Mark Weder - Academia.edu (original) (raw)

Papers by Mark Weder

Research paper thumbnail of Complementarity of Labor Market Institutions, Equilibrium Unemployment and the Propagation of Business Cycles

This paper evaluates complementarities of labor market institutions and the business cycle in the... more This paper evaluates complementarities of labor market institutions and the business cycle in the context of a stochastic dynamic general equilibrium model economy. Matching between workers and vacancies with endogenous time spent in search, Nash-bargained wages, payroll taxation, and differential support for unemployed labor in search and leisure are central aspects of the model. For plausible regions of the policy and institutional parameter space, the model exhibits more persistence than standard RBC models and can exhibit indeterminacy of rational expectations paths without increasing returns in production. Furthermore, labor market institutions act in a complementary fashion in generating these effects.

Research paper thumbnail of Self-Fulfilling Prophecies and Business Cycles in a Two-Sector Stochastic Optimal Growth Model

Contributions to economics, 1998

We demonstrate that multiple stationary rational-expectations equilibria exist in a version of Lu... more We demonstrate that multiple stationary rational-expectations equilibria exist in a version of Lucas's island economy. The existence of these equilibria follows from the fact that there is an indeterminate set of monetary equilibria in the two-period overlappinggenerations model. We show how to construct stationary rational-expectations equilibria by randomizing over the set of nonstationary monetary equilibria. In some of our equilibria, a positively sloped Phillips curve exists even though our economy contains no signal-extraction problem as in the original Lucas paper. Our equilibria are indexed by beliefs and are examples of the existence of sunspot equilibria in which allocations may differ across states of nature for which preferences, technology, and endowments are identical. Our technique for constructing stationary sunspot equilibria should prove useful in a wide class of models in which an indeterminate stationary equilibrium exists.

Research paper thumbnail of Animal Spirits, Technology Shocks and the Business Cycle

Contributions to economics, 1998

Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch ge... more Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public. If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence.

Research paper thumbnail of On the plausibility of sunspot equilibria

Research in Economics, Mar 1, 2003

This paper presents a one-sector business cycle model with variable capacity utilization and exte... more This paper presents a one-sector business cycle model with variable capacity utilization and externalities that stem from aggregate economic activity. It uses a new formulation of the endogenous capital utilization rate in which utilization costs appear in the form of variable maintenance expenses. Indeterminacy arises at approximate constant returns to scale. This result challenges the viewpoint that indeterminacy is empirically implausible. Sunspot driven model fluctuations duplicate a number of stylized facts of the business cycle. Plausible parameter space contains regions in which stationary sunspot equilibria are stable under learning.

Research paper thumbnail of Do we really know that U.S. monetary policy was destabilizing in the 1970s?

European Economic Review, 2021

The paper reexamines whether the Federal Reserve's monetary policy was a source of instability du... more The paper reexamines whether the Federal Reserve's monetary policy was a source of instability during the Great In ‡ation by estimating a sticky-price model with positive trend in ‡ation, commodity price shocks and sluggish real wages. Our estimation provides empirical evidence for substantial wage rigidity and …nds that the Federal Reserve responded aggressively to in ‡ation but negligibly to the output gap. In the presence of non-trivial real imperfections and well-identi…ed commodity price-shocks, U.S. data prefers a determinate version of the New Keynesian model: monetary policy-induced indeterminacy and sunspots were not causes of macroeconomic instability during the pre-Volcker era. However, had the Federal Reserve in the Seventies followed the policy rule of the Volcker-Greenspan-Bernanke period, in ‡ation volatility would have been lower by one third.

Research paper thumbnail of Interest rate rules and macroeconomic stabilization

Recherches économiques de Louvain, 2006

Research paper thumbnail of Capital-Labor Substitution, Sector-Specific Externalities and Indeterminacy

RePEc: Research Papers in Economics, 2009

This paper examines the e¤ect of the elasticity of technological substitution on the existence of... more This paper examines the e¤ect of the elasticity of technological substitution on the existence of equilibrium indeterminacy in two-sector economies. Recent empirical evidence, the elasticity of substitution between capital and labor is below unity. We …nd that this requires a higher degree of productive externalities in order to still be able to produce indeterminate equilibria. However, indeterminacy is maintained for empirically realistic rates of substitution.

Research paper thumbnail of Some Observations on the Great Depression in Germany

Social Science Research Network, 2003

This paper evaluates the role of preference shocks during the Great Depression in Germany. From E... more This paper evaluates the role of preference shocks during the Great Depression in Germany. From Euler equation residuals, I am able to identify a series of contractionary shocks that struck the German economy from 1929 to 1932. I apply the sequence of these taste innovations to a dynamic general-equilibrium model and find that the size and the order of shocks can generate a pattern that can explain the lion's share of the decline in economic activity. The artificial economy also predicts a swift recovery after 1932, thereby questioning any significant effects of Nazi economic policy.

Research paper thumbnail of A Heliocentric Journey into Germany's Great Depression

RePEc: Research Papers in Economics, Sep 17, 2004

The paper …nds empirical evidence on the ripple e¤ect of sunspots on the interwar German economy.... more The paper …nds empirical evidence on the ripple e¤ect of sunspots on the interwar German economy. It identi…es a sequence of negative shocks to expectations for the 1927 to 1932 period. The arti…cial economy predicts the 1928-1932 depression and a long boom from 1933 onwards. Overall, a tangible fraction of interwar output volatility is attributed for by sunspots.

Research paper thumbnail of Consumption Externalities, Production Externalities and Indeterminacy

Social Science Research Network, Sep 22, 2001

In this paper we show that consumption externalities reduce the degree of increasing returns need... more In this paper we show that consumption externalities reduce the degree of increasing returns needed to generate indeterminacy in a two-sector optimal growth model. In equilibrium, consumption externalities operate as if the utility function is (close to) linear. If these externalities are strong, the minimum necessary increasing returns approach zero. Therefore, this paperÐin a stylized fashionÐprovides an example of how microbehavior, i.e. interactions at the household level, can generate aggregate instability. Consumption externalities also help to eliminate the counterfactual cyclical behavior of consumption in the two-sector model.

Research paper thumbnail of On the plausibility of sunspot equilibria

Journal of Economic Interaction and Coordination, 2008

This study examines the plausibility of the emergence of sunspot equilibria in an agent-based art... more This study examines the plausibility of the emergence of sunspot equilibria in an agent-based artificial stock market. Using the agent-based model, we make the sunspots explicit so that we can test, e.g., by means of the Granger causality test, whether purely extrinsic uncertainty can influence price dynamics. In addition, through agent-based simulation, the coordination process, which is mainly driven by genetic programming, becomes observable, which enables us to analyze what agents perceive and whether they believe in sunspots. By manipulating different control variables, three series of experiments are conducted. Generally speaking, the chances of observing "sunspot equilibria" in this agent-based artificial stock market are small. However, the sunspot believers can never be driven out of the market. Nevertheless, they are always outnumbered by fundamental believers, which is evidence that the market as collective behavior is rational. We also find that lengthening the time horizon will make it difficult for sunspot believers to survive.

Research paper thumbnail of Taylor Rules and Macroeconomic Instability or How the Central Bank Can Pre-empt Sunspot Expectations

RePEc: Research Papers in Economics, 2003

ABSTRACT This paper derives new results on the effects of employing Taylor rules in economies tha... more ABSTRACT This paper derives new results on the effects of employing Taylor rules in economies that are subject to real market imperfections such as production externalities. Policies which respond to output movements can block sunspot equilibria that arise from the increasing returns. The paper also finds that rules which should be chosen (avoided) in perfect market environments often yield (ensure) multiple (unique) rational expectations solutions in alternative settings. Therefore, exact knowledge on the degree of market imperfection may be integral for robust policy advice.

Research paper thumbnail of Payroll Taxes, Social Insurance and Business Cycles

Social Science Research Network, 2010

Payroll taxes represent a major distortionary in uence of governments on labor markets. This pape... more Payroll taxes represent a major distortionary in uence of governments on labor markets. This paper examines the role of payroll taxation and the social safety net for cyclical uctuations in a nonmonetary economy with labor market frictions and unemployment insurance, when the latter is only imperfectly related to search e ort. A balanced social insurance budget renders gross wages more rigid over the cycle and, as a result, strengthens the model's endogenous propagation mechanism. For conventional calibrations, the model generates a negatively sloped Beveridge curve as well as substantial volatility and persistence of vacancies and unemployment.

Research paper thumbnail of Complementarity of labor market institutions, equilibrium unemployment and the propagation of business cycles

This paper evaluates complementarities of labor market institutions and the business cycle in the... more This paper evaluates complementarities of labor market institutions and the business cycle in the context of a stochastic dynamic general equilibrium model economy. Matching between workers and vacancies with endogenous time spent in search, Nash-bargained wages, payroll taxation, and differential support for unemployed labor in search and leisure are central aspects of the model. For plausible regions of the policy and institutional parameter space, the model exhibits more persistence than standard RBC models and can exhibit indeterminacy of rational expectations paths without increasing returns in production. Furthermore, labor market institutions act in a complementary fashion in generating these effects.

Research paper thumbnail of Equilibrium Unemployment and Self-Fulfilling Business Cycles

Research paper thumbnail of Sunspots and Credit Frictions

RePEc: Research Papers in Economics, Jan 15, 2010

Research paper thumbnail of Product Scope and Endogenous Fluctuations

RePEc: Research Papers in Economics, Feb 1, 2015

Recent empirical evidence suggests that product creation is procyclical and it occurs largely wit... more Recent empirical evidence suggests that product creation is procyclical and it occurs largely within existing …rms. Motivated by these …ndings, the current paper investigates the role of intra-…rm product scope choice in a general equilibrium economy with oligopolistic producers. We show that the multi-product nature of …rms makes the economy signi…cantly more susceptible to sunspot equilibria. The estimated indeterminate model generates arti…cial business cycles that closely resemble empirically observed ‡uctuations.

Research paper thumbnail of Animal Spirits, Financial Markets and Aggregate Instability

RePEc: Research Papers in Economics, May 1, 2017

People's animal spirits are a signi…cant driver behind the ‡uctuations of the U.S. business cycle... more People's animal spirits are a signi…cant driver behind the ‡uctuations of the U.S. business cycle. This insight is demonstrated within an estimated arti…cial economy with …nancial market frictions. Animal spirits shocks account for around 40 percent of output ‡uctuations over the period from 1955 to 2014. Financial friction and technology shocks are considerably less important with best point estimates for both near 20 percent. We also …nd that the Great Recession, for the most parts, was caused by adverse shocks to expectations.

Research paper thumbnail of Code and data files for "Product Scope and Endogenous Fluctuations

RePEc: Research Papers in Economics, 2017

Research paper thumbnail of Did Sunspot Forces Cause the Great Depression

RePEc: Research Papers in Economics, Mar 1, 2002

Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch ge... more Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public. If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence.

Research paper thumbnail of Complementarity of Labor Market Institutions, Equilibrium Unemployment and the Propagation of Business Cycles

This paper evaluates complementarities of labor market institutions and the business cycle in the... more This paper evaluates complementarities of labor market institutions and the business cycle in the context of a stochastic dynamic general equilibrium model economy. Matching between workers and vacancies with endogenous time spent in search, Nash-bargained wages, payroll taxation, and differential support for unemployed labor in search and leisure are central aspects of the model. For plausible regions of the policy and institutional parameter space, the model exhibits more persistence than standard RBC models and can exhibit indeterminacy of rational expectations paths without increasing returns in production. Furthermore, labor market institutions act in a complementary fashion in generating these effects.

Research paper thumbnail of Self-Fulfilling Prophecies and Business Cycles in a Two-Sector Stochastic Optimal Growth Model

Contributions to economics, 1998

We demonstrate that multiple stationary rational-expectations equilibria exist in a version of Lu... more We demonstrate that multiple stationary rational-expectations equilibria exist in a version of Lucas's island economy. The existence of these equilibria follows from the fact that there is an indeterminate set of monetary equilibria in the two-period overlappinggenerations model. We show how to construct stationary rational-expectations equilibria by randomizing over the set of nonstationary monetary equilibria. In some of our equilibria, a positively sloped Phillips curve exists even though our economy contains no signal-extraction problem as in the original Lucas paper. Our equilibria are indexed by beliefs and are examples of the existence of sunspot equilibria in which allocations may differ across states of nature for which preferences, technology, and endowments are identical. Our technique for constructing stationary sunspot equilibria should prove useful in a wide class of models in which an indeterminate stationary equilibrium exists.

Research paper thumbnail of Animal Spirits, Technology Shocks and the Business Cycle

Contributions to economics, 1998

Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch ge... more Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public. If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence.

Research paper thumbnail of On the plausibility of sunspot equilibria

Research in Economics, Mar 1, 2003

This paper presents a one-sector business cycle model with variable capacity utilization and exte... more This paper presents a one-sector business cycle model with variable capacity utilization and externalities that stem from aggregate economic activity. It uses a new formulation of the endogenous capital utilization rate in which utilization costs appear in the form of variable maintenance expenses. Indeterminacy arises at approximate constant returns to scale. This result challenges the viewpoint that indeterminacy is empirically implausible. Sunspot driven model fluctuations duplicate a number of stylized facts of the business cycle. Plausible parameter space contains regions in which stationary sunspot equilibria are stable under learning.

Research paper thumbnail of Do we really know that U.S. monetary policy was destabilizing in the 1970s?

European Economic Review, 2021

The paper reexamines whether the Federal Reserve's monetary policy was a source of instability du... more The paper reexamines whether the Federal Reserve's monetary policy was a source of instability during the Great In ‡ation by estimating a sticky-price model with positive trend in ‡ation, commodity price shocks and sluggish real wages. Our estimation provides empirical evidence for substantial wage rigidity and …nds that the Federal Reserve responded aggressively to in ‡ation but negligibly to the output gap. In the presence of non-trivial real imperfections and well-identi…ed commodity price-shocks, U.S. data prefers a determinate version of the New Keynesian model: monetary policy-induced indeterminacy and sunspots were not causes of macroeconomic instability during the pre-Volcker era. However, had the Federal Reserve in the Seventies followed the policy rule of the Volcker-Greenspan-Bernanke period, in ‡ation volatility would have been lower by one third.

Research paper thumbnail of Interest rate rules and macroeconomic stabilization

Recherches économiques de Louvain, 2006

Research paper thumbnail of Capital-Labor Substitution, Sector-Specific Externalities and Indeterminacy

RePEc: Research Papers in Economics, 2009

This paper examines the e¤ect of the elasticity of technological substitution on the existence of... more This paper examines the e¤ect of the elasticity of technological substitution on the existence of equilibrium indeterminacy in two-sector economies. Recent empirical evidence, the elasticity of substitution between capital and labor is below unity. We …nd that this requires a higher degree of productive externalities in order to still be able to produce indeterminate equilibria. However, indeterminacy is maintained for empirically realistic rates of substitution.

Research paper thumbnail of Some Observations on the Great Depression in Germany

Social Science Research Network, 2003

This paper evaluates the role of preference shocks during the Great Depression in Germany. From E... more This paper evaluates the role of preference shocks during the Great Depression in Germany. From Euler equation residuals, I am able to identify a series of contractionary shocks that struck the German economy from 1929 to 1932. I apply the sequence of these taste innovations to a dynamic general-equilibrium model and find that the size and the order of shocks can generate a pattern that can explain the lion's share of the decline in economic activity. The artificial economy also predicts a swift recovery after 1932, thereby questioning any significant effects of Nazi economic policy.

Research paper thumbnail of A Heliocentric Journey into Germany's Great Depression

RePEc: Research Papers in Economics, Sep 17, 2004

The paper …nds empirical evidence on the ripple e¤ect of sunspots on the interwar German economy.... more The paper …nds empirical evidence on the ripple e¤ect of sunspots on the interwar German economy. It identi…es a sequence of negative shocks to expectations for the 1927 to 1932 period. The arti…cial economy predicts the 1928-1932 depression and a long boom from 1933 onwards. Overall, a tangible fraction of interwar output volatility is attributed for by sunspots.

Research paper thumbnail of Consumption Externalities, Production Externalities and Indeterminacy

Social Science Research Network, Sep 22, 2001

In this paper we show that consumption externalities reduce the degree of increasing returns need... more In this paper we show that consumption externalities reduce the degree of increasing returns needed to generate indeterminacy in a two-sector optimal growth model. In equilibrium, consumption externalities operate as if the utility function is (close to) linear. If these externalities are strong, the minimum necessary increasing returns approach zero. Therefore, this paperÐin a stylized fashionÐprovides an example of how microbehavior, i.e. interactions at the household level, can generate aggregate instability. Consumption externalities also help to eliminate the counterfactual cyclical behavior of consumption in the two-sector model.

Research paper thumbnail of On the plausibility of sunspot equilibria

Journal of Economic Interaction and Coordination, 2008

This study examines the plausibility of the emergence of sunspot equilibria in an agent-based art... more This study examines the plausibility of the emergence of sunspot equilibria in an agent-based artificial stock market. Using the agent-based model, we make the sunspots explicit so that we can test, e.g., by means of the Granger causality test, whether purely extrinsic uncertainty can influence price dynamics. In addition, through agent-based simulation, the coordination process, which is mainly driven by genetic programming, becomes observable, which enables us to analyze what agents perceive and whether they believe in sunspots. By manipulating different control variables, three series of experiments are conducted. Generally speaking, the chances of observing "sunspot equilibria" in this agent-based artificial stock market are small. However, the sunspot believers can never be driven out of the market. Nevertheless, they are always outnumbered by fundamental believers, which is evidence that the market as collective behavior is rational. We also find that lengthening the time horizon will make it difficult for sunspot believers to survive.

Research paper thumbnail of Taylor Rules and Macroeconomic Instability or How the Central Bank Can Pre-empt Sunspot Expectations

RePEc: Research Papers in Economics, 2003

ABSTRACT This paper derives new results on the effects of employing Taylor rules in economies tha... more ABSTRACT This paper derives new results on the effects of employing Taylor rules in economies that are subject to real market imperfections such as production externalities. Policies which respond to output movements can block sunspot equilibria that arise from the increasing returns. The paper also finds that rules which should be chosen (avoided) in perfect market environments often yield (ensure) multiple (unique) rational expectations solutions in alternative settings. Therefore, exact knowledge on the degree of market imperfection may be integral for robust policy advice.

Research paper thumbnail of Payroll Taxes, Social Insurance and Business Cycles

Social Science Research Network, 2010

Payroll taxes represent a major distortionary in uence of governments on labor markets. This pape... more Payroll taxes represent a major distortionary in uence of governments on labor markets. This paper examines the role of payroll taxation and the social safety net for cyclical uctuations in a nonmonetary economy with labor market frictions and unemployment insurance, when the latter is only imperfectly related to search e ort. A balanced social insurance budget renders gross wages more rigid over the cycle and, as a result, strengthens the model's endogenous propagation mechanism. For conventional calibrations, the model generates a negatively sloped Beveridge curve as well as substantial volatility and persistence of vacancies and unemployment.

Research paper thumbnail of Complementarity of labor market institutions, equilibrium unemployment and the propagation of business cycles

This paper evaluates complementarities of labor market institutions and the business cycle in the... more This paper evaluates complementarities of labor market institutions and the business cycle in the context of a stochastic dynamic general equilibrium model economy. Matching between workers and vacancies with endogenous time spent in search, Nash-bargained wages, payroll taxation, and differential support for unemployed labor in search and leisure are central aspects of the model. For plausible regions of the policy and institutional parameter space, the model exhibits more persistence than standard RBC models and can exhibit indeterminacy of rational expectations paths without increasing returns in production. Furthermore, labor market institutions act in a complementary fashion in generating these effects.

Research paper thumbnail of Equilibrium Unemployment and Self-Fulfilling Business Cycles

Research paper thumbnail of Sunspots and Credit Frictions

RePEc: Research Papers in Economics, Jan 15, 2010

Research paper thumbnail of Product Scope and Endogenous Fluctuations

RePEc: Research Papers in Economics, Feb 1, 2015

Recent empirical evidence suggests that product creation is procyclical and it occurs largely wit... more Recent empirical evidence suggests that product creation is procyclical and it occurs largely within existing …rms. Motivated by these …ndings, the current paper investigates the role of intra-…rm product scope choice in a general equilibrium economy with oligopolistic producers. We show that the multi-product nature of …rms makes the economy signi…cantly more susceptible to sunspot equilibria. The estimated indeterminate model generates arti…cial business cycles that closely resemble empirically observed ‡uctuations.

Research paper thumbnail of Animal Spirits, Financial Markets and Aggregate Instability

RePEc: Research Papers in Economics, May 1, 2017

People's animal spirits are a signi…cant driver behind the ‡uctuations of the U.S. business cycle... more People's animal spirits are a signi…cant driver behind the ‡uctuations of the U.S. business cycle. This insight is demonstrated within an estimated arti…cial economy with …nancial market frictions. Animal spirits shocks account for around 40 percent of output ‡uctuations over the period from 1955 to 2014. Financial friction and technology shocks are considerably less important with best point estimates for both near 20 percent. We also …nd that the Great Recession, for the most parts, was caused by adverse shocks to expectations.

Research paper thumbnail of Code and data files for "Product Scope and Endogenous Fluctuations

RePEc: Research Papers in Economics, 2017

Research paper thumbnail of Did Sunspot Forces Cause the Great Depression

RePEc: Research Papers in Economics, Mar 1, 2002

Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch ge... more Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public. If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence.