[ZEW Newsletter English Edition] 2014-11 *zew-newsletter-englishedition at mx-assp2.zew.de* zew-newsletter-englishedition at mx-assp2.zew.de /Thu Nov 27 13:31:21 MET 2014/ * *Messages sorted by:* [ date ] [ thread ] [ subject ] [ author ] ------------------------------------------------------------------------ _____________________________________________________________________ _____________________________________________________________________ Z E W N E W S L E T T E R E N G L I S H E D I T I O N No. 2014-11 November 27, 2014 (Yvonne Braeutigam, newsletter-en at zew.de ) http://www.zew.eu _____________________________________________________________________ _____________________________________________________________________ Content 1. NEWS 2. CALL FOR PAPERS 2.1. International Conference on the German Labour Market in a Globalised World: Trade, Technology, and Demographics 2.2. Annual Conference of the Leibniz ScienceCampus MaCCI - Mannheim Centre for Competition and Innovation 3. STAFF 3.1. Visiting Researchers 4. PRESS RELEASES 5. RECENT PUBLICATIONS IN ENGLISH 5.1. Financial Market Report Switzerland 5.2. ZEW Discussion Papers 5.3. Expertises/Research Reports IN GERMAN 5.4. ZEWnews German Edition 5.5. ZEW-Finanzmarktreport (ZEW Financial Market Report) 5.6. JUNGE UNTERNEHMEN (Young Firms) 5.7. Gutachten/Forschungsberichte (Expertises/Research Reports) 6. NEW RESEARCH PROJECTS 7. EVENTS 7.1. Scientific Events 8. JOB OFFERS _____________________________________________________________________ 1. NEWS 18.11.2014 - ZEW (ppl/fkr) ZEW Lunch Debate in Brussels - Fighting Youth Unemployment Involves Education Policy, Labour Market Institutions, and Employers and Unions: How to best fight youth unemployment in Europe? Speakers and panellists from the areas of research, politics, and business addressed this key topic at the ZEW Lunch Debate in Brussels. The event took place at the Representation of the State of Baden-Wuerttemberg to the European Union on 18 November 2014. In his presentation, Professor Holger Bonin, head of research department at the Mannheim Centre for European Economic Research (ZEW) pointed to the fact that youth unemployment is not a purely cyclical phenomenon. Additional information and picture gallery: http://www.zew.de/en/news/2804 11.11.2014 - ZEW (fkr/ybr) New Version of ZEWeNEWS Available for Download: Research results, analyses, comments, events, and other interesting news from ZEW are available in the ZEWeNEWS format - an interactive app designed for all current iPad and Android tablets. The digital magazine includes selected articles from the German ZEWnews, which are published ten times a year, and features additional information and contents such as videos, picture galleries as well as links to recent ZEW publications. The current, third version shows for instance how government policies can contain income disparities in OECD countries, which fields of action in European economic policy are crucial for the EU Parliament, and how to effectively implement insolvency proceedings for sovereign states in the eurozone. Moreover, the app provides video clips of this year's SEEK conference and the ZEW Economic Forum. Download for free at Apple App Store: https://itunes.apple.com/at/app/zew/id849055470 Google Play: https://play.google.com/store/apps/details?id=com.zew.enews 06.11.2014 - ZEW (ibe/fkr/ybr) Monitoring Report - Cultural and Creative Industries Still on a Growth Course: The German cultural and creative industries continue to expand. In 2013, total sales of the sector climbed to EUR 145 billion. The number of regular employees paying into the social insurance system increased by 3.3 per cent. These are the findings of the current monitoring report on the cultural and creative industries by the Mannheim Centre for European Economic Research (ZEW) in cooperation with the Fraunhofer Institute for Systems and Innovation Research ISI in Karlsruhe. The monitoring of selected key figures in the cultural and creative industries was commissioned by the Federal Ministry for Economic Affairs and Energy. Additional information and the abridged version of the monitoring report (in German): http://www.zew.de/en/news/2791 23.10.2014 - ZEW (cfu) ZEW President Clemens Fuest on Investment, Debt, and Balanced Budgets: The recent spate of bad economic news is akin to a freezing autumn rain ruining the end of a sunny late summer's day. Bold optimism characterised the first half of 2014. The German economy seemed to be brimming with vitality, untouched by problems elsewhere in Europe, and the "grand coalition" was able to pursue two goals that are seldom compatible. First, the government generously introduced numerous relief and benefit measures, including improved pensions for parents, the ability to retire at 63 without penalties, and tax relief for municipalities. Second, flourishing tax revenues placed a balanced federal budget in 2015 in near reach. That the budget is nearly balanced in spite of new benefits is partially attributable to the fact that the costs of recent pension reforms are hidden in the social insurance system's implicit debts, and do not have immediate impact on the budget. Clearly, experts who warned that expenditures should be decreased in good economic times in order to allow increased spending when times are hard went unheeded. Now the economy has begun to falter. Read the complete opinion piece: http://www.zew.de/en/news/2779 2. CALL FOR PAPERS 2.1. International Conference on the German Labour Market in a Globalised World: Trade, Technology, and Demographics International Conference on the German Labour Market in a Globalised World: Trade, Technology, and Demographics (April 10-11, 2015): The Institute for Employment Research (IAB) and the Centre for European Economic Research (ZEW) are jointly organising the international conference on "The German Labour Market in a Globalised World: Trade, Technology, and Demographics". The conference will take place in Nuremberg from April 10-11, 2015. Financed by the German Research Foundation (DFG), the conference focuses on technology, trade, demographic change, and their modes of interaction with employment, wages, and participation in the labour market. The scientific committee invites empirical and theoretical contributions on these topics from all areas of economics and sociology with a focus on labour, education, health, or human resource management. Please submit electronic versions of full papers (preliminary versions are welcome) as PDF file to dfg1764 at zew.de no later than December 14, 2014. Submitted papers should be related to the theme of the conference but do not have to analyse labour markets in Germany or Europe. Additional information and call for papers: http://www.zew.de/en/events/2030 2.2. Annual Conference of the Leibniz ScienceCampus MaCCI - Mannheim Centre for Competition and Innovation Annual Conference of the Leibniz ScienceCampus MaCCI - Mannheim Centre for Competition and Innovation (March 12-13, 2015): The Mannheim Centre for Competition and Innovation (MaCCI), a joint initiative of the Centre for European Economic Research (ZEW) and the University of Mannheim, is pleased to announce its 2015 annual conference in Mannheim on March 12-13, 2015. The objective of the conference is to provide a platform for competition- and innovation-related research and discussion. We invite submissions from all fields of competition law and economics. Theoretical and empirical papers as well as case studies are welcome. We especially invite papers from lawyers with a focus on EU competition law, regulatory law, or comparative competition/regulatory law. Please submit full papers as well as extended abstracts as PDF file to macciannual2015 at zew.de no later than December 20, 2014. Additional information and call for papers: http://www.zew.de/macciannual2014 3. STAFF 3.1. Visiting Researchers Prof. Bas Jacobs Visiting Researcher at ZEW: Professor Bas Jacobs, PhD, was a visiting researcher at ZEW's Research Group "International Distribution and Redistribution" from November 19 to 21, 2014. He is professor of economics and public finance at Erasmus University Rotterdam in the Netherlands. Professor Jacobs is an associate editor of the journal FinanzArchiv, member of the economist's panels of BNR and MeJudice, jury member of the Netherlands Ministry of Finance Thesis Prize and member of the advisory board of the Norwegian Center of Taxation. His research crosses the borders of public finance, optimal taxation, welfare economics, macroeconomics, human capital theory, and labour economics. During his stay, he held a ZEW Research Seminar on optimal capital taxation when individuals have different rates of return. Additional information on Prof. Bas Jacobs: http://people.few.eur.nl/bjacobs Arvid Hoffmann, PhD, Visiting Researcher at ZEW: Arvid Hoffmann, PhD, was a visiting researcher at ZEW's Research Department "International Finance and Financial Management" from November 8 to 21, 2014. He is an Assistant Professor of Finance at Maastricht University, the Netherlands, where he also serves as Co-Director of the Marketing-Finance Research Lab and the Marketing-Finance Company Circle. His interdisciplinary research interests bridge the fields of marketing and finance. In particular, he is interested in behavioural and experimental finance, consumer financial decision-making, financial services marketing, household finance, and individual investor behaviour. During his stay, he held a ZEW Research Seminar on behavioural aspects of consumer financial decision-making. Additional information on Arvid Hoffmann, PhD: http://www.arvidhoffmann.com Bruno Rodrigues Visiting Researcher at ZEW: Bruno Rodrigues was a visiting researcher at ZEW's Research Group "International Distribution and Redistribution" from November 13 to 14, 2014. He is a PhD candidate at the Bureau d'Economie Theorique et Appliquee at the University of Strasbourg, France, and holds tutorials on industrial economics and statistics. His research interests lie in the field of computational economics and labour economics. His stay at ZEW was part of a collaboration within the scope of the SEEK project "The Effects of Family Policy on Education, Labour Supply, and Fertility Decisions". Additional information on Bruno Rodrigues: http://www.beta-umr7522.fr/-RODRIGUES-Bruno?lang=en 4. PRESS RELEASES 20.11.2014 - ZEW (zil/ggr/jpr) ZEW-Erste Group Bank Economic Sentiment Indicator for Central and Eastern Europe (CEE) - Economic Expectations Improve: In November 2014 economic expectations for Central and Eastern Europe including Turkey (CEE region) improve. In the current survey the ZEW-Erste Group Bank Economic Sentiment Indicator for the CEE region has gained 5.5 points and reaches a level of 12.5 points. Among the individual countries the largest improvement is observed for the Slovakia indicator, which has increased by 24.1 points this month. The ZEW-Erste Group Bank Economic Sentiment Indicator for Central and Eastern Europe reflects the financial market experts' expectations for the CEE region on a six-month time horizon. The indicator has been compiled on a monthly basis together with further financial market data by the Mannheim Centre for European Economic Research (ZEW) with the support of Erste Group Bank, Vienna, since 2007. Read more: http://www.zew.de/en/press/2808 19.11.2014 - ZEW (lja/jpr) ZEW-CS Financial Market Test Switzerland - Rebound in Economic Sentiment: The November survey shows a strong rebound in analysts' sentiment, with an increase of the ZEW-CS Indicator from minus 30.7 points in October to minus 7.6 points in November 2014. The ZEW-CS Indicator reflects the expectations of the surveyed financial market experts regarding the economic development in Switzerland on a six-month time horizon. It is calculated monthly by the Mannheim Centre for European Economic Research (ZEW) in cooperation with Credit Suisse (CS), Zurich. Read more: http://www.zew.de/en/press/2807 18.11.2014 - ZEW (fmo/jrr/dre) ZEW Indicator of Economic Sentiment - First Increase in 2014: The ZEW Indicator of Economic Sentiment for Germany gains 15.1 points in November 2014. Now standing at 11.5 points (long-term average: 24.4 points), the index has returned to positive territory after the previous month's slip into negative territory. "ZEW's Indicator of Economic Sentiment for Germany has increased for the first time in 2014. The recent growth figures for the euro area suggest that the economy is stabilising, which contributed to the indicator's increase. However, the economic environment remains fragile, not least due to ongoing geopolitical tensions," says ZEW President Professor Clemens Fuest. Read more: http://www.zew.de/en/press/2803 13.11.2014 - PWC/ZEW (ole/ggr/jpr) ZEW PwC China Economic Barometer - German Managers Continue to Feel Welcome in China: China continues to be an attractive investment location for German companies. According to a special question raised in the light of recent events, just under three quarters of senior executives (74 per cent) say that there has been no change in the quality of their company's business relations in China since the previous year. Eleven per cent report improved conditions while 16 per cent of decision-makers feel less welcome in the country compared with the previous year. These are the central findings of the ZEW PwC China Economic Barometer survey in the fourth quarter of 2014. Read more: http://www.zew.de/en/press/2797 10.11.2014 - ZEW (bpe/ggr/jpr) Impressive Employment Balance for Innovators even in Downturn Periods: Service and product innovations are considered to be the most important engines for economic and employment growth. Against this backdrop, we often forget that innovations can also be a source of jobs destruction. The overall employment balance of innovative firms, however, is clearly positive. Employment creation is considerably larger in innovative firms than in non-innovative firms, both in upturn and in downturn periods. Even during recessions employment losses are much smaller in innovator firms than in other firms. These are the findings of a study conducted by the Centre for European Economic Research (ZEW) and the AIT Austrian Institute of Technology on behalf of the European Commission. Researchers analysed firm data from 26 EU Member States in the period between 1998 and 2010 for the study. Read more: http://www.zew.de/en/press/2795 08.11.2014 - ZEW (ape/fkr/jpr) Equal Opportunities in Germany - The West Is Lagging Behind the East: The fall of the Berlin Wall and the opening of the intra-German border made politicians talk about the prospect of "blossoming landscapes" in the new federal states in Eastern Germany. What has become of that promising economic perspective? A current study by the Centre for European Economic Research (ZEW) suggests that equal opportunities in Germany have grown since German unification. What is remarkable: The chances to obtain a higher income through personal effort are significantly higher in Eastern Germany than in the West. Read more: http://www.zew.de/en/press/2794 07.11.2014 - ZEW (ape/fkr/jpr) ZEW Study on Stabilising and Transfer Effects in the Euro Area - European Unemployment Insurance Faces Dilemma: More substantial fiscal integration in Europe by way of a common unemployment insurance scheme for eurozone member states? This question is currently a subject of intense discussion. Would an automatic stabiliser like this necessarily turn Europe into a transfer union? A current study by ZEW shows that a European Unemployment Insurance would have cushioned the impact of the recent crisis in the most embattled euro area member states. Germany would have been a net contributor in the period between 2000 and 2013 despite the rather weak economic situation at the turn of the millennium. In future crises, however, burden-sharing might take a different turn. Read more: http://www.zew.de/en/press/2792 05.11.2014 - ZEW (ole/ggr/jpr) China Economic Panel (CEP) by ZEW and Fudan University (Shanghai) - Further Decline in Economic Outlook for China: The economic outlook for China continues to be rather bleak. The CEP indicator, which reflects expectations of international financial experts regarding China's economic development over the next twelve months, stands at exactly 0.0 points in the current survey period (October 14 until October 28, 2014). The current value is the lowest level of the CEP indicator since the survey began in mid-2013. Read more: http://www.zew.de/en/press/2790 27.10.2014 - ZEW (der/ggr/jpr) German Information Economy - Optimism Prevails Despite Slight Downturn: In the third quarter of 2014, the economic sentiment among companies in the information economy remains positive. Even though the ZEW Sentiment Indicator for the Information Economy has recorded a quarter-on-quarter drop by 1.6 points, the high level of 63.1 points signals an ongoing positive development of the sector. This trend is also reflected in the fact that more than half of the companies in the information economy sector were able to improve their business situation compared to the previous quarter, or expect a positive economic development in the final quarter of 2014. These are the findings of a survey conducted by the Centre for European Economic Research (ZEW) in the information economy sector in September 2014. Read more: http://www.zew.de/en/press/2783 5. RECENT PUBLICATIONS IN ENGLISH 5.1. Financial Market Report Switzerland Financial Market Report Switzerland December 2014 * Rebound in Sentiment * Most Analysts Expect an Unchanged Inflation Rate * Fewer Analysts Expect Long-Term Interest Rate to Rise * Euro Falls, but Expectations of an Appreciation Rise * Stock Market Rebound Boosts Confidence * Special Question: Asset Valuations * Special Question: EUR/CHF Fair Value Download as PDF file(*): http://www.zew.de/FinancialMarketReportSwitzerland122014.pdf 5.2. ZEW Discussion Papers 14-098 Martin Kesternich; Andreas Loeschel; Daniel Roemer The Long-Term Impact of Matching and Rebate Subsidies when Public Goods are Impure: Field Experimental Evidence from the Carbon Offsetting Market Download as PDF file (*): http://ftp.zew.de/pub/zew-docs/dp/dp14098.pdf 14-097 Michael Kosfeld; Susanne Neckermann; Xiaolan Yang Knowing that You Matter, Matters! The Interplay of Meaning, Monetary Incentives, and Worker Recognition Download as PDF file (*): http://ftp.zew.de/pub/zew-docs/dp/dp14097.pdf 14-096 Michael Gibbs; Susanne Neckermann; Christoph Siemroth A Field Experiment in Motivating Employee Ideas Download as PDF file (*): http://ftp.zew.de/pub/zew-docs/dp/dp14096.pdf 14-095 Mathias Dolls; Clemens Fuest; Dirk Neumann; Andreas Peichl An Unemployment Insurance Scheme for the Euro Area? A Comparison of Different Alternatives Using Micro Data Download as PDF file (*): http://ftp.zew.de/pub/zew-docs/dp/dp14095.pdf 14-094 Andrew Toole; Dirk Czarnitzki; Christian Rammer University Research Alliances, Absorptive Capacity, and the Contribution of Startups to Employment Growth Download as PDF file (*): http://ftp.zew.de/pub/zew-docs/dp/dp14094.pdf 14-093 Katrin Hussinger; Sebastian Pacher Information Ambiguity and Firm Value Download as PDF file (*): http://ftp.zew.de/pub/zew-docs/dp/dp14093.pdf 14-092 Simon Koesler Specifying Parameters in Computable General Equilibrium Models Using Optimal Fingerprint Detection Methods Download as PDF file (*): http://ftp.zew.de/pub/zew-docs/dp/dp14092.pdf 14-091 Petra Andries; Paul Huenermund Staging Innovation Projects: (When) Does it Pay Off? Download as PDF file (*): http://ftp.zew.de/pub/zew-docs/dp/dp14091.pdf 14-090 Benedikt Franke; Dirk Simons; Dennis Voeller How Do Employment Tax Credits Work? - An Analysis of the German Inheritance Tax Download as PDF file (*): http://ftp.zew.de/pub/zew-docs/dp/dp14090.pdf 14-089 Joachim Moeller; Matthias Umkehrer Are There Long-Term Earnings Scars From Youth Unemployment in Germany? Download as PDF file (*): http://ftp.zew.de/pub/zew-docs/dp/dp14089.pdf 14-088 Charlotte Cabane; Michael Lechner Physical Activity of Adults: A Survey of Correlates, Determinants, and Effects Download as PDF file (*): http://ftp.zew.de/pub/zew-docs/dp/dp14088.pdf 14-087 Christian Koehler Bargaining in Vertical Relationships and Suppliers' R&D Profitability Download as PDF file (*): http://ftp.zew.de/pub/zew-docs/dp/dp14087.pdf 14-086 Peter Heindl; Peter J. Wood; Frank Jotzo Combining International Cap-and-Trade with National Carbon Taxes Download as PDF file (*): http://ftp.zew.de/pub/zew-docs/dp/dp14086.pdf 14-085 Wolfgang Briglauer The Impact of Regulation and Competition on the Migration from Old to New Communications Infrastructure: Recent Evidence from EU27 Member States Download as PDF file (*): http://ftp.zew.de/pub/zew-docs/dp/dp14085.pdf 14-084 Joseph E. Harrington; Kai Hueschelrath; Ulrich Laitenberger; Florian Smuda The Discontent Cartel Member and Cartel Collapse: The Case of the German Cement Cartel Download as PDF file (*): http://ftp.zew.de/pub/zew-docs/dp/dp14084.pdf 5.3. Expertises/Research Reports Peter Heindl and Andreas Loeschel (2014), Social Implications of Green Growth Policies from the Perspective of Energy Sector Reform and its Impact on Households, Organisation for Economic Co-operation and Development (OECD), Paris. Additional information and download: http://www.zew.de/en/publications/7651 Georg Licht, Bettina Peters, Christian Koehler, and Franz Schwiebacher (2014), The Potential Contribution of Innovation Systems to Socio-Ecological Transition, European Commission, Mannheim. Additional information and download: http://www.zew.de/en/publications/7647 IN GERMAN 5.4. ZEWnews German Edition The November 2014 ZEWnews German Edition contains the following articles: * Leniency Programmes: An Instrument to Detect Cartels in Europe * Health and Housing * Germany and France Have Divergent Energy Policy Priorities * A Combination of Older and Younger Employees Drives Innovation * Innovation Protects Firms Against Job Cuts in Downturn Periods * Graduates in Technical and Natural Sciences: Subject Choice and Personality are Decisive for Careers * The Janus-Faced Nature of the Energy Transition * Q&A: How much Integration Can Europe Afford? * Opinion Piece: Luxembourg's Tax Tricks and Tax Competition in Europe Download as PDF file (in German)(*): http://ftp.zew.de/pub/zew-docs/zn/zn1114.pdf 5.5. ZEW-Finanzmarktreport (ZEW Financial Market Report) ZEW Financial Market Report December 2014 * First Increase in 2014 * ECB: Inflation Expectations Dropped Again * USA: Increase of Short-Term Interest Rates Expected * Japan: Announcement of Economic Stimulus Has Positive Effect on Expectations * Great Britain: Assessment of Economic Situation Improves * Special Question: November 2014 - Inflation and Monetary Policy Download as PDF file (in German)(*): http://ftp.zew.de/pub/zew-docs/frep/122014.pdf 5.6. JUNGE UNTERNEHMEN (Young Firms) JUNGE UNTERNEHMEN No. 2, November 2014 * Quality, not Quantity? Share of Innovative Start-ups Increases * Book Trade: Fundamental Changes Still Lie Ahead * Private Investors Are Active in Young Firms Across all Sectors Download as PDF file (in German)(*): http://ftp.zew.de/pub/zew-docs/jungeunternehmen/jungeunternehmen_0214.pdf 5.7. Gutachten/Forschungsberichte (Expertises/Research Reports) Peter Westerheide, Felix Schindler, Tim-Alexander Kroencke, and Bertram Steininger (ed.) (2014), Auswirkungen von Basel III auf die Immobilienfinanzierung in Deutschland (The Impact of Basel III on Real Estate Financing in Germany), BBSR online publication 09/14, Federal Institute for Research on Building, Urban Affairs and Spatial Development (BBSR) within the Federal Office for Building and Regional Planning (BBR), Bonn. Additional information and download (in German): http://www.zew.de/en/publications/7679 Torben Schubert, Christian Rammer, and Rainer Frietsch (2014), Innovationsindikator 2014 (Innovation Indicator 2014), Deutsche Telekom Stiftung, Bonn. Additional information and download (in German): http://www.zew.de/en/publications/7649 Jens Mohrenweiser and Friedhelm Pfeiffer (2014), Forschungsprojekt Duales Orientierungspraktikum - Uebergangsprozesse (Research Project: Dual Internship - Transition Processes), regional directorate North Rhine Westphalia of the German Federal Employment Agency, Mannheim. Additional information and download (in German): http://www.zew.de/en/publications/7646 (*) Please note: PDF files can be displayed with Adobe Acrobat Reader. The software can be downloaded for free: http://get.adobe.com/uk/reader 6. NEW RESEARCH PROJECTS An Unemployment Insurance Scheme for the Euro Area? A Comparison of Different Alternatives using Micro Data http://www.zew.de/en/projects/1449 Financial Transaction Taxes: Incidence and Behavioural Responses http://www.zew.de/en/projects/1448 Human Resource Management and Employee Retention: Empirical Analyses Using New Linked Employer-Employee Data http://www.zew.de/en/projects/1386 Macroeconomic Analysis of Biomass Use by Means of a CGE Model http://www.zew.de/en/projects/1454 Recruitment of Skilled Workers in the Care Sector http://www.zew.de/en/projects/1453 Saxon Technology Report 2015 http://www.zew.de/en/projects/1452 7. EVENTS 7.1. Scientific Events 27.11.2014 ZEW Research Seminar: Not in my Community: Social Pressure and the Geography of Dismissals Speaker: Prof. Eve Caroli (Universite Dauphine, Paris) Location of the event: ZEW, Mannheim Additional information and contact: http://www.zew.de/en/events/2044 04.12.2014 ZEW Research Seminar: Trust-Based Work-Time and Product Improvements: Evidence from Firm Level Data Speaker: Prof. Aoife Hanley (Christian Albrecht University Kiel/ Institute for the World Economy) Location of the event: ZEW, Mannheim Additional information and contact: http://www.zew.de/en/events/2048 05.-06.12.2014 Conference: Twelfth Annual Conference of the Association of Competition Economics Location of the event: ZEW, Mannheim Additional information and contact: http://www.zew.de/en/events/2022 08.12.2014 ZEW Research Seminar: Pareto-Efficient Solutions for Shared Public Good Provision: Nash Bargaining Versus Market Exchange Speaker: Bouwe Dijkstra, PhD (University of Nottingham) Location of the event: ZEW, Mannheim Additional information and contact: http://www.zew.de/en/events/2046 8. JOB OFFERS 25.12.2014 AEA/ASSA 2015: Postdocs for various research units For the complete job offer, please visit: http://www.zew.de/en/job-offers/32 ____________________________________________________________________ IMPRINT Publisher: Centre for European Economic Research GmbH (ZEW) L 7, 1 - 68161 Mannheim - Germany - http://www.zew.eu Phone +49 621/1235-01 Fax +49 621/1235-255 Seat of the company: Mannheim - Local Court Mannheim HRB 6554 Chairwoman of the Supervisory Board: Theresia Bauer, MdL, Minister of Science, Research, and the Arts of the State of Baden-Wuerttemberg Executive Directors: Prof. Dr. Clemens Fuest, Thomas Kohl Editors: Yvonne Braeutigam, yvonne.braeutigam at zew.de ; Patrick Pilarek, pilarek at zew.de E-mail: newsletter-en at zew.de Editorial assistants: Janine Haubenreisser; Vincent von Uechtritz und Steinkirch; Jule Zenker Responsibility: Gunter Grittmann, grittmann at zew.de Legal note: http://www.zew.eu/legalnote You can subscribe/unsubscribe at any time - online via http://www.zew.eu/newsletter or - mail to zew-newsletter-englishedition-request at mx-assp2.zew.de Subject: (leave blank!) 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