This paper studies the effect of oil discoveries on economic growth in Brazilian municipalities for the period from 1940 to 2000. It uses a unique identification strategy which exploits data on the drilling of approximately 20,000 oil wells in Brazil since oil explorations began in the country....

This paper studies how human capital affects agents' tendency to participate in revolutions and consequently political outcomes. We show that since human capital is not expropriatable in the way land or other assets are, revolutions are more attractive if human capital is an important source of...

Poland faces one of the most rapidly ageing population in Europe. The old age dependency ratio is expected to triple until 2060. Against this background, our paper examines the sustainability of Polish public finances and its isolated subsystems. We consider the profound recent reforms including...

Wenn andere Staaten noch schlechter als Deutschland dastehen, mindert das nicht im Geringsten den Handlungsdruck in Deutschland: Ohne konsequente Beachtung der Schuldenbremse und ohne überfällige Strukturreformen werden nach den Ergebnissen der Generationenbilanz auch wir Deutsche zu Griechen...

Poland faces one of the most rapidly ageing population in Europe. The old age dependency ratio is expected to triple until 2060. Against this background, our paper examines the sustainability of Polish public finances and its isolated subsystems. We consider the profound recent reforms including...

A major aim of the recent updates of National Accounting standards (SNA2008 and ESA2010) is to provide a more complete picture of households' wealth. In this course it will become mandatory for European countries to publish annual estimates of unfunded public pension entitlements (UPPE) from...

We analyze how markets adjust to new information when the reliability of news is uncertain and has to be estimated itself. We propose a Bayesian learning model where market participants receive fundamental information along with noisy estimates of news' precision. It is shown that the efficiency...

Bayesian learning provides the core concept of processing noisy information. In standard Bayesian frameworks, assessing the price impact of information requires perfect knowledge of news' precision. In practice, however, precision is rarely dis- closed. Therefore, we extend standard Bayesian...

We analyze how markets adjust to new information when the reliability of news is uncertain and has to be estimated itself. We propose a Bayesian learning model where market participants receive fundamental information along with noisy estimates of news’ precision. It is shown that the...

Assessments of climate change impacts on agricultural markets and land-use patterns rely on quantification of climate change impacts on the spatial patterns of land productivity. We supply a set of climate impact scenarios on agricultural land productivity derived from two climate models and two...