This paper evaluates complementarities of labor market institutions and the business cycle in the context of a stochastic dynamic general equililbriurn model econorny. Matching between workers and vacancies with endogenous search intensity, Nash-bargained wages, payroll taxation, and...

This paper evaluates complementarities of labor market institutions and the business cycle in the context of a stochastic dynamic general equilibrium model economy. Matching between workers and vacancies with endogenous time spent in search, Nash{bargained wages, payroll taxation, and...

Die jüngere Vergangenheit zeugt von turbulenten Entwicklungen an den deutschen Aktienbörsen. Von einer aufkeimenden Aktienkultur, die ihr Vorbild in den USA sah, über Schwindel erregende Kursbewegungen, plötzlichen Reichtum aufgrund von hohen Aktienkursen, Insolvenzen, Kursbetrügereien bis...

Despite the relatively extensive research on pay levels and the consequences of income disparities, little is known about which reference groups people choose for comparative evaluation of personal income and why different selection patterns emerge. The aim of this paper is to dig deeper for...

East-West migration in Germany peaked at the beginning of the 90s although the average wage gap between Eastern and Western Germany continues to average about 25%. We analyze the propensity to migrate using microdata from the German Socioeconomic Panel. Fitting a parametric Generalized Linear...

We show in the paper that the decomposition proposed by Beveridge and Nelson (1981) for models that are integrated of order one can be generalized to seasonal Arima models by means of a partial fraction decomposition. Two equivalent algorithms are proposed to optimally (in the mean squared...

Germany and the United States are generally seen as the two competing systems of corporate governance. In search for a comparative welfare analysis of the financial systems, we are interested in (i) the aggregate value-added of corporate investments in the two countries and in (ii) the...

There is common consensus that managerial compensation is strongly tied to firm size and much less so to financial performance. One suspects that observed restructuring and downsizing in corporations in recent years may have an effect on these results. Based on multi-task theoretical...