ZEW Discussion Papers

How does government control over mass media affect banking system? Our theoretical model predicts that if the media are biased, depositors are less likely to run on their bank, but also less likely to deposit…

Women are less likely to correctly answer the “Big-3” financial literacy questions, and a substantial share of the gap reflects women’s lower confidence. In our experiment, women are more likely to choose “do…

We study how households adjust their medium-term inflation expectations under the new ECB inflation targeting strategy. Survey respondents make little difference between the previous strategy of targeting…

We examine a setting of independent private value auctions where bidders can covertly acquire gradual information about their valuations. We demonstrate that a dynamic pivot mechanism implements the rst-best…

This paper examines the legal consequences and assesses the economic impact of the differing tax treatment of investment funds in Portugal, Germany, and Luxembourg before and after the Allianzgi-Fonds case…

Many industrialized countries have recognized the need to mitigate energy cost increases faced by low-income households by fostering the adoption of energy-efficient technologies. How to meet this need is an…

We construct a novel dataset of human capital accumulation in China and India from 1900 to 2020 by combining historical records and educational reports to analyze the role of education in economic divergence.…

We investigate the misuse of R&D subsidies and evaluate its consequences for policy effectiveness. Developing a theoretical framework and using Chinese firm-level data for 2001-2011, we identify that 42% of…

Though the use of tracking policies to stratify students is commonplace, evidence concerning the effects of ability-based tracking on student performance is mixed. Using rich data from the Hungarian secondary…