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On Deficits and Symmetries in a Fiscal Capacity
(2015-07-01)
"There is a growing debate about complementing the European Monetary Union by a more comprehensive fiscal union. Against this background, this paper emphasizes that there is a trade-off in designing a system of fiscal ...
Are Tax Havens Good? Implications of the Crackdown on Secrecy
(2015-07-01)
The pressure on tax haven countries to engage in tax information exchange shows first effects on capital markets. Empirical research suggests that investors do react to information exchange and partially withdraw from ...
Interbank Funding as Insurance Mechanism for (Persistent) Liquidity Shocks
(2015-11-01)
The interbank market is important for the efficient functioning of the financial system, transmission of monetary policy and therefore ultimately the real economy. In particular, it facilitates banks' liquidity management. ...
On the Distributive Effects of Inflation
(2015-06-01)
This paper undertakes a quantitative investigation of the effects of anticipated inflation on the distribution of household wealth and welfare. Consumer Finance Data on household financial wealth suggests that about a third ...
Signaling Cooperation
(2015-11-08)
We examine what an applicant’s vita signals to potential employers about her willingness to cooperate in teams. Intensive social engagement may credibly reveal that an applicant cares about the well-being of others and ...