Cochrane (1991 , Journal of Political Economy 99, 957--976) and Mace (1991 , Journal of Political Economy 99, 928--956) test if risk sharing across households is complete in the sense that household consumption moves one-for-one with aggregate consumption. In their studies the source of income...

German structural policy is characterized by a composite indicator with three targets:(1) minimization of unemployment, (2) maximization of GDP, and (3) equalization of regional unemployment rates. The composite indicator with given target weights is maximized subject to budget constraints and...

City-level policies often aim at attracting skilled workers by improving urban amenities. However, due to endogeneity problems, studies relying on revealed preferences have difficulties in providing evidence for the basic premise that skilled workers place a higher value on urban amenities than...