We study the impact of gender quotas on the acquisition of human capital. We assume that individuals' formation of human capital is influenced by the prospect of landing high-pay top positions, and that these positions are regulated by gender-specific quotas. In the absence of quotas, women...

What determines the risk structure of financial portfolios of German households? In this paper we estimate the determinants of the share of financial wealth invested in three broad risk classes. We employ a new econometric approach - the so called fractional multinomial logit model - which...

In the model of Stark et al. (1997, 1998), the possibility of employment in a developed country raises the level of human capital acquired by workers in the developing country. We show that this result holds even when workers have the option to save.

We set up a two-country general equilibrium model, in which heterogeneous firms from one country (the source country) can offshore routine tasks to a low-wage host country. The most productive firms self-select into offshoring, and the impact on welfare in the source country can be positive or...

This paper draws on a unique data set, hojok (household registers), to estimate numeracy levels in Korea, 1550-1630, and evidence on Japan and China from the early modern period until 1800. We found that a substantial share of East Asians rounded their ages to multiples of five. However, the...

This paper investigates the interrelated dynamics of employment, cohabitation and fertility for German women and men. Using a simultaneous hazards approach due to Lillard (1993), I estimate a five-equation model with unobserved heterogeneity. One of the contributions of this paper is to include...

Recent quantitative trade models treat import tariffs as pure cost shifters so that their effects are similar to iceberg trade costs. We introduce revenue-generating import tariffs, which act as demand shifters, into the framework of Arkolakis, Costinot and Rodriguez-Clare (2012), and generalize...

We document and suggest a rationale for the durability of seasonal migration from Poland to Germany, a phenomenon persisting for more than a century. We refer to the role of the tradition of engaging in seasonal migration as a force that helped invigorate the process and contribute to its...

We show that actively stabilizing economic activity plays a more prominent role in the conduct of monetary policy when potential output is subject to hysteresis. We augment a basic New Keynesian model by hysteresis in potential output and contrast simulation outcomes of this extended model to...

This paper studies the growth dynamics of a developing country under migration. Assuming that human capital formation is subject to a strong enough, positive intertemporal externality, the prospect of migration will increase growth in the home country in the long run. If the external effect is...