Do asset prices affect real activity? This question has taken on a new importance in recent years, as asset values first surged at the end of 1990s and, thereafter, dramatically retreated. This report reviews the available theoretical and empirical evidence regarding asset price and wealth...

Im Jahr 2015 wurden in Deutschland über eine Million Flüchtlinge registriert. In demselben Zeitraum wurden etwa 450.000 Asylanträge gestellt, was die höchste Antragszahl seit 1992 darstellt. Von den 450.000 Anträgen sind ungefähr 50 Prozent positiv beschieden worden, sodass nicht nur viele...

Katharina Wedel prepared this study while she was working at the Center for the Economics of Education at the ifo Institute. The study was completed in September 2023 and accepted as doctoral thesis by the Department of Economics at LMU Munich. It consists of four distinct empirical essays that...