Kilian Huber, Volker Lindenthal, Fabian Waldinger, 08 October 2018

Trump’s travel ban on people from several Muslim-majority countries sparked an outcry from businesses about their ability to recruit and retain talent. This column analyses the effect of the Nazis' purge of Jewish managers from German firms to understand the economic consequences of such discriminatory policies. Results show robust losses in terms of stock prices and dividend payments of affected firms. The policy reduced the aggregate market valuation of firms listed in Berlin by 1.78% of German gross national product.

Nico Voigtländer, Joachim Voth, 18 June 2015

Radical beliefs and violent hatred are back in the headlines and worrying policymakers around the world. This column discusses new research that suggests that, in the case of Nazi Germany, subjecting an entire population to the full power of a totalitarian state was extremely effective in instilling lasting hatred. Extremist views are still three times higher among Germans born in the 1930s than those born after 1950. However, family and the social environment can isolate young minds from the effects of indoctrination at least to some extent.

Nico Voigtländer, Joachim Voth, 22 May 2011

Is violence a cultural trait passed from one generation to the next? This column examines an extreme case – anti-Semitism in Germany. It shows that towns that murdered their Jews during the Black Death (1348-1350) were also much more likely to commit violence or engage in anti-Semitic acts in interwar Germany, nearly 600 years later. This suggests racial hatred can persist over centuries.

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