Higher schooling attainment is associated with better cognitive function at older ages, but it remains unclear whether the relationship is causal. We estimate causal effects of schooling on performances on the Consortium to Establish a Registry for Alzheimer's Disease (CERAD) word-recall...

During New Year’s Eve 2015/2016, the German city of Cologne witnessed mass sexual assaults and thefts by perpetrators described as having an Arab-African appearance. This paper studies whether the event in Cologne led to a backlash in crimes against refugees in Germany....

We use a dynamic trade and reallocation model with downward nominal wage rigidities to quantitatively assess the economic consequences of recent U.S. tariff increases on imports from Mexico, Canada, and China, as well as the "reciprocal" tariff changes announced on "Liberation Day" and...

We examine the 2025 U.S. debt limit episode through the lens of financial markets. First, we document an increase in trading activity in the U.S. sovereign CDS market, and we infer a probability of default from CDS premiums. We find that default risk reached 1% by the November 6 Presidential...

Wirtschaftliche Probleme, politische Konflikte und gesellschaftliche Polarisierung prägen unsere Zeit. Aus aktuellen Studien geht hervor, dass Jugendliche ihre Welt mit Sorge sehen, und eher angstbehaftet in die Zukunft blicken (Schnetzer et al., 2024). Auch stellt etwa die Sinus-Jugendstudie:...

Steelmaking represents one of the most carbon-intensive industries – second only to cement – and is responsible for 8% of global CO2 emissions. The creation of a market for premium, low-carbon emission steel products, or ‘green steel’, could serve as a means of generating revenue streams...

We utilize Bayesian model averaging to estimate a stochastic discount factor (SDF) for single-stock options. A Bayesian model averaging SDF outperforms reduced-form benchmark models in-sample and out-of-sample in pricing option return anomalies and portfolios. We document that the SDF is dense...

The objective of this work was to explore energy transition trajectories in China and Latin America, indicating their synergies and potential. Starting from a description of the Energy Transition Index (ETI) and an explanation of its methodology, we sought to map the global energy transition,...