We analyze the offshorability of jobs using the German Qualifications and Career Survey. The paper differentiates between outsourcing potential and international tradability and systematically uses a large set of potential determinants of organizational and spatial relocation derived from the existing literature on offshoring. Applying principal component analysis, we are able to co...

For the first-generation models of very long-run growth, empirical success has been mixed. As growth theory now moves beyond one-sector, one-country models, the “industrial revolution” is typically mapped onto a modern-traditional goods dichotomy with differential productivity in rich and poor countries. We argue for the usefulness of an alternative framework, where goods are differentiated by ...

We explicitly solve an optimal stopping problem related to the exercise of a perpetual American call option when the option holder cannot trade the underlying asset. We prove the verification theorem for the solution proposed. We derive the moment generating function of the optimal exercise time and also the elasticity of the option value with respect to stock price. The class of admissible uti...