We estimate the impact of compulsory schooling on earnings using changes in compulsory schooling laws in West Germany after World War II. Most estimates in the literature indicate returns in the range of 10% to 15%. While our research design is very similar to studies for various other...

We analyze the impact of increased immigration on employment outcomes of natives in Germany using a data set of county-level variables for the late 1980s. In order to construct more unified labor market regions, we aggregate the 328 counties to 167 larger regions. We study two measures of...

Previous tests for liquidity constraints using consumption Euler equations have frequently split the sample on the basis of wealth, arguing that low-wealth consumers are more likely to be constrained. We propose alternative tests using different and more direct information on borrowing...