Discussion Papers

FAU Discussion Papers in Economics


01/22: Merkl, C. and Sauerbier, T.: Public Employment Agency Reform, Matching Efficiency, and German Unemployment (01_2022)


07/21: Fackler, D., Schnabel, C. and Stegmaier, J.: Personnel adjustments during the Covid-19 pandemic: Did co-determination make a difference? (07_2021)

06/21: Merkl, C. and Stüber, H.: Wage and Employment Cyclicalities at the Establishment Level (06_2021)

05/21: Mense, A.: Secondary Housing Supply (05_2021)

04/21: Genz, S. and Schnabel, C.: Digging into the Digital Divide: Workers’ Exposure to Digitalization and its Consequences for Individual Employment (04_2021)

03/21: Farbmacher, H. and Tauchmann, H.: Linear Fixed-Effects Estimation with Non-Repeated Outcomes (03_2021)

02/21: Perico Ortiz, D.: The High Frequency Impact of Economic Policy Narratives on Stock Market Uncertainty (02_2021)

01/21: Glas, A. and Müller, L.: Talking in a language that everyone can understand? Transparency of speeches by the ECB Executive Board (01_2021)


07/20: Bias, D., Lin, C., Lochner, B. and Schmid, T.: Measuring workers’ financial incentives (07_2020)

06/20: Schnabel, C: Union Membership and Collective Bargaining: Trends and Determinants (06_2020)

05/20: Schnaubelt, M.: Deep reinforcement learning for the optimal placement of cryptocurrency limit orders (05_2020)

04/20: Schnaubelt, M. and Seifert, O.: Valuation ratios, surprises, uncertainty or sentiment: How does financial machine learning predict returns from earnings announcements? (04_2020)

03/20: Fackler, D., Hölscher, L., Schnabel, C. and Weyh, A.: Does working at a start-up pay off? (03_2020)

02/20: Lochner, B., Seth, S. and Wolter, S.: Decomposing the Large Firm Wage Premium in Germany (02_2020)

01/20: Castillo, G., Choo, L. and Grimm, V.: Are groups really more dishonest than individuals? (01_2020)


12/19: Choo, L., Kaplan, T.R. and Zultan, R.: Manipulation and (mis)trust in prediction markets (12_2019)

11/2019: Schnaubelt, M.: A comparison of machine learning model validation schemes for non-stationary time series data (11_2019)

10/2019: Kölling, A. and Schnabel, C.: Owners, external managers, and industrial relations in German establishments (10_2019)

09/2019: Tauchmann, H.: Fixed-Effects estimation of the Linear Discrete-Time Hazard Model: an Adjusted First-Differences Estimator (The FAU Discussion Paper in Economics 09/2019 has been replaced by a substantially revised version of the paper, which is available as FAU Discussion Paper in Economics 03/2021. Please always refer to the current version.)

08/2019: Choo, L. and Zhou, X.: Can Market Competition Reduce Anomalous Behaviours? (08_2019)

07/2019: Kohlbrecher, B.: The (Ir)relevance of Real Wage Rigidity for Optimal Monetary Policy (07_2019)

06/2019: Mense, A., Michelsen, C. and Kholodilin, K.: Rent Control, Market Segmentation, and Misallocation: Causal Evidence from a Large-Scale Policy Intervention (06_2019)

05/2019: Bauer, A. and Lochner, B.: History Dependence in Wages and Cyclical Selection: Evidence from Germany (05_2019)

04/2019: Lochner, B., Merkl, C., Stüber, H. and Gürtzgen, N.: A Note on Recruiting Intensity and Hiring Practices: Cross-Sectional and Time-Series Evidence (04_2019)

03/2019: Bünnings, C., Hafner, L., Reif, S. and Tauchmann, H.: In Sickness and in Health? Health Shocks and Relationship Breakdown: Empirical Evidence from Germany (03_2019)

02/2019: Hafner, L.: Do Minimum Wages Improve Self-Rated Health? Evidence from a Natural Experiment (02_2019)

01/2019: Hochmuth, B., Kohlbrecher, B., Merkl, C. and Gartner, H.: Hartz IV and the Decline of German Unemployment: A Macroeconomic Evaluation (01_2019)


14/2018: Schnaubelt, M. Fischer, T.G. and Krauss, C: Separating the signal from the noise – financial machine learning for Twitter (14-2018)

13/2018: Bossler, M., Gürtzgen, N., Lochner, B., Betzl, U. and Feist, L.: The German minimum wage: effects on business expectations, profitability, and investments (13-2018)

12/2018: Fischer, T.G.: Reinforcement learning in financial markets – a survey (12-2018)

11/2018: Bossler, M., Oberfichtner, M. and Schnabel, C.: Employment adjustments following rises and reductions in minimum wages: New insights from a survey experiment (11-2018)

10/2018: Mense, A.: What is the Information Value of Energy Efficiency Certificates in Buildings? (10-2018)

09/2018: Fackler, D., Fuchs, M., Hölscher, L. and Schnabel, C.: Do startups provide employment opportunities for disadvantaged workers? ( 09-2018)

08/2018: Badunenko, O. and Tauchmann, H.: Simar and Wilson two-stage efficiency analysis for Stata (08-2018)

07/2018: Endres, S. and Stübinger, J.: A flexible regime switching model with pairs trading application to the S&P 500 high-frequency stock returns (07-2018)

06/2018: Augurzky, B., Bauer, T., Reichert, A., Schmidt, C. and Tauchmann, H.: Habit formation, obesity, and cash rewards (06-2018)

05/2018: Doll, M. and Klein, I.: Sample Size Analysis for Two-Sample Linear Rank Tests (05-2018)

04/2018: Kick, T., Kreiser, S. and Merkl, C.: Loan Supply and Bank Capital: A Micro-Macro Linkage (04-2018)

03/2018: Klein, I. and Doll, M.: Tests on Asymmetry for Ordered Categorical Variables (submitted)

02/2018: Fischer, T.G., Krauss, C. and Treichel, A.: Machine learning for time series forecasting – a simulation study  (02-2018)

01/2018: Stübinger, J.: Statistical arbitrage with optimal causal paths on high-frequency data of the S&P 500 (01_2018)


26/2017: Hafner, L., Tauchmann, H. and Wübker, A.: Does Moderate Weight Loss Affect Subjective Health Perception in Obese Individuals? Evidence from Field Experimental Data (26-2017)

25/2017: Klein, I.: (Generalized) Maximum Cumulative Direct, Paired, and Residual ϕ-Entropy Principle (25-2017)

24/2017: Mense, A., Michelsen, C., Kholodilin, K.A.: Empirics on the causal effects of rent control in Germany (24-2017)

23/2017: Bauer, A. and Lochner, B.: History Dependence in Wages and Cyclical Selection: Evidence from Germany (23-2017)

22/2017: Doll, M.: Finite Relative Efficiency of Confidence Interval Methods around Effect Sizes (22-2017)

21/2017: Carbonero, F. and Gartner, H.: Inspecting the Relation of Search Cost and Search Duration for New Hires (21-2017)

20/2017: Oberfichtner, M. and Schnabel, C.: The German Model of Industrial Relations: (Where) Does it still Exist? (20-2017)

19/2017: Stübinger J., Walter D. and Knoll J.: Financial market predictions with Factorization Machines: Trading the opening hour based on overnight social media data (19-2017)

18/2017: Hafner, L., Reif, S. and Seebauer, M.: Physician Behavior under Prospective Payment Schemes; Evidence from artefactual field and lab experiments (18-2017)

17/2017: Endres, S. and Stübinger, J.: Optimal trading strategies for Lévy-driven Ornstein-Uhlenbeck processes (https://www.tandfonline.com/doi/full/10.1080/00036846.2019.1566688)

16/2017: Aufenager, T.: Machine Learning to Improve Experimental Design (16-2017)

15/2017: Doll, M., Seebauer, M. and Tonn, M.: Bargaining over waiting time in gain and loss framed ultimatum games (15-2017)

14/2017: Aufenager, T.: Treatment Allocation for Linear Models with Covariate Information (14-2017)

13/2017: Knoll, J., Stübinger, J. and Grottke, M.: Exploiting social media with higher-order Factorization Machines: Statistical arbitrage on high-frequency data of the S&P 500 (13-2017)

12/2017: Quis, J.S. and Reif, S.: Health Effects of Instruction Intensity Evidence from a Natural Experiment in German High-Schools (12-2017)

11/2017: Fischer, T.G. and Krauss, C.: Deep learning with long short-term memory networks for financial market predictions (11-2017)

10/2017: Stübinger, J. and Endres, S.: Pairs trading with a mean-reverting jump-diffusion model on high-frequency data (https://www.tandfonline.com/doi/full/10.1080/14697688.2017.1417624)

09/2017:  Gehrke, B., Lechthaler, W. and Merkl, C.: The German Labor Market During the Great Recession: Shocks and Institutions (09-2017)

08/2017: Brown, A.J.G., Kohlbrecher, B., Merkl, C. and Snower, D.J.: The Effects of Productivity and Benefits on Unemployment: Breaking the Link (08-2017)

07/2017: Reif, S., Wichert, S. and Wuppermann, A.: Is it good to be too light? Birth weight thresholds in hospital reimbursement systems (07-2017)

06/2017: Mangold, B.: New concepts of symmetry for copulas (06-2017)

05/2017: Clegg, M., Krauss, C. and Rende, J.: partialCI: An R package for the analysis of partially cointegrated time series (05-2017)

04/2017: Mangold, B. and Konopik, J.: A General Class of Entropy Based Control Charts (04-2017 )

03/2017: Merkl, C. and Stüber, H.: Value Added, Wages, and Labor Market Flows at the Establishment Level (03-2017)

02/2017: Bachmann, R., Bayer, C., Merkl, C., Seth, S., Stüber, H. and Wellschmied, F.: Job and Worker Flows: New Stylized Facts for Germany (02-2017)

01/2017: Stüber, H. and Seth, S.: The Administrative Wage and Labor Market Flow Panel (01-2017)


12/2016: Merkl, C. and Stüber, H.: Wage Cyclicalities and Labor Market Dynamics at the Establishment Level: Theory and Evidence (12-2016)

11/2016: Stübinger, J., Mangold, B. and Krauss, C.: Statistical arbitrage with vine copulas (11-2016)

10/2016: Hanfeld, M. and Schlüter, S.: Operating a Swing Option on Today’s Gas Markets – How Least Squares Monte Carlo Works and Why it is Beneficial (10-2016)

09/2016: Schmolke, K.U. and Utikal, V.: Whistleblowing: Incentives and situational determinants (09-2016)

08/2016: Collischon, M.: Personality, Ability, Marriage and the Gender Wage Gap – Evidence from Germany (08-2016)

07/2016: Schwientek, C.: Are immigrants overeducated in Germany? Determinants and wage effects of educational mismatch (07-2016)

06/2016: Kohlbrecher, B., Merkl, C. and Nordmeier, D.: Revisiting the Matching Function (06-2016)

05/2016: Clegg, M. and Krauss, C.: Pairs trading with partial cointegration (05-2016)

04/2016: Riphahn, R. and Wiynck, F.: Fertility Effects of Child Benefits (04-2016)

03/2016: Krauss, C., Do, X. and Huck, N.: Deep neural networks, gradient-boosted trees, random forests: Statistical arbitrage on the S&P 500 (03-2016)

02/2016: Hochmuth, B., Gartner, H., Kohlbrecher, B. and Merkl, C.: Labor Selection over the Business Cycle: An Empirical Assessment (02-2016)

01/2016: Kohlbrecher, B. and Merkl, C.: Business Cycle Asymmetries and the Labor Market (01-2016)


15/2015: Krauss, C. and Stübinger, J.: Nonlinear dependence modeling with bivariate copulas: Statistical arbitrage pairs trading on the S&P 100 (download: 15-2015)

14/2015: Holzmann, C.: Economic Integration and Interdependence of Tax Policy (14-2015)

13/2015: Krauss, C., Krüger, T. and Beerstecher, D.: The Piotroski F-Score: A Fundamental Value Strategy Revisited from an Investor’s Perspective (13-2015)

12/2015: Krauss, C., Beerstecher, D. and Krüger, T.: Feasible Earnings Momentum in the U.S. Stock Market: An Investor’s Perspective  (12-2015)

11/2015: Krauss, C., Herrmann, K. and Teis, S.: On the power and size properties of cointegration tests in the light of high-frequency stylized facts  (11-2015)

10/2015: Mangold, B.: A multivariate rank test of independence based on a multiparametric polynomial copula (10-2015)

09/2015: Krauss, C.: Statistical Arbitrage Pairs Trading Strategies: Review and Outlook (09-2015)

08/2015: Erbe, K.: Tax Planning of Married Couples in East and West Germany (08-2015)

07/2015: Klein, I., Mangold, B.: Cumulative Paired ϕ-Entropy (07-2015)

06/2015: Reichert, A., Tauchmann, H. and Wübker, A.: Weight, loss and sexual activity in adult obese individuals: establishing a causal link (06-2015)

05/2015: Grimm, V., Utikal, V. and Valmasoni, L.: In-group favoritism and discrimination among multiple out-groups (05-2015)

04/2015: Dieckmann, A., Fischbacher, U., Grimm, V., Unfried, M., Utikal, V. and Valmasoni, L.: Trust and Beliefs among Europeans: Cross-Country Evidence on Perceptions and Behavior (04-2015)

03/2015: Schnabel, C.: United, yet apart? A note on persistent labour market differences between western and eastern Germany (03-2015)

02/2015: Bünnings, C., Schmitz, H., Tauchmann, H. and Ziebarth, N.R.: How Health Plan Enrollees Value Prices Relative to Supplemental Benefits and Service Quality (02-2015)

01/2015: Seebauer, M.: Does Direct Democracy Foster Efficient Policies? An Experimental Investigation of Costly Initiatives (01-2015)


15/2014: Herrmann, K., Teis, S. and Yu, W.: Components of Intraday Volatility and Their Prediction at Different Sampling Frequencies with Application to DAX and BUND Futures (15-2014)

14/2014: Lochner, B.: Employment protection in dual labor markets Any amplification of macroeconomic shocks? (14-2014)

13/2014: Casal, S., Ploner, M. and Sproten, A.N.: Fostering the Best Execution Regime; An Experiment about Pecuniary Sanctions and Accountability in Fiduciary Money Management (13-2014)

12/2014: Mäder, M., Müller, S., Riphahn, R. and Schwientek, C.: Intergenerational transmission of unemployment – evidence for German sons (12-2014)

11/2014: Gehrke, B. and Yao, F.:Phillips Curve Shocks and Real Exchange Rate Fluctuations: SVAR Evidence (11-2014)

10/2014: Gehrke, B.: Fiscal Rules and Unemployment (10-2014)

09/2014: Mangold, B.: Plausible Prior Estimation (09-2014)

08/2014: Hirsch, B., Oberfichtner, M. and Schnabel, C.:The levelling effect of product market competition on gender wage discrimination (08-2014)

07/2014: Abraham, M., Lorek, K., Richter, F. and Wrede, M.:Strictness of Tax Compliance Norms: A Factorial Survey on the Acceptance of Inheritance Tax Evasion in Germany (07-2014)

06/2014: Martin, A. and Weibelzahl, M.: Where and when to pray? – Optimal Mass Planning and Efficient Resource Allocation in the Church (06-2014)

05/2014: Cygan-Rehm, K. and Riphahn, R.: Teenage Pregnancies and Births in Germany: Patterns and Developments (05-2014)

04/2014: Grimm, V., Martin, A., Weibelzahl, M. and Zöttl, G.: Transmission and Generation Investment in Electricity Markets: The Effects of Market Splitting and Network Fee Regimes (04-2014)

03/2014: Feicht, R., Grimm, V. and Seebauer, M.: An Experimental Study of Corporate Social Responsibility through Charitable Giving in Bertrand Markets (03-2014)

02/2014: Abbiati, L., Antinyan, A. and Corazzini, L.: Are Taxes Beautiful? A Survey Experiment on Information, Tax Choice and Perceived Adequacy of the Tax Burden (02-2014)

01/2014: Rybizki, L.: Learning cost sensitive binary classification rules accounting for uncertain and unequal misclassification costs (01-2014)


10/2013: Bünnings, C. and Tauchmann, H.: Who Opts Out of the Statutory Health Insurance? A Discrete Time Hazard Model for Germany (10-2013)

09/2013: Lechmann, D.S. and Schnabel, C.: Absence from work of the self-employed: A comparison with paid employees (09-2013)

08/2013: Brenzel, H., Gartner, H. and Schnabel, C.: Wage posting or wage bargaining? Evidence from the employers’ side (08-2013)

07/2013: Schild, C.J.: Do Female Mayors Make a Difference? Evidence from Bavaria (07-2013)

06/2013: Fackler, D. and Schnabel, C.: Survival of spinoffs and other startups: First evidence for the private sector in Germany, 1976-2008 (06-2013)

05/2013: Ardelean, V. and Pleier, Th.: Outliers & Predicting Time Series: A comparative study (05-2013)

04/2013: Cygan-Rehm, K.: Do Immigrants Follow Their Home Country’s Fertility Norms? ( 04-2013)

03/2013: Tinkl, F.: Quasi-maximum likelihood estimation in generalized polynomial autoregressive conditional heteroscedasticity models (03-2013)

02/2013: Wrede, M.: Fair Inheritance Taxation in the Presence of Tax Planning (02-2013)

01/2013: Wrede, M.: Rational choice of itemized deductions (01-2013)


05/2012: Ardelean, V.: Detecting Outliers in Time Series (05-2012)

04/2012: Wrede, M.: Heterogeneous Skills and Homogeneous Land: Segmentation and Agglomeration (04-2012)

03/2012: Fischer, M.: A skew and leptokurtic distribution with polynomial tails and characterizing functions in closed form (03-2012)

02/2012: Schild, C.J.: Generalized Trust and Regional Innovation Activity (02-2012)

01/2012: Wrede, M.: Wages, Rents, Unemployment, and the Quality of Life (01-2012)


13/2011: Klein, I.: Van Zwet Ordering and the Ferreira-Steel Family of Skewed Distributions (13-2011)

12/2011: Wrede, M.: Unemployment, Commuting, and Search Intensity (12-2011)

11/2011: Lechmann, D.S.J. and Schnabel, C.: Are the self-employed really jacks-of-all-trades? Testing the assumptions and implications of Lazear’s theory of entrepreneurship with German data (11-2011)

10/2011: Hirsch, B. and Schnabel, C.: Let’s Take Bargaining Models Seriously: The Decline in Union Power in Germany,1992 – 2009 (10-2011)

09/2011: Tinkl, F. and Reichert, K.: Dynamic copula-based Markov chains at work: Theory, testing and performance in modeling daily stock returns (09-2011)

08/2011: Klein, I.: Van Zwet Ordering for Fechner Asymmetry (08-2011)

07/2011: Müller, S.:Teacher Experience and the Class Size Effect – Experimental Evidence ( 07-2011)

06/2011: Schnitzlein, D.D.: How important is cultural background for the level of intergenerational mobility? (06-2011)

05/2011: Schnitzlein, D.D.: How important is the family? Evidence from sibling correlations in permanent earnings in the US, Germany and Denmark (05-2011)

04/2011: Klein, I.: Christa, F.: Families of Copulas closed under the Construction of Generalized Linear Means (04-2011)

03/2011: Zibrowius, M.: Convergence or divergence? Immigrant wage assimilation patterns in Germany (03-2011)

02/2011: Kiss, D.: The Impact of Peer Ability and Heterogeneity on Student Achievement: Evidence from a Natural Experiment (02-2011)

01/2011: Klein, I.: Fischer, M. and Pleier, Th.: Weighted Power Mean Copulas: Theory and Application (01-2011)


08/2010: Tinkl, F.: A note Hadamard differentiability and differentiability in quadratic mean (08-2010)

07/2010: Gartner, H.: Wage cyclicality under different regimes of industrial relations (07-2010)

06/2010: Hirsch, B. and Schnabel, C.: Women Move Differently: Job Separations and Gender (06-2010)

05/2010: Feicht, R. and Stummer, W.: Complete closed-form solution to a stochastic growth model and corresponding speed of economic recovery (05-2010)

04/2010: Schlüter, St. and Deuschle, C.: Using Wavelets for Time Series Forecasting – Does it Pay Off? (04-2010)

03/2010: Fischer, M., Gao, Y. and Herrmann, K.: Volatility Models with Innovations from New Maximum Entropy Densities at Work (03-2010)

02/2010: Schlüter, St. and Davison, M.: Princing an European Gas Storage Facility using a continuous-Time Spot Price Model with GARCH Diffusion (02-2010)

01/2010: Mosthaf, A., Schnabel, C. and Stephani, J.: Low-wage careers: Are there dead-end firms and dead-end jobs? (01-2010)


14/2009: Mosthaf, A., Schank, T. and Schnabel, C.: Low-wage employment versus unemployment: Which one provides better prospects for women? (14-2009)

13/2009: Blien, U., Dauth, W., Schank, T. and Schnabel, C.: The institutional context of an “empirical law”: The wage curve under different regimes of collective bargaining (13-2009)

12/2009: Schlüter, St.: Constructing a Quasilinear Moving Average Using the Scaling Function (12-2009)

11/2009: Klein, I., Köck, Ch. and Tinkl, F.: Spatial-serial dependency in multivariate GARCH models and dynamic copulas: A simulation study (11-2009)

10/2009: Stuehmeier, T. and Wenzel, T.: Getting Beer During Commercials: Adverse Effects of Ad-Avoidance (10-2009)

09/2009: Dewenter, R., Haucap, J. and Wenzel, T.: Indirect Network Effects with Two Salop Circles: The Example of the Music Industry (09-2009)

08/2009: Herr, A.: Product differentiation and welfare in a mixed duopoly with regulated prices: The case of a public and a private hospital (08-2009)

07/2009: Herrmann, K.: Non-Extensitivity versus Informative Moments for Financial Models – A Unifying Framework and Empirical Results (07-2009)

06/2009: Ardelean, V.: The impact of outliers on different estimators for GARCH processes: an empirical study (06-2009)

05/2009: Schlüter, St., Fischer, M.: A Tail Quantile Approximation Formula for the Student and the Symmetric Generalized Hyperbolic Distribution (05-2009)

04/2009: Schlüter, St.: A Two-Factor Model for Electricity Prices with Dynamic Volatility (04-2009)

03/2009: Gu, Y. and Wenzel, T.: Product Variety, Price Elasticity of Demand and Fixed Cost in Spatial Models (03-2009)

02/2009: Uhde, A. and Heimeshoff, U.: Consolidation in banking and financial stability in Europe: Empirical evidence (02-2009)

01/2009: Addison, J.T. and Schnabel, C.: Worker Directors: A German Product that Didn’t Export? (01-2009)


07/2008: Klein, I., Grottke, M.: On J.M. Keynes‘ „The Principal Averages and the Laws of Error which Lead to Them“ – Refinement and Generalisation (07-2008)

06/2008: Herrmann, K.: Models for Time-varying Moments Using Maximum Entropy Applied to a Generalized Measure of Volatility (06-2008)

05/2008: Wenzel, T.: On the Incentives to Form Strategic Coalitions in ATM Markets (05-2008)

04/2008: Schnabel, C. and Wagner, J.: The Aging of the Unions in West Germany, 1980-2006 (04-2008)

03/2008: Engelmann, D. and Grimm, V.: Mechanisms for Efficient Voting with Private Information about Preferences (03-2008)

02/2008: Grimm, V. and Zöttl, G.: Production under Uncertainty: A Characterization of Welfare Enhancing and Optimal Price Caps (02-2008)

01/2008: Grimm, V. and Zöttl, G.: Strategic Capacity Choice under Uncertainty: The Impact of Market Structure on Investment and Welfare (01-2008)