Jahrbücher für Nationalökonomie und Statistik

Open Access Published by De Gruyter Oldenbourg

Volume 220 Issue 4

Issue of Jahrbücher für Nationalökonomie und Statistik

Contents
Journal Overview

April 27, 2016

Inhalt/Contents

Page range: I-II

Abhandlungen/Original Papers

April 27, 2016

Α Model of Debt Deflation and the Phillips Curve: Implications for Business Cycles and the Balance Sheet Channel of Monetary Policy / Schulden-Deflation und die Phillips-Kurve: Implikationen für Konjunkturzyklen und den Bilanzkanal der Geldpolitik

Lutz Arnold

Page range: 385-399

Abstract

New Keynesian economics stresses the positive link between firms’ net worth, on the one hand, and the equilibrium level of credit granted and aggregate employment, on the other hand. The present paper argues that once money is introduced and adaptive inflation expectations are assumed, an accelerationist Phillips curve emerges: because of debt deflation, an increase in the rate of inflation reduces firms' real debt burden; because of the negative link between real debt and employment, unemployment falls. The natural rate of unemployment is the rate that occurs when inflation is constant. Frisch has proposed modeling business cycles by means of stochastic linear second-order difference equations which display damped oscillations in the absence of stochastic impulses. The New Keynesian model with adaptive expectations expounded here gives rise to business cycles in Frisch’s sense. This can be shown by applying Laidler’s result, derived in a different set-up, that the interaction between an accelerationist Phillips curve and the quantity theory of money yields Frisch-type cycles. Moreover, the model presented sheds some light on the working of the balance sheet channel of monetary policy. Zusammenfassung Die neukeynesianische Theorie betont den positiven Zusammenhang zwischen Eigenkapital des Unternehmenssektors und gesamtwirtschaftlicher Beschäftigung. Die vorliegende Arbeit argumentiert, daß sich bei Vorliegen adaptiver Inflationserwartungen und Gültigkeit der Quantitätsgleichung dabei eine akzelerationistische Phillips-Kurve ergibt: Wegen Schulden-Deflation senkt ein Anstieg der Inflation die reale Schuldenlast der Firmen, und wegen des positiven Zusammenhangs zwischen Firmenkapital und Beschäftigung sinkt die Arbeitslosigkeit. Aus Laidlers Analyse eines monetaristischen Konjunkturmodells kann dann gefolgert werden, daß sich Konjunkturzyklen im Sinne Frischs ergeben. Desweiteren wirft das Modell Licht auf den Bilanzkanal der Geldpolitik.

April 27, 2016

Einkommensverteilung in Deutschland. Strukturanalyse der Ungleichheit nach Einkommenskomponenten / The Personal Distribution of Income in Germany. A Decomposition Analysis of Income Sources

Irene Becker

Page range: 400-418

Abstract

Analyses of the Income and Consumption Surveys 1988 and 1993 using the "old" OECD equivalence scale have shown that inequality of the personal distribution of net equivalent income has increased in West Germany and is still lower in East Germany. Decomposing aggregate inequality by income sources yields that the distribution of wages and salaries contributes most to overall inequality. Indeed, income from self-employment and from assets is distributed much more unequally, but because of their small share in total income their contribution to overall inequality of the personal distribution of income is reduced. As transfers from the social insurance system are mainly aimed at intertemporal redistribution and maintaining some living standard in case of old age, widowhood, disability, unemployment or sickness, they do not reduce inequality of the personal distribution of income; in West Germany they even account for a little increase in inequality. On the other side, there is a remarkably equalizing effect of other state transfers, especially of means-tested transfers. Indeed, in absolute terms this is much smaller than the equalizing effect of the income tax, but with regard to the small volume of means-tested transfers they nevertheless seem to be of high efficiency.

April 27, 2016

Gesamtwirtschaftliche Transaktionskosten und wirtschaftliches Wachstum / Social Transaction Costs and Economic Growth

Ivo Bischoff, Armin Bohnet

Page range: 419-437

Abstract

Transaction costs have become a major topic of research in the last decades. However, there is still a great shortage of empirical approaches to their effects on the economic performance. A short review of these empirical studies indicates that the impact of transaction costs on economic growth is a controversially discussed topic. Based on the method proposed by Reichhardt (1995), the volume of transaction activities in West Germany between 1982 and 1993 is estimated. The analyses show that their relative weight has continuously risen. This development is caused by a growing importance of transaction activities in all branches as well as a relatively faster growth of those branches where the share of transaction activities is especially high. Simultaneously, the productivity of transaction as well as transformation activities has increased steadily. A significant difference between the growth rates in productivity was not found. Hence there is no evidence that the observed increase in transaction activities is a limiting factor for economic growth.

April 27, 2016

Blood, Sweat, and Tears: The Rise and Decline of the East German Economy, 1949–1988 / Blut, Schweiß, Tränen: Aufstieg und Niedergang der ostdeutschen Wirtschaft, 1949–1988

Ulrich Blum, Leonard Dudley

Page range: 438-452

Abstract

The rise of the East-German economy in the 1950s and 1960s and its decline in the 1970s and 1980s is difficult to explain by neoclassical economics. However; the observed life cycle may be explained by the inclusion of concepts from old and new institutional economics and from functional economics. Three distinct periods may be identified. During the “blood” period of forced development and autocratic rule, the information system and the system of property rights were roughly compatible with the economic structure. Then, in the “sweat” period, an attempt to overtake the capitalistic societies failed. Finally, in the “tears” period, economic decline could only be disguised by unsustainable inflows of foreign capital. This institutional explanation of the East-German collapse is tested with data for the period 1949-1988 and cannot be rejected. Zusammenfassung Es fällt schwer, den Aufstieg der ostdeutschen Wirtschaft in den 50er und 60er Jahren und deren Zusammenbruch in den 70er und 80er Jahren mit Hilfe der neoklassischen Theorie zu erklären. Die alte und neue Institutionenökonomik sowie die funktionalistische Ökonomik liefern zusätzliche Konzepte, um den Lebenszyklus der ostdeutschen Wirtschaft zu beschreiben. Drei Perioden sind kennzeichnend: die „Blut”-Periode mit ihrer forcierten Entwicklung und ihren autokratischen Regeln, in der das Informationssystem und das System der Eigentumsrechte nicht vollständig im Gegensatz zur wirtschaftlichen Struktur standen; die „Schweiß”-Periode, in der der vergebliche Versuch unternommen wurde, den Westen zu überholen ohne aufzuholen; die „Tränen”- Periode, in der der wirtschaftliche Absturz nur durch große und langfristig nicht aufrechtzuerhaltende Kapitalzuflüsse aus dem Ausland verschleiert werden konnte. Die institutionelle Erklärung des finanziellen Kollaps’ des Systems wird mit Daten aus der Periode von 1949 bis 1988 in einem ökonometrischen Modell getestet und läßt sich nicht widerlegen.

April 27, 2016

„Communication of the Constraints on Action” K. J. Arrow über Kommunikation / „Communication of the Constraints on Action” K. J. Arrow on Communication

Birger P. Priddat

Page range: 453-470

Abstract

The article proofs Κ. J. Arrows introduction of ‘communication’ in general equilibrium analysis. His theory of ‘convergencs of beliefs’ is incomplete. Rational choice has to be redesigned by a new relationship of preferences and semantics, without probability-codes. Using ‘communication’, economic theory has to be aware of ‘contextes’, in an equilibrium of 2 nd order.

April 27, 2016

Deskriptive und induktive Eigenschaften zweier Streuungsmaße für nominale Merkmale / Descriptive and Inferential Properties of Two Measures of Dispersion for Nominal Variables

Friedrich Vogel, Hans Kiesl

Page range: 471-496

Abstract

The first section of this paper focusses on the descriptive properties of two measures of dispersion for nominal variables, the measure of entropy and a new positional measure (which positions a given distribution between the two extremes, the distributions with minimal and maximal dispersion). The two different ways of measuring dispersion are compared graphically. In the following section, estimators for both measures are derived and it is shown that these estimators are asymptotically unbiased and asymptotically normally distributed. Finally approximative tests and confidence intervals are established.

April 27, 2016

Who is Afraid of Longer Shopping Hours? / Wer hat Angst vor längeren Ladenöffnungszeiten?

Stefan C. Wolter

Page range: 497-509

Abstract

Attempts to liberalize shopping hours often fail because of the resistance and arguments of retail sector employees who fear that this would cause their working conditions to deteriorate. This paper presents the results of an empirical study that compared the willingness of sales employees (insiders) to work during fringe hours with that of people not employed in the sector but who could imagine doing such work (outsiders). The results show that outsiders are significantly more frequently prepared to work during fringe hours than are insiders. This leads us to assume that the same conflicts of interest that the insider-outsider theory postulates for wage demands also arise regarding working hours, and that this can lead to working time rigidity and involuntary unemployment. Zusammenfassung Die Liberalisierung von Ladenöffnungszeiten scheitert in vielen Fällen am Widerstand und den Argumentationen der im Verkauf beschäftigten Personen, die durch eine Flexibilisierung der Arbeitszeit eine Verschlechterung ihrer Arbeitsbedingungen befürchten. Diese Studie zeigt Resultate eines empirischen Vergleichs der Bereitschaft an Randstunden zu arbeiten von im Verkauf tätigen Personen (Insidern) und solchen die sich eine solche Arbeit vorstellen können (Outsidern). Die Resultate zeigen, dass die Outsider signifikant häufiger bereit wären, zu Randzeiten zu arbeiten als Insider. Dies legt die Vermutung nahe, dass sich ähnlich wie bei Lohnforderungen auch bei Arbeitszeitregelungen die durch die Insider-Outsider Theorie postulierten Interessenskonflikte manifestieren, die Arbeitszeitrigidität und unfreiwillige Arbeitslosigkeit zur Folge haben können.

April 27, 2016

Buchbesprechung / Book Review

Manfred Stadler

Page range: 510-514

About this journal

The Journal of Economics and Statistics (Jahrbücher für Nationalökonomie und Statistik) is a scientific journal published in Germany since 1863. The journal publishes papers in all fields of economics and applied statistics. A specific focus is on papers combining theory with empirical analyses. Papers providing conclusions for economic policy in Europe are particularly welcome. Nevertheless, distinguished papers dealing exlusively with economic theory, empirical models, or economic history, will not be excluded from consideration.

The editors invite replication studies focusing on the robustness of empirical findings. The section Data Observer presents articles on data sets available for empirical research and institutions providing research data. The journal also publishes special issues, short comments, and book reviews. All freely accessible contributions, including the Data Observer articles, can be found via the website's article search functionality.

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Call for Papers

Special Issue on "Sports Economics"

Guest Editors: Bernd Frick, Paderborn University; Thomas Peeters, Erasmus University Rotterdam; Rob Simmons, Lancaster University

Timeline: Submission of full papers November 30, 2023

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Special Issue on "Advancing Agent-Based Economics"

Guest Editors: Michael Neugart, Technical University of Darmstadt) and Frank Westerhoff, University of Bamberg

Timeline: Submission of full papers December 31, 2023

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Special Issue on "Central Bank Digital Currency"

Guest Editors: Katrin Assenmacher, European Central Bank and Michael Frenkel, WHU

Timeline: Submission of full papers January 08, 2024

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