This paper studies Markov Equilibria (ME) corresponding to recursive equilibria on natural state space in the stochastic OLG model extended to include non-additive utility, nonclassical production, and Markovian production shocks. Specifically, we provide sufficient conditions under which the ME...

We study an exchange economy with overlapping generations of consumers who derive utility from consuming a non-durable commodity and housing. A banking sector offers loans to finance housing. We provide a complete characterization of the equilibrium dynamics which alternates between an expansive...

We analyze the term structure of illiquidity premiums as the difference between the yield curves of two major bond segments that are both government guaranteed but differ in their liquidity. We show that its characteristics strongly depend on the economic situation. In crisis times, illiquidity...

In this paper, we propose a multivariate market model with returns assumed to follow a multivariate normal tempered stable distribution. This distribution, defined by a mixture of the multivariate normal distribution and the tempered stable subordinator, is consistent with two stylized facts...

This paper contributes to the literature by comparing the productivity distribution for firms with various numbers of goods traded and various numbers of countries traded with from Germany, one of the leading actors on the world market for goods. It applies a non-parametric test for first-order...

We develop and formalize a utilitarian notion of responsibility for sustainability which is inspired by Singer's (1972) principle and the Brundtland Commission?s notion of sustainability (WCED 1987). We relate this notion of responsibility to established criteria for the assessment of...

This paper examines differences in R&D productivity across a group of geographically adjacent economies. By distributing close to 355,000 patents across 18 industries in 11 countries, we find clear and systematic country patterns when taking into account differences in industrial structure,...

Various policies have been devised to stimulate the creation of spin-offs from universities by academics. But we still do not know whether it is privately beneficial for academics to start new businesses. To address this question we compile total earnings for the universe of 478 individuals aged...

This study uses newly available representative data from German business services firms and a continuous treatment approach based on the generalized propensity score to test for a causal effect of R&D activities (measured by the share of engineers and natural scientists in all employees) on the...

This paper aims at shedding light upon the impact of universities on graduates’ entrepreneurial choice. Previous studies (Dale and Krueger, 2002, Brand and Halaby, 2006, McGuinness, 2003) have analyzed the relationship between the choice of university and labor market success of graduates in...