We develop a model of firm learning in volatile markets with noisy signals and test its predictions using historical German data. Firms' forecasts improve with age. We exploit German Reunification as a natural experiment where firms in the East are treated with ignorance about the distribution...

Over the last decade, Europe has experienced not only sweeping political, economic and social changes but also turbulent demographic developments which will to a great extent influence the region, its countries and their populations. The book presents a comprehensive overview of the recent...