with Simeon Djankov, Peterson Institute for International Economics (PIIE)Moderation: Prof. Marcel Fratzscher, Ph.D., President and CEO of DIW Berlin and Professor of Macroeconomics and Finance at Humboldt-University BerlinThe problems inherent in the Eurozone formation were foreseen by many economic experts over the years. But when the Eurozone sovereign debt and banking crisis engulfed the...
This paper studies the association between a country’s level of financial development and firms’ employment growth. We employ an incomplete contract model for evaluating this association. The model proposes that a high level of financial development affects the employment of firms with low managerial capital negatively, while firms with high managerial capital benefit from a more developed financial ...
Achieving Sustainable Financial Stability: Conference organised by the Deutsche Bundesbank, the German Institute for Economic Research (DIW Berlin), the European School of Management and Technology (ESMT) and the Center for Financial Studies, 1-2 October 2014, Berlin, GermanyWhile still struggling with the financial and sovereign debt crisis, the financial markets, the real economy and governments ...
We study behavior in an investment experiment conducted with a representative sample of German households (SOEP-IS). Respondents allocate a fixed budget between a safe asset and a risky asset whose returns are tied to the German stock market and earn monetary returns based on their decisions. Experimental investment choices correlate with beliefs about stock market returns and exhibit desirable external ...
To counteract the financial pressure emerging in aging societies, statutory pay‐as‐you‐go pension schemes are undergoing fundamental reforms in many Western countries. Starting with cohort 1937, Germany introduced permanent pension deductions for early retirement. This paper examines the evolution of the profitability of pension contributions against the background of this reform for cohorts 1935‐1945. ...
Abstract: Subjective wellbeing research is an emerging field in economics with broad relevance for the general public and for public policy. In this talk I will both give an overview of the development of this field and present my own current research on this topic. First, I will describe the macroeconomic relationship of subjective wellbeing and economic growth and what we have learnt about this...
Since now research rarely used quantitative methods to describe and explain societal trends in the former GDR. In consequence the current state of research concerning established sociological concepts such as quality of life is poor. One of the main reason for this desiderata is the lack of quantitative data. In our presentation we will introduce a hidden data base that probably allows...
We document the spatial diffusion of Friedrich Froebel’s radical invention of kindergartens in 19th-century Germany. The first kindergarten was founded at Froebel’s birthplace. Early spatial diffusion can be explained by cultural proximity, measured by historical dialect similarity, to Froebel’s birthplace. This result is robust to the inclusion of higher order polynomials in geographic distance and ...
