The financial crisis of 2007 and the following recession present a major challenge to macroeconomic theory. The same holds true for exceptionally low interest rates during the recent years and for the puzzle that super-expansive monetary policies failed to produce high inflation. Approaches that focus on steady states, rational expectations, and individuals planning over infinite horizons, are not suitable for analysing such abnormal situations. A Study in Monetary Macroeconomics refines and improves mainstream approaches to resolve these puzzles and to contribute to a better understanding of monetary and fiscal policies. Using a rich institutional structure that includes features such as credit money, external finance, borrowing constraints, net worth, real estate and commercial banks, this timely study reduces rationality requirements to cope with its complex setting. It starts with a simple baseline model, deriving results from mathematical reasoning and simulations whilst adhering to the method of dynamic general equilibrium (DGE) with optimizing agents and fully specified models. Highly topical, A Study in Monetary Macroeconomics uses a unified theoretical framework to demonstrate that a DGE approach makes it possible to develop clean models that work outside steady states and are appropriate for answering macroeconomic questions of actual interest.
This book gives a comprehensive account of traditional and more recent developments in macroeconomic theory. It is written primarily for students at the intermediate level. The book differs from the customary expositions in that the authors do not discuss topic by topic but orthodoxy by orthodoxy. Thus, the main approaches, like Classical theory, Keynesian theory, theory of portfolio selection, Monetarism, Rational Expectations theory, and Neokeynesian "disequilibrium" theory are presented in historical order. Each of these approaches is substantiated and criticized in a self-contained chapter, and the authors have taken great pains to bring out the relations and differences between them. A mathematical appendix reviews those mathematical facts which are especially important for macroeconomic models and serves to make the text easy to read.
This book contains a revised version of my Habilitationsschrift which has been accepted by the economic department of Dortmund University in 1991. It consists mostly of unpublished material which has been presented during the last years at the universities of Cologne, Dortmund, Hagen, Mannheim, and Munich and at a meeting in Wiesbaden. I am indebted to very many collegues for fruitful discussions. In par ticular, I want to thank Friedrich Breyer, Johannes Hoffmann, Heinz Hollander, Wolfgang Leininger, Bruno Schonfelder, Gerhard Schwodi auer, Hans-Werner Sinn, Klaus Spremann, and lochen Weimann, but this list is surely incomplete. I am especially grateful, however, to Wolfram F. Richter and Niko Wolik who have continually accompanied the evolution of this work and to whom lowe many suggestions as well as corrections. The remaining errors, needless to say, are mine. Cologne, September 1991 Stefan Homburg Contents Chapter 1. Introduction 1 Chapter 2. Dynamic Efficiency 3 2. 1 The Basic Model. . . . . 3 2. 2 A General Theorem on Dynamic Efficiency . 9 2. 3 Some Further Results . . . . . . . . . . . . . . 12 2. 4 Storable Consumer Goods. . . . . . . . . . . . 14 2. 5 The Failure of the First Basic Welfare Theorem 17 2. 6 A Stronger Condition . . . . . . . . 20 2. 7 A Remark on Necessary Conditions. 21 2. 8 Conclusion. . . . . . . . 22 Chapter 3. Interest and Growth 25 3. 1 Commodity Own Rates of Interest 26 3. 2 The Asset-augmented Economy . . 28 3. 3 Interest, Growth, and Dynamic Efficiency . 31 3. 4 Conclusion. . . . . . . . . . . . 33 Appendix: The Cash Flow Criterion.
This is the second volume in a trilogy in which Stefan Zweig builds a composite picture of the European mind through intellectual portraits selected from among its most representative and influential figures. In 'Hoelderlin, Kleist, and Nietzsche', Zweig concentrates on three giants of German literature to portray the artist and thinker as a figure possessed by a powerful inner vision at odds with the materialism and scientific positivism of his time, in this case, the nineteenth century. Zweig's subjects here are respectively a lyric poet, a dramatist and writer of novellas, and a philosopher. Each led an unstable life ending in madness and/or suicide and not until the twentieth century did each make their full impact. Whereas the nineteenth-century novel is socially capacious in terms of subject and audience, the three figures treated here are prophets or forerunners of modernist ideas of alienation and exile. Hoelderlin and Kleist consciously opposed the worldly harmoniousness of Goethe's classicism in favor of a visionary inwardness and dramatisation of the subjective psyche. Nietzsche set himself as a destroyer and rebuilder of philosophy and critic of the degradation of the German spirit through nationalism and militarism. Zweig's choice of subjects reflects a division in his own soul. The image of Goethe recurs here as the ultimate upholder of Zweig's own ideals: scientist and artist, receptive to world culture, supremely rational and prudent. Yet Zweig was aware that Hoelderlin, Kleist, and Nietzsche were more daring explorers of the dangerous and destructive aspects of man that needed to be seen and comprehended in the clarifying light of poetry and philosophy.
The Struggle with the Daemon is a brilliant analysis of the European psyche by the great novelist and biographer Stefan Zweig. Zweig studies three giants of German literature and thought: Friedrich Holderlin, Heinrich von Kleist and Friedrich Nietzsche – powerful minds whose ideas were at odds with the scientific positivism of their age; troubled spirits whose intoxicating passions drove them mad but inspired them to great works. In their struggle with their inner creative force, Zweig reflects the conflict at the heart of the European soul – between science and art, reason and inspiration. Both highly personal and philosophically wide-ranging, this is one of the most fascinating of Zweig’s renowned biographical studies.
Research Paper (undergraduate) from the year 2005 in the subject Business economics - Offline Marketing and Online Marketing, grade: 1,3, University of Cooperative Education Riesa, language: English, abstract: This study focuses on aspects of customer loyalty in the business-to-consumer sector, which looks at the relationship between companies and end consumers. As a result, the loyalty of customers in the business-to-business sector, e.g. of companies to their suppliers, is neglected. Behavioural and social science approaches to explain customer loyalty are not part of this study. The aim of the thesis is to present an overview of customer loyalty, instruments of customer loyalty, the most important terms relevant in connection with customer loyalty and practicable methods for controlling customer loyalty management. To this end, the necessity for customer loyalty is first explained and a definition of central terms is carried out. Subsequently, different goals and variants of customer loyalty are presented. In the further explanations, an overview of the most important customer loyalty instruments within the framework of the marketing dimensions is given, which is followed by a list of prerequisites and aspects to be considered when introducing a customer loyalty system. The work is rounded off by the presentation of the correlation between customer loyalty and customer satisfaction as well as the possibilities for controlling customer loyalty management, so that this study work can be regarded as a compact "guide" through the phenomenon of customer loyalty. [...]
The creation of synergy, which is often illustrated as the "2+2=5-effect", is a dominant motive as well as a key success factor for Mergers & Acquisitions (M&A). Inadequate expectations with respect to the synergistic potential can however easily result in an overrated acquisition price. If the planned synergies later fail to materialize, it will be increasingly hard for the acquiring firm to achieve positive value gains for its shareholders. It is therefore vital to obtain a comprehensive understanding of the synergistic potential of a planned M&A project. This issue was addressed with a doctoral thesis investigating the underlying drivers of synergy realization, in particular the concept of business relatedness which describes the similarity of firm attributes, such as product-market presence, resource configuration and supply channel types. Using a quantitative hypothesis-testing survey design, more than 300 M&A consultants worldwide have been invited to evaluate past M&A transactions with respect to their synergistic effects. In contrast to earlier studies, the relatedness of the merging firms is established as a multi-dimensional concept considering various attributes of business relatedness simultaneously. The degree of relatedness is measured using managerial perceptions which is a comparatively new measurement approach transferred from diversification research to the field of M&A. The individual dimensions of relatedness show a different effectiveness concerning synergy realization providing further support to recent contributions which advocate a multi-dimensional conceptualization of business relatedness. The study identifies dimensions of business relatedness and their underlying drivers which are particularly relevant to predictions concerning the synergistic potential. The research project thus makes a valuable contribution to clarify the impact of relatedness on M&A performance and provides important implications for practitioners regarding the eval
In the quest for better differentiation of their products, many firms in B2B markets have started to systematically invest in brand building. Stefan Worm analyzes how component supplier brand strength among original equipment manufacturers’ (OEMs’) customers affects component suppliers’ market performance in their relationships with these OEMs. Further, the author determines which management instruments are effective in building, sustaining, and leveraging component supplier brand strength. The analysis relies on data collected from multiple manufacturing industries.
In the quest for better differentiation of their products, many firms in B2B markets have started to systematically invest in brand building. Stefan Worm analyzes how component supplier brand strength among original equipment manufacturers’ (OEMs’) customers affects component suppliers’ market performance in their relationships with these OEMs. Further, the author determines which management instruments are effective in building, sustaining, and leveraging component supplier brand strength. The analysis relies on data collected from multiple manufacturing industries.
The alteration of the business environment has heightened the role of management accounting and control systems (MACS). Not only the design of MACS has gained increased relevance but also the ways in which MACS are used. Based upon empirical data from 69 German manufacturing companies of different industries testing the developed research model, the evidence reinforces the knowledge concerning budgets and their use and essentially bridges the gap in understanding the relationship between budgeting and strategy by revealing the positive effects formal MACS perform. This book is important reading for graduate students of business administration and executives with focus on budgeting management accounting and strategic management.
In the last decade rating-based models have become very popular in credit risk management. These systems use the rating of a company as the decisive variable to evaluate the default risk of a bond or loan. The popularity is due to the straightforwardness of the approach, and to the upcoming new capital accord (Basel II), which allows banks to base their capital requirements on internal as well as external rating systems. Because of this, sophisticated credit risk models are being developed or demanded by banks to assess the risk of their credit portfolio better by recognizing the different underlying sources of risk. As a consequence, not only default probabilities for certain rating categories but also the probabilities of moving from one rating state to another are important issues in such models for risk management and pricing. It is widely accepted that rating migrations and default probabilities show significant variations through time due to macroeconomics conditions or the business cycle. These changes in migration behavior may have a substantial impact on the value-at-risk (VAR) of a credit portfolio or the prices of credit derivatives such as collateralized debt obligations (D+CDOs). In Rating Based Modeling of Credit Risk the authors develop a much more sophisticated analysis of migration behavior. Their contribution of more sophisticated techniques to measure and forecast changes in migration behavior as well as determining adequate estimators for transition matrices is a major contribution to rating based credit modeling. Internal ratings-based systems are widely used in banks to calculate their value-at-risk (VAR) in order to determine their capital requirements for loan and bond portfolios under Basel II One aspect of these ratings systems is credit migrations, addressed in a systematic and comprehensive way for the first time in this book The book is based on in-depth work by Trueck and Rachev
Decarbonization through optimized energy flows. In this book you will learn how a significant reduction in climate changing greenhouse gas emissions can be achieved through systemic optimization of our energy systems. The authors clearly demonstrate how energy-intensive processes can be optimized flexibly by using technology-neutral simulation methods to ensure that significantly fewer greenhouse gases are emitted. Such field-tested, data-based energy models described in this publication prove that "digital decarbonization" enables an economy that releases significantly fewer climate changing emissions while maintaining its production output. This is a promising message in view of ongoing climate change.
The aim of this publication is not only to inform about historical and archaeological facts on the Limes in Serbia but also to act as a guidebook as well through the Danubian Limes.
The Struggle with the Daemon is a brilliant analysis of the European psyche by the great novelist and biographer Stefan Zweig. Zweig studies three giants of German literature and thought: Friedrich Holderlin, Heinrich von Kleist and Friedrich Nietzsche – powerful minds whose ideas were at odds with the scientific positivism of their age; troubled spirits whose intoxicating passions drove them mad but inspired them to great works. In their struggle with their inner creative force, Zweig reflects the conflict at the heart of the European soul – between science and art, reason and inspiration. Both highly personal and philosophically wide-ranging, this is one of the most fascinating of Zweig’s renowned biographical studies.
′This volume is the most comprehensive overview to date of sociologically orientated approaches to text and discourse analysis and is worth reading even for those who are interested only in purely linguistiv approaches to text and discourse. Its main merit, I think, is that it intorduces approaches which up to now have hardley been admitted into the universe of scientific discourse′ - Discourse Studies Methods of Text and Discourse Analysis provides the most comprehensive overview currently available of linguistic and sociological approaches to text and discourse analysis. Among the 10 linguistic and sociological models surveyed in this book some of the more important are Grounded Theory, Content Analysis, Conversation Analysis and Critical Discourse Analysis. The book presents each approach according to a standardised format, which allows for direct systematic comparisons. The fully annotated lists of sources provide readers with an additional means of evaluation of the competing analytical methods. Interdisciplinary and international in its aims, Methods of Text and Discourse Analysis suggests the benefits both linguists and sociologists will derive from a more intimate knowledge of each others′ methods and procedures.
This cutting-edge book unpacks the relationship between culture and consumer behavior to present the state-of-the-art in cross-cultural consumer research. Examining how culture shapes what consumers seek, evaluate and choose to purchase, Cross-Cultural Consumer Behavior explains why and how cultural values such as individualism, indulgence, or uncertainty avoidance influence consumers’ buying behavior.
This book from the Quintessence series offers essential know-how on the theory and practice of sales, the main turnover and value driver of any business. Sales can be seen as the “front line” where key business successes are prepared and put into practice. Sales managers and salespeople, but also professionals from production, technology, and marketing will benefit from the concise presentation of the relevant topics. Having read this book, you should have a good understanding of the key stages of the sales process from acquiring new clients (or selling to old ones) to closing the deal, and be familiar with the most typical sales performance issues described here. Moreover, in order to create a strong sales environment, you will know which qualities are needed both by sales leaders and ideal salespersons, and how to build a winning sales team and a high-quality sales organisation. Finally, by applying the principles of sales-centric business management, you will be readily equipped for immediate and lasting sales success.
This is the second volume in a trilogy in which Stefan Zweig builds a composite picture of the European mind through intellectual portraits selected from among its most representative and influential figures. In 'Hoelderlin, Kleist, and Nietzsche', Zweig concentrates on three giants of German literature to portray the artist and thinker as a figure possessed by a powerful inner vision at odds with the materialism and scientific positivism of his time, in this case, the nineteenth century. Zweig's subjects here are respectively a lyric poet, a dramatist and writer of novellas, and a philosopher. Each led an unstable life ending in madness and/or suicide and not until the twentieth century did each make their full impact. Whereas the nineteenth-century novel is socially capacious in terms of subject and audience, the three figures treated here are prophets or forerunners of modernist ideas of alienation and exile. Hoelderlin and Kleist consciously opposed the worldly harmoniousness of Goethe's classicism in favor of a visionary inwardness and dramatisation of the subjective psyche. Nietzsche set himself as a destroyer and rebuilder of philosophy and critic of the degradation of the German spirit through nationalism and militarism. Zweig's choice of subjects reflects a division in his own soul. The image of Goethe recurs here as the ultimate upholder of Zweig's own ideals: scientist and artist, receptive to world culture, supremely rational and prudent. Yet Zweig was aware that Hoelderlin, Kleist, and Nietzsche were more daring explorers of the dangerous and destructive aspects of man that needed to be seen and comprehended in the clarifying light of poetry and philosophy.
This book introduces and develops the paradigm of the organisational contract in European contract law. Suggesting that a more radical distinction should be made between contracts which regulate single or spot exchanges and contracts that organize complex economic activities without creating a new legal entity, the book argues that this distinction goes beyond that between spot and relational contracts because it focuses on the organizational dimension of contracting and its governance features. Divided into six parts, the volume brings together a group of internationally renowned experts to examine the structure of long-term contractual cooperation; networks of contracts; knowledge exchange in long-term contractual cooperation; remedies and specific governance rules in long-term relationships; and the move towards legislation. The book will be of value to academics and researchers in the areas of private law, economic theory and sociology of law, and organizational theory. It will also be a useful resource for practitioners working in international contract law and international business transaction law.
Detailed textbook with a focus on consumer behavior research This textbook addresses the central question of whether and in what way advertising has a lasting influence on the purchase decision process. For this purpose, it takes a look at the focus of consumer behavior and market research. In the course of this, the work conveys the basics of consumer behaviour in a comprehensible and clear language. Why is the shopping cart fuller than planned? Why does everyone want the latest smartphone so badly? The authors Stefan Hoffmann and Payam Akbar address the following topics in their book "Consumer Behaviour": They begin with the understanding of the term and briefly outline the theoretical as well as methodological approach to consumer behaviour. They then discuss influences on consumer behaviour, which take place first and foremost within us: Motivation, emotion and cognition as well as attitude and decision. They then show that behaviour differs systematically between different consumer groups. For this purpose, they consider influences from the social, physical and media environment. At the end of the consumer behavior book, they illustrate how buying behavior is embedded in general societal developments and thus constantly changes over time. This second edition of the book has been revised and updated by the authors. Clear textbook for exam preparation with many practical aids The Consumer Behavior textbook is intended for students in the following disciplines: Business Administration Psychology Communications Related disciplines It follows a consistent didactic concept: as a reader, you observe the fictional characters Lea and Ben in numerous consumption situations. In this way, you get to know essential theories and models in a lively way and close to everyday life. The following elements also help you to quickly grasp and effectively learn the contents of the textbook "Consumer Behaviour": Case studies Descriptions of relevant studies QR codes to video content (e.g. videos and websites) This makes this book ideal for reviewing lectures and preparing for exams. At the end of each chapter you will find questions for self-monitoring and recommended reading.
The creation of synergy, which is often illustrated as the "2+2=5-effect", is a dominant motive as well as a key success factor for Mergers & Acquisitions (M&A). Inadequate expectations with respect to the synergistic potential can however easily result in an overrated acquisition price. If the planned synergies later fail to materialize, it will be increasingly hard for the acquiring firm to achieve positive value gains for its shareholders. It is therefore vital to obtain a comprehensive understanding of the synergistic potential of a planned M&A project. This issue was addressed with a doctoral thesis investigating the underlying drivers of synergy realization, in particular the concept of business relatedness which describes the similarity of firm attributes, such as product-market presence, resource configuration and supply channel types. Using a quantitative hypothesis-testing survey design, more than 300 M&A consultants worldwide have been invited to evaluate past M&A transactions with respect to their synergistic effects. In contrast to earlier studies, the relatedness of the merging firms is established as a multi-dimensional concept considering various attributes of business relatedness simultaneously. The degree of relatedness is measured using managerial perceptions which is a comparatively new measurement approach transferred from diversification research to the field of M&A. The individual dimensions of relatedness show a different effectiveness concerning synergy realization providing further support to recent contributions which advocate a multi-dimensional conceptualization of business relatedness. The study identifies dimensions of business relatedness and their underlying drivers which are particularly relevant to predictions concerning the synergistic potential. The research project thus makes a valuable contribution to clarify the impact of relatedness on M&A performance and provides important implications for practitioners regarding the eval
This book investigates customer perceptions and expectations of complaint channels. In addition to the conventional channels, the adequacy of online social networks as new complaint channel is analysed. The managerial recommendations to improve customer satisfaction are based on a survey and reveal critical determinants of customer channel choice and their expectation and perception of each complaint channel.
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