The article illustrates how the integration of modern theory of finance and stochastic dynamic macroeconomic analysis provides a deeper understanding of the link between asset prices and consumption. It shows that this approach gives only a partial explanation for recent trends in US...

Identifying the impact of local firm concentration on individual firm performance is likely to produce a selection bias related to the positive effects of local concentration if agglomeration economies and natural advantages coincide. We overcome this problem by exploiting exogenous variation...

Eintrag für die Universitätsbibliographie

We shed new light on the relative importance that schools’ ability to produce high achievers in math has for economic growth. Drawing on data from the International Mathematical Olympiad (IMO), the world championship in mathematics for high school students, we construct a measure for a...

We experimentally compare standard two-player trust games to three-player trust games, where two trustors compete for one trustee. We argue that a competitive environment could affect how the trustors’ behaviour is perceived by the trustee. If two trustors compete for the favour of a trustee,...

We test whether new firms locate close to incumbent firms of the same industry. Tendencies to coagglomerate may explain the general wisdom that industry location is highly persistent over time. We perform separate analysis for East and West Germany which enables us to study two integrated areas...

The European Central Bank (ECB) recently announced its willingness to do whatever is needed to save the euro. This has raised the question whether such a role of the ECB must lead to higher rates of inflation. Under current recessive macroeconomic conditions in the eurozone, the ECB’s...

Friedrich Froebel, a German pedagogue, established the first kindergarten worldwide in Thuringia in 1839. We study the spatial dissemination of the kindergarten movement in Germany in the 19th and beginning of the 20th century. Spatial dissemination can be explained by the cultural proximity,...