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Can Germany’s economy stage an unexpected recovery?Steffen MüllerThe Economist, January 30, 2025
We identify the effects of exogenous credit constraints on firm ability to attract and retain skilled workers. To do so, we exploit a shock to the value of the pension obligations of Portuguese banks resulting from a change in accounting norms.
The Halle Institute for Economic Research (IWH) and the International Network for Economic Research (INFER) were organising a workshop on capital flows.
This paper studies how managerial pay shapes the allocation of capital within firms.