We ask whether stock returns in France, Germany, Japan, the UK and the US are predictable by three instruments: the …

pricing using a unique policy experiment from Germany. Starting in 1989, a maximum reimbursement for a given medicine replaced …

Over the last twenty years the wage-education relationships in the US and Germany have evolved very differently, while … files from the PSID (US) and the GSOEP (Germany), we demonstrate how factor movements within these countries are associated … capital over the 1979-96 period, while Germany accumulated factors in a more balanced manner …

. In addition to standard Wald tests, we formulate Lagrange Multiplier and Distance Metric tests which require estimation … under the non-linear constraints of the null hypotheses. Estimation under the null is achieved by iterating on approximate …

In 1997 GDP per capita in East Germany was 57% of that of West Germany, wage rates were 75% of western levels, and the … bring convergence, labor flows would respond, enhancing overall efficiency. Yet net emigration from East Germany has fallen … from high levels in 1989-1990 to close to zero. Using state-level data for all of Germany, available from 1991-1996, I am …

quantiles rose relative to that of workers in lower quantiles. An identical phenomenon is observed among men in West Germany in …