On Thursday, European leaders will discuss how to navigate the block through the economic crisis triggered by the novel coronavirus. In a DER SPIEGEL interview, European Commissioner Paolo Gentiloni talks about what is at stake and the need to find at least 1 trillion euros.

Well-off Brazilians have brought the coronavirus back home with them from their travels. Many of them also employ domestic workers from the country's favelas - who they're apparently unwilling to protect by telling them to stay home. Brazil's poorest class could make easy quarry for the disease.

Not a soul to be seen on Wall Street, cafés closing down in Brooklyn and a field hospital in Central Park: New York City is in the grips of coronavirus. Notes from a week that changed the city.

Donald Trump’s disastrous crisis management has made the United States the new epicenter of the global coronavirus pandemic. The country is facing an unprecedented economic crash. Are we witnessing the implosion of a superpower? By DER SPIEGEL Staff

We estimate valuations of time using detailed consumer choice data from a large European ride hail platform, where drivers bid on trips and consumers choose between a set of potential rides with different prices and waiting times. We estimate consumer demand as a function of prices and waiting times. While demand is responsive to both, price elasticities are on average four times higher than waiting-time elasticities. We show how these estimates can be mapped into values of time that vary by place, person, and time of day. Regarding variation within a day, the value of time during non-work hours is 16% lower than during work hours. Regarding the spatial dimension, our value of time measures are highly correlated both with real estate prices and urban GPS travel flows. A variance decomposition reveals that most of the substantial heterogeneity in the value of time is explained by individual differences as opposed to place or time of day. In contrast with other studies that focus on long run choices we do not find evidence of spatial sorting. We apply our measures to quantify the opportunity cost of traffic congestion in Prague, which we estimate at $483,000 per day.

We study the trade-offs faced by Internet Service Providers (ISPs) that serve as platforms through which consumers access both television and internet services. As online streaming video improves, these providers may respond by attempting to steer consumers away from streaming video toward their own TV services, or by attempting to capture surplus from this improved internet content. We augment the standard mixed bundling model to demonstrate the trade-offs the ISP faces when dealing with streaming video, and we show how these trade-offs change with the pricing options available to the ISP. Next, we use unique household-level panel data and the introduction of usage-based pricing (UBP) in a subset of markets to measure consumers' responses and to evaluate quantitatively the ISP's trade-offs. We find that the introduction of UBP led consumers to upgrade their internet service plans and lower overall internet usage. Our findings suggest that while steering consumers towards TV services is possible, it is likely costly for the ISP and therefore unlikely to be profitable. This is especially true if the ISP can offer rich pricing menus that allow it to capture some of the surplus generated by a better internet service. The results suggest that policies like UBP can increase ISPs' incentive to maintain open access to new internet content.

Brendan Leipsic talked his way out of a job.

Dominican Yankees and Mets stars are working with Pedro Martinez to respond to the coronavirus pandemic in their homeland.

Joe Castiglione saw his first baseball game in the Bronx.

Banks usually hold large amounts of domestic public debt which makes them vulnerable to their own sovereign’s default risk. At the same time, governments often resort to costly public bailouts when their domestic banking sector is in trouble. We investigate how the interbank network structure and the distribution of sovereign debt holdings jointly affect the optimal bailout policy in the presence of this "doom loop". Rescuing banks with high domestic sovereign exposure is optimal if these banks are sufficiently central in the network, even though that requires larger bailout expenditures than rescuing low-exposure banks. Our findings imply that highly central banks can use exposure to their own government as a strategic tool to increase the likelihood of being bailed out. Our model thus illustrates how the "doom loop" exacerbates the "too interconnected to fail" problem in banking.

We use longitudinal data from the income tax system to study the impacts of firms’ employment and wage-setting policies on the level and change in immigrant-native wage differences in Canada. We focus on immigrants who arrived in the early 2000s, distinguishing between those with and without a college degree from two broad groups of countries – the U.S., the U.K. and Northern Europe, and the rest of the world. Consistent with a growing literature based on the two-way fixed effects model of Abowd, Kramarz, and Margolis (1999), we find that firm-specific wage premiums explain a significant share of earnings inequality in Canada and contribute to the average earnings gap between immigrants and natives. In the decade after receiving permanent status, earnings of immigrants rise relative to those of natives. Compositional effects due to selective outmigration and changing participation play no role in this gain. About one-sixth is attributable to movements up the job ladder to employers that offer higher pay premiums for all groups, with particularly large gains for immigrants from the “rest of the world” countries.

Estimating the returns to education remains an active area of research amongst applied economists. Most studies that estimate the causal return to education exploit changes in schooling and/or labor laws to generate exogenous differences in education. An implicit assumption is that more time in school may translate into greater earnings potential. None of these studies, however, explicitly consider the quality of schooling to which impacted students are exposed. To extend this literature, we examine the interaction between school quality and policy-induced returns to schooling, using temporally-available school quality measures from Card and Krueger (1992). We find that additional compulsory schooling, via either schooling or labor laws, increases earnings only if educational inputs are of sufficiently high quality. In particular, we find a consistent role for teacher quality, as measured by relative teacher pay across states, in generating consistently positive returns to compulsory schooling.

How should the design of incentives vary with agent time preferences? We develop two predictions. First, “bundling” the payment function over time – specifically by making the payment for future effort increase in current effort – is more effective if individuals are impatient over effort. Second, increasing the frequency of payment is more effective if individuals are impatient over payment. We test the efficacy of time-bundling and payment frequency, and their interactions with impatience, using a randomized evaluation of an incentive program for exercise among diabetics in India. Consistent with our theoretical predictions, bundling payments over time meaningfully increases effort among the impatient relative to the patient. In contrast, increasing payment frequency has limited efficacy, suggesting limited impatience over payments. On average, incentives increase daily steps by 1,266 (13 minutes of brisk walking) and improve health.

Public schooling systems are an essential feature of modern states. These systems often developed at the expense of religious schools, which undertook the bulk of education historically and still cater to large student populations worldwide. This paper examines how Indonesia’s long-standing Islamic school system responded to the construction of 61,000 public elementary schools in the mid-1970s. The policy was designed in part to foster nation building and to curb religious influence in society. We are the first to study the market response to these ideological objectives. Using novel data on Islamic school construction and curriculum, we identify both short-run effects on exposed cohorts as well as dynamic, long-run effects on education markets. While primary enrollment shifted towards state schools, religious education increased on net as Islamic secondary schools absorbed the increased demand for continued education. The Islamic sector not only entered new markets to compete with the state but also increased religious curriculum at newly created schools. Our results suggest that the Islamic sector response increased religiosity at the expense of a secular national identity. Overall, this ideological competition in education undermined the nation-building impacts of mass schooling.

Traveling beyond the immediate surroundings of one’s residence can lead to greater exposure to new ideas and information, jobs, and greater transmission of disease. In this paper, we document the geographic mobility of individuals in the U.S., and how this mobility varies across U.S. cities, regions, and income classes. Using geolocation data for ~1.7 million smartphone users over a 10-month period, we compute different measures of mobility, including the total distance traveled, the median daily distance traveled, the maximum distance traveled from one’s home, and the number of unique haunts visited. We find large differences across cities and income groups. For example, people in New York travel 38% fewer total kilometers and visit 14% fewer block-sized areas than people in Atlanta. And, individuals in the bottom income quartile travel 12% less overall and visit 13% fewer total locations than the top income quartile.

Former Renault-Nissan chairman and CEO Carlos Ghosn fled Japan in a dramatic escape just over a month ago. He is currently the subject of an Interpol search warrant. DER SPIEGEL met him in Beirut for an interview.

Pressure is growing across the board for large corporations to do more to protect the environment and the climate. Even institutional investors like Blackrock head Larry Fink are joining the chorus of voices calling for change.

The coronavirus pandemic has inflicted massive damage on the aviation industry. But Lufthansa CEO Carsten Spohr says that the German flag carrier is in a good position to survive, even if it will take several years for the industry to recover.

German carmakers are going to have to open up their factories and car dealerships again soon – otherwise they could face a widespread collapse. And that would be disastrous for the German economy.

The coronavirus crisis has forced another 3.2 million Americans to file for jobless aid, bringing the total number to 33.5 million in the seven weeks since the pandemic forced millions of companies to close and layoff huge amounts of staff.

This new entertainment series should get the motor running for movie and music fans.

Fox News pundit mocks 'experts,' encourages Americans to get out there and 'have some courage'

Californians venturing onto the beach after a month of lockdown are being greeted with the ethereal sight of bioluminescent waves from an algae bloom.

Audio recordings of two 911 calls placed moments before Ahmaud Arbery was killed confirm that at least two people were concerned that a black man was running in their Georgia neighborhood.

Mark Hatten, an ex-boyfriend of deceased model Anna Nicole Smith, was shot and killed Sunday after an incident with another man in South Carolina.

The former captain of the USS Theodore Roosevelt was relieved from his duties in response to his concerns about coronavirus spreading on his ship.

California is slated to be refunded the $247 million it paid to a Chinese car company under a massive $1 billion deal for face masks, which were not federally certified by the agreed upon deadline.

President Trump on Friday called the viral video of Ahmaud Arbery’s killing “very, very disturbing,” but he said he’s confident that Georgia’s law enforcement authorities will handle the case properly despite a slow-moving investigation and conflict-of-interest questions surrounding the incident. “So I saw the tape, and it’s very, very disturbing," he said in a Fox New phone interview. “I looked at a picture of that young man. He was in a tuxedo... And I will say that that looks like a really good, young guy.”

Chris Cornell’s widow is firing back at her husband’s Soundgarden bandmates, calling the lawsuit they filed against her Wednesday an attempt to “browbeat” her into giving up “copyrighted works.”

Surprisingly, they didn’t do it years ago due to traffic.

The Competition and Consumer Protection Commission (CCPC) has simplified the system for certain mergers to be notified to it.