We document five effects of providing individuals with crowdsourced spending information about their peers (individuals with similar characteristics) through a FinTech app. First, users who spend more than their peers reduce their spending significantly, whereas users who spend less keep...

We propose a nonparametric method to test which characteristics provide independent information for the cross section of expected returns. We use the adaptive group LASSO to select characteristics and to estimate how they affect expected returns nonparametrically. Our method can handle a large...

Strom als eine in Deutschland besonders CO2-intensive Energieform spielt beim Klimaschutz eine herausragende Rolle. Im Jahr 2009 war die Stromerzeugung für fast die Hälfte der deutschen CO2-Emissionen des Energiebereichs verantwortlich. Die Erzeugung von Energie basiert nach wie vor in allen...

Am 1. Januar 2015 wurde in Deutschland ein flächendeckender, gesetzlicher Mindestlohn in Höhe von 8,50 Euro je Stunde eingeführt. Dieser soll zum 1. Januar 2017 erstmals angepasst werden. Die Anpassung soll dabei laut Mindestlohngesetz die Auswirkungen des Mindestlohns auf den Mindestschutz...

Monetary policy shocks have a large impact on aggregate stock market returns in narrow event windows around press releases by the Federal Open Market Committee. We use spatial autoregressions to decompose the overall effect of monetary policy shocks into a direct (demand) effect and an indirect...

Manpower constraints are the pervasive lack of specialized high- and low-skill workers, irrespective of the wage firms might offer.

We study whether decentralizing public employment services impacts job finding positively, as is suggested by the classic decentralization theorem, or negatively, as is suggested by political economy considerations. Our difference-in-difference estimates for a German reform in 2012 point to...