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Referierte Aufsätze Web of Science
We study the information in order flows in the world's largest over-the-counter market, the foreign exchange (FX) market. The analysis draws on a data set covering a broad cross-section of currencies and different customer segments of FX end-users. The results suggest that order flows are highly informative about future exchange rates and provide significant economic value. We also find that different ...
In:
The Journal of Finance
71 (2016), 2, S. 601-633
| Lukas Menkhoff, Lucio Sarno, Maik Schmeling, Andreas Schrimpf
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Referierte Aufsätze Web of Science
We discuss at the European example how power market design evolves with increasing shares of intermittent renewables. Short-term markets and system operation have to accommodate for the different needs of renewable and conventional generation assets and flexibility options. This can be achieved by pooling resources over larger geographic areas through common auction platforms, realizing the full flexibility ...
In:
The Energy Journal
37 (2016), SI2, S. 23-38
| Karsten Neuhoff, Sophia Wolter, Sebastian Schwenen
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Referierte Aufsätze Web of Science
The actions by the European Central Bank (ECB) during the global and European crises have triggered a highly controversial debate, in particular in Germany, about the costs and benefits of the chosen policy path. The article reviews, compares, and evaluates the different arguments made in favor and against ECB policies around three key dimensions—the link of the policy path to price stability, financial ...
In:
CESifo Economic Studies
62 (2016), 1, S. 68-87
| Marcel Fratzscher
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Referierte Aufsätze Web of Science
This paper analyzes whether individuals have equal opportunity to achieve happiness (or well-being). We estimate sibling correlations and intergenerational correlations in self-reported life satisfaction, satisfaction with household income, job satisfaction, and satisfaction with health. We find high sibling correlations for all measures of well-being. The results suggest that family background explains, ...
In:
The B.E. Journal of Economic Analysis & Policy
16 (2016), 1, S. 125-149
| Daniel D. Schnitzlein, Christoph Wunder
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Referierte Aufsätze Web of Science
This paper analyses the differences in the efficiency of using subsidies for franchised regional rail services between the federal states in Germany, and provides evidence on the impact of procurement strategies and contractual design on the efficient use of funds. The analysis is based on a 15-year panel data set at the level of the federal states and employs a two-stage efficiency analysis, including ...
In:
Journal of Transport Economics and Policy
50 (2016), Part 1, S. 76-92
| Heike Link
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Referierte Aufsätze Web of Science
This paper examines the relevance of the Lucas critique for euro area money demand. Based on the money in the utility function approach, a vector error correction model is specified to investigate the relationship between money and inflation in times of policy shifts. A well defined equation for money demand is obtained. The results indicate that the evolution of M3 is still in line with money demand. ...
In:
Empirica
43 (2016), 1, S. 61-82
| Christian Dreger, Jürgen Wolters
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Referierte Aufsätze Web of Science
Tax competition for capital has led to a trend where many countries levy lower taxes on interest income, often introducing differential taxation between interest and business income. This study analyzes the effect on firm debt usage. We exploit Germany’s 2009 tax reform, which introduced a final withholding tax on interest income with a flat rate 18 percentage points below the unchanged tax rate on ...
In:
International Tax and Public Finance
23 (2016), 1, S. 48-81
| Frank M. Fossen, Martin Simmler
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Referierte Aufsätze Web of Science
Nonparametric efficiency analysis has become a widely applied technique to support industrial benchmarking as well as a variety of incentive-based regulation policies. In practice such exercises are often plagued by incomplete knowledge about the correct specifications of inputs and outputs. Simar and Wilson (Commun Stat Simul Comput 30(1):159–184, 2001) and Schubert and Simar (J Prod Anal 36(1):55–69, ...
In:
Journal of Productivity Analysis
45 (2016), 1, S. 35-51
| Anne Neumann, Maria Nieswand, Torben Schubert
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Referierte Aufsätze Web of Science
This article provides an introduction to the European Union (EU) Emissions Trading System (ETS). First we describe the legislative development of the EU ETS, its evolution from free allocation to auctioning and centralized allocation rules, its relationship to the Kyoto Protocol and other trading systems, and its relationship to other EU climate and energy policies. This is followed by an assessment ...
In:
Review of Environmental Economics and Policy
10 (2016), 1, S. 89-107
| Denny Ellerman, Claudio Marcantonini, Aleksandar Zaklan
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Referierte Aufsätze Web of Science
This paper evaluates the price effects of the merger of two major U.K. book retailers. We use a dataset containing monthly scanner data on a sample of 200 books in 50 local markets for four years around the merger. We compare the price changes after the merger in shops located in areas where both chains were present before the merger and in areas where only one chain was present. We also investigate ...
In:
The Journal of Industrial Economics
64 (2016),1, S. 170-200
| Luca Aguzzoni, Elena Argentesi, Lorenzo Ciari, Tomaso Duso, Massimo Tognoni