Key points are not available for this paper at this time.
sponsorship: We thank Peter Andre, Felix Chopra, Thomas Dohmen, Robert Dur, Armin Falk, Stefano Fiorin, Guido Friebel, Nadine Ketel, Michael Kosfeld, Milena Nikolova, Suanna Oh, Florian Schneider, Uwe Sunde, Ferdinand von Siemens, and Florian Zimmermann as well as seminar audiences at briq, Goethe University Frankfurt, King's College London, the 18th Belgian day for Labour Economists, Utrecht University, and the 16th Tinbergen Institute Annual Conference for valuable comments and suggestions. Thimo De Schouwer gratefully acknowledges financial support from the Research Foundation-Flanders (FWO) , Belgium, Iris Kesternich and Heiner Schumacher gratefully acknowledge financial support from the Research Foundation-Flanders (FWO) , University of Innsbruck, Austria, and from the Austrian Science Fund (FWF, SFB F63 and P36845) . This project is also funded by the European Union (ERC, 101086717-MORETHANMONEY) . Views and opinions expressed are however those of the authors only and do not necessarily reflect those of the European Union or the European Research Council Executive Agency. Neither the European Union nor the granting authority can be held responsible for them. (Research Foundation-Flanders (FWO) , Belgium, University of Innsbruck, Austrian Science Fund|SFB F63, Austrian Science Fund|P36845, European Union (ERC)|101086717-MORETHANMONEY, Austrian Science Fund (FWF)|P36845)
Schouwer et al. (Tue,) studied this question.