retaining the exponential affine structure of previous approaches, our model allows for an arbitrary number of cointegration … relationships. We show that the cointegration component allows capturing well-known features of commodity prices, i.e., upward … provide compelling evidence of cointegration in the data. Implications for the prices of futures and options written on common …

well as the underlying labour market flows, at the establishment level. The fact that minimum wages in Germany are sector … accessions and separations rise in East Germany as a result of the minimum wage introduction. The evidence on detailed worker …-to-job transitions in East Germany, which can be explained by a more compressed wage distribution making on-the-job search less …