A shortcoming of most empirical studies on aggregate exports is their exclusive focus on the demand side. Moreover, the effect of globalization is often neglected leading to implausibly high income elasticities. This paper models export demand and supply simultaneously and incorporates a new...

The paper shows that, as owners accumulate larger stakes and hence become less risk-tolerant, their incentives to monitor management are attenuated because monitoring shifts some of the firm's risk from management to owners. This counterbalances the positive effect which more concentrated...

A contingent claims valuation model which allows to highlight the implications of program trading in spot markets for the pricing of European-style foreign currency options and for the volatility strike structure implicit in these contracts is devoloped. The curvature of the volatility strike...

The effectiveness of the foreign exchange market interventions conducted by the Deutsche Bundesbank during the Louvre period to alter either the level or the volatility of the $/DM spot rate is examined. Volatility quotes implicit in foreign currency options are employed to recover the impact of...

[Inhaltsverzeichnis] 1. Lohnspreizung - Ein gesellschaftspolitisches Problem 2. Theoretische Erklärungsansätze zur Lohnspreizung 2.1. Einfaches Arbeitsmarktmodell mit homogenen Arbeitsangebot 2.2. Einfaches Arbeitsmarktmodell mit heterogenen Arbeitsangebot 2.3. trade-off-Hypothese zwischen...

This paper investigates the method of matching regarding two crucial implementation choices, the distance measure and the type of algorithm.We implement optimal full matching – a fully efficient algorithm – and present a framework for statistical inference. The implementation uses data from...

The aging of the populations in the OECD countries has prompted various calls for reforming the existing pay-as-you-go (PAYG) pension systems. Currently, there is renewed discussion in the United States about partial privatization where a fraction of the social security payroll tax would be...