This study examines whether central banks can combat inflation that is caused by rising energy prices. By using a high-frequency event study and a Structural Vector Autoregression, we find evidence that the European Central Bank (ECB) and the Federal Reserve (Fed) are capable of doing so by affecting domestic and global energy prices. This “energy-price channel” of monetary policy plays an important ...
Basic income benefits cover recipients’ actual heating expenses as long as they are not unusually high. In contrast, their electricity expenses are only covered via a lump sum at the standard rate. Thus, basic income recipients have weaker incentives for reducing their heating expenses than for reducing their electricity expenses. Using Socio-Economic Panel (SOEP) data, it can be seen that basic income ...
Ohne Investitionen kann der ökologische Umbau der Wirtschaft nicht gelingen. Doch das wirtschaftliche Umfeld in Deutschland weist einige Hürden auf: die anhaltend hohe Inflation, Fachkräftemangel in nahezu allen Branchen und verschiedene Unsicherheitsfaktoren. Wie schaffen es Unternehmen dennoch, grüne Investitionen umzusetzen? Wie kann die Politik Investitionshemmnisse verringern? Im Rahmen einer...
-- joint with Panu Poutvaara and Max Steinhardt This study analyzes the determinants of bitterness, which describes a feeling of not having achieved what one deserves compared to others. First, we perform pooled OLS and fixed effects regressions, showing that bitterness is associated with various economic and non-economic factors, whereby the effect of unemployment stands out. Therefore, in the...
-- joint with Marius Liebald and Guido Friebel Can right-wing terrorism increase support for far-right populist parties and if so, why? Exploiting quasi-random variation between successful and failed attacks across German municipalities, we find that successful attacks lead to significant increases in the vote share for the right-wing, populist Alternative für Deutschland (AfD) party in state...
-- joint with Marius Liebald and Guido Friebel Can right-wing terrorism increase support for far-right populist parties, and if so, why? Exploiting quasi-random variation between successful and failed attacks across German municipalities, we find that successful attacks lead to significant increases in the vote share for the right-wing, populist Alternative für Deutschland (AfD) party. Our...
Pension funds carry implications on citizens wellbeing in their retirement years and countries’ growths, rendering changes to them following natural disasters of great importance. Using administrative data that comprises a 10 percent random sample of the Australian population and a natural experimental design, we investigate the effects of natural disasters on retirement savings in the aftermath...
