We investigate whether the field of study influences university students’ political attitudes. To disentangle self-selection from learning effects, we first investigate whether the fields of study chosen by the incoming students correlate with their political attitudes. In a second step we...

Regression analysis using panel data for 42 colleges and universities over 14 years suggests that the economics faculty size of universities offering a Ph.D. in economics is determined primarily by the long-run average number of Ph.D. degrees awarded annually; the number of full-time faculty...

Regression analysis using panel data for 42 colleges and universities over 14 years suggests that the economics faculty size of universities offering a Ph.D. in economics is determined primarily by the long-run average number of Ph.D. degrees awarded annually; the number of full-time faculty...

We analyze how the threat of a potential future regime shift affects optimal management. We use a simple general growth model to analyze four cases that involve combinations of stock collapse versus changes in system dynamics, and exogenous versus endogenous probabilities of regime shift. Prior...

We analyze union behavior in a model with membership dynamics and compare the labor market outcomes to static union models. Based on empirical findings we modify standard models and show that the well-known result that static models overstate distortions caused by unions only holds in the...

This paper explores the introduction of collective risk-sharing elements in defined contribution pension contracts. We consider status-contingent, age-contingent and asset contingent risk-sharing arrangements. All arrangements raise aggregate welfare, as measured by equivalent variations. While...

The aim of this paper is to develop a continuous time exchange rate model that allows for heterogeneity of the agents' beliefs, in order to explore non-linearities and possible chaotic behaviour. The theoretical model contains an intrinsic non-linearity that gives rise to a jerk differential...

In this paper we present the Ifo Investment Database, which provides annual investment data for 12 investment assets in 50 German industries from 1991 onward. The data is consistent with national accounts statistics provided by the German Federal Statistical Office and is based on investments in...

This paper presents a theoretical framework analyzing the signalling channel of exchange rate interventions as an informational trigger. We develop an implicit target zone framework with learning in order to model the signalling channel. The theoretical premise of the model is that interventions...

This paper examines the impact of Knightian uncertainty upon optimal climate policy through the prism of a continuous-time real option modelling framework. We analytically determine optimal intertemporal climate policies under ambiguity. Additionally, numerical simulations are provided to...