ZEW Discussion Papers

This paper analyses the level of relative specialisation in terms of gross fixed capital formation in EU regions. Larger market and regional sizes diminish; a higher unemployment rate, population density, the…

Starting from an information process governed by a geometric Brownian motion we show that asset returns are predictable if the elasticity of the pricing kernel is not constant. Declining [Increasing] elasticity…

In recent years, some European countries have relied on elements of an allowance for corporate equity (ACE) in the design of their tax systems. We analyse the effects of ACE-based taxation on rates of return…

Economic agents who face the diversity of tax systems demand condensed but sophisticated information on effective tax burdens. We analyse common features and differences between important forward-looking…

This paper examines the wage effects of different types of career interruptions. We consider the timing and duration of non-employment spells by exploiting an administrative data set of German social security…

In international politics, intergovernmental treaties provide the rules of the game. Similar to private law, treaty designers face a trade-off between flexibility to adjust to unforeseen …

In this paper, it is argued that ICT investment is closely linked with complementary innovations and most productive in firms with innovative experience. In an analysis based on firm–level panel data covering…

In order to assess the productivity effects of information and communication technologies (ICT), regressions based on cross–sectional firm–level data may yield unreliable results for the commonly employed…

This paper discusses a tool for optimization of econometric models based on genetic algorithms. First, we briefly describe the concept of this optimization technique. Then, we explain the design of a…