Published by De Gruyter Oldenbourg

Volume 59 Issue 3

Issue of Review of Economics

Contents
Journal Overview

April 19, 2016

Die Begrenzung der CO2-Emissionen von Pkw – Ein wohlkonzipierter Beschluss der EU-Kommission?

Manuel Frondel, Christoph M. Schmidt

Page range: 177-191

Abstract

As part of its efforts to reach the targets of the Kyoto Protocol, the European Commission published in December 2008 a resolution on a new directive to reduce the per-kilometer CO2 emissions of newly registered automobiles. This paper critically assesses this resolution with respect to its economic and technological underpinnings. We argue that the resolution’s reliance on per-kilometer emissions targets not only conceals the true costs of compliance and thereby stifles informed public discourse, but is also less cost-effective than alternative measures such as emissions trading. We examine the resolution’s underlying assumptions, finding that these misrepresent the current state of automotive technology and therefore may overestimate the feasibility of achieving the suggested emissions targets. Three alternative targets are consequently proposed that are argued to more accurately reflect the industry’s current technological status and its future evolution.

April 19, 2016

Originalität durch Unverschämtheit?

Ökonomische Aspekte zeitgenössischer Kunst

Aloys Prinz

Page range: 192-208

Abstract

The objective of this paper is to understand certain developments in contemporary arts from an economic point of view. The peculiarity of art is its aesthetic quality in combination with its value as an investment object. Accordingly, four segments of the art market may be distinguished: warehouse art, business art, connoisseur art and high art. Because of their high aesthetic quality, only the last two segments of the market are of interest in this paper. On the market for high art, a dominance of investors is to be expected because this art has to please the average taste of investors. The market for connoisseur art will be dominated by an art elite which is merely interested in aesthetic quality. One of the crucial elements of contemporary art is its chutzpah. The economic reason for this is the necessity to attract interest. This aspect of modern art is seen as a common feature of art and marketing. This may explain the alliances between art and enterprises as well as the blur of the boundaries between art, fashion and design.

April 19, 2016

The macroeconomics of lending of last resort

A positive perspective

Michael Berlemann, Michael Zeidler

Page range: 209-225

Abstract

Zusammenfassung Das vorliegende Papier beschäftigt sich mit der Frage, unter welchen Umstanden Zentralbanken Geschäftsbanken Liquiditätshilfen im Sinne eines Lenders of Last Resort anbieten. Wir argumentieren, dass LOLR Transaktionen vorrangig durch das makroökonomische Stabilisierungsziele motiviert sind. Durch die Gewährung von Liquiditätshilfen senkt die Zentralbank die Wahrscheinlichkeit, dass Geschäftsbanken geschlossen werden müssen und reduzieren hierdurch die aus Bankzusammenbrüchen resultierende Unsicherheit über die Hohe des Geldmultiplikators. Dies fuhrt zu einer geringeren Varianz der Inflationsrate und des Outputs einer Volkswirtschaft. Das präsentierte Modell erklärt auch, warum Zentralbanken dazu neigen, vor allem große Geschäftsbanken zu stutzen wahrend kleine Banken tendenziell sich selbst überlassen werden. Schließlich analysieren wir auch die Wirkung von Moral-Hazard-Verhalten auf der Seite der Geschäftsbanken in Folge von potenziellen LOLR Transaktionen durch die Zentralbank. Interessanterweise fuhrt Moral Hazard zu einem höheren Grad an makroökonomischer Stabilität bei gleichzeitig höheren Stabilisierungskosten.

April 19, 2016

Zwischen Marktabgrenzung und Wettbewerbsanalyse

Der „Drei-Kriterien-Test” der Europäischen Kommission

Wolfgang Briglauer

Page range: 226-243

Abstract

The European Commission introduced the so-called „three criteria test” which was designed to serve as an analytical filtering tool when considering whether electronic communications markets should be regulated by competition law alone, or whether the markets are susceptible to ex ante regulation. This paper gives a critical appraisal on the theoretical justification of the three criteria test in conjunction with the market analyses carried out periodically by national regulators. From a conceptual point of view our analysis finds that the three criteria test is already part of a proper and in-depth market analysis. In other words, the three criteria test appears to be a rather reduced form and redundant with regard to a full scale analysis. Apart from that, the test gives rise to misunderstandings and factually creates a built-in bias for national regulators to adopt the Commissions definition on relevant communications markets (susceptible to ex ante regulation). But, seen pragmatically and interpreted in positive terms, the three criteria test might be also regarded as an effective harmonization strategy at the European level.

April 19, 2016

Sport und Arbeitseinkommen

Individuelle Ertragsraten von Sportaktivitäten in Deutschland

Thomas Cornelißen, Christian Pfeifer

Page range: 244-255

Abstract

We analyze the impact of participation in sports activities during adolescence and as an adult on labour market earnings. Sport might increase productivity due to better physical and social skills. Using the rich information from the German Socio-Economic Panel (GSOEP), we estimate earnings functions with different sets of control variables. Large parts of the wage premium are explained by higher educational attainment of individuals who have participated in youth sports and who do sports as an adult. However, even after controlling for many productivity relevant characteristics (e. g., education, health, and soft skills) and sorting into firms and industries, sizable wage premiums remain. Interesting gender differences arise. Whereas youth sport effects are larger for females than for males, adult sport has only a positive wage effect for males.

About this journal

Welcome! As of 2016 the Review of Economics as well as all other journals of Lucius and Lucius Verlagsgesellschaft are published by De Gruyter Oldenbourg.

Aims and Scope
The Review of Economics (Jahrbuch für Wirtschaftswissenschaften) is a peer-reviewed general interest journal and publishes articles from all fields of economics.
Only articles with a strong policy focus are considered for publication. The Review of Economics will consider papers that are based on (i) a well defined theoretical model (ii) an empirical analysis or (iii) an experimental or (iv) an evidence-based framework.
The Review of Economics is also highly interested in survey articles on important policy issues.
Since the Review of Economics intends to deliver a forum for policy contributions and to influence the public debate we guarantee a quick and efficient referee process (the initial publication decision will be made within a maximum of 90 days). The editors may decide to publish papers without a referee process whenever authors send their submissions together with the referee reports and the decision letter of the previous submission and explain how they reacted to the reports. Accepted articles will be pre-published on the internet page of the journal as soon as they are accepted. Because the Review of Economics is not an e-Journal all articles also appear in a regular print version with some delay.

Partner Journal
Czech Journal of Economics and Finance

The Czech Journal of Economics and Finance (ISSN 0015-1920) is an English-language, double-blind refereed academic journal published in Prague since 1951. It devotes special attention to monetary economics, public finance, financial economics, and international economics, but it is open to high-quality papers from all fields of modern economics. The editors prefer empirically oriented papers, but do not exclude review articles or theoretical contributions provided that they are of high quality and relevant to the journal's aims.