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Long-Term Effects of Equal Sharing: Evidence from Inheritance Rules for Land

Immigration, Female Labour Supply and Local Cultural Norms

We study the local evolution of female labour supply and cultural norms in West Germany in reaction to the sudden presence of East Germans who migrated to the West after reunification. These migrants grew up with high rates of maternal employment, whereas West German families mostly followed the traditional breadwinner-housewife model. We find that West German women increase their labour supply and ...

Brothers in Arms: The Value of Coalitions in Sanctions Regimes

This paper examines the impact of coalitions on the economic costs of the 2012 Iran and 2014 Russia sanctions. By estimating and simulating a quantitative general equilibrium trade model under different coalition setups, we (1) dissect welfare losses for sanctions senders and target; (2) compare prospective coalition partners; (3) investigate ‘optimal’ coalitions that maximize payoff from sanctions; ...

Did Religious Well-Being Benefits Converge or Diverge During the Early Stages of the COVID-19 Pandemic in Germany?

A large body of literature highlights the benefits of being religious in terms of subjective well-being. We examine changes to these so-called religious well-being benefits during the early stages of the COVID-19 pandemic in Germany and address the role of (formal and informal) social integration when explaining these changes. We empirically test two contrasting scenarios: The first scenario predicts ...

Catalyzing the Transition to a Climate-Neutral Industry with Carbon Contracts for Difference: Commentary

Abkopplung von Russland: Wie weit sich die EU bei Gas und Öl gelöst hat

Mit der Invasion Russlands in die Ukraine im Februar 2022 wurde die Abhängigkeit der Europäischen Union von Energieimporten aus Russland offenbar. Die EU-Kommission reagierte mit dem Programm „REPowerEU“. Es hat zum Ziel, die Abhängigkeit von fossilen Brennstoffen aus Russland zu beenden, die europäische Energieversorgung zu diversifizieren, die Energieeffizienz zu erhöhen und die Energiewende durch ...

Agglomeration Economies: Different Effects on TFP in High-tech and Low-tech Industries

We study the impact of agglomeration effects on firms’ total factor productivity (TFP) for industry groups defined by technology intensity. This allows for non-uniform effects on firms depending on their technological level. We find that urban economies have the largest impact on firm productivity in high-technology industries, while they have no effectin low-technology industries. For firms in the ...

The Role of Regulation and Regional Government Quality for High Growth Firms: The Good, The Bad, and the Ugly

High-growth firms (HGFs) are important for job creation and productivity growth. We investigate the relationship between product and labour market regulations, as well as the quality of regional governments that implement these regulations, and the development of HGFs across European regions. Using data from Eurostat, the Organisation for Economic Co-operation and Development (OECD), World Economic ...

Kids or No Kids? Life Goals in One’s 20s Predict Midlife Trajectories of Well-Being

For many people, parenthood constitutes a crucial part of a successful life. Yet, the number of adults who never have children is increasing and has prompted concerns about their well-being. Past research mostly focused on parents and rarely investigated factors that are theoretically meaningful for the well-being of adults without children. Our preregistered study uses a propensity-score matched design ...

Monetary Policy and Mispricing in Stock Markets

We investigate the role of monetary policy in stock price misalignments and explore whether central banks can attenuate excessive mispricing as suggested by the proponents of a “leaning against the wind” monetary policy. Decomposing stock prices into expected excess dividends, an equity risk premium, and a mispricing component, we find that prices fall more strongly in response to an increase in the ...