We analyze the Paris art market between the government-controlled Salon as a centralized organization of art exhibition and the system liberalized by the Republican government based on competition between independent exhibitions. The jury of the old Salon decided on submissions with a bias...

This paper demonstrates that insiders can erect barriers to entry and skim rents by sinking costs in human capital when labour markets are otherwise perfectly contestable. The sunk costs nature of human capital investments may result from the need to satisfy ever increasing specialised skill...

What are the consequences of the trend towards more flexibilized temporary employment for income inequality? This paper reassesses the crucial assumption behind the politics of dualization that reforms targeted at outsiders do not undermine the position of labor market insiders. Instead, I argue...

This paper develops a macroeconomic framework where the representative bank is owned by inside and outside owners and copes with capital requirements that vary countercyclically. The issuance of outside equity is characterized getting insights from the literature on corporate governance,...

We examine the implications of using hedonic regressions of house values as the basis for property tax assessment in the Republic of Ireland. Ad valorem property taxes are more equitable than flat rate taxes, but their equity benefits can be reduced if the relative values of dwellings are...

In Germany, package holidays are an important driver of consumer prices. Several challenges arise when measuring the price development of these bundled travel and accommodation services, such as the quality of accommodation and the timing of booking. Statistical practices are currently based on...

Die Krisen der letzten Jahre – allen voran die Corona-Pandemie – haben die Messung der Inflationsrate vor neue Herausforderungen gestellt. Dies betraf auch die Gütergruppe Pauschalreisen. Zum Beispiel wurden in den Jahren 2020 und 2021 viele Reisen angeboten, bei denen unklar war, ob sie...

We analyze the evolution of the price of paintings in London auctions with a unique dataset of over 200,000 sales in the period 1780-1840. We build a price index for the representative painting through hedonic regressions controlling for the characteristics of auctions and paintings and for the...