dimensional covariance matrix modeling, along with what we see as some of the pitfalls and problems in current practice. In so doing we hope to encourage further dialog between the academic and practitioner communities, hopefully stimulating the development of improved market risk management technologies that draw on the best of both worlds.
We characterize the response of U.S., German and British stock, bond and foreign exchange markets to real-time U.S. macroeconomic news. Our analysis is based on a unique data set of high-frequency futures returns for each of the markets. We find that news surprises produce conditional mean jumps; hence high-frequency stock, bond and exchange rate dynamics are linked to fundamentals. The details of the linkages are particularly intriguing as regards equity markets. We show that equity markets react differently to the same news depending on the state of the economy, with bad news having a positive impact during expansions and the traditionally-expected negative impact during recessions. We rationalize this by temporal variation in the competing "cash flow" and "discount rate" effects for equity valuation. This finding helps explain the time-varying correlation between stock and bond returns, and the relatively small equity market news effect when averaged across expansions and recessions. Lastly, relying on the pronounced heteroskedasticity in the high-frequency data, we document important contemporaneous linkages across all markets and countries over-and-above the direct news announcement effects. JEL Klassifikation: F3, F4, G1, C5
Part IV of our series on ISIS : "Blogforum 'Kalifat des Terrors: Interdisziplinäre Perspektiven auf den Islamischen Staat".
One element within US counter-terrorism strategies is “reducing terrorist group cohesion”, as the think tank RAND recommends in one of its reports. The Combating Terrorism Center at West Point (CTC) puts these recommendations into actions. Reports like ”Cracks in the Foundation” or ”Dysfunction and Decline” vividly depict the internal disagreement and disunity between al-Qaeda central (AQ) and its regional affiliates, most of all AQ in Iraq (AQI). Albeit these reports are drafted by pundits and certainly provide meaningful and often rare insights into the inner life of the global jihadi movement, they also serve another purpose: to deliberately amplify the very same trend they describe: disunity...
“WAR IS PEACE, FREEDOM IS SLAVERY, AND IGNORANCE IS STRENGTH”. The slogan from George Orwell’s “1984” dystopia appears to capture the state of Russia’s 2014 official discourse quite accurately. This has not gone unnoticed by public and academic spectators in and outside Russia: while Bild magazine is counting Putin’s lies in his recent ARD interview, a Zeit article declares Russia itself to be a post-modern “lie”...
"Tracking Stock", zum Teil auch als "Targeted Stock" bezeichnet, ist eine Innovation des U.S.-amerikanischen Kapitalmarkts. Mit Tracking Stocks bezeichnet man Aktien, deren Gewinnbezugsrecht sich lediglich nach dem Ergebnis einer bestimmten Unternehmenssparte, nicht des Gesamtunternehmens, bemißt. Ein typisches Beispiel bildet die Schaffung von Tracking Stocks im Zusammenhang mit der Übernahme von Electronic Data Systems (EDS) durch General Motors im Jahre 1984. Die bisherigen Aktionäre von EDS, die EDS eingebracht hatten, erhielten zwar General Motors-Aktien, deren Dividendenbezugsrecht aber am - separat zu ermittelnden - Gewinn der künftigen EDS-Sparte von General Motors orientiert wurde. Damit sollte erreicht werden, die bisherigen Aktionäre der EDS auch weiterhin vorrangig an den Erträgen des - im Vergleich zum Kerngeschäft von General Motors als profitabler eingeschätzten - Elektronikgeschäfts teilhaben zu lassen. Im folgenden werden zunächst Gründe und Anwendungsbereich (II.) sowie die Vor- und Nachteile dieser Gestaltung (III.) näher erläutert. Ein weiterer Abschnitt (IV.) wendet sich dann ausgewählten Einzelfragen zu, die sich bei Einführung dieses Instruments nach deutschem Recht stellen würden.
The article describes the legal structure of the Daimler-Chrysler merger. It asks why this specific structure rather than another cheaper way was chosen. This leads to the more general question of the pros and cons of mandatory corporate law as a regulatory device. The article advocates an "optional" approach: The legislator should offer various menus or sets of binding rules among which the parties may choose. (JEL: ...)
Peter Raisch hat sich in seinen wissenschaftlichen Arbeiten immer wieder mit dem Verhältnis von Rechtsordnung und Markt, den Aufgaben des Rechts gegenüber dem Marktgeschehen, befaßt. Die folgenden Bemerkungen beziehen sich auf den Teilbereich des "Marktrechts", der in den letzten Jahren die vielleicht umfassendste Veränderung erfahren hat und für den auch weiterhin eine dynamische Entwicklung zu erwarten steht: das Kapitalmarktrecht. Der Begriff selbst hat sich erst im Verlauf dieser Entwicklung gebildet1, ist aber inzwischen fest etabliert. Die Internationalisierung der Kapitalmärkte bringt Fragen des Anwendungsbereichs, der Kollision und der Harmonisierung verschiedener Kapitalmarktrechte mit sich - Themen, die dem Kenner des Kartellrechts, des "Grundgesetzes" unserer Marktordnung, seit langem wohl vertraut sind. Der Verfasser darf daher auf das Interesse des Jubilars hoffen, wenn er im folgenden auf einige in diesem Bereich auftretende Fragen eingeht.
Taking shareholder protection seriously? : Corporate governance in the United States and Germany
(2003)
The paper undertakes a comparative study of the set of laws affecting corporate governance in the United States and Germany, and an evaluation of their design if one assumes that their objective were the protection of the interests of minority outside shareholders. The rationale for such an objective is reviewed, in terms of agency cost theory, and then the institutions that serve to bound agency costs are examined and critiqued. In particular, there is discussion of the applicable legal rules in each country, the role of the board of directors, the functioning of the market for corporate control, and (briefly) the use of incentive compensation. The paper concludes with the authors views on what taking shareholder protection seriously, in each country s legal system, would require.
Regional inflation dynamics within and across Euro area countries and a comparison with the US
(2006)
We investigate co-movements and heterogeneity in inflation dynamics of different regions within and across euro area countries using a novel disaggregate dataset to improve the understanding of inflation differentials in the European Monetary Union. We employ a model where regional inflation dynamics are explained by common euro area and country specific factors as well as an idiosyncratic regional component. Our findings indicate a substantial common area wide component, that can be related to the common monetary policy in the euro area and to external developments, in particular exchange rate movements and changes in oil prices. The effects of the area wide factors differ across regions, however. We relate these differences to structural economic characteristics of the various regions. We also find a substantial national component. Our findings do not differ substantially before and after the formal introduction of the euro in 1999, suggesting that convergence has largely taken place before the mid 90s. Analysing US regional inflation developments yields similar results regarding the relevance of common US factors. Finally, we find that disaggregate regional inflation information, as summarised by the area wide factors, is important in explaining aggregate euro area and US inflation rates, even after conditioning on macroeconomic variables. Therefore, monitoring regional inflation rates within euro area countries can enhance the monetary policy maker’s understanding of aggregate area wide inflation dynamics. JEL Classification: E31, E52, E58, C33
Using a set of regional inflation rates we examine the dynamics of inflation dispersion within the U.S.A., Japan and across U.S. and Canadian regions. We find that inflation rate dispersion is significant throughout the sample period in all three samples. Based on methods applied in the empirical growth literature, we provide evidence in favor of significant mean reversion (ß-convergence) in inflation rates in all considered samples. The evidence on ó-convergence is mixed, however. Observed declines in dispersion are usually associated with decreasing overall inflation levels which indicates a positive relationship between mean inflation and overall inflation rate dispersion. Our findings for the within-distribution dynamics of regional inflation rates show that dynamics are largest for Japanese prefectures, followed by U.S. metropolitan areas. For the combined U.S.-Canadian sample, we find a pattern of within-distribution dynamics that is comparable to that found for regions within the European Monetary Union (EMU). In line with findings in the so-called 'border literature' these results suggest that frictions across European markets are at least as large as they are, e.g., across North American markets. Klassifikation: E31, E52, E58
It is well known that Luis Kutner (1908-1993) played an important role in the development of the living will (advance directive, Patientenverfügung). But it is not clear when he developed his concept. We have screened the Luis Kutner Papers,deposited at the Hoover Institution Archives at Stanford University to answer this question. We found out that in the second half of 1967, Kutner dealt intensively with the issue of euthanasia. On December 7, 1967, he delivered a speech at the annual meeting of the Euthanasia Society in New York and presented the concept of the living will to the audience. So Kutner surely was a pioneer in this field, but further research is necessary to clarify, if he (or maybe Elsa W. Simon or Abraham L. Wolbarst) was the "originator" of the living will concept in the sense of passive euthanasia.
The paper presents an overview about some of the international relevant projects of digital resources in Germany. Online presentations of primary sources, e.g. photographic material, and bibliographic tools supporting research, such as cross searching, will be presented as potential partners of resource sharing with North America. Not only the possibility of cooperation will be sketched, but also necessary preliminary work and some obstacles will be outlined. This report is accompanied by a short characterization of African studies in Germany and the status quo of Open Access-initiatives.
Regulations in the pre-Sarbanes–Oxley era allowed corporate insiders considerable flexibility in strategically timing their trades and SEC filings, for example, by executing several trades and reporting them jointly after the last trade. We document that even these lax reporting requirements were frequently violated and that the strategic timing of trades and reports was common. Event study abnormal re-turns are larger after reports of strategic insider trades than after reports of otherwise similar nonstrategic trades. Our results also imply that delayed reporting is detrimental to market efficiency and lend strong support to the more stringent trade reporting requirements established by the Sarbanes–Oxley Act. JEL Classification: G14, G30, G32 Keywords: Insider Trading , Directors' Dealings , Corporate Governance , Market Efficiency
Der dritte Advent ist geschafft, wie biegen auf die Zielgerade gen Weihnachten, Jahreswechsel und Bretterblogpause ein. In der letzten, diesmal recht bunten Netzschau diesen Jahres drehen wir uns um Islamophobie und Rassismus, Folter, Cyberpeace, die “resistance” und soziale Bewegungen und schließlich “IS(IS)”.
Nach dem Ausfall der vergangenen Woche, gibt es diese Woche wieder eine Netzschau. Alles beim Alten, bin ich geneigt zu sagen. Aber das stimmt nicht ganz. Diese Ausgabe ist eine Übergangs-Netzschau und kommt deshalb sehr schlank daher. Wir überlegen, das Format drastisch zu verändern. Über das “wie” ist bisher allerdings noch keine Entscheidung gefallen. Wer uns Tipps geben mag, wie ihre/seine perfekte Netzschau aussehen würde oder was wir auf jeden Fall verändern sollten, kommentiere bitte diesen Beitrag. Danke!
Derivatives usage in risk management by U.S. and German non-financial firms : a comparative survey
(1998)
This paper is a comparative study of the responses to the 1995 Wharton School survey of derivative usage among US non-financial firms and a 1997 companion survey on German non-financial firms. It is not a mere comparison of the results of both studies but a comparative study, drawing a comparable subsample of firms from the US study to match the sample of German firms on both size and industry composition. We find that German firms are more likely to use derivatives than US firms, with 78% of German firms using derivatives compared to 57% of US firms. Aside from this higher overall usage, the general pattern of usage across industry and size groupings is comparable across the two countries. In both countries, foreign currency derivative usage is most common, followed closely by interest rate derivatives, with commodity derivatives a distant third. Usage rates across all three classes of derivatives are higher for German firms than US firms. In contrast to the similarities, firms in the two countries differ notably on issues such as the primary goal of hedging, their choice of instruments, and the influence of their market view when taking derivative positions. These differences appear to be driven by the greater importance of financial accounting statements in Germany than the US and stricter German corporate policies of control over derivative activities within the firm. German firms also indicate significantly less concern about derivative related issues than US firms, which appears to arise from a more basic and simple strategy for using derivatives. Finally, among the derivative non-users, German firms tend to cite reasons suggesting derivatives were not needed whereas US firms tend to cite reasons suggesting a possible role for derivatives, but a hesitation to use them for some reason.
In this paper, we examine three famous episodes of deliberate deflation (or disinflation) in U.S. history, including episodes following the Civil War, World War I, and the Volcker disinflation of the early 1980s. These episodes were associated with widely divergent effects on the real economy, which we attribute both to differences in the policy actions undertaken, and to the transparency and credibility of the monetary authorities. We attempt to account for the salient features of each episode within the context of a stylized DSGE model. Our model simulations indicate how a more predictable policy of gradual deflation could have helped avoid the sharp post-WWI depression. But our analysis also suggests that the strong argument for gradualism under a transparent monetary regime becomes less persuasive if the monetary authority lacks credibility; in this case, an aggressive policy stance (as under Volcker) can play a useful signalling role by making a policy shift more apparent to private agents. JEL Classification: E31, E32, E52
Die USA - Terra incognita für die meisten Europäer im frühen und mittleren 19. Jahrhundert - spielten als Modell staatswissenschaftlichen, verfassungsrechtlichen und politischen Denkens bei den Vertretern und Verteidigern der monarchischen Herrschaft und ihres Machtgefüges genauso wie bei den Anführern und Anhängern gemäßigter und radikaler Reform-, Oppositions- und Widerstandsbewegungen, aber auch an deutschen Universitäten und Akademien, in literarischen und philosophischen Zirkeln, in Unternehmer- und Verlegerkreisen, Künstlerbünden und der medialen Öffentlichkeit eine zentrale Rolle. Zugleich stellte die Neue Welt ein Sehnsuchtsziel für Freiheitsliebende, politische Flüchtlinge, Auswanderungswillige und Wirtschaftsmigranten, aber auch bisweilen die gefürchtete Endstation für verbannte Gefangene dar: Das Spektrum der Funktionen, Aufgaben, Bilder und Vorstellungen ist breit, das die Vereinigten Staaten von Amerika in der Wahrnehmung der Zeitgenossen im Vor- und Nachmärz einnahmen und das ihnen zugeschrieben wurde - nicht zuletzt auch in der (Emigrations-)Literatur. Gerade die repressive, restaurative Politik in Europa und hier vor allem in den Einzelstaaten des Deutschen Bundes bildete für viele unter Verfolgungsmaßnahmen und Zensurbedingungen arbeitende und leidende Oppositionelle, Intellektuelle, Gelehrte und Kulturschaffende den Ausgangspunkt für ihre intensive Auseinandersetzung mit dem Verfassungs-, Regierungs- und Gesellschaftssystem der USA und den dort, wie es scheint, ohne Probleme vertretenen und verwirklichten Ideen von Freiheit, Demokratie, Recht, Föderalismus, Republik und Revolution und inspirierten sie gleichzeitig zu einer umfassenden künstlerischen und wissenschaftlichen Beschäftigung mit den jenseits des Atlantiks vorgefundenen und noch näher zu erkundenden Kulturen, Sprachen und Landschaften.
Rezension zu Joachim Höppner/Waltraud Seidel-Höppner: Etienne Cabet und seine Ikarische Kolonie. Sein Weg vom Linksliberalen zum Kommunisten und seine Kolonie in Darstellung und Dokumentation. Schriftenreihe der Internationalen Forschungsstelle "Demokratische Bewegungen in Mitteleuropa 1770-1850", Bd. 33. Frankfurt/M.: Peter Lang, 2002.
We examine the empirical predictions of a real option-pricing model using a large sample of data on mergers and acquisitions in the U.S. banking sector. We provide estimates for the option value that the target bank has in waiting for a higher bid instead of accepting an initial tender offer. We find empirical support for a model that estimates the value of an option to wait in accepting an initial tender offer. Market prices reflect a premium for the option to wait to accept an offer that has a mean value of almost 12.5% for a sample of 424 mergers and acquisitions between 1997 and 2005 in the U.S. banking industry. Regression analysis reveals that the option price is related to both the price to book market and the free cash flow of target banks. We conclude that it is certainly in the shareholders best interest if subsequent offers are awaited. JEL Classification: G34, C10
We take a simple time-series approach to modeling and forecasting daily average temperature in U.S. cities, and we inquire systematically as to whether it may prove useful from the vantage point of participants in the weather derivatives market. The answer is, perhaps surprisingly, yes. Time-series modeling reveals conditional mean dynamics, and crucially, strong conditional variance dynamics, in daily average temperature, and it reveals sharp differences between the distribution of temperature and the distribution of temperature surprises. As we argue, it also holds promise for producing the long-horizon predictive densities crucial for pricing weather derivatives, so that additional inquiry into time-series weather forecasting methods will likely prove useful in weather derivatives contexts.
This paper presents a simple new method for estimating the size of ‘wealth effects’ on aggregate consumption. The method exploits the well-documented sluggishness of consumption growth (often interpreted as ‘habits’ in the asset pricing literature) to distinguish between short-run and long-run wealth effects. In U.S. data, we estimate that the immediate (next-quarter) marginal propensity to consume from a $1 change in housing wealth is about 2 cents, with a final long-run effect around 9 cents. Consistent with several recent studies, we find a housing wealth effect that is substantially larger than the stock wealth effect. We believe that our approach is preferable to the currently popular cointegrationbased estimation methods, because neither theory nor evidence justifies faith in the existence of a stable cointegrating vector. JEL Classification: E21, E32, C22
American households have received a triple dose of bad news since the beginning of the current recession: The greatest collapse in asset values since the Great Depression, a sharp tightening in credit availability, and a large increase in unemployment risk. We present measures of the size of these shocks and discuss what a benchmark theory says about their immediate and ultimate consequences. We then provide a forecast based on a simple empirical model that captures the effects of wealth shocks and unemployment fears. Our short-term forecast calls for somewhat weaker spending, and somewhat higher saving rates, than the Consensus survey of macroeconomic forecasters. Over the longer term, our best guess is that the personal saving rate will eventually approach the levels that preceded period of financial liberalization that began in the late 1970s. Classification: C61, D11, E24
Das "Handbook of...", um das es in dieser Arbeit geht, wird, wenn es vollendet werden sollte, 20 Bände mit insgesamt ca. 16000 Seiten Informationen zu einer aus Anonymisierungsgründen hier nicht näher bezeichneten Bevölkerungsgruppe umfassen, die im gegenwärtigen Nordamerika als ethnische Minderheit gilt. Der komplette Titel des Handbook war länger, wird aber ebenfalls aus Gründen der Anonymisierung nicht erwähnt. Es war als eine Enzyklopädie geplant, die die bis dato gewonnenen wissenschaftlichen Kenntnisse über die Geschichte und Kultur dieser Gruppe von der frühesten Prähistorie bis zur Gegenwart mit dem Ziel zusammenfassen sollte, ein von ausgesuchten Wissenschaftlern geschriebenes enzyklopädisches Referenzwerk nicht nur für Fachleute, sondern auch für die Allgemeinheit zu schaffen (General Editor 1987). In Form einer Monographie wird dargestellt, wo und wie das Handbook produziert wurde, welche unterschiedlichen berufs- und branchenkulturellen Elemente im Redaktionsbüro zusammentrafen und welche von außen auf es einwirkten, wobei natürlich nur eine Auswahl beschrieben und keine komplette Auflistung vorgenommen werden konnte. Das "Handbook of ..." wurde Mitte der sechziger Jahre geplant, Anfang der siebziger konkret begonnen und war 1997 bei Band 10 von 20 geplanten Bänden angekommen. Im Redaktionsbüro wurden die von vielen verschiedenen Autoren geschriebenen Beiträge aneinander angeglichen, um eine für Enzyklopädien erforderliche Einheitlichkeit zu erreichen. Überprüft, und gegebenenfalls korrigiert, wurden die Texte auf die Einhaltung des Themas und ihre Schlüssigkeit hin, auf eine (in Angleichung an andere Beiträge des Bandes und der Serie) einheitliche Schreibweise von Namen und Begriffen, auf korrekte Sachangaben sowie auf fehlerfreie Zitate und Literaturangaben. Solche Überprüfungen wurden nicht nur für das Handbook vorgenommen, sondern genauso in anderen großen und renommierten Enzyklopädie- und Lexikonverlagen wie der Encyclopedia Britannica und dem Brockhausund Dudenverlag. Durch die Stellung als Wissensautorität und 'letzte Instanz' in der Klärung von strittigen Fragen waren sie es ihrem Ruf schuldig, (möglichst) fehlerfreie Werke herauszubringen. ...
We investigate US households’ direct investment in stocks, bonds and liquid accounts and their foreign counterparts, in order to identify the different participation hurdles affecting asset investment domestically and overseas. To this end, we estimate a trivariate probit model with three further selection equations that allows correlations among unobservables of all possible asset choices. Our results point to the existence of a second hurdle that stock owners need to overcome in order to invest in foreign stocks. Among stockholders, we show that economic resources, willingness to assume greater financial risks, shopping around for the best investment opportunities all increase the probability to invest in foreign stocks. Furthermore, we find that households who seek financial advice from relatives, friends and work contacts are less likely to invest in foreign stocks. This result corroborates the conjecture by Hong et al. (2004) that social interactions should discourage investment in foreign stocks, given their limited popularity. On the other hand, we find little evidence for additional pecuniary or informational costs associated with investment in foreign bonds and liquid accounts. Finally, we show that ignoring correlations of unobservables across different asset choices can lead to very misleading results.
We investigate, using the 2002 US Health and Retirement Study, the factors influencing individuals’ insecurity and expectations about terrorism, and study the effects these last have on households’ portfolio choices and spending patterns. We find that females, the religiously devout, those equipped with a better memory, the less educated, and those living close to where the events of September 2001 took place worry a lot about their safety. In addition, fear of terrorism discourages households from investing in stocks, mostly through the high levels of insecurity felt by females. Insecurity due to terrorism also makes single men less likely to own a business. Finally, we find evidence of expenditure shifting away from recreational activities that can potentially leave one exposed to a terrorist attack and towards goods that might help one cope with the consequences of terrorism materially (increased use of car and spending on the house) or psychologically (spending on personal care products by females in couples).
This paper provides a joint analysis of household stockholding participation, stock location among stockholding modes, and participation spillovers, using data from the US Survey of Consumer Finances. Our multivariate choice model matches observed participation rates, conditional and unconditional, and asset location patterns. Financial education and sophistication strongly affect direct stockholding and mutual fund participation, while social interactions affect stockholding through retirement accounts only. Household characteristics influence stockholding through retirement accounts conditional on owning retirement accounts, unlike what happens with stockholding through mutual funds. Although stockholding is more common among retirement account owners, this fact is mainly due to their characteristics that led them to buy retirement accounts in the first place rather than to any informational advantages gained through retirement account ownership itself. Finally, our results suggest that, taking stockholding as given, stock location is not arbitrary but crucially depends on investor characteristics. JEL Classification: G11, E21, D14, C35
This paper proposes a possible way of assessing the effect of interest rate dynamics on changes in the decision-making approach, communication strategy and operational framework of a Central bank. Through a GARCH specification we show that the USA and Euro area displayed a limited but significant spillover of volatility from money market to longer-term rates. We then checked the stability of this phenomenon in the most recent period of improved policymaking and found empirical evidence that the transmission of overnight volatility along the yield curve vanished soon after specific policy changes of the FED and ECB.
This paper explores the role of trade integration—or openness—for monetary policy transmission in a medium-scale New Keynesian model. Allowing for strategic complementarities in price-setting, we highlight a new dimension of the exchange rate channel by which monetary policy directly impacts domestic inflation. Although the strength of this effect increases with economic openness, it also requires that import prices respond to exchange rate changes. In this case domestic producers find it optimal to adjust their prices to exchange rate changes which alter the domestic currency price of their foreign competitors. We pin down key parameters of the model by matching impulse responses obtained from a vector autoregression on U.S. time series relative to an aggregate of industrialized countries. While we find evidence for strong complementarities, exchange rate pass-through is limited. Openness has therefore little bearing on monetary transmission in the estimated model.
Danke für die Klarstellung! Es hätte des Kraftausdrucks von Victoria Nuland nicht bedurft, um Klarheit über die transatlantischen Beziehungen zu erhalten. Schon auf der Münchner Sicherheitskonferenz war deutlich geworden, dass die US-Administration die NSA-Affäre so schnell wie möglich vom Tisch haben will und zur Tagesordnung übergehen möchte – ohne ihre Politik zu ändern. Außenminister John Kerry ging mit keinem Wort auf die Bespitzelung deutscher Politiker ein, als er – dem Programm seiner Abteilungsleiterin für Europa und Eurasien Nuland folgend – eine „transatlantische Renaissance“ beschwor. Und der US-Abgeordnete Mike Rogers riet, lieber „nach vorne zu schauen“ und die Gefahren im Cyberspace gemeinsam zu bekämpfen, anstatt in den angeblichen Verfehlungen der amerikanischen Geheimdienste herumzustochern...
Nach dem umstrittenen Referendum in derOstukraine wird wieder über schärfereWirtschaftssanktionen gegen Russland gestritten. ImZentrum der Auseinandersetzung zwischenBefürwortern und Kritikern von Wirtschaftssanktionen steht die Frage: Wieerfolgversprechend sind Sanktionen, das Verhalten Russlands zu ändern?Aber das ist die falsche Frage! Ihr liegt das Missverständnis zugrunde, dassSanktionen in erster Linie den Zweck haben, einen Übeltäter zu bestrafenund ihn dazu zu zwingen, von seinem Tun abzulassen. Zwei Dinge werdenhier verwechselt: Sanktionen und Zwangsdiplomatie...
Equal size, equal role? : interest rate interdependence between the Euro area and the United States
(2003)
This paper investigates whether the degree and the nature of economic and monetary policy interdependence between the United States and the euro area have changed with the advent of EMU. Using real-time data, it addresses this issue from the perspective of financial markets by analysing the effects of monetary policy announcements and macroeconomic news on daily interest rates in the United States and the euro area. First, the paper finds that the interdependence of money markets has increased strongly around EMU. Although spillover effects from the United States to the euro area remain stronger than in the opposite direction, we present evidence that US markets have started reacting also to euro area developments since the onset of EMU. Second, beyond these general linkages, the paper finds that certain macroeconomic news about the US economy have a large and significant effect on euro area money markets, and that these effects have become stronger in recent years. Finally, we show that US macroeconomic news have become good leading indicators for economic developments in the euro area. This indicates that the higher money market interdependence between the United States and the euro area is at least partly explained by the increased real integration of the two economies in recent years.
Credit Unions are cooperative financial institutions specializing in the basic financial needs of certain groups of consumers. A distinguishing feature of credit unions is the legal requirement that members share a common bond. This organizing principle recently became the focus of national attention as the Supreme Court and the U.S. Congress took opposite sides in a controversy regarding the number of common bonds that could co-exist within the membership of a single credit union. Despite its importance, little research has been done into how common bonds affect how credit unions actually operate. We frame the issues with a simple theoretical model of credit-union formation and consolidation. To provide intuition into the flexibility of multiple-group credit unions in serving members, we simulate the model and present some comparative-static results. We then apply a semi-parametric empirical model to a large dataset drawn from federally chartered occupational credit unions in 1996 to investigate the effects of common bonds. Our results suggest that credit unions with multiple common bonds have higher participation rates than credit unions that are otherwise similar but whose membership shares a single common bond.
How do fiscal and technology shocks affect real exchange rates? : New evidence for the United States
(2008)
Using vector autoregressions on U.S. time series relative to an aggregate of industrialized countries, this paper provides new evidence on the dynamic effects of government spending and technology shocks on the real exchange rate and the terms of trade. To achieve identification, we derive robust restrictions on the sign of several impulse responses from a two-country general equilibrium model. We find that both the real exchange rate and the terms of trade – whose responses are left unrestricted – depreciate in response to expansionary government spending shocks and appreciate in response to positive technology shocks.
In recent years, the notion of infrastructure has enjoyed growing scholarly attention; infrastructure being precisely that which allows for the kind of interfacing between local and global scales the term 'glocalization' resists on. In order to connect this discourse to the studies of language and literature, this article revisits Jacques Lacan's paper "Of Structure as an Inmixing Prerequisite to Any Subject Whatever". Rather than taking Lacan's notorious claim that "the best image to sum up the unconscious is Baltimore in the early morning" as the absurdity it may seem at first glance, the article proposes to read the claim seriously. Taking the scenic route through the extensive work on the Baltimore region undertaken in urban studies since the 1950s, the article outlines how Lacan's connection of the unconscious to a Baltimore street scene is actually closely tied to the interest in the notion of 'structure' at the core of his paper: Since Jean Gottmann's groundbreaking work on the topic, the extended Baltimore region - the 'Northeastern Megalopolis' - has continued to exert a twofold fascination over urban geography: not only does it represent a cultural and economic center of global importance, but also a type of structure characterized by change and accident rather than by unity and planning. 'Structured', in this context, must adopt a new meaning, which, in turn, sheds a new light on Lacan's famous claim in the same paper that the unconscious is "structured like a language". Lacan's seemingly offhand remark, thus, serves as an entrance into a possible configuration of language, literature, and infrastructure.
Benjamin's early reception in the United States can be broken into eight phases: 1) a few notices of his work in the 1930s; 2) the appearance of two major works, without translation, in the 'Zeitschrift für Sozialforschung', when it was published in New York and mimeographed in Los Angeles; 3) several reports of his suicide along with the death of other Jewish and left-wing writers who fell victim to Nazi terror; 4) scattered use of his work in the late 1940s and 1950s; 5) a growing realization in the early 1960s that American literary and cultural criticism was missing something of significance by neglecting Benjamin's work; 6) the appearance in the 1960s of competing portraits of Benjamin by four of his surviving friends, including Hannah Arendt, who edited and introduced the first collection of his writings in English; 7) an uncanny repetition of the earlier neglect, as a significant number of Benjamin's texts are published in Great Britain during the 1970s and early 1980s but remain unavailable in the States; 8) the beginning of a sustained critical engagement with Benjamin in the late 1970s.
Am vergangenen Freitag wurde zum mittlerweile fünften Mal der Internationale Tag gegen Nuklearversuche begangen. Außenminister Steinmeier merkte dazu an: „Auch wenn die Krisendiplomatie derzeit oftmals das Tagesgeschäft bestimmt, dürfen wir unsere langfristigen Bemühungen um Abrüstung nicht aus den Augen verlieren. Deutschland setzt sich weiterhin mit großem Nachdruck für das Inkrafttreten des Atomteststoppvertrags ein, der die Neu- und Weiterentwicklung von Nuklearwaffen stark erschweren würde – ein enormer Sicherheitsgewinn für die Weltgemeinschaft.“ Das Schicksal des bereits 1996 zur Unterschrift aufgelegten Umfassenden Kernwaffenteststopp-Vertrags, oder CTBT, wie er international abgekürzt wird, hängt in den Augen der meisten Beobachter von der Ratifikation der Vereinigten Staaten ab. Diese ist 1999 gescheitert. Und obwohl die Obama-Administration schon früh während der ersten Amtszeit plante, den Vertrag erneut dem Senat vorzulegen, ist es dazu bis heute nicht gekommen. Ein Blick auf die Verhältnisse im Senat und den damit zusammenhängenden „Ratifikationsstau“ zahlreicher internationaler Abkommen lässt weder für die verbleibende Amtszeit von Obama Hoffnung aufkommen – noch für die Zeit danach...
"Wie man in den Wald hineinruft…": die Überraschung über chinesische Hyperschallwaffen ist naiv
(2014)
Letzte Woche hat China ein neues strategisches Trägersystem getestet. Dabei handelte es sich nicht um eine herkömmliche ballistische Rakete, sondern um einen Hyperschall-Flugkörper, der offenbar die zehnfache Schallgeschwindigkeit (etwa 12.350 km/h) erreichte. Die Aufregung in Washington war groß – zumindest in konservativen Kreisen...
Offiziere der amerikanischen Nuklearstreitkräfte haben bei ihren monatlichen Eignungstests in großem Umfang geschummelt und sich die Testantworten per SMS gegenseitig zugeschickt. Dies ist nur einer von vielen Skandalen, die in den letzten Monaten publik geworden sind und die Fragen über die Sicherheit des Nuklearwaffenarsenals aufwerfen...
In der diesjährigen Rede zur Lage der Nation hat Präsident Obama erneut einen relativ hohen Anteil seiner begrenzten Redezeit auf Außen- und Sicherheitspolitik verwendet – und damit den sich über seine zwei Amtszeiten abzeichnenden Trend bekräftigt. Exakt ein Viertel seiner knapp 6.500 Worte (für die er dieses Jahr 59 Minuten und 56 Sekunden benötigte) füllten Themen wie IS und Syrien/Irak, der Abzug aus Afghanistan, die Ukraine-Krise und russische Aggression, das Tauwetter in der Karibik, die Verhandlungen rund um das iranische Atomprogramm, Cybersicherheit, Ebola, Guantanamo und die „größte Gefahr für zukünftige Generationen“: Klimawandel....
Das Zittern in der Ukraine geht weiter. Während Moskau heute die Krim-Annexion verkündet hat, wachsen in Kiew die Befürchtungen, bald weitere Territorialverluste hinnehmen zu müssen. Denn Russland hat kaum verhohlen auch schon Ansprüche an die Ost- und Südukraine angedeutet. Einer eventuellen militärischen Konfrontation um diese Regionen könnte die Ukraine aber heute nicht lange standhalten, zu drückend ist die russische Überlegenheit.
The known range of Oxybleptes meridionalis Smetana (Coleoptera: Staphylinidae) is expanded in Florida, USA, from Indian River and Manatee counties to now include Brevard, Highlands, Orange, Seminole and Volusia. Oxybleptes davisi (Notman) is confi rmed to exist in Florida, with records from Leon, Liberty and Wakulla counties in the Panhandle, and Orange County in central Florida. Lissohypnus texanus Casey is newly reported from Florida. A new species, Lissohypnus fullertoni, is described from Florida. Diochus schaumii Kraatz reverts to this original spelling; its widespread form in Florida is identical to that in the northeastern USA.
Bekanntlich hat der Handel von Anteilen deutscher Gesellschaften an US-amerikanischen Börsen in der Vergangenheit bisher ein Schattendasein geführt. An den beiden US-Börsen mit den meisten Notierungen ausländischer Gesellschaften, der New York Stock Exchange ("NYSE") und der American Stock Exchange ("AMEX") waren deutsche Aktiengesellschaften nicht vertreten. Im computergestützten Handelssystem National Association of Securities Dealers Automated Quotations System ("NASDAQ") waren gerade einmal die "ADRs" einer einzigen Gesellschaft zum Handel zugelassen. Daneben wurden Ende 1992 noch im Freiverkehr ("OTC") die "ADRs" von 12 weiteren Gesellschaften gehandelt. Die Notierung der Daimler Benz AG an der NYSE seit dem 5. Oktober 1993 sowie die bislang eher verhaltene Reaktion hierauf geben Anlaß, sich mit den Voraussetzungen und daraus erwachsenden Konsequenzen des Ganges an eine US-Börse zu befassen (11. - VI.). Insbesondere sollen aus dem Bezugsrecht der Aktionäre bei zukünftigen Kapitalerhöhungen entstehende Probleme erörtert werden (VII.).