Many industries are seeing an increase in concentration, leading to a discussion on the effectiveness of horizontal merger enforcement. The policy debate shows that one of the key arguments put forward when supporting potential mergers is the possibility of realization of merger efficiency gains, specifically in the transport industry. Yet, there exists little empirical evidence on the actual effects ...
In this paper, multiple pathways for the European energy system until 2050 are computed, focusing on one of the major challenges of the low-carbon transition: the issue of unused capacities and stranded assets. Three different scenarios are analyzed, utilizing the Global Energy System Model (GENeSYS-MOD) for calculations. A major feature is the introduction of limited foresight and imperfect planning ...
Sehr viele alte Menschen bekommen weniger Rente, als ihnen zusteht. Sie schämen sich oder wissen nicht, wie sie einen Zuschuss beantragen können. Das muss sich ändern. Kolumne Dieser Beitrag ist am 10. Januar 2020 in der ZEIT ONLINE–Kolumne Fratzschers Verteilungsfragen erschienen. Hier finden Sie alle Beiträge von Marcel Fratzscher. Weit mehr als die Hälfte der Rentnerinnen ...
In this study, we determine the reliability and exogeneity of four popular monetary policy shock measures, namely the narrative series of Romer and Romer (2004), the high-frequency series of Barakchian and Crowe (2013), the high-frequency series of Gertler and Karadi (2015), and the hybrid series of Miranda-Agrippino and Ricco (2018b). To this end, we employ the Proxy-SVAR model and different empirical ...
Abstract: I derive an optimal benefit-based corporate tax rate formula as a function of the public input elasticity of profits and the (net of) tax elasticity of profits. I argue that the existence of the corporate income tax should be justified by the benefit-based view of taxation: firms should pay tax according to the benefits they receive from the use of the public input. I argue that...
The article analyses the empirical relationship between bank credit risk and sovereign credit risk in the euro area, using a system of simultaneous equations identified through heteroskedasticity. We first confirm a two-way causality between both risks, which amplifies initial credit risk shocks. We also document significant credit risk spillovers between sovereigns and banks in the periphery and the ...
The (re-)introduction of rent regulation in the form of rent controls, tenant protection or supply rationing is back on the agenda of policymakers in light of rent inflation in many global cities. While rent control as social policy promises short-term relief, economists point to their negative long-run effects on new construction. This paper present long-run data on both rent regulation and housing ...
