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...

Parity-specific probabilities of having a next birth are estimated from national fertility data and are compared with nation-specific costs of having children as measured by time-budget data, by attitude data from the International Social Survey Program, and by panel data on labor earnings and...

The present paper tests for the existence of multicointegration between real per capita private consumption expenditure and real per capita disposable personal income in the USA. In doing so, we exploit the fact that the flows of disposable income and consumption expenditure on the one hand, and...

A popular proposal for reforming social security is to supplement or replace traditional publicly financed benefits with a new system of mandatory defined-contribution private pensions. Proponents claim that private plans offer better returns than traditional social security. To achieve higher...

In federal systems, the powers and responsibilities must be divided up between central government and individual states in such a way as to enable the center effectively to carry out its duties for the nation as a whole, while allowing the lower levels of government to pursue their own regional...

[Inhaltsverzeichnis] 1. Lohnspreizung - Ein gesellschaftspolitisches Problem 2. Theoretische Erklärungsansätze zur Lohnspreizung 2.1. Einfaches Arbeitsmarktmodell mit homogenen Arbeitsangebot 2.2. Einfaches Arbeitsmarktmodell mit heterogenen Arbeitsangebot 2.3. trade-off-Hypothese zwischen...

This paper compares child poverty dynamics cross-nationally using panel data from seven nations: the USA, Britain, Germany, Ireland, Spain, Hungary and Russia. As well as using standard relative poverty definitions the paper examines flows into and out of the poorest fifth of the children?s...

Intragenerational mobility has been a central concern in sociology, especially in the latter half of the 20th century. Most of this analysis has proceeded using measures of social position that are functions of an individual's occupation. This approach has been based on two primary...

The majority of empirical papers in the literature on school quality finds no or only small effects of class size and other school quality measures on students' outcomes. This paper analyses the effect of achievement heterogeneity and therefore the effect of the composition rather than the pure...

This paper investigates the method of matching regarding two crucial implementation choices, the distance measure and the type of algorithm.We implement optimal full matching – a fully efficient algorithm – and present a framework for statistical inference. The implementation uses data from...