This paper considers a consumption-based asset pricing model where housing is explicitly modeled both as an asset and as a consumption good. Nonseparable preferences describe households' concern with composition risk, that is, fluctuations in the relative share of housing in their consumption...

Professional judges receive a fixed salary and are largely exempt from disciplinary sanctions. How can performance still be secured? Judges share a culture consisting of work-related norms and values, derive status from their standing within the professional community, and are susceptible to...

According to economic analysis, common-law courts resolve individual legal disputes and create new, judge-made law. In this article, I study both functions in a civil-law context by analyzing data for nine German labor courts of appeal (Landesarbeitsgerichte) in the period 1980-1996. Output of...

In this paper, we propose a new methodology for decomposing consumer price inflation into contributions of cost components using national accounts data. It builds on the well-known decomposition method for the value-added deflator and expands it by combining the cost structure of the consumption...