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Referierte Aufsätze Web of Science
A vast academic literature illustrates that voter turnout is affected by the institutional design of elections (e.g., compulsory voting, electoral system, postal or Sunday voting). In this article, we exploit a simple Downsian theoretical framework to argue that the institutional framework of public good provision—and, in particular, the distribution of political and administrative competences across ...
In:
Public Choice
159 (2014), 3/4, S. 469-483
| Claus Michelsen, Peter Bönisch, Benny Geys
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Referierte Aufsätze Web of Science
Households can rely on private savings or on public unemployment insurance to hedge against the risk of becoming unemployed. These hedging mechanisms are used differently across countries. In this paper, we use a life cycle model to study the effects of unemployment on the portfolio choice of households in the US and in Germany. We distinguish short- and long-term unemployment and find that, in case ...
In:
Journal of Macroeconomics
40 (2014), S. 90-113
| Franziska Bremus, Vladimir Kuzin
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Referierte Aufsätze Web of Science
This paper studies welfare effects of a soft borrowing constraint on sovereign debt. The constraint is modeled as a proportional fine per unit of debt in excess of a specified reference value, resembling features of the Stability and Growth Pact. Sovereign debt is the result of myopic fiscal policy. It reduces welfare in the absence of lump-sum taxes. The paper shows that the borrowing constraint enhances ...
In:
Journal of Economic Dynamics & Control
38 (2014), S. 250-265
| Malte Rieth
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Referierte Aufsätze Web of Science
What are the economic effects of a central bank that takes the evolution of house prices into account? In an attempt to answer this question, we use a New Keynesian dynamic stochastic general equilibrium model with a housing sector to explore the economic impacts of a central bank reacting to house price inflation. We examine this in the context of two different shocks that are associated with two ...
In:
Journal of Housing Economics
26 (2014), S. 119-125
| Guido Baldi
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Referierte Aufsätze Web of Science
Bank debt guarantees have traditionally been viewed as costless measures to prevent bank runs. However, as recent experiences in some European countries have demonstrated, guarantees may link the coordination problems of bank and sovereign creditors and induce a functional interdependence between the likelihoods of a government default and bank illiquidity. Employing a global-game approach, we model ...
In:
Journal of Banking & Finance
45 (2014), S. 321-337
| Philipp König, Kartik Anand, Frank Heinemann
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Referierte Aufsätze Web of Science
Knowledge of factors that determine the transition from nascent entrepreneurship to real entrepreneurship is of major importance for policies aiming to stimulate start-ups effectively. Scholars have concentrated mainly on person-specific factors to explain transition probabilities, and environmental characteristics have been relatively neglected. Given that entrepreneurship is a strongly localized ...
In:
European Planning Studies
21 (2013), 11, S. 1708-1734
| Claus Michelsen, Harald Wolf, Michael Schwartz
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Referierte Aufsätze Web of Science
The number of aspiring entrepreneurs in high-tech industries who successfully complete the transition from a nascent start-up project towards an operational new venture is comparatively low in Germany. Since the mid-1990s, policy-makers have initiated numerous start-up competitions (SUCs or business plan competitions) to facilitate this important step in the venture creation process. SUCs have two ...
In:
European Planning Studies
21 (2013), 10, S. 1578-1597
| Michael Schwartz, Maximilian Göthner, Claus Michelsen, Nathalie Waldmann
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Referierte Aufsätze Web of Science
At the height of the economic crisis in mid-2009, the number of Germany's shorttime workers peaked at 1.5 million. Unemployment would otherwise have increased by approximately twice as much as it did. But while short-time work certainly helped to cushion the labour market impact of the crisis in Germany, the authors caution that the country's specific circumstances preclude simple generalizations regarding ...
In:
International Labour Review
152 (2013), 2, S. 287-305
| Karl Brenke, Ulf Rinne, Klaus F. Zimmermann
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Referierte Aufsätze Web of Science
We examine the global dimension of inflation in 24 OECD countries between 1980 and 2007 in a Phillips curve framework. We decompose output gaps and changes in unit labour costs into common (or global) and idiosyncratic components using a factor analysis and introduce these components separately in the regression. We find that the common component of changes in unit labour costs has a notable impact ...
In:
Oxford Bulletin of Economics and Statistics
75 (2013), 1, S. 103-122
| Sandra Eickmeier, Katharina Pijnenburg
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Referierte Aufsätze Web of Science
This paper provides a study of bond yield differentials among EU government bonds on the basis of a unique data set of issue spreads in the US and DM (Euro) bond market between 1993 and 2009. Interest differentials between bonds issued by EU countries and Germany or the USA contain risk premiums which increase with fiscal imbalances and depend negatively on the issuer's relative bond market size. The ...
In:
Journal of International Money and Finance
31 (2012), 5, S. 975-995
| Kerstin Bernoth, Jürgen von Hagen, Ludger Schuknecht