News

• CESA Working Paper No. 7 | 2024 authored by our CESA member Matthias Westphal and co-authored by Johannes Hollenbach and Hendrik Schmitz, tilted "Gene-environment interactions with essential heterogeneity" is forthcoming in Economic Journal. [Link]

• CESA Working Paper No. 12 | 2025 authored by our CESA members Robinson Kruse-Becher and Philip Letixerant, tilted "Oil price expectations in explosive phases" is published in Energy Economics. [Link]

On February 10, 2026 (11:00 am), we are happy to host Heiner Mikosch (KOF Swiss Economic Institute, ETH Zürich), who visits CESA and presents in our Empirical Economics Seminar.

"Strategic Managers with Noisy Beliefs: Evidence from Carbon Pricing"

in room D005, building 3
We look very much forward to a fruitful and inspiring exchange

On February 10, 2026 (2:00 pm), we are happy to host Fabian Dehos (Constructor University), who visits CESA and presents in our Empirical Economics Seminar.

"Time of Change: Health Effects of Motherhood"

in room D005, building 3
We look very much forward to a fruitful and inspiring exchange

On February 24, 2026 (2:00 pm), we are happy to host Hannes Wilke (Deutsche Bundesbank), who visits CESA and presents in our Empirical Economics Seminar.

"Interconnectedness and Fragility in the Fund Sector"

in room D005, building 3
We look very much forward to a fruitful and inspiring exchange

• CESA Working Paper No. 18 | 2026
  Anna Krumme and Matthias Westphal
  Is Academic-Track Schooling Worthwhile Without College?
  Decomposing Monetary Returns to Education [PDF]

On February 09, 2026 (10:00 am), we are happy to host Achim Schmillen (The World Bank), who visits CESA and presents in our Empirical Economics Seminar.

"Effects of Mass Layoffs on Local Employment – Evidence from Geo-Referenced Data"

in room A305, building 9
We look very much forward to a fruitful and inspiring exchange

• CESA Working Paper No. 17 | 2025
  Malte Petersen, Hendrik Sonnabend and Jürgen Weibler
  Do Fields of Study Shape Social Preferences? Selection and Curricular Imprinting in Economically Oriented versus Prosocial Programs [PDF]

• CESA Working Paper No. 16 | 2025
  Hendrik Sonnabend and Matthias Westphal
  Family First: The causal effect of family size on cultural participation [PDF]

• CESA Working Paper No. 15 | 2025
  Mario Lackner and Hendrik Sonnabend
  Positive Feedback Shapes Gender Gaps in Adolescent Risk-Taking – Causal Evidence from Real-Risk Competitions [PDF]

• CESA Working Paper No. 14 | 2025
  Rainer Baule, Sebastian Schlie and Xiaozhou Zhou
  The Term Structure of Intraday Return Autocorrelations [PDF]

• CESA Working Paper No. 13 | 2025
  Sarah Rezaei, Hendrik Sonnabend and Bastian Westbrock
  Overconfidence and Goal-Setting [PDF]

The CESA Working Papers Nr. 02, 04 and 05 are recently published in Journal of Economic Dynamics and Control [Link], Health Economics [Link] and Journal of Behavioral and Experimental Economics [Link]

• CESA Working Paper No. 12 | 2025
  Robinson Kruse-Becher and Philip Letixerant
  Oil price expectations in explosive phases [PDF]
• CESA Working Paper No. 11 | 2025
  Anna Krumme and Matthias Westphal
  Monetary returns to upper secondary schooling, the evolution of unobserved heterogeneity, and implications for employer learning [PDF]

• CESA Working Paper No. 10 | 2024
  Christoph Wegener, Robinson Kruse-Becher and Tony Klein
  EU ETS Market Expectations and Rational Bubbles [PDF]

We are pleased to announce that Hans-Jörg Schmerer has been invited by ETH Zurich to present a joint research project with Benjamin Schwanebeck on “The role of labor market and financial frictions for firm responses to globalization: Short-term pain or long-term gain?”.The presentation will be on the 12^th of December. Further information on the event can be found on the ETH Zurich website: Link.

• CESA Working Paper No. 9 | 2024
  Marco Kerkemeier
  (Co-)Explosiveness of corporate credit spreads [PDF]
• CESA Working Paper No. 8 | 2024
  Kamila Cygan-Rehm and Matthias Westphal
  School Starting Age and the Gender Pay Gap over the Life Cycle [PDF]
• CESA Working Paper No. 7 | 2024
  Johannes Hollenbach, Hendrik Schmitz and Matthias Westphal
  Gene-environment interactions with essential heterogeneity [PDF]
• CESA Working Paper No. 6 | 2024
  Mario Lackner and Hendrik Sonnabend
  When performance melts away: Heat causes mental errors in high-stakes competitions [PDF]

Our CESA member Hendrik Sonnabend contributes to the Working Paper Series with the research paper entitled "The Napoleon complex revisited: New evidence from professional soccer" (co-authored with Giulio Callegaro and Mario Lackner) [PDF]

Our new CESA member Matthias Westphal contributes to the Working Paper Series with the research paper entitled "Disruptions in Primary Care: Can Resigning GPs Cause Persistently Negative Health Effects?" (co-authored with Daniel Monsees) [PDF]

CESA is growing and we are very happy to announce that the newly appointed Professor Matthias Westphal (Chair of Economic Policy) and his team (Anna Krumme and Dr. Hendrik Sonnabend) are joining the center. They mainly work on applied microeconometrics, empirical health and labor economics. We are looking forward to a fruitful collaboration!

We are happy to announce the start of our CESA working paper series! The first three contributions are

CESA Working Paper No. 1 | 2023
Andreas Hauptmann, Benjamin Schwanebeck and Hans-Jörg Schmerer
Plant-level adjustments to imports and exports at the extensive margin [PDF]

CESA Working Paper No. 2 | 2023
Joscha Beckmann, Marco Kerkemeier and Robinson Kruse-Becher
Regime-specific exchange rate predictability [PDF]

CESA Working Paper No. 3 | 2023
Joscha Beckmann, Timo Heinrich and Jennifer Rogmann
Inflation expectations and cognitive uncertainty [PDF]

Data and methods for understanding the link between oil prices and exchange rates