The UBS Center Public Paper Series is a central initiative within the UBS Center’s aspiration to provide new relevant research findings on key economic topics of our time to a broad audience. As the name implies, these papers are directed to the interested public at large. While the authors will always be international top specialists on the topics covered, the Public Papers are written in a clear, compact, and highly readable format, free of academic jargon and understandable without prior knowledge about the subject.