This paper evaluates the effects of further training on the unemployment duration of different groups of persons representing individual characteristics and some aspects of the economic environment. The Micro Census Saxony enables us to include the employment history as a proxy for unobserved...

The economic and financial crisis that emerged in 2008 also initiated an intense discussion on macroeconomic research and the role of economists in society. The debate focuses on three main issues. Firstly, it is argued that economists failed to predict the crisis and to design early warning...

We analyze the behavior of investors in the Berlin rental apartment house market over the years 1980-2004. Using constant-quality multipliers (price-rent ratios), we reject the hypothesis that multipliers in the market were set in a rational manner. Supported by narrative evidence, we conjecture...

Informational efficient prices are a necessary requirement for optimal resource allocation in the commercial real estate market. Prices are informational efficient if they reflect buildings' benefit to marginal buyers, thereby taking account of all available information on future market...

We study the impact of macroeconomic factors on apartment house prices. A simple version of the so-called new IS/LM model is used to analyze the interaction of macroeconomic variables and prices. It is assumed that prices follow the rational valuation formula (RVF), which states that prices...

What is the link between the financial cycle – financial booms, followed by busts – and the real economy? What is the direction of this link and how salient is this connection? This unique book examines these fundamental questions and offers a paramount contribution to the debate...