@article{NeumannRosellonWeigt2015,
  author    = {Neumann, Anne and Rosellon, Juan and Weigt, Hannes},
  title     = {Removing Cross-Border Capacity Bottlenecks in the European Natural Gas Market-A Proposed Merchant-Regulatory Mechanism},
  series = {Networks and spatial economics : a journal of infrastructure modeling and computation},
  volume    = {15},
  journal   = {Networks and spatial economics : a journal of infrastructure modeling and computation},
  number    = {1},
  publisher = {Springer},
  address   = {Dordrecht},
  issn      = {1566-113X},
  doi       = {10.1007/s11067-014-9273-3},
  pages     = {149 -- 181},
  year      = {2015},
  abstract  = {We propose a merchant-regulatory framework to promote investment in the European natural gas network infrastructure based on a price cap over two-part tariffs. As suggested by Vogelsang (J Regul Econ 20:141-165, 2001) and Hogan et al. (J Regul Econ 38:113-143, 2010), a profit maximizing network operator facing this regulatory constraint will intertemporally rebalance the variable and fixed part of its two-part tariff so as to expand the congested pipelines, and converge to the Ramsey-Boiteaux equilibrium. We confirm this with actual data from the European natural gas market by comparing the bi-level price-cap model with different reference cases. We analyze the performance of the regulatory approach under different market scenarios, and identify relevant aspects that need to be addressed if the approach were to be implemented.},
  language  = {en}
}
@book{NastanskyStrohe2010,
  author    = {Nastansky, Andreas and Strohe, Hans Gerhard},
  title     = {The impact of changes in asset prices on real economic activity : a cointegration analysis for Germany},
  url       = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus-43762},
  publisher      = {Universit{\"a}t Potsdam},
  year      = {2010},
  abstract  = {This paper reviews theoretical and empirical evidence of asset price movements impact on the real economic activity. A key channel is the wealth effect on consumption. Fluctuations in stock prices and housing prices influence the households wealth and could have important impacts on households consumption. In addition, stock prices may affect corporate sector investments and property prices may affect building activity. Here, the method of cointegration is used to estimate the wealth effect and the investment effect in aggregate time series for Germany after the Reunification in 1990. Moreover, we discuss the role of asset prices in the monetary policy strategy of the ECB.},
  language  = {en}
}