This paper explores whether governments can ban carbon-intensive materials through product carbon requirements. By setting near-zero emission limits for the production of materials to be sold within a jurisdiction, governments would accelerate the phase out of carbon-intensive production processes. Their announcement could alert basic materials producers, financing institutions, and other relevant
2019| Timo Gerres, Manuel Haussner, Karsten Neuhoff, Alice Pirlot
This paper analyzes nuclear power plant investments using Monte Carlo simulations of economic indicators such as net present value (NPV) and levelized cost of electricity (LCOE). In times of liberalized electricity markets, largescale decarbonization and climate change considerations, this topic is gaining momentum and requires fundamental analysis of cost drivers. We adopt the private investors’
2019| Ben Wealer, Simon Bauer, Leonard Göke, Christian von Hirschhausen, Claudia Kemfert
This paper studies market segmentation that arises from the introduction of a price ceiling in the market for rental housing. When part of the market faces rent control, theory predicts an increase of free-market rents, a consequence of misallocation of households to housing units. We study a large-scale policy intervention in the German housing market in 2015 to document this mechanism
2019| Andreas Mense, Claus Michelsen, Konstantin A. Kholodilin
Structural VAR models require two ingredients: (i) Informational sufficiency, and (ii) a valid identification strategy. These conditions are unlikely to be met by small-scale recursively identified VAR models. I propose a Bayesian Proxy Factor-Augmented VAR (BP-FAVAR) to combine a large information set with an identification scheme based on an external instrument. In an application to monetary
In this paper, we use 2008-2013 American Community Survey data to update and further probe evidence on son preference in the United States. In light of the substantial increase in immigration, we examine this question separately for natives and immigrants. Dahl and Moretti (2008) found earlier evidence consistent with son preference in that having a female first child raised fertility and
2019| Francine D. Blau, Lawrence M. Kahn, Peter Brummund, Jason Cook, Miriam Larson-Koester
As the policy debate on entrepreneurship increasingly centers on firm growth in terms of job creation, it is important to better understand which variables influence the first hiring decision and which ones influence the subsequent survival as an employer. Using the German Socioeconomic Panel (SOEP), we analyze what role individual characteristics of entrepreneurs play in sustainable job creation.
2019| Marco Caliendo, Frank M. Fossen, Alexander S. Kritikos
Devising appropriate policy measures for the integration of refugees is high on the agenda of many governments. This paper focuses on the social integration of families seeking asylum in Germany between 2013 and 2016. Exploiting differences in services availability across counties as an exogenous source of variation, we evaluate the effect of early education attendance by refugee children on their
2019| Ludovica Gambaro, Guido Neidhöfer, C. Katharina Spieß
This paper shows that labor demand plays an important role in the labor market reactions of older women affected by pension deductions for early retirement. Based on a large representative sample of the German workforce (SIAB), we calculate the consequences of individual financial incentive changes caused by a pension reform in Germany on employment, unemployment, and partial retirement. The
2019| Johannes Geyer, Peter Haan, Svenja Lorenz, Mona Pfister, Thomas Zwick
This study tests the prediction that a corrupt government reduces ethical behavior among its citizens. We integrate a standard "cheating" experiment into a broad household survey and find clear support for this prediction: respondents who perceive corruption in state affairs are more likely to cheat. Interestingly, there is a small group of non-conformers. The main relation is robust to
2019| Olaf Hübler, Melanie Koch, Lukas Menkhoff, Ulrich Schmidt
We develop a structural model to address the question whether, and to what extent, expert panelists engage in herd behavior when voting on important policy questions. Our data comes from FDA advisory committees voting on questions concerning the approval of new drug applications. We utilize a change in the voting procedure from sequential to simultaneous voting to identify herding. Estimates
We analyze the political economy of the public provision of private goods when individuals care about their social status. Status concerns motivate richer individuals to vote for the public provision of goods they themselves buy in markets: a higher provision level attracts more individuals to the public sector, enhancing the social exclusivity of market purchases. Majority voting may lead to a
2019| Jana Friedrichsen, Tobias König, Tobias Lausen
This RCT examines the effect of a new style finance training during which participants are given personalized feedback on their financial business outcomes in addition to a “rules-of-thumb” training approach. We compare this to the effects of a “rules-of-thumb” training by itself and to a control group. Targeting about 500 small and micro entrepreneurs in Kampala, Uganda, we find that the
Since the global financial crisis and the related restructuring of banking systems, bank concentration is on the rise in many countries. Consequently, bank size and its role for macroeconomic volatility (or: stability) is the subject of intense debate. This paper analyzes the effects of financial regulations on the link between bank size, as measured by the volume of the loan portfolio, and
We present evidence on the open economy consequences of US fiscal policy shocks identified through proxy-instrumental variables. Tax shocks and government spending shocks that raise the government budget deficit lead to persistent current account deficits. In particular, the negative response of the current account to exogenous tax reductions through a surge in the demand for imports is among the
This paper provides first empirical insights on the relationship between green public procurement (GPP) and firms' innovation activities. Considering that the public sector is a large buyer in the economy, public procurement is able to work as demand-pull factor for new products and thus innovations - given that the procurement is aimed at such objectives. GPP is specifically implemented to
CO2-Abgaben bergen die Gefahr, einkommensschwächere Haushalte überdurchschnittlich zu belasten. Zur Abwehr solcher regressiven Verteilungswirkungen wird erwogen, einen Teil der Einnahmen durch einen Pro-Kopf-Bonus an die Bürger*innen zurückzugeben. Der vorliegende Beitrag entwickelt einen Vorschlag für einen in das deutsche Krankenversicherungssystem integrierten Bonus. Dazu werden zunächst die
2019| Roland Ismer, Manuel Haußner, Klaus Meßerschmidt, Karsten Neuhoff
Gegenwärtig sind die verschiedenen Energieträger in Deutschland unterschiedlich stark mit Abgaben und Umlagen belastet. Um die energie- und klimapolitischen Ziele der Bundesregierung zu erreichen, müssen fossile Heiz- und Kraftstoffe stärker bepreist werden (Kemfert et al. 2019; Dertinger und Schill 2019, SRU 2019). Zugleich herrscht in der energiepolitischen Debatte Uneinigkeit über die die
2019| Claudia Kemfert, Sophie Schmalz, Nicole Wägner
We present evidence that the practice of holding back poorly performing students affects estimates of the impact of class size on student outcomes based on within-school variation of cohort size over time. This type of variation is commonly used to identify class size effects. We build a theoretical model in which cohort size is subject to random shocks and students whose performance falls below a
In this study, we set up a DSGE model with upward looking consumption comparison and show that consumption externalities are an important driver of consumer credit dynamics. Our model economy is populated by two different household types. Investors, who hold the economy’s capital stock, own the firms and supply credit, and workers, who supply labor and demand credit to finance consumption.
Although universal childcare has become an essential tool to support child development, few economic studies analyze its effects on non-cognitive skills and little is known about causal effects on these skills in the long run. In this paper we go beyond short run analyses and examine the long run effects of one additional year of universal childcare on students’ personality traits in adolescence.
2019| Maximilian Bach, Josefine Koebe, Frauke H. Peter
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