The empirical evidence that innovation policies often lead to innovation additionality is long-standing. However, innovation is an intermediate outcome. Innovations are important to the extent that they…
This paper analyzes the use and effectiveness of patents and trade secrets designed to protect innovation. While previous studies have usually considered patents and trade secrets as substitutes for one another,…
Research and development (R&D) is often essential for firms’ profitability and growth. At the same time, R&D is long-term and risky. We show that innovation activities lead to information ambiguity about the…
This paper provides new evidence on the effect of housing wealth on consumption by focusing on the impact of home-equity extraction. We develop a household consumption decision model to illustrate the…
German municipalities have substantial autonomy in setting taxes on two distinct tax bases: business profits and property values. We use this setting and a two-step approach to explore whether implemented tax…
This paper investigates the effect of the size of the local labor market on skill mismatch. Using survey data for Germany, I find that workers in large cities are both less likely to be overqualified for their…
