The paper treats the issue of the decreasing volatility of the U.S. economy which has been observed since the mid-1980s. As a measure of volatility the residual variance of a composite economic indicator is used. This indicator is constructed as a common dynamic factor with Markov switching and...

Our study represents a first attempt to single out the effects of aging on the entire structure of the economy that is approximated by employment shares in different sectors. We find that even after controlling for the effects of other relevant factors - e.g., income per capita, share of trade...

Before the World War I, the urban rental housing market in Germany could be described as a free and competitive market. The government hardly interfered in the relationships between the landlords and ten- ants. The rents were set freely. During the World War I, the market was hit by several...