Turnover is a key indicator of economic activity, but we know little about how much entrepreneurs adjust it as a response to taxation. This is because business taxation is usually based on profits, rather than turnover. This paper exploits the notch created by the eligibility cut-off of the...

Dieser Kurzbeitrag erläutert die politische Funktion wirtschaftlicher Zusammenarbeit in Krisenzeiten. Das Kernargument lautet: Wirtschaftliche Kooperation ist ein hohes Gut. Sie schafft wechselseitige Abhängigkeiten - und stiftet Gemeinsamkeiten. Das diszipliniert im Konflikt. Den Primat der...

We present a new statistical method that describes the localization patterns of industries in a continuous space. The proposed method does not divide space into subunits whereby it is not affected by the Modifiable Areal Unit Problem (MAUP). Our method fulfils all five criteria for a spatial...

This paper proposes a moment-matching method for approximating vector autoregressions by finite-state Markov chains. The Markov chain is constructed by targeting the conditional moments of the underlying continuous process. The proposed method is more robust to the number of discrete values and...

We develop a sequential trade model of Iceberg order execution in a limit order book. The Iceberg-trader has the freedom to expose his trading intentions or (partially) shield the true order size against other market participants. Order exposure can cause drastic market reactions ("market...