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The actual mainstream view of academics emphasizes the so-called \"two-corner solution\" with either completely fixed or independently floating exchange rates. We will argue in this paper that the requirements for fixed rates are rather too restrictive to be successful. On the other hand, the...

This paper deals with the effects of labour market institutions onlabour market performance. We analyse as an indicator for the labourintensity of output growth the employment threshold (the minimum growthrate of output necessary to keep employment constant). We show for asample of 17 OECD...

This article reviews evidence from four international student achievement tests on the effects on student performance of competition from privately managed schools, schools’ freedom to make autonomous decisions, and accountability introduced by external exit exams. The multivariate...

We propose a theory of ex post inefficient renegotiation that is based on loss aversion. When two parties write a long-term contract that has to be renegotiated after the realization of the state of the world, they take the initial contract as a reference point to which they compare gains and...

Do Empires affect human values and behavior long after their demise? In several Eastern European countries, communities on both sides of the long-gone border of the Habsburg Empire have been sharing common formal institutions for 90 years now. We exploit this geographic discontinuity in a...

We estimate changes in the productivity of schooling for six East Asian countries. Our productivity measure is based on changes in the relative price of schooling. A rising price of schooling relative to other labor-intensive service sectors should indicate declining relative schooling...