We use the two-sector specific factors model, which is known from the theory of international trade, in a growth context to describe major trends of long-run economic development. The endogenous technical progress functions establish the link between the agricultural and the manufacturing sector...

In this paper, a model of bounded rational investors investing their portfolio in a passive investment vehicle (e.g., an Exchange Traded Fund replicating a broad index) or an actively managed fund is presented. The model proposes that the quick reswitching of these short-term oriented investors...

We study the impact of the 1918 influenza pandemic on economic performance in Sweden. The pandemic was one of the severest and deadliest pandemics in human history, but it has hitherto received only scant attention in the economic literature – despite important implications for modern-day...

Our study reexamines standard econometric approaches for the detection of information asymmetries on insurance markets. We claim that evidence based on a standard framework with 2 equations, which uses potential sources of information asymmetries, should stress the importance of heterogeneity in...

This paper examines the association between trade and financial linkages among European countries. We find that, with the introduction of the euro, trade imbalances among euro area members widened considerably, even after allowing for permanent asymmetries in trade competitiveness within pairs...

This paper investigates whether entrepreneurs with technical education are more innovative in high-tech industries than economists. The main contribution to the literature is in using the type of education as main explanatory variable for innovation. To analyze this question, the KfW/ZEW...

Diese Arbeit ist die erste empirische Untersuchung, die den Wert eines statistischen Lebens (WSL) für die Bundesrepublik Deutschland ermittelt. Die Analysen werden auf der Grundlage eines aus IAB-Beschäftigtenstichprobe und Arbeitsunfallinformationen der Berufsgenossenschaften...

Children are therapeutic orphans and an underprivileged group in innovations derived from drug therapy. As the innovation process of pharmaceuticals is a long, risky and very costly business, economists typically emphasise lack of profit incentives and small market size as the most important...

Since financial derivatives are key instruments for risk taking as well as risk reduction, it is only straightforward to examine their role in currency crises. This paper addresses this issue by investigating the impact of currency futures trading on the underlying exchange rates. After a...

In der Europäischen Union, genauer in den 12 Mitgliedsländern der Euro-Zone, bestimmt die Europäische Zentralbank die Geldpolitik, und die zwölf Mitgliedsländer legen unabhängig voneinander die jeweiligen Fiskalpolitiken fest. Während bei den einen - und dazu zählt Deutschland - eine...