Books:

Wachstumstheorie (294 pp.), München: Verlag Franz Vahlen (1997). Business Cycle Theory (165 pp.), Oxford: Oxford University Press (2002). Book review by Roger E. A. Farmer (Journal of Economics) - "a relatively compact intellectual history of the subject of business cycle theory" written "in a readable and illuminating way". Brief comments on the Book review. Makroökonomik. Eine Einführung in die Theorie der Güter-, Arbeits- und Finanzmärkte, 3rd edition (Neue ökonomische Grundrisse, edited by Rudolf Richter) (472 pp.), Tübingen: Mohr Siebeck (2009).

Journal Articles (refereed):

In parentheses:
Handelsblatt score (1-0) (Handelsblatt-Punkte) following Combes, Pierre-Philippe, and Laurent Linnemer, "Where are the Economists Who Publish? Publication Concentration and Rankings in Europe Based on Cumulative Publications" (Symposium on Evaluating Economics Research in Europe), Journal of the European Economic Association 1 (2003), 1250-308
Handelsblatt score (total): 4.11.
Journal ranking (1-159) according to Kalaitzidakis, Pantelis, Theofanis P. Mamuneas, and Thanasis Stengos, "Rankings of Academic Journals and Institutions in Economics" (Symposium on Evaluating Economics Research in Europe), Journal of the European Economic Association 1 (2003), 1346-66
Journal ranking (1-261) according to Ritzberger, Klaus, "Eine invariante Bewertung wirtschaftswissenschaftlicher Fachzeitschrften", Perspektiven der Wirtschaftspolitik 9 (2008), 267-285.

• "Neue Wachstumstheorie: Ein Überblick",
  ifo-Studien 41 (1995), 409-44
• "Stability of the Steady-State Equilibrium in the Uzawa-Lucas Model: A Simple Proof",
  Zeitschrift für Wirtschafts- und Sozialwissenschaften 117 (1997), 197-207.
• "Basic and Applied Research",
  Finanzarchiv 54 (1997), 169-89
• "Growth, Welfare, and Trade in an Integrated Model of Human-Capital Accumulation and Research",
  Journal of Macroeconomics (0.4, 67, 172) 20 (1998), 81-105.
• "Poverty Traps and Financial Development in a Model of Finance and Growth",
  Zeitschrift für Wirtschafts- und Sozialwissenschaften 118 (1998), 415-24.
• "Does Policy Affect Growth?",
  Finanzarchiv 56 (1999), 141-64.
• "Stability of the Market Equilibrium in Romer's Model of Endogenous Technological Change: A Complete Characterization",
  Journal of Macroeconomics (0.4, 67, 172) 22 (2000), 69-84.
• "Financial Regimes, Capital Structure, and Growth" (joint with Uwe Walz),
  European Journal of Political Economy (0.2) 16 (2000), 491-508.
• "Endogenous technological change: a note on stability",
  Economic Theory (0.4, 16, 23) 16 (2000), 219-26.
• "Kreditrationierung, Arbeitslosigkeit und Konjunkturschwankungen",
  Kredit und Kapital 33 (2000), 521-47.
• "Endogenous Growth with Physical Capital, Human Capital and Product Variety: A Comment",
  European Economic Review (0.67, 14, 50) 44 (2000), 1599-605.
• "A Model of Debt Deflation and the Phillips Curve: Implications for Business Cycles and the Balance Sheet Channel of Monetary Policy",
  Jahrbücher für Nationalökonomie und Statistik (0.2, 116, 255) 220 (2000), 385-99.
• "Financial Market Imperfections, Labour Market Imperfections, and Business Cycles",
  Scandinavian Journal of Economics (0.4, 27, 71) 104 (2002), 105-24.
• "On the Effectiveness of Growth-Enhancing Policies in a Model of Growth Without Scale Effects",
  German Economic Review (0.2) 3 (2002), 339-46.
• "On the Growth Effects of North-South Trade: The Role of Labor Market Flexibility",
  Journal of International Economics (0.67, 30, 14) 58 (2002), 451-66.
  (Click here for the technical appendix on transitional dynamics.)
• "Growth in Stages",
  Structural Change and Economic Dynamics 14 (2003), 55-74.
• "The Dynamics of the Jones R&D Growth Model",
  Review of Economic Dynamics (0.2, 36) 9 (2006), 143-52.
  (Click here for the technical appendix.)
• "Does the Choice Between Wage Inequality and Unemployment Affect Growth?",
  German Economic Review (0.2) 7 (2006), 87-112.
  (Click here for the technical appendix.)
• "A Generalized Multi-Country Endogenous Growth Model",
  International Economics and Economic Policy (0.2) 4 (2007), 61-100.
• "A Note on the Comparative Statics and Dynamics of the Romer R&D Growth Model with Quality Upgrading " (joint with Wolfgang Kornprobst),
  Macroeconomic Dynamics (0.2, 37) 12 (2008), 702-16.
• "Anything is Possible: On the Existence and Uniqueness of Equilibria in the Shleifer-Vishny Model of Limits of Arbitrage",
  Review of Finance 13 (2009), 521-53.
• "On the Growth and Welfare Effects of Monopolistic Distortions" (joint with Christian Bauer)
  Journal of Economics (66, 155) 97 (2009), 19-40.
• "On the Possibility of Credit Rationing in the Stiglitz-Weiss Model" (joint with John G. Riley),
  American Economic Review (1.0, 1, 8) 99 (2009), 2012-21.
  
  

Working Papers:

• "A Game Theoretic Foundation for the Stiglitz-Weiss Model"
  Latest version (April 2007).
  [Contrary to what is usually assumed in the literature, the return function (i.e., the relation between the interest rate on loans and the resulting rate of return) cannot be globally hump-shaped in the Stiglitz-Weiss (1981) adverse selection model with a continuum of borrower types. It is possibly non-monotonic, but it attains its global maximum at the maximum interest rate beyond which there is no demand for capital. Arnold and Riley (2007) argue that if the return function has a unique local maximum and there is excess demand at the corresponding interest rate, the two-interest rate equilibrium discussed by Stiglitz and Weiss (1981) in the context of a return function with multiple humps is the natural equilibrium outcome of the model. The present paper substantiates this claim by providing an explicit game theoretic foundation for the Stiglitz-Weiss (1981) model. Modeling competition in the markets for deposits and credit as a two-stage game, as in Stahl (1988) and Yanelle (1989), we show that the two-interest rate allocation occurs in any subgame perfect pure-strategy equilibrium if the credit subgame precedes the deposit subgame.]
• "Existence of Equilibrium in Models of International Trade with Perfect or Imperfect Competition"
  University of Regensburg Discussion Papers in Economics, No. 424, May 2007.
  Latest version April 2008.
  [This paper investigates the existence of a free trade equilibrium in the Helpman-Krugman (1985) model of international trade with imperfect competition. An equilibrium of the integrated economy exists, so the the well-known conditions for reproduction of this equilibrium are sufficient for the existence of a free trade equilibrium. By extending the standard approach to general equilibrium pursued in international trade theory, we also obtain existence results for the Dixit-Norman model of international trade with imperfect competition and other prominent models.]
• "Microfinance and markets: New results for the Besley-Coate group lending model" (joint with Susanne E. Steger and Johannes Reeder)
  Latest version (December 2009).
  [Besley and Coate (1995) analyze the impact of joint liability and social sanctions on repayment rates when repayment enforcement is imperfect. Motivated by the microfinance industry's move toward markets, we conduct an equilibrium analysis of the Besley-Coate model. We find that individual loan contracts may be used in market equilibrium, even though group lending entails the higher repayment rate and the lower break-even interest rate. This is because group lending causes potentially large deadweight losses. The market equilibrium is possibly characterized by financial fragility, redlining, or rationing. Either cooperation between borrowers or social sanctions imposed on each other in the case of strategic default turns group lending into the equilibrium mode of finance and ameliorates the market failures.] The Maple code used to solve the Example is available here.

Other Publications (Non-Refereed Journals, Essay Collections, Newspapers, etc.):

• Book Review: Fiscal Policy and Economic Growth, by Alfred Greiner, Avebury: Aldershot,
  Finanzarchiv 54 (1997), 289-91.
• "Die Neue Wachstumstheorie",
  Uni-Report, Berichte aus der Forschung der Universität Dortmund 26 (1998), 26-30.
• "Ein Wachstumsmodell mit interindustriellem internationalen Handel, Innovation und Imitation",
  in: Hans-Rimbert Hemmer und Wolfgang Kroh (eds.), Weiterentwicklungen in der Wachstumstheorie. Tagungsband zum 3. Limburg-Seminar "Wissenschaft und Praxis der Entwicklungsökonomik", Frankfurt a.M.: Kreditanstalt für Wiederaufbau (2000), 7-16
• "Wer nur wenig weiß, sollte auch wenig tun" (with Wolfgang Wiegard),
  Handelsblatt 27.7.2001.
• "Was wir vom Euro alles erhoffen",
  Mittelbayerische Zeitung, 31.12.2001.
• "Gebt der Dritten Welt mehr Zeit",
  Die Zeit, 17.5.2002.
• "Informationsasymmetrien, Bubbles,Währungskrisen. Probleme auf Finanzmärkten",
  Blick in die Wissenschaft, Forschungsmagazin der Universität Regensburg 16 (2004), 36-44.
• "Geschäftsprognose mit Konjunkturindikatoren bei Siemens Automation and Drives" (with Robert Amler, Alexander Gumann, and Harald Haupt), Erlangen: Publicis Corporate Publishing (2006).
• "Die Volkswirtschaftslehre steckt nicht in der Krise",
  ifo-Schnelldienst 62 (2009), "Krise der Wirtschaftswissenschaften: Braucht die VWL eine Neuausrichtung?"

Conference Contributions:

• "Imitation, Intellectual Property Rights, and Growth", Discussion Papers in Economics 95-02 (1995), University of Dortmund. Presented at the Annual Meeting of the German Economic Association (VfS) 1995 in Linz.
• "Growth, Welfare, and Trade in an Integrated Model of Human-Capital Accumulation and Research". Presented at the Annual Meeting of the German Economic Association (VfS) 1996 in Kassel and at the Conference on Advances in Industrial Organization, Organizational Structure, and Competition of the Science Center Berlin (WZB) 1996 in Berlin.
• "Endogenous Technological Change: Comment on Stability", Discussion Papers in Economics 98-06 (1998), University of Dortmund. Presented at the Annual Meeting of the German Economic Association (VfS) 1997 in Bern and at the Annual Congress of the European Economic Association (EEA) 1998 in Berlin.
• "Does Policy Affect Growth? Probably Not", University of Dortmund (1997). Presented at the ZEI Summer School 1998 in Bonn.
• "Financial Market Imperfections, Labour Market Imperfections, and Business Cycles", Discussion Papers in Economics 97-18 (1997), University of Dortmund. Presented at the Annual Meeting of the German Economic Association (VfS) 1998 in Rostock.
• "The Debt-Deflation Theory of Business Cycles", Universität Dortmund (1998). Presented at the Annual Meeting of the German Economic Association (VfS) 1999 in Mainz.
• "Ein Wachstumsmodell mit interindustriellem internationalen Handel, Innovation und Imitation", Presented at the Limburg Seminar on "Recent Developments in Growth Theory" 2000.
• "The European Growth and Employment Problems: A Growth Theoretc Perspective", Universität Dortmund (1999). Presented at the Annual Congress of the European Economic Association (EEA) 2000 in Bozen/Bolzano and at the Annual Meeting of the German Economic Association (VfS) 2000 in Berlin
• "Financial Liberalization and Financial Crises". Presented at the Annual Meeting of the German Economic Association (VfS) 2001 in Magdeburg.
• "Die Funktion der Universitätsausbildung für das wirtschaftliche Wachstum: Einige neue Theorien". Presented at "Campus Europa: Universitäre Zusammenarbeit zwischen Deutschland und Italien angesichts der Herausforderung durch die Internationalisierung", Menaggio 2001.
• "Does the Choice Between Wage Inequality and Unemployment Affect Productivity Growth?". Presented at the Annual Meeting of the German Economic Association (VfS) 2002 in Innsbruck.
• "The Dynamics of the Jones R&D Growth Model". Presented at the Annual Meeting of the German Economic Association (VfS) 2005 in Bonn.
• "Multi-Country Endonous Growth Models". Presented at the Conference "Economic Growth in Europe", ZEW Mannheim, 2006.
• "On the Possibility of Credit Rationing and Redlining in the Stiglitz-Weiss Model". Presented at the Annual Meeting of the German Economic Association (VfS) 2006 in Bayreuth.

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Lectures

• Unemployment
• Business Cycle Theory
• Microeconomics (undergraduate)
• Financial Economics
• International Finance
• Macroeconomics (undergraduate)
• Theory of West-East Trade
• Dynamic Methods in Economics
• Advanced Financial Economics

Seminars

• International Economics
• Optimum Taxation and the Double-Dividend Hypothesis
• New Keynesian Economics
• European Monetary Union
• Dynamic Macroeconomics
• Business Cycle Theory
• Money, Banking, and Financial Markets
• Comparing Financial Systems
• Globalization
• Asymmetric Information
• Financial Economics
• Selected Topics in Financial Economics
• Classical Theorems in Mathematical Economics

Ph.D. course

• Growth Theory