Efficient price setting implies that news create volatility since traders flock to the market in order to re-optimise their portfolios. In due course of the price finding process volatility should decline once the asset price approaches its new, efficient level. In this note I present evidence...

This investigation draws on detailed, longitudinal sample survey data to examine declining fertility in East Germany. Since the unification of Germany in 1990, the fertility rate in East Germany has been halved-falling well below that of West Germany, which was already among the lowest in the...