We characterize the joint dynamics of a large number of macroeconomic variables and Treasury yields in a dynamic factor model. We use this framework to identify a yield curve news shock as an innovation that does not move yields contemporaneously but explains a maximum share of the forecast error variance of yields over the next two years. This shock explains more than half, and along with a...
We study the impact of different regulatory designs on the cost efficiency of operators providing a public service, exploiting data from the French transport industry. The distinctive feature of the study is that it considers regulatory regimes as endogenously determined choices, explained by economic, political, and institutional variables. Our approach leans on a positive analysis to study the determinants ...
Using quantile regression methods, this paper analyses the gender wage gap across the wage distribution and over time (1990-2014), while controlling for changing sample selection into full-time employment. Our findings show that the selection-corrected gender wage gap is much larger than the one observed in the data, which is mainly due to large positive selection of women into full-time employment. ...
We analyze self-selection of refugees and irregular migrants and test our theory in the context of the European refugee crisis. Using unique datasets from the International Organization for Migration and Gallup World Polls, we provide the first large-scale evidence on reasons to emigrate, and the self-selection and sorting of refugees and irregular migrants. Refugees and female irregular migrants are ...
Bruttostundenlöhne sind zwischen 2013 bis 2018 deutlich gestiegen, Ungleichheit nimmt ab – Daten deuten erstmals auf Schrumpfen des Niedriglohnsektors hin – 2,4 Millionen Anspruchsberechtigte erhalten aber immer noch keinen Mindestlohn – Geplantes Gesetz zur Arbeitszeiterfassung könnte Umgehung des Mindestlohns entgegenwirken Nach einer langen Phase des Rückgangs ...
