Nicola Fuchs-Schuendeln

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earlier version of this paper was circulated under the title " Determinants of Sovereign Risk. " We are grateful to Abstract This paper investigates the effects of macroeconomic fundamentals on emerging market sovereign credit spreads. We pay special attention to the volatility of fundamentals in addition to their levels. In reduced form regressions, the(More)
We combine particular features of the German civil service with the unique event of German reunification to test the theory of precautionary savings and to quantify the importance of self-selection into occupations due to differences in risk aversion. In the presence of self-selection, failing to control for risk aversion in empirical tests of precautionary(More)
Martin Luther urged each town to have a girls' school so that girls would learn to read the Gospel, evoking a surge of building girls' schools in Protestant areas. Using county-and town-level data from the first Prussian census of 1816, we show that a larger share of Protestants decreased the gender gap in basic education. This result holds when using only(More)
In this paper we …rst document inequality trends in wages, hours worked, earnings, consumption, and wealth for Germany from the last twenty years. We generally …nd that inequality was relatively stable in West Germany until the German uni…cation (which happened politically in 1990 and in our data in 1991), and then trended upwards for wages and market(More)
German reunification was a large, unexpected shock for East Germans, with different economic consequences for different birth cohorts. Exploiting German reunification as a natural experiment, I analyze the validity of the life cycle consumption model. In the empirical part, I derive three stylized features concerning the saving behavior of East vs. West(More)
This paper sheds light on the transferability of human capital in periods of dramatic structural change by analyzing the unique event of German Reunification. We explore whether the comparatively low labor productivity in East Germany after reunification is caused by the depreciation of human capital at reunification, or by unfavorable job characteristics.(More)
We study the determinants of East–West migration within Germany during the period 1990–2006, using administrative data, the German Microcensus and the German SocioEconomic Panel. We find that in addition to income prospects and employment status, two well-known determinants of migration, psychological and social factors play an important role in determining(More)
The concept of procedural utility assumes that agents do not only receive utility from outcomes, but also attach an independent value to the procedures that lead to these outcomes. This paper analyzes whether the preferences that underlie procedural utility are homogeneous, using the case of independence at the workplace. I exploit the event of German(More)
We document contemporaneous differences in the aggregate labor supply of married couples across 17 European countries and the US. Based on a model of joint household decision making, we quantify the contribution of international differences in non-linear labor income taxes and consumption taxes, as well as the educational composition, and gender wage gaps(More)