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Stock Market Participation, Work from Home, and Inequality

Stock market participation among working household heads jumped upwards in 2020 – in Germany by about 25%. A major cause is the required use of work from home (WfH). We show this by adding WfH to a large set of explanatory variables. Moreover, we implement an instrumental variables estimation based on industry-specific levels of WfH-capacity. The transmission channels seem to work via increased available ...

Ein Zeichen gegen Big Tech

Für einen neuen Generationenvertrag

Die junge Generation zahlt hohe Beiträge für Rente, Gesundheit und Klimaschutz – und belastet damit ihre Autonomie. Ein fairer Deal zwischen Jung und Alt geht anders.  84 Prozent der Deutschen – darunter auch die große Mehrheit der Babyboomer – sind überzeugt, dass es künftigen Generationen schlechter gehen wird als uns heute. Dieses Ergebnis ist mehr als nur ein schlechter Stimmungswert. Es ist ein ...

Complementary Funding: How Location Links Crowdfunding and Venture Capital

While Equity Crowdfunding (ECF) platforms are a virtual space for raising funds, geography remains relevant. To determine how location matters for entrepreneurs using equity crowdfunding (ECF), we analyze the spatial distribution of successful ECF campaigns and the spatial relationship between ECF campaigns and traditional investors, such as banks and venture capitalists (VCs). Using data from the ...

Poverty and Inequality in the Federal Republic of Germany

Why is the Federal Republic of Germany a case of interest at all to be considered in a handbook on poverty and inequality? Three reasons come foremost to mind. First, Germany holds a dominant economic and political position within the European Union, making changes in poverty and inequality highly significant beyond its borders. Second, Germany is often considered a prime example of a "coordinated ...

Für einen neuen Generationenvertrag

The Educational Wealth Divide in Europe: Post-Secondary Enrollment Gaps Across Parental Wealth Components and Countries

Parental wealth is a crucial dimension of socioeconomic status (SES) and plays a significant role in the intergenerational transmission of educational advantage. Previous research on the topic has been limited to a small number of countries, and findings on the relationship between parental wealth and educational attainment are hardly comparable across institutional contexts. Furthermore, the specific ...

The Distribution of National Income in Germany, 1992-2019

This paper estimates and analyzes the distribution and composition of pre-tax national income in Germany since reunification, combining personal income tax returns, household survey data, and national accounts. We find that pre-tax national income inequality has increased since the 1990s, though to a lesser extent than suggested by previous studies. Our results draw parallels in top income structure ...

Narcissism and Wellbeing in Midlife and Beyond

Lauded psychotherapist and narcissism expert Otto Kernberg claimed that midlife crises were almost solely a narcissistic phenomenon. This article, in part, takes this claim as inspiration and investigates the relationship between grandiose narcissism and wellbeing. Importantly, and following previous research, this work considers grandiose narcissism in two distinct ways: an agentic admiration aspect ...

Konjunkturprognose Herbst 2025

Deutsche Konjunktur dank Finanzpaket vor Aufschwung – Unsicherheiten in der Weltwirtschaft Deutsche Wirtschaft Weltwirtschaft Links und Downloads Deutsche Wirtschaft schleppt sich aus dem Konjunkturtief, nach holprigem Jahresstart geht es fortan langsam aufwärts – Mini-Wachstum von voraussichtlich 0,2 Prozent in diesem Jahr Aufschwung steht dank Finanzpaket für Infrastruktur und Klimaschutz, ...