This paper investigates in how far monetary policy shocks impact Euro- pean asset markets, conditional on different risk states. It focuses on four different asset classes: equity of industrial firms, equity of banks, high-grade corporate bonds, and high-yielding corporate bonds. We distinguish...

This paper exploits discontinuities induced by earnings caps for social security contributions (SSC) in Germany to analyse the effect of SSC on gross labour earnings. Empirical evidence is based on two complementary approaches utilising two administrative data sets. First, employment responses...

Our paper picks up the current controversial debate about increasing (income) inequality due to recent monetary policy measures in major advanced economies. We use a VAR framework identified with sign restrictions to figure out how income in- equality related measures react to monetary policy...

Standortwettbewerb der Bundesländer ist prinzipiell eine gute Sache. Er bringt Effizienzgewinne, Kosteneinsparungen, verbesserte Leistungsangebote durch Konkurrenzdruck und präferenzgerechtere öffentliche Institutionen. Aber er kann dies nur, wenn es zu einem wirklichen Wettbewerb kommt....