• Analysis of 75,000 German manufacturers (2000–2019) • Firms receiving compensating support within EU ETS were less likely to shut down • EPoS Economic Research Center at Bonn and Mannheim publishes results

In New Keynesian models, a more persistent demand shock does not always generate a larger output multiplier. The interplay between persistence and monetary policy creates 3 regimes; in the empirically relevant one, the multiplier is hump-shaped.

Collateral protection laws have unintended consequences. We show the 2005 BAPCPA reform protected repo holders but incentivized dealer-banks to dramatically increase leverage, leading to sharper deleveraging during the downturn.

When the Fed sneezes, why does the world catch a cold? While the literature blames financial markets, we show trade is key: a US monetary tightening transmits abroad primarily by crushing US import demand.

●Interview with Jing Zeng, EPoS Economic Research Center ●Economists develop tool based on 36,000 corporate stocks worldwide

●US and Chinese tariffs had contrasting effects on third countries ●Economists analyzed more than 200,000 multinationals in 50 major economies ●Interview with Jan Schymik, EPoS Economic Research Center

Platforms shape what users see and choose. A new paper develops the concept of recommendation power, maps the objectives behind rankings, defaults and prominence, and examines how the EU Digital Markets Act constrains it.

Income uncertainty depresses fertility. I show that income-tested education subsidies mitigate this effect by providing insurance against income risk for households with children.

Labor market conditions shape on-the-job-behavior: as bankers' outside options improve, they are less likely to be dismissed for poor borrower performance. This facilitates riskier lending, with bank and systemic risk rising as a result.

Why are so few refugees hired as apprentices? Our study with 800 German firms points to a large hiring gap. But signals of reliability and motivation matter—and job-specific language training can significantly improve hiring chances.