We use weekly survey data on short-term and medium-term sentiment of German investors in order to study the causal relationship between investors' mood and subsequent stock price changes. In contrast to extant literature for other countries, a tri-variate vector autoregression for short-run...

We contribute to the nascent literature on the heterogeneity of multinational enterprises (MNEs) and the relevance of firm characteristics for analyzing the determinants of outward foreign direct investment (FDI). The focus is on the role of firm-level heterogeneity when MNEs decide on the share...

We explore the far-reaching implications of replacing current unemployment benefit (UB) systems by an unemployment accounts (UA) system. Under the UA system, employed people are required to make ongoing contributions to their UAs and the balances in these accounts are available to them during...

Previous literature largely ignores the heterogeneity of aid channels used by each single donor country. We estimate Tobit models to assess the relative importance of recipient need, recipient merit and self-interest of donors for various channels of official and private German aid across a...

Eastern Germany's recovery from the unification shockʺ has been characterized by deep structural change with apparent repercussions for the West as well and an integration process involving both capital deepening (extensive and intensive investment) and labor thinning (net out-migration). I...

This paper postulates a life cycle model of university entrepreneurialism at the national level. Based on the analysis, this paper identifies two fundamental sources of such entrepreneurialism: 1) the institutional anchoring of the university of a public-private hybrid form in organization and...

Starting in 2006 the German economy currently experiences a cyclical revival which spreads to the labor market. Unemployment decreases markedly and regular employment rises. At present, virtually all professional forecasts expect this upswing to continue in the foreseeable future. Against this...

In this paper we introduce and test the hypothesis that the relation between inflation and unemployment has been in many countries subject to a significant change in the early 1990's after the disinflation period. That period began between 1975 and 1980 after the first (or the second) oil price...

This paper studies the evolution of early retirement due to disease and injury in the German labor force between 1988 and 2004. Using data from the German Federation of Public Pension Providers, the IMS Health Drug Launches database and the WHO Mortality Database, we show that new drug launches...

Using a newly constructed macroeconometric model for Germany and the rest of the Euro area, we investigate the macroeconomic effects of structural labor market reforms in Germany. We find that neither the fact that Germany can no longer pursue an independent monetary policy nor the possibility...