Der politische Beginn von Namibia als unabhängigem Staat seit 21. März 1990 ist vielversprechend, doch gibt es noch viele Probleme zu bewältigen, z. B. Arbeitslosigkeit, Analphabetismus. Im Rückblick gesehen war 1989 mit nur 0,2% Wachstumsrate besser als erwartet. Die neue Regierung setzt...

In this paper, we exploit exogenous variation in navigability of the Rhine river to analyze the impact of weather-related supply shocks on economic activity in Germany. Our analysis shows that low water levels lead to transportation disruptions that cause a significant and economically...

This Iran Economic Monitor (IEM) provides an update on key economic developments and policies as of Spring 2022. Iran's economy continued its gradual recovery in 2021-2022 following the rebound in domestic and external demand. Despite a more accommodative fiscal policy in 2021-2022, higher oil...

This paper investigates the effects of macroeconomic volatility on non-financial firms' cash holding behavior. Using an augmented cash buffer-stock model, we demonstrate that an increase in macroeconomic volatility will cause the cross-sectional distribution of firms' cash-to-asset ratios to...

There is no consensus about the causes of the reduction in business cycle volatility seen in many major economies over the last decade. Using stylised models of the economies of the US, Euro area, UK and Japan, we argue that economic stability has been fostered by improved monetary policy and by...

The cyclicality of real wages has important implications for the validity of competing business cycle theories. However, the empirical evidence on the aggregate level is inconclusive. Using a threshold vector autoregressive model for the US and Germany to condition the relationship between real...

Using microdata for adults from the 1987-2000 years of the Behavioral Risk Factor Surveillance System, I show that smoking and height-adjusted weight decline during temporary economic downturns while leisure-time physical activity rises. The drop in tobacco use occurs disproportionately among...

We show that U.S. manufacturing wages during the Great Depression were importantly determined by forces on firms' intensive margins. Short-run changes in work intensity and the longer-term goal of restoring full potential productivity combined to influence real wage growth. By contrast, the...