Essays on Human Affairs

Kant’s Human Being essays on his theory of human nature

Dissertation Essays on Monetary Economics Essays on Monetary Economics

This dissertation consists of three essays on monetary economics. The rst two essays have a focus on the zero lower bound on the nominal interest rate (ZLB) and the Great Recession. In the rst essay, I investigate optimal discretionary monetary policy under the ZLB in the case of a distorted steady state due to monopoly and taxation. I nd that the central bank in a more distorted economy would ...

Essays on Systems Competition with Human Capital Mobility

Acknowledgements It is a pleasure to thank those people whose support has been of such great value for me during the past four years. First of all I would like to thank my scientific advisors, Professor Bernd Genser (University of Konstanz) and Professor Wolf-gang Eggert (University of Freiburg), for untiringly promoting my research and supporting me in so many ways. I always enjoyed the great ...

Three Essays on Auctions

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . iv DEDICATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . v ACKNOWLEDGEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . vi 1.0 INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2.0 ENDOGENOUS FORMATION OF A BIDDING RING . . . . . . . . . 3 ...

Essays on Corporate Investment

In an asset-pricing model calibrated to match the standard asset pricing empirical properties –in particular, the time-variation in the equity premium – we calculate the welfare (value) implications of sub-optimal capital budgeting decisions. Specifically, we calculate that an investment policy that ignores the timevariation in the equity premium, such as would occur with a cost of capital foll...