This paper quantifies the extent of heterogeneity in consumption responses to changes in real interest rates and house prices in the four largest economies in the euro area: France, Germany, Italy, and Spain. We first calibrate a life-cycle incomplete-markets model with a financial asset and...

The interest rate represents an important monetary policy tool to steer investment in order to reach price stability. Therefore, implications of the exact form and magnitude of the interest rate-investment nexus for the European Central Bank's effectiveness in a low interest rate environment...

One of the most common policy prescriptions to reduce the spread of COVID-19 has been to legally enforce social distancing through state or local shelter-in-place orders (SIPOs). This paper is the first to explore the comparative effectiveness of early county-level SIPOs versus later statewide...

This paper studies the mechanisms driving the persistently high unemployment rate during the last recession and mild recovery. Previous studies have examined the demographic aspect of the recession. We focus on specific industries. Consequently, we propose a methodology to decompose changes in...

We collect data on operations, targets and human resources management practices in over 1,800 schools educating 15-year-olds in eight countries. Overall, we show that higher management quality is strongly associated with better educational outcomes. The UK, Sweden, Canada and the US obtain the...

We study the effects of managerial practices in schools on students' outcomes. We measure managerial practices using the World Management Survey, a methodology that enables us to construct robust measures of management quality comparable across countries.We find substantial heterogeneity in...