After the end of World War II in 1945, millions of refugees arrived in what in 1949 became the Federal Republic of Germany. We examine their effect on today's productivity, wages, income, rents, education, and population density at the municipality level. Our identification strategy is based on...

Economists increasingly recognise the importance of personality traits for socioeconomic outcomes, but little is known about the stability of these traits over the life cycle. Existing empirical contributions typically focus on age patterns and disregard cohort and period influences. This paper...