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The Leniency Rule Revisited: Experiments on Cartel Formation with Open Communication

The experimental literature on antitrust enforcement provides robust evidence that communication plays an important role for the formation and stability of cartels. We extend these studies through a design that distinguishes between innocuous communication and communication about a cartel, sanctioning only the latter. To this aim, we introduce a participant in the role of the competition authority, ...

Does Grandparenting Pay off for the Next Generations? Intergenerational Effects of Grandparental Care

Grandparents act as the third largest caregiver after parental care and daycare in Germany, as in many Western societies. Adopting a double-generation perspective, we investigate the causal impact of this care mode on children's health, socio-emotional behavior, and school outcomes, as well as parental well-being. Based on representative German panel data sets, and exploiting arguably exogenous variations ...

Personality Maturation and Personality Relaxation: Differences of the Big Five Personality Traits in the Years around the Beginning and Ending of Working Life

Objective: At work, people are confronted with clear behavioral expectations. In line with the Social Investment Principle, the beginning and ending of working life might thus promote changes in personality traits that are relevant at work (e.g., Conscientiousness). Method: Based on the data from the Socio- Economic Panel Study (SOEP), we examined nuanced differences of the Big Five personality traits ...

Klimaschutzgesetz muss ergänzt werden, damit Klimaneutralität erreicht werden kann

Wirksamkeit des Klimaschutzgesetzes laut Analyse des DIW Berlin und der Stiftung Umweltenergierecht noch nicht ausreichend – Exakte Emissionsminderungsdaten zu verzögert, um bei Zielverfehlung wirkungsvoll gegenzusteuern – Externe Faktoren wie Pandemie überlagern klimapolitische Fortschritte – Ergänzende Frühindikatoren erforderlich – Mit ihnen könnten ...

Eine dauerhaft hohe Inflation ist sehr unwahrscheinlich

Das Statistische Bundesamt hat die vorläufige Inflationsrate für September in Höhe von 4,1 Prozent bestätigt. Damit lag die Inflationsrate so hoch wie seit Dezember 1993 nicht mehr. Dazu ein Statement von Marcel Fratzscher, Präsident des Deutschen Instituts für Wirtschaftsforschung (DIW Berlin):

Emissionsminderungen allein sagen kurzfristig nicht viel über Klimaschutz aus: Interview mit Karsten Neuhoff

Ein wirksames Klimaschutzgesetz braucht Frühindikatoren

Der Beschluss des Bundesverfassungsgerichts zum Klimaschutzgesetz sowie die Verpflichtung zum Erreichen von Klimaneutralität stellen neue Anforderungen an die Politik. Die Weichen für eine klimaneutrale Gesellschaft müssen jetzt gestellt werden. Die derzeit im Klimaschutzgesetz vorgesehenen Monitoringinstrumente sind jedoch nicht ausreichend, um zu erkennen, ob die Politikinstrumente und Programme ...

Erdogan steckt in der Zwickmühle

Risky Asset Holdings during Covid-19 and Their Distributional Impact: Evidence from Germany

We present evidence from a repeated survey on risky asset holdings carried out on a representative sample of the German population six times between April and June 2020. Given the size of the Covid-19 shock, we find little evidence of portfolio rebalancing in April 2020. In May, however, individual investors started buying heavily, parallel to market recovery. The cross-section shows large differences ...

The State-Dependent Trading Behavior of Banks in the Oil Futures Market

We study the state-dependent trading behavior of financial institutions in the oil futures market, using structural vector autoregressions with Markov switching in heteroskedasticity. We consider two states of the world: tranquil and turbulent. We decompose the observable time-varying price volatility during the period 2006M6–2016M5 into changes in the slopes of traders’ demand curves and into changes ...