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Catalyzing the Transition to a Climate-Neutral Industry with Carbon Contracts for Difference: Commentary

Agglomeration Economies: Different Effects on TFP in High-tech and Low-tech Industries

We study the impact of agglomeration effects on firms’ total factor productivity (TFP) for industry groups defined by technology intensity. This allows for non-uniform effects on firms depending on their technological level. We find that urban economies have the largest impact on firm productivity in high-technology industries, while they have no effectin low-technology industries. For firms in the ...

Abkopplung von Russland: Wie weit sich die EU bei Gas und Öl gelöst hat

Mit der Invasion Russlands in die Ukraine im Februar 2022 wurde die Abhängigkeit der Europäischen Union von Energieimporten aus Russland offenbar. Die EU-Kommission reagierte mit dem Programm „REPowerEU“. Es hat zum Ziel, die Abhängigkeit von fossilen Brennstoffen aus Russland zu beenden, die europäische Energieversorgung zu diversifizieren, die Energieeffizienz zu erhöhen und die Energiewende durch ...

The Role of Regulation and Regional Government Quality for High Growth Firms: The Good, The Bad, and the Ugly

High-growth firms (HGFs) are important for job creation and productivity growth. We investigate the relationship between product and labour market regulations, as well as the quality of regional governments that implement these regulations, and the development of HGFs across European regions. Using data from Eurostat, the Organisation for Economic Co-operation and Development (OECD), World Economic ...

Kids or No Kids? Life Goals in One’s 20s Predict Midlife Trajectories of Well-Being

For many people, parenthood constitutes a crucial part of a successful life. Yet, the number of adults who never have children is increasing and has prompted concerns about their well-being. Past research mostly focused on parents and rarely investigated factors that are theoretically meaningful for the well-being of adults without children. Our preregistered study uses a propensity-score matched design ...

The Elephant in the Room: How Do We Regulate Gas Transportation Infrastructure as Gas Demand Declines? Commentary

The use of gas will decline dramatically as part of the transition to net zero. Modeling at European levelsshows that by 2050 about 70% less gaseous fuels will be used. Significant regulatory reform is needed todeal with the impacts of this decline on the gas grid.

Monetary Policy and Mispricing in Stock Markets

We investigate the role of monetary policy in stock price misalignments and explore whether central banks can attenuate excessive mispricing as suggested by the proponents of a “leaning against the wind” monetary policy. Decomposing stock prices into expected excess dividends, an equity risk premium, and a mispricing component, we find that prices fall more strongly in response to an increase in the ...

Impacts of Electric Carsharing on a Power Sector with Variable Renewables

Electrifying the car fleet is a major strategy for mitigating emissions in the transport sector. As electrification cannot solve all negative externalities associated with cars, reducing the size of the car fleet would be beneficial. Electric carsharing could reconcile current car usage habits with a smaller fleet, but this may reduce the potential of electric cars to align their grid interactions ...

Power Sector Effects of Alternative Options for De-fossilizing Heavy-duty Vehicles - Go Electric, and Charge Smartly

Various options are discussed to de-fossilize heavy-duty vehicles, including battery-electric vehicles (BEVs), electric road systems (ERS), and indirect electrification via hydrogen fuel cells or e-fuels. We investigate their power sector implications in future scenarios of Germany, with high renewable energy shares, using an open- source capacity expansion model and route-based truck traffic data. ...

Foreign Debt, Capital Controls, and Secondary Markets: Theory and Evidence from Nazi Germany

We investigate how internal distribution motives can affect the implementation of an important macroeconomic policy: capital controls. To do this, we study one of history’s largest debt repatriations, which took place under strict capital controls in 1930s Germany, providing a wealth of quantitative and historical evidence. We show that the authorities kept private repatriations under strict control, ...