Does economic uncertainty promote the implementation of structural reforms? We answer this question using one of the most exhaustive cross-country panel data sets on reforms in six major areas and measuring economic uncertainty with stock market volatility. To identify causality, we exploit...

The German electricity market has recovered well from the 2022 energy crisis. Policymakers should now redirect the focus of energy policy to further expanding renewable energy sources. The year 2023 showed that the German electricity supply remained secure following the shutdown of nuclear power...

Regulatory bank levies set incentives for banks to reduce leverage. At the same time, corporate income taxation makes funding through debt more attractive. In this paper, we explore how regulatory levies affect bank capital structure, depending on corporate income taxation. Based on bank balance...

We analyze the effect of rising protectionism towards foreign direct investment (FDI) on domestic employment, exploiting revisions in Indonesia's highly-granular negative investment list, and spatial variation in the exposure of the manufacturing sector to these investment restrictions. Rising...

The EU General Data Protection Regulation (GDPR) of 2018 introduced stringent transparency rules compelling firms to disclose, in accessible language, details of their data collection, processing, and use. The specifics of the disclosure requirement are objective, and its compliance is easily...

We provide the first model of an influencer economy in which brand owners and sellers depend on influencers to attract consumers while competing in both influencer and product markets. As technologies governing marketing outreach improve, the equilibrium features non-monotonicities in influencer...

We model an influencer economy in which brand owners and sellers depend on influencers to attract consumers while competing in both influencer and product markets. As technologies governing marketing outreach improve, the equilibrium features non-monotonicities in influencer market...

This chapter investigates the impact of the imposition of sanctions for employing illegal migrants on the welfare of native laborers. In response to such sanctions, managers in a firm may be reassigned from the supervision of production to the verification of the legality of the firm's labor...

Der deutsche Strommarkt hat sich gut vom Krisenjahr 2022 erholt. Die Energiepolitik sollte sich nun wieder auf den Ausbau erneuerbarer Energien fokussieren. Das letzte Jahr hat gezeigt, dass die Stromversorgung auch nach Abschalten der Kernkraftwerke sicher ist. Den Stromverbrauch durch 80...

Is there a way of eliminating human smuggling? We set up a model to simultaneously determine the provision of human smuggling services and the demand from would-be migrants. A visa-selling policy may be successful at eliminating human smugglers by eroding their profits but it necessarily...