The appropriate design of monetary policy in integrated financial markets is one of the most challenging areas for central banks. One hot topic is whether the rise in liquidity in recent years has contributed to the formation of price bubbles in asset markets. If strong linkages exist, the...

This paper explores how and why collaboration with different types of partners and the position within a research network can affect firms' innovative performance in terms of product innovations. A detailed empirical analysis is carried out in the biotechnology and pharmaceutical industry. This...

Recent empirical contributions emphasize the importance of (potential) market size for the development of new pharmaceuticals. At the same time many scholars point out the importance of of scientific advances for the industry's R&D activities. Against this background I analyze the relationship...

In this paper we assess the current relevance of Ricardian theory. Relative prices, labor costs, and productivity are evaluated as determinants of a country's international competitiveness at the industry level. Working with detailed data on unit values and with industry data on productivity, we...

We quantify the role of contractionary monetary shocks and wage rigidities in the U.S. Great Contraction. While the average economy-wide real wage varied little over 1929-33, real wages rose significantly in some industries. We calibrate a two-sector model with intermediates to the 1929 U.S....