Measuring the Effects of Monetary Policy in the Euro Area: The Role of Anticipated Policy

This paper investigates within a SVAR framework the effects of anticipated monetary policy in the euro area. Building on a procedure recently proposed by Cochrane yielding the response of output to an anticipated monetary policy impulse, we show that in the past twenty years anticipated monetary policy had a considerable influence on output. Moreover, we compute the output effects of the systematic monetary policy response to aggregate demand and supply shocks. We find that monetary policy pursues a counter-cyclical policy in response to demand shocks and is pro-cyclical with regard to supply shocks, even though there are considerable lags.Vector Autoregression, Systematic Monetary Policy, Historical Decomposition

Non-linear Effects of Fiscal Policy in Germany: A Markov-Switching Approach

Keynesian theory suggests that a reduction in government expenditure has a negative effect on private demand and therefore on output. Contrary, neoclassical theory argues that reduced public expenditure makes room for an expansion of the private sector and thus has a stimulating effect on the economy. Additionally, expectations of a lower tax burden in the future should stimulate consumption. The recent literature discusses that both theories might be right at different times. Especially, during times of fiscal contractions from high levels of debt the economy might react in a neoclassical way. In this paper, we test for non-linear effects of fiscal policy in a Markov-switching approach. We find two different regimes, with a neoclassical regime prevailing around 1972-74, 1979-82 and 1991-93. Furthermore, using time-varying transition probabilities (TVTP) for the Markov process, we test if the neoclassical reaction of private consumption to fiscal variables depends on some!fiscal policy, private consumption, Markov-switching, time-varying transition probabilities

CREATe public lectures on the proposed EU right for press publishers

Presents the edited text of lectures by Hoppner and Xalabarder arguing in favour and against the proposal to extend Directive 2001/29 arts 2 and 3 to press publishers, providing them with the exclusive right to publish journalistic material online for a period of 20 years. Discusses the controversies surrounding two similar initiatives in Germany and Spain

Shulamit Volkov und Elisabeth Müller-Luckner, Deutsche Juden und Moderne, Oldenbourg Verlag, München 1994, 170 S. (Schriften des Historischen Kollegs, Kolloquien 25).: Arnold Paucker, Standhalten und Widerstehen. Der Widerstand deutscher und österreichischer Juden gegen die nationalsozialistische Diktatur, Klartext Verlag, Essen 1995, 71 S. (Stuttgarter Beiträge zur Zeitgeschichte, Band 4).

Peter Hirsch und Billie Lopez, Reiseführerdurch das jüdische Deutschland,Verlag Roman Kovar, München1993,271 S., Glossar, Index

Legal framing : reference-dependent evaluation of legal consequences

Contractual and statutory rules can be formulated in different ways, provide context, and set up procedures. In legal scholarship, economic theory of law, and legal practice this contextuality is hardly considered relevant for a person's behavior. By contrast, behavioral economics emphasizes that choices are sensitive to context. This contextuality is channelled through what economists call reference-dependent preferences. I propose that legal contextuality, i.e., "legal framing" matters. In three experimental studies, I show that subtly different legal rules may lead to substantially different behavior. Two studies investigate the effects of legal framing on contractual performance. The third study prescinds from the contract context to illustrate the concepts' applicability to more general legal problems such as legal uncertainty. The findings have implications for legal problems ranging from seemingly narrow problems of contract choice to important legal topics such as vague legal standards

Redistribution of phase fluctuations in a periodically driven cuprate superconductor

We study the thermally fluctuating state of a bi-layer cuprate superconductor under the periodic action of a staggered field oscillating at optical frequencies. This analysis distills essential elements of the recently discovered phenomenon of light enhanced coherence in YBa$_2$Cu$_3$O$_{6+x}$, which was achieved by periodically driving infrared active apical oxygen distortions. The effect of a staggered periodic perturbation is studied using a Langevin and Fokker-Planck description of driven, coupled Josephson junctions, which represent two neighboring pairs of layers and their two plasmons. In a toy model including only two junctions, we demonstrate that the external driving leads to a suppression of phase fluctuations of the low-energy plasmon, an effect which is amplified via the resonance of the high energy plasmon. When extending the modeling to the full layers, we find that this reduction becomes far more pronounced, with a striking suppression of the low-energy fluctuations, as visible in the power spectrum. We also find that this effect acts onto the in-plane fluctuations, which are reduced on long length scales. All these findings provide a physical framework to describe light control in cuprates