novel two-step estimation procedure that allows applying instrumental variable regressions with ordinal observable data. As … suggested by the theory of incomplete markets, we differentiate between the effects of persistent and transitory income shocks …. In line with this theory, we find that persistent shocks have a significant impact on happiness while transitory shocks …

, the accession of China to the World Trade Organization has dramatically amplified the effects of these structural …

estimation bias is less pronounced for secondary than for primary earners. The reason is that, in households with two earners and … to borrow than wage-rate changes of the primary earner. We illustrate the differential estimation bias in the framework …

they threaten the stability of the world economy. More recently, the government debt crisis of the European Union shows … trade result in an asymmetric reaction to an otherwise symmetric shock. In this context, we show that oil price shocks can …

We estimate the transmission of the pandemic shock in 2020 to prices in the residential and commercial real estate …

by now well understood. But does a similar reduction in the offshoring cost also benefit workers in the world's factories … increase or decrease in the developing world as a result of a reduction in offshoring costs. Since global welfare always rises …