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Stifter-Gänge
(2007)
Ist 'das Ding' Stifters liebstes Substantiv, so darf 'gehen' als sein bevorzugtes Verb gelten. In der Erzählung 'Der Waldgänger' sieht sich etwa der an einem lebensweltlichen und geographischen "Scheidepunkte" innehaltende Wanderer von einer Landschaft umgeben, in der die Dinge buchstäblich ihren Gang gehen:
'Ganz oben, wo das Thal mit noch geringer Tiefe anfängt, begann auch ein winziges Wasserfädlein, neben dem Wanderer abwärts zu gehen. Es ging in dem Rinnsale neben dem Wege unhörbar und nur glizzernd vorwärts, bis es durch die Menge des durch die Höhen sickernden Wassers gestärkt vor ihm plaudernd und rauschend einher hüpfte, als wolle es ihm den Weg durch die Thalmündung hinaus zeigen [...]. Sie gingen an manchem Waldabhange, an mancher schattigen Stelle vorbei [...], sie gingen an manchen zerstreuten Häuschen, an mancher Mühle, an mancher auf einem tiefgelegenen Wiesenflecken weidenden Kuh vorüber, bis endlich nach einigen Stunden Wanderns [...] die hingebreitete große Ebene begann. Der Bach ging breit und wallend links gegen die Felder und Bäume [...]. (WG, 98f)'
Dem Gang der Dinge untersteht der Lauf der Welt. Diese Identität von Naturvorgängen und Lebensläufen immer neu, allen Irrwegen und Katastrophen, allen Sprüngen und Brüchen zum Trotz, unter Beweis stellen zu wollen, tritt Stifters Autorschaft an. Trauma und Trost seines Universums liegen beschlossen in dem fast stereotyp wiederkehrenden Satz: "Und so ging es immer fort."
Does an increase in competition increase or decrease bank stability? I exploit how the state-specific process of interstate banking deregulation lowered barriers to entry into urban banking markets and find that greater competition significantly increases bank stability. This result is robust to the inclusion of additional fixed effects and other influences, such as merger and acquisitions or diversification. Moreover, I find that greater competition reduces banks' nonperforming loans and increases bank profitability. These findings suggest that competition increases stability as it improves bank profitability and asset quality.
Returns to experience for U.S. workers have changed over the post-war period. This paper argues that a simple model goes a long way towards replicating these changes. The model features three well-known ingredients: (i) an aggregate production function with constant skill-biased technical change; (ii) cohort qualities that vary with average years of schooling; and crucially (iii) time-invariant age-efficiency profiles. The model quantitatively accounts for changes in longitudinal and cross-sectional returns to experience, as well as the differential evolution of the college wage premium for young and old workers.
We reconsider the role for human capital in accounting for cross-country income differences. Our contribution is to bring to bear new data on the pre- and post- migration labor market experiences of immigrants to the U.S. Immigrants from poor countries experience wage gains that are only 40 percent of the GDP per worker gap, which implies that “country" accounts for 40 percent of income differences, while human capital accounts for 60 percent. Our approach handles selection by comparing the wage of the same individual in two different countries. We also provide evidence on and a correction for skill transfer.
We examine the impact of house prices on labour supply decisions using UK micro data. We combine household survey data with local level house price measures and controls for local labour demand. Our micro data also allows us to control for individual level income expectations. We find significant house price effects on labour supply, consistent with leisure being a normal good. Labour supply responses to house prices are concentrated among young married female owners and older owners. This finding suggests house prices affect the decisions of marginal workers in the economy. Our estimates imply house prices are economically important for the participation decisions for these workers.
Although Walter Benjamin was never timid when it came to writing, one practice he consistently avoided was that of creating neologisms. It is therefore with all the more reluctance that I find myself compelled to resort to something similar, in order to sum up a motif that has imposed itself over the years in my reading of Benjamin. What is involved is, to be sure, not exactly a neologism, since it does not involve the creation of a new word, but rather the highlighting of a word-part, a suffix (eine Nachsilbe). In English, to be sure, this suffix, when spoken, is indistinguishable from a word: what distinguishes it from a word is not audible, but only legible: a hyphen, marking a separation that is also a joining, a 'Bindestrich' that does not bind it to anything in particular and yet that requires it to be bound to something else. The suffix in question thus sounds deceptively familiar, since it coincides, audibly, with the word "abilities". However, unlike that word, its first letter - which purely by accident happens to be the first letter of the alphabet--is preceded by a dash. When written in isolation, this gives it a somewhat bizarre appearance, to be sure, since suffixes are not usually encountered separately from the words they modify. But this bizarre appearance pales when compared to its German 'original'. If the book of essays to be published in English under the title, "Benjamin’s -abilities," is ever translated into German - "back" into German I was tempted to write, since German here is of course the language in which Benjamin wrote and in which I generally read him - then its title, were it to be entirely faithful to the English, would indeed have to involve the creation of a neologism. For translated back into German, the German title would require its readers to "read, what was never written", namely: "Benjamins -barkeiten" (written, "Bindestrich- b--kleingeschrieben").
En tentant de regarder une image singulière avec quelques mots de Walter Benjamin, je voudrais, non pas me livrer à un exercice de commentaire, de glose ou de déchiffrement, mais, plus modestement, faire acte de reconnaissance, porter témoignage d’une experience de l’image, d’une 'poétique de l’image'. Walter Benjamin, l’un des penseurs qui a le plus radicalement bouleversé - réinventé - la notion de lisibilité (Lesbarkeit), est aussi l’un des penseurs au contact duquel l’histoire de l’art se trouve bouleversée dans son rapport même à la visibilité (Sichtbarkeit) et à la temporalité des images. Il ne s’agit pas seulement de rendre hommage à celui qui, mieux que quiconque, aura théorisé le rôle de la reproductibilité, taconté l’histoire de "l’art en tant que photographie" ou décrit le "déclin de l’aura". Il s’agit de travailler avec sa façon de mettre le temps au coeur de toute question d’image, et de faire de l’image - à commencer par la fameuse "image dialectique" - l’opérateur central de toute historicité. Le meilleur hommage, la meilleure justice que l’on puisse rendre à quelque chose, dit Benjamin - en parlant des "guenilles", des "rebuts" de l’histoire -, c’est de l’utiliser. Je vais tâcher de suivre cette leçon en vous présentant un objet de travail et en essayant de restituer la 'valeur d’usage' d’un ou de deux textes de Benjamin pour tenter de savoir, tout simplement, 'comment regarder une image'.
We study money creation and destruction in today’s monetary architecture and examine the impact of monetary policy and capital regulation in a general equilibrium setting. There are two types of money created and destructed: bank deposits, when banks grant loans to firms or to other banks and central bank money, when the central bank grants loans to private banks. We show that equilibria yield the first-best level of money creation and lending when prices are flexible, regardless of the monetary policy or capital regulation. When prices are rigid, we identify the circumstances in which money creation is excessive or breaks down and the ones in which an adequate combination of monetary policy and capital regulation can restore efficiency.
The dramatic shift from traditional pension plans to participant-directed 401(k) plans has increased the decision-making responsibility of individual investors for their own retirement planning. With this shift comes increasing evidence that investors are making poor decisions in choosing how much to save for retirement and in selecting among their investment options. Studies question the value of efforts to improve these decisions through regulatory reforms or investor education.
This article posits that deficiencies in workplace retirement savings cannot be adequately addressed until the reasons for poor investment decisions are better understood. We report the results of an exploratory study that asked subjects to complete a simulated retirement investment task and collected information about their financial knowledge and preferences. The study enabled us to measure financial literacy and evaluate its relationship to retirement investment decision-making. In line with existing research, we found a strong relationship between financial literacy and successful retirement investing. Our results suggest, however, that the relevant understanding in this context is not about math so much as it is a basic knowledge of the relative costs and benefits of the major investment categories. Finally, we present results suggesting that financial literacy is separate from investment preferences — specifically, that tolerance for risk is a separate and highly predictive variable in estimating retirement planning success.
Our research suggests that individual employees are likely to lack the skills necessary to support the current regulatory model of participant-directed retirement investing. The structure and regulation of retirement plans ought to take this fact seriously. We explore the potential for investor education and professional advice, respectively, to overcome the limitations of individualized choice.