Building a model with three imperfect markets – goods, labor and credit – representing aproduct’s life-cycle, we find that goods market frictions drastically change the qualitative andquantitative dynamics of labor market variables. The calibrated model leads to a significantreduction in...

Unemployment may depend on equilibrium in other markets than the labor markets. Thispaper adresses this old idea by introducing search frictions on several markets: in a model ofcredit and labor market imperfections as in Wasmer and Weil (2004), I further introducesearch on the goods market. The...

This paper examines resident foreigners´ interest in German citizenship. The study focuseson the roles played by attitudes towards foreigners, political interest of foreigners,intergenerational conflict between natives and foreigners and among foreigners themselves,and regional differences in...

This paper focuses on tenure driven productivity dynamics of a firm-worker match asa potential explanation of "unemployment volatility puzzle". We let new matches andcontinuing jobs differ by their productivity levels and by their sensitivity to aggregateproductivity shocks. As a result, new...

We present results from the rst large-scale international surveyon risk preferences, conducted in 45 countries. We show substantialcross-country dierences in risk aversion, loss aversion and probabilityweighting. Moreover, risk attitudes in our sample depend not only oneconomic conditions, but...

This paper provides an initial, schematic description for students beginning a course comparingthe "company laws"1 governing corporations formed under the Delaware General Corporation Law(also referred here to as "DGCL")2 and under the German Aktiengesetz (also referred to here as the"Stock...

Recent research on international productivity comparisons has focused on the discrepancies between benchmark comparisons and time series extrapolations from other benchmarks. For a 1907 benchmark, Stephen Broadberry and Carsten Burhop (2007) find German manufacturing to be only slightly ahead of...