We implement a repeated version of the Barro-Gordon monetary policy game in the laboratory and ask whether reputation serves as a substitute for commitment, enabling the central bank to achieve the efficient Ramsey equilibrium ...

Why do investors entrust active mutual fund managers with large sums of money while receiving negative excess returns on average? Our explanation is that investors have a coarser information set than fund managers which ...

Über die Zukunft wissen wir nichts. Keynes’ Diktum gilt weiterhin, obschon wir vielfältigst prognostizieren. Dabei aber rekurrieren wir systematisch und statistisch auf alte Datenmuster und Erinnerungen. Erfahrungen bilden ...

This paper develops a multi-sectorial search and matching model with endogenous occupational choice in a context of structural change. Our objective is to shed light on the way labor market institutions affect aggregate ...

Action 5 of the EU 2020 Biodiversity Strategy explicitly mentions that member states will map and assess the state of ecosystems and their services in their national territory by 2014 with the assistance of the Commission. ...

This paper examines magnitudes and business cycle dynamics of social security contributions (SSC). In most OECD countries studied, we document a negative covariation of payroll tax burdens with GDP and GDP growth at business ...