We examine the long-run relationship between fertility, mortality, and incomeusing panel cointegration techniques and the available data for the last century.Our main result is that mortality changes and growth of income per capita account for amajor part of the fertility change characterizing...

We study the empirical behaviour of semi-parametric log-periodogram estimation forlong memory models when the true process exhibits a change in persistence. Simulationresults confirm theoretical arguments which suggest that evidence for long memory islikely to be found...

We set up a neoclassical growth model extended by a corporate sector, aninvestment and finance decision of firms, and a set of taxes on capital income. We provideanalytical dynamic scoring of taxes on corporate income, dividends, capital gains, otherprivate capital income, and depreciation...

Previous research on optimal R&D subsidies has focussed on the long run.This paper characterizes the optimal time path of R&D subsidization in a semi-endogenous growth model, by exploiting a recently developed numerical method.Starting from the steady state under current R&D subsidization in the...

We analyze the cross-national distribution of GDP per capita and its evolutionfrom 1970 to 2003. We argue that peaks are not a suitable measure for distinctgrowth regimes, because the number of peaks is not invariant under strictlymonotonic transformations of the data (e.g. original vs. log...

The global hunger indices of 2008 and 2009 (Grebmer et al. 2008, 2009) point to persistently high levels of hunger and food insecurity and a worsening of the situation due to rising crop prices. At the same time, there is a lack of empirical knowledge on the demand- and supply-side determinants...

We propose a simple and powerful method for determining the transition processin continuous-time DSGE models under Poisson uncertainty numerically. The idea isto transform the system of stochastic dierential equations into a system of functionaldierential equations of the retarded type. We then...

This paper examines the relative information shares of the Bund, i.e. the ten-year Euro bondfuture contract on German sovereign debt, versus two futures with shorter maturity. We findthat the Bund is most important but does not dominate price discovery. The other contractsalso have relevant –...

This paper examines the puzzlingly high unexploited momentum returns from a new perspective.We analyze characteristics of momentum traders in a sample of 692 fund managers. Wefind that momentum traders are “defined” by their short-term horizon, by a behavioural viewon the market and by a...

Randomization has emerged as preferred empirical strategy for researchers in a variety of fieldsover the past years. While the advantages of RCTs in terms of identification are obvious, thestatistical analysis of experimental data is not without challenges. In this paper we focus onmultiple...