In this paper we determine optimal trading strategies associated withthe financial variance and standard deviation principles of Schweizer (1997). These principles take into consideration the possibilities of hedging on the financial market and are derived by an indifference argument, which...

This paper analyzes trends in the gender wage gap and occupational segregation inSwitzerland in the years 1991 to 2001 with data from the first 11 waves of the Swiss LaborForce Survey. The results reveal that the gender wage gap is converging at a very slow rateand that if this rate remains...

Recent literature on the design of optimal monetary policy has shown that deviations fromprice stability are small whenever prices are sticky. This paper reconsiders this issue byintroducing capital accumulation in the model. Optimal monetary policy in this setupimplies small deviations from...

Joe is one a small group of influential economists who brought theorizing aboutdevelopment processes to a new level. In trying to understand the reasons why low pooreconomies remain so, he was among the first to appreciate the importance of informationand contracting issues. His seminal...

In the last decades, international trade has increased between industrialised countries andbetween high- and low-wage countries. This important change has raised questions on howinternational trade affects the labour market. In this spirit, this paper aims to investigate theimpact of...

We investigate the relationship between exporting, importing, and wage premia using a richmatched employer-employee data set. We improve on the previous literature (i) by using anew methodology to quantify the contribution of an extensive set of worker- and firm-levelobservable and unobservable...

This study examines the role of individual characteristics, occupation, industry, region, andworkplace characteristics in accounting for differences in hourly earnings between men andwomen in full and part-time jobs in Britain. A four-way gender-working time split (male fulltimers,male...

During the turbulent 1970s and 1980s the Bundesbank established an outstandingreputation in the world of central banking. Germany achieved a high degree of domesticstability and provided safe haven for investors in times of turmoil in the internationalfinancial system. Eventually the Bundesbank...