This paper addresses the credit channel in Germany by using aggregate data. We present a stylized model of the banking firm in which banks decide on their loan supply in the light of expectations about the future course of monetary policy. Applying a VAR model, we estimate the response of bank...

US labor productivity in ICT-skill intensive industries experienced tremendous increases in post-1995 trend growth compared to Germany, while other (non-ICT-skill intensive) industries showed similar growth trends in both countries. Examining the source of industry productivity growth in German...

Using data on German and Swedish multinational enterprises (MNEs), this paper analyzes determinants of international location choice and the degree of substitutability of labor across locations. Countries with highly skilled labor forces strongly attract German but not necessarily Swedish MNEs....