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Can Germany’s economy stage an unexpected recovery?Steffen MüllerThe Economist, January 30, 2025
This paper develops a dynamic evaluation approach in discrete time to estimate the impact of training programs for the unemployed on employment transitions.
The latest global survey on relative prices and income levels, for the year 2011, showed changes to relative income levels that were larger in lower-income countries, thereby narrowing the world income distribution compared to estimates based on the 2005 survey.
Existing empirical studies on the effect of monetary policy on bank lending almost exclusively focus on a closed economy setting and ignore the interactions between domestic monetary policy and international financial markets.
This study examines dynamics of solo self-employment. In particular, we investigate the extent of true state dependence and cross state dependence, i.e., whether experiencing solo self-employment causally affects the probability of becoming an employer in the future.
We show that in the overlapping generations model, global financial integration may lead to higher levels of public debt by externalizing its crowding-out effect.
The Halle Institute for Economic Research (IWH) and the International Network for Economic Research (INFER) were organising a workshop on risk spillover, current challenges for sustainable fiscal policy, and evaluations of pan-European transfers.
We offer new evidence on the real effects of credit shocks in the presence of employment protection regulations by exploiting a unique provision in Spanish labor laws: dismissal rules are less stringent for Spanish firms with fewer than 50 employees, lowering the cost of hiring new workers.
This paper analyzes the effect of financial constraints on firms’ corporate social responsibility. Exploiting heterogeneity in firms’ exposure to a monetary policy shock in the U.S., which reduced financial constraints for some firms, I find that firms increase their environmental responsibility.
We show that debtholder monitoring reduces earnings opacity. Using a natural experiment in the U.S. banking industry that subordinates junior creditors’ claims, we find that exposing junior creditors to greater losses in bankruptcy significantly reduces earnings opacity.
We analyze how risk sharing between a firm’s employees and owners depends on its competitors’ response to industry-wide shocks.
