European Vacation There's a

Federal Reserve Bank of Minneapolis - The Region - European Vacation (December 2003) I'm at: Home > Publications > The Region > December 2003 > Article Publications Expand All Collapse All The Region Index by Issue Interviews President's Columns fedgazette Index by Issue Topics Index Annual Report Quarterly Review Community Dividend Banking and Policy Studies Articles Toolbox ( advanced search ) December 2003 European Vacation There's a simple reason Americans work longer hours than Europeans, says economist Ed Prescott. And it isn't what you think Douglas Clement Editor It's no secret that Europeans work less than Americans do. Every Labor Day the media tell us that Europeans have just enjoyed weeks of summer vacation while Americans have been toiling away. These stories often depict Americans as hard-working drones who revere material possessions above all else. Europeans meanwhile bask in the good life of long lunches and months at the beach. There is some truth to the portrayal, at least in terms of hours worked. The International Labor Organization reports that the average American worked 1,815 hours in 2002, well above the comparable figures for France (1,545) and Germany (1,444), for example. (The average South Korean, on the other hand, worked over 2,400 hours.) But if it's widely acknowledged that Americans work more hours than Europeans, it remains a puzzle quite why there's such a large difference. With similar economies and social structures—at least relative to the rest of the world—it would seem that labor patterns should also be alike. Social scientists have been hard-pressed to explain the disparity. Most accounts focus on cultural explanations. The most popular is the notion that Europeans have a fuller appreciation of la dolce vita —the sweet life—the Italian version of the idea that life is to be enjoyed, not endured. Work is a means to an end, not an end in itself. The idea of cultural and religious influences on economic activity isn't new. German sociologist Max Weber wrote The Protestant Ethic and the Spirit of Capitalism nearly a century ago, attributing the rise of capitalist economies to the “Protestant work ethic.” It was an immensely persuasive theory in its time, and derivative explanations have held great sway ever since. “Why do Europeans and Americans differ so much in their attitude toward work and leisure? I can think of two reasons,” opines a recent Time magazine essay. “Broadly speaking, Americans value stuff—SUVs, 7,000-sq.-ft. houses—more than they value time, while for Europeans it's the opposite. Second, ... in the puritanical version of Christianity that has always appealed to Americans, religion comes packaged with the stern message that hard work is good for the soul. Modern Europe has avoided so melancholy a lesson.” “It all comes down to what people feel is important and how they feel about their lives,” argues a September 2003 U.S. News & World Report editorial. “We value more money and more stuff; they value more leisure time. ... We are proud of being busy—it is a virtue; being idle is perceived as a vice.” Economic explanations Economists have always been suspect of such cultural explanations. Standard economic theory assumes that people's preferences are, on average, homogeneous, and that choices depend largely on economic factors. Still, while economists agree that dollars and cents lie behind the work pattern differential, there is little harmony among them as to the right economic explanation. Some economists say work regulations keep Europeans from working longer hours and point favorably to recent European reforms on vacation time. Others argue that greater inequality in the United States motivates workers to try harder to get ahead. Most of these explanations come from the perspective of labor economics and its core belief that social structures and institutions such as unions are the major determinants of labor patterns. But in a recent series of papers and lectures, Edward C. Prescott, senior monetary adviser to the Minneapolis Fed and economist at Arizona State University, looks at the labor supply question through the prism of the growth model—a different perspective altogether—and provides a convincing and remarkably straightforward explanation for the dramatic differences in hours worked. It is an explanation that has far-reaching implications for policymakers—and for anyone else who's ever received a paycheck. According to Prescott, the reason for these large differences in labor supply is not culture. “French, Japanese, and U.S. workers all have similar preferences,” he writes. “The French are not better at enjoying leisure. The Japanese are not compulsive savers.” The reason for the wide range in working hours is, in a word, taxes. Europeans supply less labor because there's a much larger wedge in most European countries between what a worker is paid and what that worker actually gets to keep after taxes are taken out. This tax wedge, argues Prescott, distorts the trade-off people make between consumption and leisure by making consumption more expensive. And since people work, ultimately, to earn money to pay for consumption goods, they'll supply less labor if consumption goods become relatively more expensive. The cheaper alternative: leisure. Hello, Riviera. If the concept seems straightforward, its evolution was anything but. Like most ideas that seem obvious in retrospect, the awareness that taxes distort labor markets dramatically and account for major international differences in work patterns came about indirectly and as a revelation to those who happened upon it. The discovery Prescott's discovery about the role of taxes in labor supply variation began, simply enough, in his classroom at the University of Minnesota, where he taught from 1980 to 2003. “I was making up exercises for my students,” he recalled in a recent interview. “I said, 'use this nice little growth model.'” The “nice little model” he presented to his students is the workhorse of modern macroeconomics; it says, mathematically, that a nation's total output (or gross domestic product, GDP) is dependent on three sources: labor, capital and the efficiency (or productivity) with which it merges them to create economic value. The other key part of this standard theory is, in the jargon of economics, a utility function: a formula representing the notion that households try to maximize their happiness by finding the best possible combination of leisure and consumption, given their resources. Prescott wanted his students to become familiar with this model by looking at how it performed in different nations over time, and how key variables—capital endowments, productivity, labor supply—could account for differences among nations in per capita GDP. “I wanted to try to get across the basic ideas and the importance of productivity,” said Prescott. “And then I thought, let's put a few taxes in.” The intuition was far more significant than Prescott suspected, but that became clear only after looking at the relative contributions of capital, productivity and labor. The data, compiled by the United Nations and the Organization for Economic Cooperation and Development, showed that in the mid-1990s among developed countries—the United States, much of Europe and Japan—relative levels of capital differ little and explain just a small portion of the variation in per capita GDP (see adjacent table). “The capital factor is not an important factor in accounting for differences in incomes across the OECD countries,” writes Prescott in his 2002 Richard T. Ely Lecture to the American Economic Association. “[It] contributes at most 8 percent to the differences in income between any of these countries.” Capital, Labor, Productivity and GDP 1993-96 Country Capital/ Output Ratio (1990) Hours worked per Week per Person 15-64 Productivity: GDP per hour Worked; US=100 GDP per Person 15-64; US=100 Germany 2.7 19.3 99 74 France 2.2 17.5 110 74 Italy 2.6 16.5 90 57 Canada na 22.9 89 79 United Kingdom 2.6 22.8 76 67 Japan 2.5 27.0 74 78 United States 2.3 25.9 100 100 Source: Federal Reserve Bank of Minneapolis Research Department Staff Report 321 and Working Paper 618 . Productivity, on the other hand, is very important, at least for some national differences. Japan and the United States, for example, have similar levels of labor and capital, but per capita GDP in Japan is far below that in the United States because its productivity is less than three-quarters that of the United States. But what of European countries like France, Italy and Germany? Why are their levels of per capita GDP so much lower? All these nations have capital endowments comparable to the United States. Their productivity levels also are similar to U.S. rates, or in the case of France, even higher. The data suggest that the differences in wealth are due almost exclusively to the markedly lower number of hours worked in these European countries. Germany, for instance, had a slightly higher capital endowment than the United States and an equal level of productivity, but just 74 percent of the U.S. per capita GDP. The evident reason: Its workers supplied just over 19 hours of labor per week compared to nearly 26 hours a week per American worker. While many believe that cultural differences lead to fewer hours worked in Europe than in the United States, Prescott doubts it. After all, data from the early 1970s show that the French actually worked more hours per week than did Americans at that time. Has French culture changed radically over the last two decades? Probably not: They still like good wine, aged cheese and, inexplicably, Jerry Lewis. Prescott's hunch was that differences in marginal tax rates might explain the differences in labor supplied and thus account for differences in per capita GDP. Enter the tax wedge “What is important is the price of consumption relative to leisure,” Prescott writes in the lecture he gave in April 2003 as he accepted Northwestern University's prestigious Erwin Plein Nemmers Prize in Economics. “And it is determined by the consumption tax rate and the labor income tax rate.” (See the lecture, “ Why Do Americans Work So Much More Than Europeans? ”) By introducing these taxes into the growth model, and making standard microeconomic assumptions, Prescott derived what he calls “the key equilibrium relation.” 1 It's a mathematical formula for labor supply that says workers will supply labor dependent on, among other things, their preference for consumption now over consumption later (spend or save?), their preference for leisure relative to consumption (play or work?) and the effective tax rate. Holding the first two variables fixed and looking empirically at different national tax rates enables Prescott to see if tax differences can account, fully or partially, for variations in labor hours supplied. Estimating the effective tax rates in these countries was, in itself, a major accounting exercise. Consumption taxes include value-added taxes, sales taxes, excise taxes and property taxes. Labor is subject to both income taxes and Social Security taxes. For each nation under consideration, Prescott and his students crunched the numbers, determined a tax rate, plugged it into the formula along with fixed estimates of the other variables, and derived predictions of labor hours supplied per week per worker. How good were the predictions? Dead-on for Germany and the United Kingdom, a bit low for Canada and the United States, and a bit high for the other countries (see table below). Given measurement inaccuracies, the rough nature of the tax-rate estimates and the difficulty of international comparisons, writes Prescott, the model's predictions were “surprisingly close to the actual.” Tax Rates and Labor Supply 1993-96 Country Tax Rate (percent) Actual Hours Worked per Week per Person 15-64 Predicted Hours Worked per Week per Person 15-64 Difference (Predicted Minus Actual) Germany 59 19.3 19.5 0.2 France 59 17.5 19.5 2.0 Italy 64 16.5 18.8 2.3 Canada 52 22.9 21.3 -1.6 United Kingdom 44 22.8 22.8 0.0 Japan 37 27.0 29.0 2.0 United States 40 25.9 24.6 -1.3 Source: “ Why Do Americans Work So Much More Than Europeans ?” Federal Reserve Bank of Minneapolis Research Department Staff Report 321. Here, notes Prescott, “the important observation is that the low labor supplies in Germany, France and Italy are due to high tax rates. In these countries if someone works more and produces 100 additional euros of output, that individual gets to consume only 40 euros of additional consumption and pays directly or indirectly 60 euros in taxes.” Put in such stark terms, it seems obvious that many Europeans might opt to work less, while Americans and Japanese, taxed more lightly, would be keen to put in extra hours. Confirmation and implications Prescott found further confirmation for his hypothesis when he looked at tax rates and labor supply in the early 1970s (see table below). While his model's predictions of labor hours supplied diverge from the actual in several cases—Italy and Japan, in particular—Prescott observes that “when European and U.S. tax rates were comparable, European and U.S. labor supplies were roughly equal.” Tax Rates and Labor Supply 1970-74 Country Tax Rate (percent) Actual Hours Worked per Week per Person 15-64 Predicted Hours Worked per Week per Person 15-64 Difference (Predicted Minus Actual) Germany 52 24.6 24.6 0.0 France 49 24.4 25.4 1.0 Italy 41 19.2 28.3 9.1 Canada 44 22.2 25.6 3.4 United Kingdom 45 25.9 24.0 -1.9 Japan 25 29.8 35.8 6.0 United States 40 23.5 26.4 2.9 Source: “ Why Do Americans Work So Much More Than Europeans ?” Federal Reserve Bank of Minneapolis Research Department Staff Report 321. As for the outliers, Italy and Japan, Prescott suggests that other factors may be significant. In Italy, cartels may have played a role in depressing labor supply below its predicted value. In Japan, significant measurement errors in actual hours worked could account for the overly high prediction by the model. And what seems another anomaly is very likely an indirect confirmation of the importance of marginal tax rates on labor supply, according to Prescott. In the United States, actual hours worked per person increased by 10 percent from the 1970s to the 1990s, though the marginal tax rate remained at 40 percent. Prescott argues that U.S. tax reforms in the 1980s changed the effective marginal tax faced by married couples—dropping the rate in half for the second earner's income—even though it remained nominally at 40 percent. “In the 1993-96 [period],” he writes, “the marginal income tax on the labor income associated with switching between a one-earner and a two-earner household is only 20 percent, not 40 percent.” The issue warrants more attention, he says, and indeed, his colleagues Larry Jones, Rodolfo Manuelli and Ellen McGrattan have recently released a paper on this exact question. (See “ Wives at Work .”) On the whole, Prescott states, the results show that “people are remarkably similar across countries” and not only for these relatively prosperous and homogeneous nations, but for Chile, Mexico and Argentina, as well, where other economists have found similar relationships. “Apparently, idiosyncratic preference differences average out and result in the [representative] household having almost identical preferences across countries.” The policy implications are enormous for high-tax countries. If France were to lower its effective tax rate from 60 percent to 40 percent, estimates Prescott, its people would work more (taking 6.6 percent less leisure) and—remember their high productivity?—would generate considerably more output. Tax revenues wouldn't diminish, because the 40 percent rate would be levied on a higher base. And overall French “welfare gains,” as economists put it, would increase nearly 20 percent. In the United States, reducing marginal tax rates would have a more modest impact, according to the model: A 10 percent rate reduction would produce a 7 percent welfare gain. But even in the United States, Prescott's findings have huge implications for the viability of the Social Security system. (See “ Shrinking a deadweight loss .”) Foreign affairs In recent months, Prescott has traveled widely, presenting his findings not only to American audiences but to economists and policymakers in London, Berlin, Toulouse, Tokyo and elsewhere overseas. And in fact, says Prescott, Europeans tend to be more receptive than Americans. “The economists there understand that there is a problem,” he said after returning from France in mid-September. “I got some excellent suggestions when I presented the paper, the best so far.” But at all venues, he observes, the common denominator is surprise. Prescott is the first to admit that he, too, thought the results were startling, unexpected. “I find it remarkable that virtually all of the large difference in labor supply between France and the United States is due to differences in tax systems,” he writes in his Ely lecture. “I expected institutional constraints on the operation of labor markets and the nature of the unemployment benefit system to be more important.” Moreover, he concedes that cultural explanations might carry the day in a few settings. “Scandinavians seem to be a little bit different,” he said recently, referring to research by Richard Rogerson, an economist at Arizona State University. “My theory is when one of those Swedes looks at you when you're not working, it's pretty intimidating.” More seriously, he allows that in small, homogeneous cultures, social pressures can be quite strong. But even in large, heterogeneous nations, tax wedges don't always tell the whole story, according to Prescott. “Taxes are not the only reason that the labor factors differ,” says Prescott's Ely lecture. Unemployment benefits and housing subsidies—not taxes—distorted labor mobility in the United Kingdom between the first and second World Wars, contributing significantly to that country's interwar depression. New Deal policies supporting cartels in America's heavy industries distorted wages and employment in the last half of the 1930s, contributing to the depth and duration of the Great Depression in the United States. Similarly, cartels in 1970s Italy may have suppressed employment there. Prescott relies on work by University of California, Los Angeles economists Harold Cole and Lee Ohanian in making these conjectures. Still, while taxes aren't the all-powerful explanatory factor for all nations and eras, Prescott contends that in major developed countries in the time period under consideration, the labor supply impact of tax wedges is a powerful and undeniable fact. Other academics As befits the work of any prominent scholar, Prescott's theory has attracted close academic scrutiny—beyond the initial reaction of surprise—from both adherents and critics. In one recent paper, Peter Lindert, an economist at the University of California, Davis, refers to Prescott's study as dependent upon “a theoretical model heavily laden with assumptions. It is educated, intelligent, plausible fiction—but fiction nonetheless.” On the other hand (as Lindert points out) Prescott's model and findings are cited quite favorably by Nobel Laureate Robert Lucas in his 2003 presidential address to the American Economic Association. Lindert calls for empirical tests. Steven Davis at the University of Chicago Graduate School of Business and Magnus Henrekson of the Stockholm School of Economics oblige with a careful econometric analysis of the impact of labor income and consumption taxes on employment and work activity. In their study of rich countries in the mid-1990s, they find that a 12.8 percentage point difference in tax rates is associated with 122 fewer market work hours per adult per year and nearly a 5 percentage point decrease in employment—population ratios—an indirect affirmation of Prescott's theory. A very different perspective was presented earlier this year in a series of lectures by British economist Richard Layard, co-director of the Centre for Economic Performance at the London School of Economics. Layard takes issue with GDP itself as a satisfactory measure of human welfare—or utility, as Jeremy Bentham and subsequent economists have termed it—noting that “happiness has not increased, despite huge increases in living standards.” To summarize a lengthy argument, Layard's idea is that a tax wedge on labor income could actually increase utility by decreasing a sort of pollution: overwork brought on by the inherent human desire to do better than our peers, regardless of our absolute level of income. Keeping up with the Joneses, in other words, leads to overwork, ill health and unhappiness—rivalry distorts the leisure/labor decision. Appropriate public policy should diminish this pollution by taxing it. “In an efficient economy,” Layard writes, “there will be substantial levels of corrective taxation ... 60 percent would not seem inappropriate, and that is in fact the typical level of marginal taxation in Europe—if you allow for direct and indirect taxes.” Prescott responds Prescott's reactions to these ideas vary widely. Sitting in his seventh-floor office at the Minneapolis Fed, he reads through the first pages of Lindert's paper, then drops it on his desk. “It doesn't seem to be coherent,” he says. Davis and Henrekson's study, on the other hand, intrigues him. That might seem predictable given its broad support of Prescott's findings, but Davis and Henrekson employ a technique Prescott generally scorns: statistical regression. “Progress, don't regress,” he says with a smile, quoting the slogan featured prominently on his Internet home page. Regardless of their method, Prescott is drawn to the findings and has invited Davis to Minneapolis to get a closer look at their work. But Prescott's response to Layard's argument—more complete and nuanced—conveys a sense of Prescott himself. He begins by summarizing Layard's case in a phrase: “I'm happy if I have a lot more income—than you,” he says, grinning and quite aware that he does. As to the overwork such rivalry might cause, “that just says there's a consumption externality.” Then he conveys the concept with a story. “I always tried to create a positive externality in Pittsburgh for my neighbors who had these beautiful lawns,” he jokes of his grad school days at Carnegie Mellon University. “By my having a messy lawn, their lawns looked so much better. I mowed it, but I didn't do much else with my lawn. And it gave me utility to see them happier.” He tells the story with a verbal wink, acknowledging silently that his Pittsburgh yard care externality may well have been less than zero. The conspiratorial smile changes to professorial zeal as he begins to dissect Layard's reasoning: “Suppose everybody cares about relative consumption as well as own consumption. You work out the equilibrium, it's not Pareto optimal. Let's deal with the case where everybody enters symmetrically. So it's simple to make the ordering. Well, you can make everybody better off by just putting a tax on consumption so that they work less. That's a very standard model. Now what would be the empirical evidence for and against that?” In under five minutes, Prescott has crystallized an argument, communicated it to a visitor in plain language and personal anecdote, then converted it to the idiom of economics and laid out steps for its confirmation or refutation. It's vintage Prescott: analytically brilliant, unexpectedly funny and several beats ahead of everyone else. That last bit is the essence of a conversation with the economist. When you ask him a question, it sometimes seems that his reply is off-topic; then it dawns on you that Ed Prescott is answering the question you should have asked. A pattern of surprise Prescott's willingness to entertain alternatives, to listen to critics, to incorporate the unexpected is deeply characteristic of his work. That flexibility is, in fact, the paradoxical outcome of a rigid research discipline. In setting model parameters, for instance, or reporting research results, “the investigator has no degrees of freedom,” he says. “You have to tie your hands and if there's a deviation from your predictions, you report it. You can speculate on why, but you've got to be totally honest.” Intellectual honesty also means allowing findings to modify, even subvert initial hypotheses. It happens frequently, says Prescott. Much of the work for which he's best known—theories on time inconsistency, real business cycles, the equity premium and growth theory—has been developed in an ongoing process of research and revelation. “When I work out the implications, I'm quite often surprised: The findings change my views quite dramatically,” he says. “When I did the real business cycles work with Finn Kydland, I was certain that monetary shocks were the reason the economy fluctuated with the business cycles. Our findings were just the opposite. When I did some work with Rajnish Mehra on the equity premium puzzle, I was certain that the reason for the high historical difference in the return on equity relative to debt was just a premium for bearing aggregate, nondiversifiable risk. We found it wasn't.” For time inconsistency and the impact of taxes on labor supply, as well, surprise has been an intrinsic part of the process. Future direction As striking as his labor supply findings are—and though many aspects of it remain unresolved—Prescott senses that the big theoretical questions in economic growth lie elsewhere, and he is now turning his attention to them. “I think I've had my say on labor supply,” he concludes. In his Ely lecture, he lays out three sources of economic growth: capital, labor and productivity. The first two are important in understanding why some nations remain poor while others prosper, but the central question, contends Prescott, is what determines productivity? “Given productivity, our macro models are great,” he says. “But we treat it as exogenous. We've got to have a better understanding of mapping between policies and productivity.” In other words, what can governments do to enhance productivity? Prescott's main candidates are efficient financial markets, competition among producers and trading clubs. And currently, the last is his major focus. “What is a trading club?” he asks rhetorically. “Well, first, free movement of goods between the member states. But it's much, much more than that. ...” Prescott continues at length, with a discourse ranging from Toyota factories in Wales to trade among the U.S. states in the 19th century. He speaks quickly, and as he does there is a sense that each research question he asks leads him to a dozen more, each more interesting than the last. He will travel soon to Warsaw and then Bogotá to explore these ideas with other economists and policymakers. “It's going to be fascinating to see what's happening in Poland,” he remarks. In Colombia, “the president is trying to do some good things there, and we have to go down and help out.” He's not a policymaker himself. “I leave that to other people,” he says. “I'm no good at it. My comparative advantage is working out implications of theory.” And in so doing, it seems there is just one constraint: Even for Ed Prescott, a scholar who understands labor supply dynamics as well as anyone on earth, there are only 24 hours in a day. “Time,” observes the economist, “is the most valuable resource.” 1 The two assumptions: (1) that people decide between leisure and consumption based on their relative prices, at the margin, and (2) that in a competitive market, wages are equal to their marginal product of labor. The “key equilibrium relation” also depends on the share of a nation's output due to capital. Top of document Advanced Search Glossary See also: Shrinking a deadweight loss

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Christmas Vacation Packages, Christmas Vacation Package, Family Vacations for Christmas, 2005 Christmas Vacation Packages Christmas Flowers | Christmas Decorations | Christmas Gifts | Christmas Greetings | Christmas Wallpapers : CHRISTMAS VACATION PACKAGE CHRISTMAS VACATION PACKAGE Christmas Holidays are a perfect time to relax and go out on that much awaited vacation with your near and dear ones. There are plenty of Christmas Vacation Packages to choose from and have a whale of a time with your beloveds. Below are listed some of the exotic Christmas Vacation Package ideas: Caribbean Vacation: Caribbean islands have a remarkable variety of places that will make you fall in love with the place again and again. The charming Caribbean with its white sandy beaches, fantastic sunsets and gregarious people is an ideal destination to relax and enjoy. Walt Disney World: Disney World is a heaven for fun loving people where they can participate in activities like tree-lighting, special parade, Very Merry Christmas Party and relive their childhood days once again. Far East: The mystical land of Orients has attracted the fancy of all and one since time immemorial with its rich cultural legacy and hot, tempting cuisines. You can plan out your Christmas Vacations at Goa in India, Malaysia, Indonesia situated in Indian Ocean and rejoice the time. Evergreen England: Picturesque England with its diverse landscape, stunning scenery, cultural heritage and warm people can be visited any time in the season. Spain: It is the third most popular destination in the world and boasts of amazing natural attractions. Barcelona, Salou, Alicante, Marbella , Benidorm, Bilbao, Nerja, Pamplona , Jerez, and Madrid are the preferred tourist cities in the country. The beaches ringed with sand, rock, seawater and abundant sunshine attracts millions of beachgoers. France: Regarded as one of the classics tourist destination, it offers striking mountain ranges, coastlines with rich cultural heritage with castles and places of interest like Eiffel Tower, Arc de Triomphe and cathedral of Notre-Dame. USA: USA, regarded as the melting pot of people from diverse backgrounds known for California sunsets, Vegas jackpots, and fast paced eclectic New York guarantees a lifetime of adventure. Greece: Wrapped in beautiful landscapes, lovely beaches, and vivid historical and mythological legacy it welcomes millions of tourists every year. The grand sports event of the world Olympics originated in this city, which is equally famous for its ancient sites like Parthenon on the Acropolis in Athens or the temple of Delphi. Australia: The beautiful continent located in southern India simply mesmerizes you with its inherent charisma. The city blends the European charm in its vibrant cities like Sydney, Melbourne, Perth, Brisbane and Adelaide. Its places of interest are Uluru, Kakadu National Park, Kangaroo Island, Pinnacles and Bungles. Germany: Offers a rich experience to the tourists in various aspects. The spectacular Alps, Rhine and Moselle valleys, Music festivals at Bayreuth and Munich draw many tourists. The German cities carrying the medieval charm Rothenburg ob der Tauber and Dinkelsbühl are other popular tourist destinations. Italy: Italy famous for its mystical cities like Rome, Venice, Florence and Pompeii is wonderful tourist destination for you. For the connoisseurs of art, the best place to visit the Colosseum, the Leaning Tower of Pisa and the Pantheon. The place offers incredible range of cuisines, which are rich with cream and meaty sauces. Denmark: Also known, as gateway to Scandinavia it is an enchanting land with picturesque villages and towns, historic castles and monuments, and a coastline, which varies delightfully from broad sandy beaches to small coves and gentle fjords. Hungary: A lovely country brimming with natural beauty and culture offers attractive tourist destinations Budapest, Buda, Pest, The Danube, Visegrad and Lake Balaton. South Africa: The country offers wide array of tours, safaris, accommodation and attractions to the tourists. South Africa has topography range from arid bushland, sandy beaches, tropical wetlands to mountain ranges. SEND QUICK CARDS

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Germany Travel

Castles Pictures Rhine River Castle Germany Medieval German Picture Hotels ValleyCruise Cruises Hotel Medival map Neuschwanstein Middle ages Black Forest Famous FrankfurtRomantic old Rhein Rooms European Information Houses Mosel Rivers Towers Fairy EnglishHeidelberg Tourism maps Europe Knight Knights meal boat tour road age Towns Cologne Kolnnew Schloss Castles pictures Rhine river castle Germany medieval German picture hotels valley cruise cruises hotel medival map Neuschwanstein castle middle ages Black forest famous Frankfurt Romantic old Rhein rooms European information houses Mosel rivers towers fairy English Heidelberg tourism maps Europe knight knights meal boat tour road age towns Cologne Koln new Schloss Rhineland tale Rothenburg tours Stuttgart apartments Dusseldorf Christmas vacation Bacharach Bavaria Lorelei rock Switzerland Munich day Nurnberg travel Wiesbaden years Nuremburg where Mannheim Rudesheim Koblenz, Coblence Restaurants Moselle Marksburg round Mainz lake historical white Neckar bed small Rhinecastles south west sightseeing Baden-Wurttemberg tower eve fireworks ruins firework historic palace Middle Rhine river valley Medieval Castles and Towers European Hotels in West Germany German castle hotel pictures, fortress, palace, romantic historical house , restaurant near the Lorelei rock in the Rhineland between Heidelberg, Lake Constance , Nuremburg, Bavaria, Airport map of Germany | Rhine river day cruises | Cochem on the Mosel river 40 Hotels on the Rhine river Rhein Hotel | Bed and breakfast & Inns on the Rhine river Medival Castle Pictures of the month: 1. Burg Hotel Burghotel Hotels Burgen Burghotels Rhein Deutschland 2. Burg Hotel Burghotel Hotels Burgen Burghotels Rhein Deutschland 3. Schlo Hotel Schlohotel Hotels Schlsser Schlosshotels Deutschland english pages Castle hotel Burg Gutenfels with view over the town Kaub and the water castle Pfalz. Wiesbaden 49 km, Koblenz 47 km. Rooms with bathroom and toilet. english pages Castle hotel Trendelburg Burghotel Fortress, between Kassel 30 km, Weser River, Hannover airport 150 km, Paderborn airport 80 km, Fairy tale road english pages Castle hotel Liebenstein Kamp-Bornhofen, Rhine River valley, Coblence Koblenz 24 km, Marksburg 15 km, Lorelei rock 15 km, Frankfurt airport 93 km english pages Castle hotel restaurant Auf Schonburg **** Oberwesel, Rhine River hills, 1000 year old romantic castle, Lorelei Rock 6 km, Bacharach 6 km, southwest Germany english pages Rhein Hotel Krone Assmannshausen ***** Historical House, Assmannshausen, Rudesheim 3 km, Rhinegau, Rhine river, Boat landing stage, Frankfurt airport 51 km english pages Hotel Rubezahl **** ... with the "One Million Dollar View" to Neuschwanstein castle, Schwangau, Hohenschwangau, Fussen, Allgau, Bavaria Castle hotel Reichenstein Trechtingshausen, Rhine River valley, Lorelei rock 20 km, Mainz 39 km, Wiesbaden 43 km, Frankfurt airport 66 km, Germany english pages Castle Schloss hotel Kurfurstliches Amtshaus **** Daun near Cochem on the Mosel Moselle river 40 km, Bitburg 44 km, Trier 70 km, Coblence Koblenz on the Rhine river 72 km Castle hotel Hirschhorn Schlosshotel, Heidelberg 24 km, Neckar river, Swabia, between Rothenburg, Heilbronn, Mannheim, Ludwigshafen, Frankfurt english pages 743-lieb Castle hotel Liebenstein Schlosshotel, south of German castles road, Neckarwestheim, Neckar river, Heilbronn, Stuttgart, Swabia, Black forest. Hotel restaurant Romerkrug *** Oberwesel, Rhine river boat landing stages, Lorelei rock 5 km, Rudesheim 22 km, Mainz 55km, Koblenz 42km, Frankfurt 85km + We just want our passengers to have fun! Rhine-River-Lights boat cruises with music, dance and fireworks. Even ten romantic boat cruises on the middle Rhine River, including firework and visit of a wine festival or a winery festival offers the organiser Germany-Travel-Net in the summer and autumn of the year in the course of the event serial Rhine River Lights. "Other than similar organisers, we have strictly limited the number of the boats", says the manager of Germany-Travel-Net Wilhelm Hermann. "Because of that, virtually all guests are in the 'front row' during the fireworks of the Rhine river lights ™ ." According to the information of Germany-Travel-Net, one or two fireworks are planned for the Rhine-River-Lights boat cruises. In order to bring success to the Rhine-River-Lights boat cruises, Germany-Travel-Net does not just focus on pyrotechnical spectacles. The organizer Germany-Travel-Net has timed the boat cruise trips in that way, that the passengers will have the possibility to visit either the wine festivals or the winery festivals in different wine towns on the Middle Rhine River in May, June, August, September and October. "All we want is our passengers to have fun!", says Wilhelm Hermann from Germany-Travel-Net, "that is why there is also live music and dance on the Rhine-River-Lights boats. Tickets can be ordered on the internet at: www.rhine-river-lights.com NEW : A clickable map with castle hotels in Germany www.german-castles.biz Castle hotels in Bavaria, Hesse near Heidelberg: www.germany-castles.net NEW: Individual round castle tour through south Germany In German: A clickable map with castle hotels in Germany www.schlosshotel.biz 013-pill 4-star Castle palace hotel Dresden Elbe River Saxony canopy bed suites waterbed fireplace seminar rooms party New Year's Eve sightseeing attractions English pages 126-kaul castle hotel Schlosshotel Berlin about 12 km or about 8 miles east from Berlin city, near Marzahn, Hellersdorf, Friedrichsfelde, Karlshorst Strahlau English pages 324-pete castle hotel Weser River North Rhine-Westphalia Minden Lower Saxony Germany Suite Cellar Travel Vacation Package Road map of Germany English pages 345-wald 4-star castle hotel Lake Edersee Hesse Hessen, central Germany, near Korbach Arolsen Bad Wildungen Kassel, New Year Eve Party Vacation Package English pages 532-rame Castle hotel Bonn Cologne Koln North Rhine Westphalia Rhine River west Germany day boat cruise meeting rooms road map airport train station English pages 563-katt Castle hotel Taunus , near Rhine river, Rhein, Hessen, Rhineland-Palatinate Wiesbaden, Frankfurt airport, Koblenz Coblence, Lorelei rock, Hesse English pages 653-jagd H unting castle hotel Rheingau Rhinegau Rudesheim, Rhine river hills, near Wiesbaden, Mainz, Frankfurt airport English pages 674-edes Castle hotel Palatinate near Rhine river and Heidelberg, South Wine Road, Landau Speyer Alsace, France Mannheim Kaiserslautern Worms English pages 749-mich Castle palace hotel Kraichgau , near Heidelberg on the Neckar River, road map from Frankfurt airport English pages 721-weit Caste hotel Neckar-Alb , Neckar River valley, Black Forest Baden Wurttemberg Stuttgart Schwarzwald swimming pool suites English pages 722-fwal C astle hotel Northern Black Forest district Freudenstadt spa town B a den-Wurttemberg Offenburg Baden-Baden Horb on the Neckar river English pages 781-hors Castle hotel Black Forest Schwarzwald Baden Wurttemberg south west Germany, Offenburg, Freudenstadt, Freiburg in Breisgau, Titisee-Neustadt English pages 886-bisc 4star castle hotel Lake Constance Bodensee Baden-Wurttemberg Konstanz Meersburg Isle Mainau Friedrichshafen Stockach Isle Reichenau Lindau English pages 912-veld Castle hotel inexpensive, about 53 km or about 33 miles east of Nurnberg / Nuremburg, train station about 1 km, Franconia, Bavaria. English pages 915-colm Castle Hotel Mid Franconia medieval, German castles road, romantic road map, Rothenburg, Nurnberg, Nuremburg, Bavaria English pages 963-laue Castle hotel inexpensive, near German castles road, Beer road, Franconia, Bavaria, near Thuringia, between Erfurt, Nurnberg and Leipzig. English pages 964-hohe castle hotel Coburg Land , Franconia Bavaria German castles road Christmas Germany holidays trip package New Year's Eve vacation packages English pages 749-neck Schlosshotel Rhein-Neckar Schloss Hotel Schlosshotel Burg Restaurant Sinsheim Heidelberg Famous G erman fairy tale castle palace hotel Wolfsbrunnen , between Werra, castle Wartburg, Eisenach and Kassel English pages Castle Schwalenberg hotel medieval fortress, Weser river mountains, Fairy tale road, Hannover airport, Kassel, Cassel, Dusseldorf English pages 554-schl Hotel Hunsruck mountains – Historic castle mill , Hunsruck, near Hahn airport, between 30 Hunsruck castles, Rhine, Mosel, Nahe, Trier. 886-joha romantic hotel Lake Constance Bodensee Germany Uberlingen map spa Radolfzell vacation package Friedrichshafen airport wellness Meersburg Baden-Wurttemberg Bregenz Lindau tip Switzerland sauna island Mainau Reichenau picture water guest rooms sport train station road car ferry. English pages 741-lehe castle palace hotel Kocher-Neckar, near Kocher and Neckar rivers, Baden-Wurttemberg, 445 years old Palace, Stuttgart Heidelberg, Rothenburg Castle Hotel Bohemia, Czech Republic, low-priced, between Dresden, Prague and Theresienstadt. NEW in English: A clickable map with castle hotels in Germany www.german- castles.biz also: Individual castle tour round trip through south Germany Different Maps from the Middle Rhine Valley: 8 Maps: Rhineland-Palatinate Hessen Rhine River valley road with castles, all small town s, Cologne Koln Frankfurt Hahn airport airports Rhine and Mosel Rivers and Hunsruck Map Marksburg near Braubach on the Rhine river, only famous Museum, no guest rooms. Lorelei R ock on the middle Rhine in Germany Black forest cuckoo clocks, Steiff animals, Hummel figurines, Nutcrackers: German gifts crafts Star ratings of some Castle Hotels and Hotels on the Rhine and in the Rhine river valley Cochem Austria Wurttemberg Southern Boats Colmberg House Prague Fortress year Trier Constance Bedrooms trip Holidays Honeymoon Palaces Boppard Fussen Night Holiday Veldenstein Taunus Guide Airport Breakfast Berlin Nuremberg Wurzburg Franconia Nurnburg Water Winter Heilbronn Meersburg Sites Friedrichshafen Lakes town inns Market Flats Apartment Hunsruck Stages Palatinate Sauna koln Schlosshotel wine Mileage Fortresses Crafts Lindau Train Blackforest Reichenstein First Packages Bodensee Package Bitburg Schonburg Bingen Souvenirs During Lauenstein burg Source Silvester area Rubezahl Banks Inexpensive room 2005 Weser fun Assmannshausen Summer Allgau Guest Rheinfels Sylvester Japanese Mainau Passengers Deutschland Hotels-castles Parent Europeans Braubach row Burghotel Lights Dancing Trips Wellness Festivals Langenburg Neustadt Gutenfels kaub hahn Oberwesel Musicians Romerkrug how Journeys Guesthouses Castels days Castle-hotels Pfalz Freiburg Horbruch Schwangau Dinkelsbuhl Coburg jagd Aflame Donaueschingen Hannover Ludwigshafen Fairytale Three Schlo mill Ansbach Canopy Markets Cuckoo Clock Lands Munster want get Century Suites Loreley Romantic-hotel st. Radolfzell not Hessen Germans logo Southwest Clocks Rates Hirschhorn Medievial Westerwald Paderborn Restaurant rock Fairies Station meal beds Homepage Festival Nutcrackers Central Osnabruck Schwarzwald Visit aged Swabia Guesthouse city goar Rhinegau Sport Munchen Kassel Burgen Castle Hotels in Germany: www.burghotel.de Request more information on 100 various G erman castle Hotels via 3 different forms. Romantic Hotels in Germany Request more information on various G erman romantic Hotels near G erman medieval castles and castle ruins in South Germany between Frankfurt, Wurzburg, Bayreuth, Nuremburg, Rothenburg o. d. Tauber, Heidelberg, Stuttgart, Black Forest, Lake Constance, Augsburg, Munich and Neuschwanstein via one single form Romantic hotels with Honeymoon Suites in Germany Romantic hotels with Canopy beds in Germany Advent season 2005 , German christmas market, Christmas markets season, White Christmas in Germany Available German castle hotels rooms Advent season 2005, Christmas Markets season 2005, Christmas 2005 in Germany with C hristmas Eve program Available castle hotel rooms in Germany with New Year's Eve program 2005, New year 200 6 and January 200 6 Christmas cards from Germany, German castles christmas cards, Rhine River Valley Cologne Germany Dusseldorf Germany Frankfurt Germany Black Forest Mainz | Wiesbaden , Koblenz | Heidelberg Request more information on various german hotels, guesthouses, bed & breakfasts, near 30 medieval Rhine river castles and castle ruins via one single form Price list from 40 different hotels, bed & breakfasts, guesthouses, apartments. Disount hotel room rates: Central Rhine Hotel Info Apartments, Holiday Flats and Holiday Houses Best Rhine river guide, written in English: Planning a Rhine river cruise and want to see the most castles along the Rhine in one or two days? Start in Boppard or Rudesheim on the Rhine ... Boat Day Castle Cruises on the Rhine River near the Loreley rock, between Rudesheim, Bingen, Assmannshausen, Trechtingshausen, Bacharach, Kaub, Oberwesel, St. Goar, Kamp-Bornhofen, Boppard and many rhine castles Knight's meal in different Castle hotels: www.rittermahl.de (Knight's meal = Rittermahl) Seminars in Germany Seminar hotels: www.seminare-online.de Castles in Germany More information from 48 different castle hotels and restaurants in germany German Castles Road Pictures 17 Castles Hotels in Southern Germany – Sightseeing-tour to 70 Castles, Fortresses, Ruins, Palaces, Towers and Historical houses on the German Romantic Castle Road. – Castle Hotels and Restaurants in Southern Germany between Mannheim / Rhine , Heidelberg, Eberbach, Neckarzimmern / Neckar , Bad Wimpfen, Heilbronn / Neckar , Schwbisch Hall, Langenburg, Rothenburg o. d. T. / Bavaria , Ansbach, Nuremberg, Nuremburg, Nurnberg, Nurnburg / Bavaria, Kulmbach, Bayreuth, Karlovy Vary und Prague Neuschwanstein Castle www.neuschwanstein.net and www.neuschwanstein-castle.com Search Click here, if you search cheaper hotel rooms near the rhine castles in 40 different hotels with only one form. German internet sites from the middle rhine valley: Austria Wurttemberg Fussen Lakes town Apartment Stages Palatinate koln Blackforest Bitburg Source area Allgau Japanese Parent Europeans Dancing Festivals Neustadt Musicians how Castels Pfalz Schwangau Dinkelsbuhl jagd Ludwigshafen Fairytale Schlo Clock Lands Munster Century Germans logo Southwest Hirschhorn Medievial Westerwald Paderborn Fairies Homepage Osnabruck aged Swabia Guesthouse Munchen The Middle Rhine Valley: More information from 48 different castle hotels in germany with only one form. 40 Hotels: 47 Apartments: Travel , vacation packages and holiday in Germany - Search www.germany-travel.net www.map-of-germany.com www.airline-reservation.com www.hotel-online.org dusseldorf.germany-travel.net www.cologne.germany-travel.net www.frankfurt.germany-travel.net black-forest.germany-travel.net www.romantic-vacation.com german-romantic-hotels.com www.germany-tourism.net www.europe-travel.net www.vacation-package.net www.rhine.vacation-package.net www.rhine-cruise-lines.com www.rhine-river.com www.apartment-listings.com www.loreleyvalley.com www.bed-and-breakfast-inns.net www.bavaria.bed-and-breakfast-inns.net | www.airline-reservation.com/airport-map-germany www.honeymoon-suite.com www.canopy-bed.com Knight's meal in Germany www.wine-of-the-month.com Advent season, Christmas market www.german-christmas.com www.christmas-cards.net New year's eve in Germany www.german-easter-holiday.com Castles in Germany : www.germany-castles.net www.rhinecastles.com www.germancastles.com www.german-castles-road.com germany-castles-hotels.com www.neuschwanstein-castle.com www.neuschwanstein.net www.neuschwanstein-castle.com www.wesercastles.com www.medieval-castles.com www.european-castles.net www.castle-pictures.com Neuschwanstein castle crafts, Black forest cuckoo clocks, Gifts from Germany, German souvenirs from Lorelei rock and castles on the Rhine river valley www.online-shopping.cc Firework on Rhine and Moselle rivers, Rhine Aflame, Rhine in Flames, Flaming Rhine river gorge pictures 1/2005 Central Middle Rhine Valley Castles and Towers, European Hotels in West Germany Castle Hotel, Fortress, Palace, Historical House, Restaurant 1997-2005 www.rhinecastles.com www.germancastles.com www.loreleytal.com | www.german-castles.biz | www.schlosshotel.biz All rights reserved. Without guarantee. Subject to change. Friday, 02. December 2005 - URL of this web site: http://rhinecastles.com/index.html Gu Gu Sc Sc Li Re

European vacation Other links:

European vacation - Radisson SAS, radissonsas.com Corporate information European vacation: Radisson SAS Hotels & Resorts - Holiday and business hotel chain in Europe. Perfect for honeymoons, city breaks, conferences and meetings etc. Accommodations at Radisson SAS Hotels & Resorts With 156 hotels across destinations in Europe, the Middle East and Africa, Radisson SAS Hotels & Resorts is one of the fastest growing hospitality companies in the world. Our hotels are located in city centers, close to airports, business district and shopping, making them ideal for both business and leisure travellers alike. Reserve your room at www.RadissonSAS.com and we guarantee you the best price for rooms of your choice on the dates you have selected. Our first class full service hotels offer unique service concepts, such as E@syConnect, our commitment to offer High-Speed/Wireless Internet Access; One Touch Service, where all service needs are met at the touch of a button; and Super Breakfast Buffet. The Radisson SAS "Yes I Can" spirit ensures 100% guest satisfaction and we strive to meet and exceed expectations. From whale watching to a night at the theatre, from a romantic dinner to a golf weekend, Radisson SAS hotels offer special packages that you can take advantage of. Guests in search for a relaxing spa vacation or an invigorating golf holiday will find our hotels and resorts especially attractive. We offer exclusive spa resorts to soak away the stress, and hotels that are on or next to championship golf courses for the perfect tee off. We offer a wide range of Meetings & Events facilities in 124 locations. We can arrange a conference for 3,000 in Copenhagen, a wedding for 300 in Edinburgh, or an intimate board meeting for three in Istanbul. The Radisson SAS Meetings & Events Promise is to be 100% professional, 100% committed and 100% caring. All Radisson SAS Meetings and Events employees have been educated and certified by MPI-Meetings Professionals International, the largest association of meetings professionals in the world. Our Business and leisure guests, who are members of our goldpoints plus programme, earn Gold Points whenever they stay at a Radisson SAS hotel in Europe, the Middle East and Africa. Gold Points can be exchanged for Award Stays, room upgrades, airline miles and other amenities. Learn more about goldpoints plus at www.rzgp.com. European vacation Other links: 1: European vacation Radisson SAS, radissonsas.com ... European vacation ... 2: Europe holiday - Radisson ... 3: Hotel vacation - Radisson SAS, radissonsas.com 4: Vacation Europe - Radisson SAS, radissonsas.com 5: Holiday hotels - Radisson ... 6: Europe vacation - Radisson SAS, radissonsas.com 7: Hotel holiday - Radisson SAS, radissonsas.com 8: Holidays Europe - Radisson SAS, radissonsas.com 9: Holiday Europe - Radisson SAS, ... 10: Holidays in Europe - Radisson SAS, radissonsas.com Contact Us Privacy Policy Toll-free Numbers About Us Best Price Guarantee Other Brands in the Rezidor SAS family: Park Inn Country Inns Regent © 2005 Rezidor SAS Hospitality. All rights reserved