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Personality-Situation Transactions from Adolescence to Old Age

People presumably choose and create their daily environments according to their personality. Prior research shows that, for example, more extraverted people engage more often in social situations, and more conscientious people engage more often in work-related activities compared with less extraverted or less conscientious people, respectively. The current study examined such personality-situation ...

Expansion of Full-Day Childcare and Subjective Well-Being of Mothers: Interdependencies with Culture and Resources

This study investigates whether an expansion of state-subsidized full-day childcare may improve the subjective well-being of mothers of children under school age by acting as a boundary-spanning resource to facilitate the combination of employment and childcare responsibilities. It extends previous studies that showed contradictory results by demonstrating that the relationship with parental subjective ...

Voters Prefer More Qualified Mayors, but Does It Matter for Public Finances? Evidence for Germany

This paper studies the importance of politicians’ qualification, in terms of education and experience, for fiscal outcomes. The analysis is based on a large panel for 2031 German municipalities for which we have collected information on municipal budgets as well as the election results and qualification levels of mayoral candidates. We principally use a regression discontinuity design focusing on close ...

Unemployment and Business Cycles

We develop and estimate a general equilibrium search and matching model that accounts for key business cycle properties of macroeconomic aggregates, including labor market variables. In sharp contrast to leading New Keynesian models, we do not impose wage inertia. Instead we derive wage inertia from our specification of how firms and workers negotiate wages. Our model outperforms a variant of the standard ...

Effective European Antitrust: Does EC Merger Policy Generate Deterrence?

We estimate the deterrence effects of European Commission (EC) merger policy instruments over the 1990–2009 period. Our empirical results suggest phase-1 remedies uniquely generate robust deterrence as—unlike phase-1 withdrawals, phase-2 remedies, and preventions—phase-1 remedies lead to fewer merger notifications in subsequent years. Furthermore, the deterrence effects of phase-1 remedies work best ...

Voting for Direct Democratic Participation: Evidence from an Initiative Election

We study a constitutional change in the German State of Bavaria where citizens, not politicians, granted themselves more say in politics at the local level through a state initiative election in 1995. This institutional setting allows us to observe revealed preferences for direct democracy and to identify factors which explain these preferences. Empirical evidence suggests that support for direct democracy ...

Is the German Retail Gasoline Market Competitive? A Spatial-Temporal Analysis Using Quantile Regression

We explore whether noncompetitive pricing prevails in Germany’s retail gasoline market by examining the influence of the crude oil price on the retail gasoline price, focusing specifically on how this influence varies according to the brand and to the degree of competition in the vicinity of the station. Our analysis identifies several factors other than cost—including the absence of nearby competitors ...

Using Person-Fit Measures to Assess the Impact of Panel Conditioning on Reliability

Panel conditioning has posed one of the main challenges to panel studies since their inception in the social sciences. Aside from the risk of reactivity to previous interviews, there is reason to expect that cumulative survey experience increases the reliability of data emanating from panel studies relative to cross-sectional surveys. This positive aspect of recurrent interviewing for data quality ...

Equity Premium Prediction: Are Economic and Technical Indicators Unstable?

We show that technical indicators deliver stable economic value in predicting the US equity premium over the out-of-sample period from 1966 to 2014. The results tentatively improve over time, and beat alternatives over a large continuum of sub-periods. In contrast, economic indicators work well only until the 1970s, but lose predictive power thereafter, even when considering the last crisis. Translating ...

Locus of Control and Mothers' Return to Employment