Abstract We investigate the wage, employment, and reallocation effects of introduction a nationwide minimum wage in Germany that affected 15% all employees. Based on identification designs exploit variation exposure across individuals local areas, we find raised wages but did not lower employment. It also led to low-wage workers from smaller larger, lower- higher-paying, less more productive es...

We develop a two-country overlapping-generations model with domestic financial frictions and show that cross-country differences in financial development explain three recent patterns of international capital flows. In our model, domestic financial frictions distort the interest rates and production efficiency in the less financially developed country. Capital flows not only lead to cross-count...

The traffic generated by multimedia applications presents a great amount of burstiness, which can hardly be described by a static set of traffic parameters. The dynamic and efficient usage of the resources is one of the fundamental aspects of multimedia networks: the traffic specification should first reflect the real traffic demand, but optimise, at the same time, the resources requested. This...