Mit der allmählichen Wandlung des Internets und seiner Dienste zu einem Transaktionsmedium und dem damit einhergehenden Bedarf nach geschäftlichen Kollaborationsplattformen sowie der zugleich zunehmenden Durchdringung der betrieblichen Prozesse mit integrierten Informationssystemen ergeben...

We propose a nonparametric method to study which characteristics provide incremental 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...

We document a novel role of heterogeneity in price rigidity: It strongly amplifies the capacity of idiosyncratic shocks to drive aggregate fluctuations. Heterogeneity in price rigidity also completely changes the identity of sectors from which fluctuations originate. We show these results both...

Bis zum Jahr 2030 wird knapp die Hälfte der Beschäftigten des öffentlichen Dienstes im Freistaat Sachsen in den Ruhestand gehen. Die Studie ermittelt, welche Schwierigkeiten sich bei der Nachbesetzung dieser Stellen ergeben könnten und ob der öffentliche Dienst durch seine...

We study the transmission of monetary policy shocks in a model in which realistic heterogeneity in price rigidity interacts with heterogeneity in sectoral size and input-output linkages, and derive conditions under which these heterogeneities generate large real effects. Empirically,...

We develop an asset-pricing model with endogenous corporate policies that explains how inflation jointly impacts real asset prices and corporate default risk. Our model includes two empirically grounded nominal frictions: fixed nominal coupons and sticky profitability. Taken together, these two...

We use administrative and survey-based micro data to study the relationship between cognitive abilities (IQ), the formation of economic expectations, and the choices of a representative male population. Men above the median IQ (high-IQ men) display 50% lower forecast errors for inflation than...

Intertemporal substitution is at the heart of modern macroeconomics and finance as well as economic policymaking, but a large fraction of a representative population of men - those below the top of the distribution by cognitive abilities (IQ) - do not change their consumption propensities with...