We develop a strategy to measure the economic costs of poorly written laws, a potential threat to the rule of law. Using the full corpus of Italian legislation, we show that legal uncertainty - measured by the probability of disagreement between the Supreme Court of Cassation and lower courts -...

Delaware is widely regarded as the global capital of corporate law and the leader in attracting incorporations. Its dominance is often attributed by legal scholars to its expert judiciary and reliance on judicial decision-making to develop corporate norms. Until recently, the prevailing view has...

Delaware is widely regarded as the global capital of corporate law and the leader in attracting incorporations. Its dominance is often attributed by legal scholars to its expert judiciary and reliance on judicial decision-making to develop corporate norms. Until recently, the prevailing view has...

We develop a strategy to measure the economic costs of poorly written laws, a potential threat to the rule of law. Using the full corpus of Italian legislation, we show that legal uncertainty - measured by the probability of disagreement between the Supreme Court of Cassation and lower courts -...

Die im Grundgesetz verankerte Schuldenbremse gilt unmittelbar auch für die Bundesländer. Daher ist es im Grundsatz naheliegend, die Regelungen in die Landesverfassung des Landes Nordrhein-Westfalen zu übernehmen, wie es ein Antrag der FDP-Fraktion vorsieht. Der Gesetzentwurf der FDP-Fraktion...

This technical assistance report outlines the current state and future objectives for regulating crypto assets in the Republic of Kenya. The report, prepared at the request of Kenya's Capital Markets Authority, involved an analysis of crypto-asset activities and the related regulatory framework....

This paper studies how legislative institutions shape distributive policy outcomes. Specifically, I analyze the effect of budget committee membership in the German Bundestag using a novel dataset of 4,629 geocoded federal grants (1999- 2023). Employing a within-legislator...

Norges Bank has been running a central bank digital currency project since 2016. The project is now in its fourth phase, and as part of this phase an overview will be provided of required legislative amendments linked to the introduction of CBDC. For an overview of Norges Bank's CBDC project,...

Am 21. April 2023 wurde das Gesetz zum Neustart der Digitalisierung der Energiewende (GNDEW), eingebracht von den Fraktionen Bündnis 90/ Die Grünen, der SPD sowie der FDP und federführend entwickelt vom Bundesministerium für Wirtschaft und Klimaschutz (BMWK), vom Bundestag, verabschiedet....

Densification and more efficient use of land are important planning challenges across Europe intended to aid the pursuit of sustainability goals. Property taxation influences land use. It can discourage or incentivize efficient land use. In the international academic debate, the land value tax...

Humanity's problem with climate change has been likened to a "tragedy of the commons". If the atmosphere is seen as an open access dump for gasses like CO2 or methane, Garret Hardin's conclusion from 1968: "Freedom in a commons brings ruin to all" is obviously correct. But how do we create a...

Objective This paper considers the influence of female legislators on gun legislation across US states. Females have behavioral differences from males and likely different exposure to gun-related violence. Method Using data from 1991-2020, we econometrically estimate the drivers of gun...

Verdichtung und effizientere Nutzung des Bodens sind euro-paweit wichtige planerische Herausforderungen, um Nachhaltigkeitszielen gerecht zu werden. Die Grundsteuer beeinflusstdie Nutzung des Bodens. Sie kann die effiziente Flächennutzung fördern oder hemmen. In der internationalen...

Am 21. April 2023 wurde das Gesetz zum Neustart der Digitalisierung der Energiewende (GNDEW), eingebracht von den Fraktionen Bündnis 90/ Die Grünen, der SPD sowie der FDP und federführend entwickelt vom Bundesministerium für Wirtschaft und Klimaschutz (BMWK), vom Bundestag, verabschiedet....

Mit dem Gesetzentwurf für eine "Modernisierung des Vergaberechtes" möchte die Landesregierung von Mecklenburg-Vorpommern sicherstellen, dass zukünftig nur noch solche Unternehmen öffentliche Aufträge erhalten, die bei der Auftragsdurchführung ihren Beschäftigten mindestens die Löhne und...

Das Forschungsprojekt "Bürokratiekosten" erstreckt sich über vier Bände zu vier verschiedenen Regulierungen. Teil 4 widmet sich der Datenschutzgrundverordnung. Hier wurden die erforderlichen Angaben in vier Mitgliedsländern der EU untersucht und die ökonomischen Kosten in der...

Objective: This paper considers the influence of female legislators on gun legislation across US states. Females have behavioral differences from males and likely different exposure to gun-related violence. Method: Using data from 1991-2020, we econometrically estimate the drivers of gun...

This paper presents a model of international trade agreements in which the executive branches of each government negotiate agreements while the legislative branches, subject to political pressure from firms, can disrupt them. Lobbying is in the style of Grossman and Helpman's ‘Protection for...

Norges Bank has been running a central bank digital currency project since 2016. The project is now in its fourth phase, and as part of this phase an overview will be provided of required legislative amendments linked to the introduction of CBDC. For an overview of Norges Bank's CBDC project,...

Strategic models of legislative bargaining predict that proposers can extract high shares of economic surplus by identifying and exploiting weak coalition partners. However, strength and weakness can be difficult to assess even with relatively simple bargaining protocols. We evaluate...

How can we use the novel capacities of large language models (LLMs) in empirical research? And how can we do so while accounting for their limitations, which are themselves only poorly understood? We develop an econometric framework to answer this question that distinguishes between two types of...

Das zuletzt gestiegene Interesse des Staats und der Gesellschaft an der Beteiligung von Handwerkskammern in der Entwicklungszusammenarbeit zeigt sich bei der Änderung der Handwerksordnung, in der die Entwicklungszusammenarbeit nun einen eigenen Aufgabenbereich der Kammern darstellt. Die...

Myriad cross-sector initiatives seek to remake capitalism into a more just, sustainable, and inclusive system. But how do these distributed efforts—which often vary in strength—interact? We contribute by attending to the interaction between weak and strong governance reforms. Drawing on...

We analyze the impact of the Network Enforcement Act, the first regulation which aims at restraining hate speech on large social media platforms. Using a difference-in- differences framework, we measure the causal impact of the German law on the prevalence of hateful content on German Twitter....

Scholars frequently assert that financial legislation in the U.S. is primarily driven by financial crises. This ‘crisis legislation hypothesis’ is often cited as an explanation for various supposed shortcomings of US financial legislation, including that it is ill-conceived and inadequate to...

In this paper, we propose a new approach to the estimation of social networks and we apply it to the estimation of productivity spillovers in the U.S. Congress. Social networks such as the social connections among lawmakers are not generally directly observed, they can be recovered only using...

The science is clear: the United States and the world must take dramatic action to address climate change or face irreversible, catastrophic planetary harm. Within the U.S.—the world’s largest historic emitter of greenhouse gas emissions—this will require passing new legislation or turning...

Das zuletzt gestiegene Interesse des Staats und der Gesellschaft an der Beteiligung von Handwerkskammern in der Entwicklungszusammenarbeit zeigt sich bei der Änderung der Handwerksordnung, in der die Entwicklungszusammenarbeit nun einen eigenen Aufgabenbereich der Kammern darstellt. Die...

Lien refers to the right of an individual, mostly an unpaid seller to retain and withhold in one’s possession any kind of merchandise or securities in his or her possession that belongs to another until certain legal debts due to the person retaining the goods are repaid. Lien does not endorse...

Agenda-setting power is a double-edged sword that increases the likelihood that an agent is chosen to be a proposer, but may reduce the probability that the agent is included in a winning coalition. We experimentally test the theoretical prediction of potentially negative returns to...