We use individual level data covering 30 mostly post-communist and developing countries which account for over a fifth of the worldwide immigrant stock to assess the impact of risk aversion on the willingness to migrate. Consistent with theories of individual level migration decisions, risk...

We introduce a novel measure of uncertainty that is based on a business survey in which firms are asked directly how certain or uncertain they are. So far the literature has tried to capture economic uncertainty indirectly by means of expectation errors or the extent of disagreement. Our direct...

This paper examines the mutually reinforcing interactions between exchange rate dynamics and technical trading strategies. I first show that technical trading systems have been quite profitable during the floating rate period. This profitability stems from the successful exploitation of...

We investigate the role of competition on the outcome of Austrian Treasury auctions. Austria's EU accession led to an increase in the number of banks participating in treasury auctions. We use structural estimates of bidders' private values to examine the effect of increased competition on...

Neither a gradually rising carbon tax nor emission trading schemes can ensure that the costs of emitting greenhouse gases, in particular CO2, will steadily rise faster than the general price level. If, e.g., global fossil energy prices decline faster than a carbon tax or the emission permit...

The measures taken to limit the spread of the COVID-19 virus, which at the same time severely restrict economic activity in many countries, have consequences not only on unemployment, trade, production, income and value added, but also on the environment. This analysis examines the effects on...

In den Wirtschaftswissenschaften lassen sich zwei Theorietypen unterscheiden: Die "idealistische Ökonomie" geht von einem Idealzustand aus und untersucht die Bedingungen, unter denen dieser erreicht werden kann wie die Eigenschaften des "homo oeconomicus". Die "realistische Ökonomie" geht vom...

We examine foreclosure discounts and their subsequent impact on investor returns in Berlin's housing market from 1984 to 2022. Utilizing hedonic regression models and matching techniques on a data set of housing transactions, we determine that foreclosure discounts, ranging from 20% to 50%, are...

The paper deals with the pattern of asset price dynamics as sequence of "bull markets" and "bear markets" and with stabilizing these" long swings" through replacing continuous asset trading with electronic auctions. First, the paper sketches the channels through which the "overshooting" of...

John Maynard Keynes war ein Ökonom, der stets zwischen der Welt der Theorien und der Realität pendelte, er prüfte und verwarf theoretische Annahmen aufgrund seiner Beobachtungen, die er wiederum als Ausgangspunkte für die Entwicklung neuer Theorien nutzte. Gleichzeitig betrieb er als...