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Assessing Leading Indicators for the EMU Area from a Practitioner's Perspective

In this paper, the empirical relevance of the credit channel for the explanation of monetary policy transmission in Germany during the period from 1985 to 1998 is analyzed. While existing studies of the credit channel rely mostly on the analysis of monetary policy effects on balance sheet items, both quantities and financing costs are considered here. Using vector autoregressive models, impulse response ...

Interactions between Climate and Trade Policies: A Survey

Norm-Based Trade Union Membership: Evidence for Germany

In the absence of closed shops and discriminatory wage policies, union membership can be explained by the existence of social norms. We describe a model, incorporating institutional features of the German labour market, which explicitly allows for social custom effects in the determination of union membership. Using panel data for Germany, we find evidence for according effects which restrict free-riding. ...

Landing on All Fours? Communist Elites in Post-Soviet Russia

This paper analyzes the economic situation of former Communist party members in post-Soviet Russia. On the basis of the Russian Socio-Economic Transition Panel, we are able to identify members of the Communist party prior to transition so that we can assess their relative economic performance between 1993 and 1999. We find a significant wage premium associated with former membership in the Soviet Communist ...

Wer erbt mehr? Erbschaften, Sozialstruktur und Alterssicherung

Welche Folgen haben Erbschaften für Sozialstruktur, Vermögensbildung und Alterssicherung? Wem kommen Erbschaften in besonderem Maße zugute? Die empirischen Analysen basieren auf Befragungsergebnissen des Sozio-oekonomischen Panels aus dem Jahre 2001. Sie liefern Informationen über Erblasser, Erbart, Erbzeit, Erbchance und Erbhöhe. Dabei werden die theoretischen Hypothesen generell bestätigt. Erbschaftsforschung ...

What Is behind the Real Appreciation of the Accession Countries' Currencies? An Investigation of the PPI Based Real Exchange Rate

In the paper, we calculate real equilibrium exchange rates (EER) for EU accession countries and compare these with the actual exchange rate movements since the mid-1990s. The real equilibrium exchange rates are derived from models of macroeconomic balance and tested for econometrically. It is found that productivity increases can be regarded as one source of the observed PPI-based real appreciation ...

Cost Structure Surveys for Germany

Complexity and Progressivity in Income Tax Design: Deductions for Work-Related Expenses

We analyze optimal income taxes with deductions for work-related or consumptive goods. We consider two cases. In the first case (called a complex tax system) the tax authorities can exactly distinguish between consumptive and work-related expenditures. In the second case (called a simple tax system) this distinction is not exact. Assuming additively separable utility functions, we show that work-related ...

Kinderbetreuung und Fertilität in Deutschland

Immigrants in the UK and in West Germany: Relative Income Positions, Income Portfolio, and Redistribution Effects

Based on data from the BHPS and the SOEP, we analyse the economic performance of various ethnic groups in the UK and West Germany, as well as the effects of income redistribution on these populations. Taking the indigenous population of each country as the reference category, we find that, as a whole, the non-indigenous population in the UK fares much better than the immigrant population in Germany. ...