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Referierte Aufsätze Web of Science
In this study, we suggest an explanation for the low growth rates of real housing prices in Canada and Germany in comparison to other OECD countries over the period 1975-2005. We show that the long-run development of housing markets is determined by real disposable percapita income, the real long-term interest rate, population growth, and urbanization. The differential development of real housing prices ...
In:
Jahrbücher für Nationalökonomie und Statistik
230 (2010), 1, S.59-76
| Konstantin A. Kholodilin, Jan-Oliver Menz, Boriss Siliverstovs
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Referierte Aufsätze Web of Science
Recent empirical studies have found evidence of unstable long run money demand functions if recent data are used. If the link between money balances and the macroeconomy is fragile, the rationale of monetary aggregates in the ECB strategy has to be doubted. In contrast we present a "stable" long run money demand relationship for M3 for the period 1983-2006. To obtain the result, the short run homogeneity ...
In:
Public Choice
144 (2010), 3-4, S. 459-472
| Christian Dreger, Jürgen Wolters
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Referierte Aufsätze Web of Science
There are only a few studies which examine regional convergence in the enlarged European Union. None of these approaches uses a conditional convergence model, which considers different initial conditions of regions. We refer to the Mankiw et al. (1992) model to examine convergence including the New Member States. Note that most researchers use equal values of depreciation rate and rate of technological ...
In:
Applied Economics Letters
16 (2009), 18, S. 1805-1808
| Hans-Friedrich Eckey, Christian Dreger, Matthias Türck
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Referierte Aufsätze Web of Science
This article suggests a novel approach to pre-selection of the component series of the diffusion index based on their individual forecasting performance. It is shown that this targeted selection allows substantially improving the forecasting ability compared to the diffusion index models that are based on the largest available data set.
In:
Applied Economics Letters
16 (2009), 12, S. 1249-1254
| Boriss Siliverstovs, Konstantin A. Kholodilin
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Referierte Aufsätze Web of Science
We examine hysteresis in EU and US unemployment by panel unit root tests. First generation tests indicate that unemployment is stationary. Second generation tests show mixed results. Idiosyncratic components are stationary in the US. A unit root in the US common component depends on the starting point of the sample. While the common component is nonstationary over the whole period, it is mean-reverting ...
In:
Spanish Economic Review
11 (2009), 4, S. 267-276
| Christian Dreger, Hans-Eggert Reimers
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Referierte Aufsätze Web of Science
This paper shows that the ECB's monetary policy has a heterogeneous impact on the sectoral stock market indexes in the Euro Area. We show that the heteroskedasticity based approach of Rigobon (2003) should be preferred to the event study approach.
In:
Economics Letters
105 (2009), 3, S. 211-213
| Konstantin A. Kholodilin, Alberto Montagnoli, Oreste Napolitano, Boriss Siliverstovs
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Referierte Aufsätze Web of Science
This paper compares relative unit labor cost developments ill the countries of the euro area since the beginning of the European Monetary Union (EMU) both with historical developments and with intraregional developments in the United States and Germany Unit labor cost indices for the U.S. states and census regions from 1977 to 1997 as well as for the German Lander from 1970 to 2004 have been constructed. ...
In:
Journal of Post-Keynesian Economics
31 (2009), 3, S. 431-457
| Sebastian Dullien, Ulrich Fritsche
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Referierte Aufsätze Web of Science
In this study we compare the traditional OLS approach applied to the log-linear form of the gravity model with the Poisson Quasi Maximum Likelihood (PQML) estimation procedure applied to the non-linear multiplicative specification of the gravity model. We use the trade flows for all products, for all manufacturing products as well as for manufacturing products broken down by three-digit ISIC Rev.2 ...
In:
Empirical Economics
36 (2009), 3, S. 645-669
| Boriss Siliverstovs, Dieter Schumacher
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Referierte Aufsätze Web of Science
We estimate the Sticky Information Phillips Curve model of Mankiw and Reis (2002) using survey expectations of professional forecasters from four major European economies. Our estimates imply that inflation expectations in France, Germany, and the United Kingdom are updated about once a year, while in Italy, about once each 6 months.
In:
Journal of Money, Credit and Banking
40 (2008), 7, S. 1513-1519
| Jörg Döpke, Jonas Dovern, Ulrich Fritsche, Jiri Slacalek
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Referierte Aufsätze Web of Science
This paper examines the cyclical interactions between the remittances of Turkish workers in Germany and output in both Turkey and Germany. Our analysis introduces a new data set covering 1962 to 2004, never used before in the research literature and considered to be a more reliable source than the data sets used in other studies. By dividing the original sample into recruitment, family reunification, ...
In:
Emerging Markets, Finance & Trade
44 (2008), 5, S. 23-40
| Sule Akkoyunlu, Konstantin A. Kholodilin