Now showing items 1-20 of 476

    • A Decentralization Theorem of Taxation 

      Lipatov, Vilen; Weichenrieder, Alfons J. (2015-05-01)
      "In the EU there are longstanding and ongoing pressures towards a tax that is levied on the EU level to substitute for national contributions. We discuss conditions under which such a transition can make sense, starting ...
    • A Life-Cycle Model with Ambiguous Survival Beliefs 

      Groneck, Max; Ludwig, Alexander; Zimper, Alexander (2015-10-02)
      Based on a cognitive notion of neo-additive capacities reflecting likelihood insensitivity with respect to survival chances, we construct a Choquet Bayesian learning model over the life-cycle that generates a motivational ...
    • A Quasi Real-Time Leading Indicator for the EU Industrial Production 

      Donadelli, Michael; Paradiso, Antonio; Riedel, Max (2016-01-04)
      We build a quasi real-time leading indicator (LI) for the EU industrial production (IP). Differently from previous studies, the technique developed in this paper gives rise to an ex-ante LI that is immune to “overlapping ...
    • A Repeated Principal-Agent Model with On-the-Job Search 

      Herbold, Daniel (2014-08-01)
      This paper analyzes how on-the-job search (OJS) by an agent impacts the moral hazard problem in a repeated principal-agent relationship. OJS is found to constitute a source of agency costs because efficient search incentives ...
    • A Stochastic Forward-Looking Model to Assess the Profitability and Solvency of European Insurers 

      Berdin, Elia; Kok, Christoffer; Pancaro, Cosimo (2016-11-01)
      In this paper, we develop an analytical framework for conducting forward-looking assessments of profitability and solvency of the main euro area insurance sectors. We model the balance sheet of an insurance company ...
    • A Tale of One Exchange and Two Order Books: Effects of Fragmentation in the Absence of Competition 

      Bernales, Alejandro; Garrido, Nicolas; Sagade, Satchit; Valenzuela, Marcela; Westheide, Christian (2018-10-01)
      Exchanges nowadays routinely operate multiple, almost identically structured limit order markets for the same security. We study the effects of such fragmentation on market performance using a dynamic model where agents ...
    • Abandon Ship: Deferred Compensation and Risk-Taking Incentives in Bad Times 

      Cambrea, Domenico Rocco; Colonnello, Stefano; Curatola, Giuliano; Fantini, Giulia (2017-05-23)
      We study how US chief executive officers (CEOs) invest their deferred compensation plans depending on the firm's profitability. By looking at the correlation between the CEO's return on these plans and the firm's stock ...
    • ACS 

      The American Community Survey (ACS) helps local officials, community leaders, and businesses understand the changes taking place in their communities. It is the premier source for detailed population and housing information ...
    • Add-On Pricing in Retail Financial Markets and the Fallacies of Consumer Education 

      Schüwer, Ulrich (2016-07-11)
      We analyze the consequences of consumer education on prices and welfare in retail financial markets when some consumers are naive about shrouded addon prices and banks try to exploit this. Allowing for different information ...
    • Administrative data linked with personal financial management tool 

      Administrative Data: The data comprises the administrative bank records of more than 100,000 clients of a major German bank from 2015 to 2019. The data comprises the clients’ full history of holdings and transactions in ...
    • Aggregate and Distributional Effects of Increasing Taxes on Top Income Earners 

      Brüggemann, Bettina; Yoo, Jinhyuk (2015-07-13)
      We analyze the macroeconomic implications of increasing the top marginal income tax rate using a dynamic general equilibrium framework with heterogeneous agents and a fiscal structure resembling the actual U.S. tax system. ...
    • Aging and Pension Reform: Extending the Retirement Age and Human Capital Formation 

      Börsch-Supan, Axel; Ludwig, Alexander; Vogel, Edgar (2014-12-29)
      Projected demographic changes in industrialized and developing countries vary in extent and timing but will reduce the share of the population in working age everywhere. Conventional wisdom suggests that this will increase ...
    • All Economic Ideas are Equal, but Some are more Equal than Others: A Differentiated Perspective on Macroprudential Ideas and their Implementation 

      Ibrocevic, Edin; Thiemann, Matthias (2018-06-01)
      In this study we investigate which economic ideas were prevalent in the macroprudential discourse post-crises in order to understand the availability of ideas for reform minded agents. We base our analysis on new findings ...
    • ALP 

    • Altares 

    • Amadeus 

    • An Experiment on Retail Payments Systems 

      Bortolotti, Stefania; Camera, Gabriele; Casari, Marco (2014-05-05)
      We study the behavioral underpinnings of adopting cash versus electronic payments in retail transactions. A novel theoretical and experimental framework is developed to primarily assess the impact of sellers’ service fees ...
    • Anchoring in Experimental Asset Markets 

      Baghestanian, Sascha; Walker, Todd B. (2015-02-10)
      We investigate the relationship between anchoring and the emergence of bubbles in experimental asset markets. We show that setting a visual anchor at the fundamental value (FV) in the first period only is sufficient to ...
    • Are Tax Havens Good? Implications of the Crackdown on Secrecy 

      Weichenrieder, Alfons J.; Xu, Fangying (2015-07-01)
      The pressure on tax haven countries to engage in tax information exchange shows first effects on capital markets. Empirical research suggests that investors do react to information exchange and partially withdraw from ...
    • Argentum