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...

Vital statistics indicate that the fertility rate in East Germany dropped sharply after German unification; moreover, it has not yet rebounded but remains stable at a low level. This paper uses data from the German Socio-Economic Panel (GSOEP) to examine births in the former German Democratic...