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For many services, consumers can choose among a range of optional tariffs that differ in their access and usage prices. Recent studies indicate that tariff-specific preferences may lead consumers to choose a tariff that does not minimize their expected billing rate. This study analyzes how tariff-specific preferences influence the responsiveness of consumers’ usage and tariff choice to changes in price. We show that consumer heterogeneity in tariff-specific preferences leads to heterogeneity in their sensitivity to price changes. Specifically, consumers with tariff-specific preferences are less sensitive to price increases of their preferred tariff than other consumers. Our results provide an additional reason why firms should offer multiple tariffs rather than a uniform nonlinear pricing plan to extract maximum consumer surplus.
We analyze and compare the social, cultural and historical determinants that influence the international competitiveness of China and India. Starting with the discussion why pure economic determinants cannot solely explain a country's competitiveness, we will analyze previous qualitative research and evaluate quantitative data to assess which country has more favorable socio-economic factors influencing its economic performance in the long run.
Discussions of the international dimension of the global economic crisis have frequently focused on the build-up of large current account "imbalances" since the mid-1990s. This paper examines the extent to which the U.S. current account can be understood in a purely real open-economy DSGE model, were agents' perception of long-run growth evolves over time in response to changes in productivity. We first show that long-run growth forecasts based on
ltering actual productivity growth comove strongly with survey measures of expectations. Simulating the model, we
nd that including data on U.S. TFP growth and the world real interest rate can, under standard parametrizations of our model, explain the evolution of the U.S. current account quite closely. With household preference that allow positive labor supply e¤ects after favorable news of future income, we can also generate output movements in line with the data.
Homestead exemptions to personal bankruptcy allow households to retain their home equity up to a limit determined at the state level. Households that may experience bankruptcy thus have an incentive to bias their portfolios towards home equity. Using US household data from the Survey of Income and Program Participation for the period 1996-2006, we find that especially households with low net worth maintain a larger share of their wealth as home equity if a larger homestead exemption applies. This home equity bias is also more pronounced if the household head is in poor health, increasing the chance of bankruptcy on account of unpaid medical bills. The bias is further stronger for households with mortgage finance, shorter house tenures, and younger household heads, which taken together reflect households that face more financial uncertainty.
We assess, through VAR evidence, the effects of monetary policy on banks’ risk exposure and find the presence of a risk-taking channel. A model combining fragile banks prone to risk mis-incentives and credit constrained firms, whose collateral fluctuations generate a balance sheet channel, is used to rationalize the evidence. A monetary expansion increases bank leverage. With two consequences: on the one side this exacerbates risk exposure; on the other, the risk spiral depresses output, therefore dampening the conventional amplification effect of the financial accelerator.
This European Policy Analysis discusses the need to strengthen the institutions underpinning the euro and makes several policy recommendations. The Stability and Growth Pact must be reinforced, have greater automaticity and entail graduated sanctions. Fiscal surveillance must be improved through the establishment of a European Fiscal Stability Agency. Finally, the European Financial Stability Facility must be made permanent.
How to be a good European...
(2010)
Unter der Überschrift "Ich kaufe griechische Staatsanleihen weil..." sollten Persönlichkeiten aus Politik, Wirtschaft und Kultur kurz begründen, warum sie griechische Staatsanleihen gekauft haben bzw. kaufen werden--idealerweise unter Nachweis ihres finanziellen Engagements. Zum jetzigen Zeitpunkt kaufe ich keine griechischen Staatsanleihen...
At the upcoming G20 meetings the issue what can be done to avoid a repetition of the current deep financial crisis will again be debated. Much attention and criticism will be directed to central banks. That is unavoidable: central banks must never again permit the development of financial imbalances that are large enough to lead to the collapse of major parts of the financial system when they unwind. In the future, policy makers must “lean against the wind” and tighten financial conditions if they perceive that imbalances are forming, even if there is little hard data to rely on. And they must be mindful that the costs of acting too late can dwarf those of acting too early.
The European Commission's Green Paper "Audit Policy: Lessons from the Crisis" raises 38 questions regarding how the audit function could be enhanced in order to contribute to increased financial stability. The authors comment on these 38 questions, arguing that the general level of audit quality can be enhanced by extending the duties of care and by tightening the regulations on liability.
This paper explores the various personal and intellectual links between Edmund Husserl, Rudolf and Walter Eucken. Our interdisciplinary approach gives an insight into Husserl’s transcendental phenomenology, Walter Eucken’s Ordoliberalism as well as in the interdependency between phenomenology and economics for which Rudolf Eucken’s philosophy of intellectual life plays an important role. Particular affiliations between phenomenology and economics can be found in the following topics: epistemology, the idea of man, the comprehension of liberty and the importance of legal or social orders, institutional rules and frameworks of regulations.
The aim of the following paper is to examine the complementarities (and divergences) between the paleoliberal Adam Smith and the ordoliberal Walter Eucken. Following the hypothesis that Smith is among the forerunners and predecessors of Ordoliberalism and Social Market Economy, we try to provide the reader with an insight into the socio-political philosophy of Smith and Eucken pointing at similarities and differences alike. Therefore, we base our examination on a systematic primary source text analysis comparing the books and essays written by Eucken and Smith. The paper tackles these questions in two main steps: The first part highlights Smith's and Eucken's complex and interdependent system of natural liberty. The second section reviews Smith's and Eucken's philosophy of the state.
2008/9 sees the 60th anniversary of the German economic and currency reform of June 20, 1948, and the adoption of the Grundgesetz on May 23, 1949, which committed the country to the ideals of a socially committed market economy. Both of these events are important points along the path taken by the Federal Republic of Germany to reach the system of a social market economy. Since the term, Social Market Economy is often used in several different contexts and sometimes to mean contradictory things, we must ask: what exactly does the term social market economy entail? What economic-ethical ideas and theories are behind it? This paper will trace the origins of the social market economy (chapter 2) and explain the central characteristics of the Freiburg School of Economics (chapter 3), one of the main pillars of the social market economy. Central to this paper is the oeuvre of Walter Eucken, one of the leading representatives of the ordoliberal Freiburg School. The aim is to identify socio-political factors of influence and inspiration on his theory of economic policy (chapter 4) and evaluate similarities to the works of Kant, Smith and other economic philosophers. Chapter 5 will seek to elucidate Eucken’s “Program of Liberty”. We shall also allow ourselves a slight diversion to elaborate on the parallels between this work and Kant’s understanding of freedom and autonomy. Chapter 6 deals with Eucken’s dual requirements of an economic and social order (i.e. functioning and humane socio-economic order). In chapter 7, we seek to answer – with considerable reference to Adam Smith – to what extent it can be assumed that self-interest and the common good are mutually compatible. This paper concludes with a few remarks about the topicality of ordoliberalism in relation to modern, German-speaking economic ethics (chapter 8).
The Master’s program in Money and Finance (MMF) is an innovative joint venture of the Department of Money and Macroeconomics and of the Department of Finance, both located in the new House of Finance. The program offers promising students from all over the world an intellectually stimulating and challenging setting in which to prepare for their professional careers in central banking, commercial banking, insurance and other financial services. By being located in Frankfurt, one of the world's leading financial centers and the only city in the world with two central banks (the ECB and the German Bundesbank), it offers unique opportunities for interaction with practitioners. The program is taught exclusively in English; knowledge of German is not required for admission to, or completion of the program. It has been designed with a view to establishing itself as a leading Masters program integrating studies in monetary economics, macroeconomics and finance and a major gateway to high-profile jobs in the banking and financial sector.
A study on the impact of mobile telecommunication on the welfare of sub saharan african countries
(2010)
Africa: A continent is waking up. Not through aid or wealth from the exploitation of natural resources, but through a technological revolution. The access to affordable mobile telecommunication. Inspired by deregulation and pioneered by local champions who have taken a lead in what is today's fastest growing mobile market in the world. There is money to be made in these markets, attracting more and more operators from the northern hemisphere.
However positive the short term impact of this revolution may be, governments should try hard to assure a market of continued competition among network operators, as this competition is the source of a self propelled creation of welfare and new opportunities, motivated from within Africa.
Chapter 1 of this thesis highlights the positive impact of mobile telecommunication on the social and economic life in Sub Saharan Africa. Chapter 2 builds on the static as well as the dynamic version of the Network Pricing Game, a model developed by Dr. Carolyn Gideon, to stress the immanent threat of network markets turning into a monopoly. This theses ends in Chapter 3 with an brief outlook on further drivers of economic growth and opportunities awaiting Sub Saharan Africa in the coming decade.