We study a model where two parties, one from the left and one from the right, compete forposition. The election is to be held in the near future and the outcome is uncertain. Prior to theelection, the members of both parties nominate their prime ministerial candidates. Investorscare about the...

This paper provides a simple theory of geographical mobility which simultaneously explainspeople’s choice of residences in space and the location of industry. Residences are chosenon the basis of the utility which mobile households obtain across locations...

We present a model for the equilibrium movement of capital between markets.Two markets with symmetrically distributed risks are distinguished only by the levelsof capital invested in the two markets. That market with the greater amount of capitalearns lower conditional mean returns....

Das Volkseinkommensoll endlich wieder wachsen.Aber wer ist das Volk? Nurwenn die Löhne denAufschwung mittragen,bleibt er stabil, und wirddie seit zehn Jahren laufendeUmverteilung zulasten derLohneinkommen beendet.Eine ertragsabhängige,betriebsspezifi scheLohnpolitik bremst...

This volume was prepared by Sebastian Benz while he was working at the Ifo Institute. It was completed in December 2013 and accepted as a doctoral thesis by the Department of Economics at the University of Munich. It includes five self-contained chapters. All chapters discuss different...

"Worker movements played a crucial role in making workplaces safer. Workplace safety is costly for firms but increases labour supply. A laissez-faire approach leaving safety of workplaces unknown is suboptimal. Safety standards set by better-informed trade unions are output and welfare...

Target-Kredite im Eurosystem – Die Stellungnahmen der Bundesbank – Was sind Target-Salden? – Kreditverlagerung – Zur ökonomischen Interpretation der Kreditverlagerung – Target-Kredite, Leistungsbilanz und Kapitalverkehr – Fünf vor zwölf – Target-Salden in den USA – Anhang:...

Foreign investors' changing appetite for risk-taking has been shown to be a key determinant of the global financial cycle. Such fluctuations in risk sentiment also correlate with the dynamics of uncovered interest parity (UIP) premia, capital flows, and exchange rates. To understand how these...