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Referierte Aufsätze Web of Science
Parental leave and subsidized child care are prominent examples of family policies supporting the reconciliation of family life and labor market careers for mothers. In this paper, we combine different empirical strategies to evaluate the employment effects of these policies for mothers with young children. In particular we estimate a structural labor supply model and exploit quasi-experimental variation ...
In:
Labour Economics
36 (2015), S. 84-98
| Johannes Geyer, Peter Haan, Katharina Wrohlich
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Referierte Aufsätze Web of Science
Whilst congestion in automobile traffic increases trip durations, this is often not the case in rail-based public transport where congestion rather leads to in-vehicle crowding, often neglected in empirical studies. Using original survey data from Paris, this article assesses the distribution of comfort costs of congestion in public transport. Estimating willingness to pay for less crowded trips at ...
In:
Transportation Research Part A: Policy and Practice
77 (2015), 182-201
| Luke Haywood, Martin Koning
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Referierte Aufsätze Web of Science
Bond excess returns can be predicted by macro factors, however, large parts remain still unexplained. We apply a novel term structure model to decompose bond excess returns into expected excess returns (risk premia) and the innovation part. In order to explore these risk premia and innovations, we complement macro variables by financial condition variables as possible determinants of bond excess returns. ...
In:
Journal of Banking & Finance
58 (2015), S. 80-94
| Christoph Fricke, Lukas Menkhoff
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Referierte Aufsätze Web of Science
This paper investigates the usefulness of the money demand relationship in times of unconventional monetary policies by cointegration methods. Our empirical evidence shows the existence of stable long run money demand functions even in the period of interest rates near the zero bound, both for the US economy and the euro area. Evidence is based on standard monetary aggregates, i.e. MZM for the US and ...
In:
Journal of Macroeconomics
46 (2015), S. 40-54
| Christian Dreger, Jürgen Wolters
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Referierte Aufsätze Web of Science
Using a large panel of individual professionals' forecasts, this paper demonstrates that good exchange rate forecasts are related to a proper understanding of fundamentals, specifically good interest rate forecasts. This relationship is robust to individual fixed effects and further controls. Reassuringly, the relationship is stronger during phases when the impact from fundamentals is more obvious, ...
In:
Journal of International Money and Finance
53 (2015), S. 235-256
| Christian D. Dick, Ronald MacDonald, Lukas Menkhoff
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Referierte Aufsätze Web of Science
We examine whether the experience of shocks influences individual risk attitude. We measure the risk attitude of more than 4,000 households in Thailand and Vietnam via a simple survey item. The experience of adverse shocks, which is typical for poor and vulnerable households, is related to a higher degree of risk aversion, even when controlled for a large set of socio-demographic variables. Therefore, ...
In:
World Development
71 (2015) S. 54-78
| Oliver Gloede, Lukas Menkhoff, Hermann Waibel
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Referierte Aufsätze Web of Science
We re-examine the dynamic relations between stock prices and macroeconomic fundamentals for six major industrialized countries in the wake of the recent financial crisis. Our analysis is based on a structural vector autoregressive (SVAR) model, which relies on a long-run restriction to identify fundamental and non-fundamental shocks to stock prices. This paper is the first in this line of literature ...
In:
Journal of Economics and Business
80 (2015), S. 1-20
| Anton Velinov, Wenjuan Chen
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Referierte Aufsätze Web of Science
This article analyzes the coordination of congestion management in the electricity grid and identifies the benefits from closer cooperation among Transmission System Operators. Mimicking the German situation with four Transmission System Operators in charge of relieving grid congestion, in particular by redispatch of power plants, we set up a model with shared transmission network constraints. Through ...
In:
Utilities Policy
37 (2015), S. 34-45
| Friedrich Kunz, Alexander Zerrahn
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Referierte Aufsätze Web of Science
Financial literacy predicts informed financial decisions, but what explains financial literacy? We use the concept of financial socialization and aim to represent three major agents of financial socialization: family, school and work. Thus we compile twelve relevant childhood characteristics in a new survey study and examine their relation to financial literacy, while controlling for established socio-demographic ...
In:
Journal of Economic Psychology
51 (2015), S. 114-133
| Antonia Grohmann, Roy Kouwenberg, Lukas Menkhoff
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Referierte Aufsätze Web of Science
When there are more than two parties, policy outcomes are typically the result of a bargaining process. We investigate whether changes in political power for various parties have an effect on tax policies. We use an instrumental variable approach where close elections provide the exogenous variation in our variable of interest: voting power. In order to isolate close elections in a proportional election ...
In:
European Economic Review
80 (2015), S. 310-328
| Ronny Freier, Christian Odendahl