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Referierte Aufsätze Web of Science
This paper investigates the link between corporate debt and investment for a group of five peripheral euro area countries. Using firm-level data from 2005 to 2014, we postulate a non-linear corporate leverage-investment relationship and derivethresholds beyond which leverage has a negative and significant impact on investment. The investment sensitivity of debt increased after 2008 when financial distress ...
In:
Journal of International Money and Finance
80 (2018), S. 112-130
| Stefan Gebauer, Ralph Setzer, Andreas Westphal
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Referierte Aufsätze Web of Science
Well-anchored inflation expectations should not react to macroeconomic news. This paper analyzes the dynamics of inflation expectations in a proxy SVAR model, where macro news shocks are identified by their correlation with surprises from macroeconomic news announcements. Our results confirm that macro news shocks have no impact on U.S. long-term inflation expectations in the long run. In the short ...
In:
Economics Letters
165 (2018), S. 39-43
| Michael Hachula, Dieter Nautz
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Referierte Aufsätze Web of Science
This paper investigates how the withdrawal of banks from their cross-border business impacted the borrowing costs of European firms since the crisis. We combine aggregate information on total and cross-border credit with firm-level survey data for the period 2010 - 2014. We find that the decline in cross-border lending led to a deterioration in the borrowingconditions of small firms. In countries with ...
In:
Journal of International Money and Finance
80 (2018), S. 35-58
| Franziska Bremus, Katja Neugebauer
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Referierte Aufsätze Web of Science
Concerns about global warming and growing scarcity of fossil fuels require substantial changes in energy consumption patterns and energy systems, as targeted by many countries around the world. One key element to achieve such transformation is to increase energy efficiency of the housing stock. In this context, it is frequently argued that private investments are too low in the light of the potential ...
In:
Urban Studies
54 (2017), 14, S. 3218-3238
| Claus Michelsen, Andreas Mense, Konstantin Kholodilin
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Referierte Aufsätze Web of Science
We study the effectiveness of building energy codes, taking a long-run perspective. The focus is on regulation’s impact on energy demand in both high- and low-quality residences, in other words, the diffusion and the entry of “green” buildings in the housing market. We develop a measure for regulation intensity and apply this to a panel-error-correction regression model for energy requirements of a ...
In:
Land Economics
93 (2017), 4, S. 585-607
| Makram El-Shagi, Claus Michelsen, Sebastian Rosenschon
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Referierte Aufsätze Web of Science
Spatial heterogeneity and spatial dependence are two well established aspects of house price developments. However, the analysis of differences in spatial dependence across time and space has not gained much attention yet. This paper jointly analyses these three aspects of spatial data. A panel smooth transition regression model is applied that allows for heterogeneity across time and space in spatial ...
In:
Urban Studies
54 (2017), 2, S. 466-481
| Katharina Pijnenburg
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Referierte Aufsätze Web of Science
This paper characterizes capital taxation and public debt policy in a quantitative macroeconomic model with an impatient government and uncertainty. The government has access to linear taxes on capital and labor, and to non-state-contingent bonds. Government impatience generates positive and empirically realistic long-run levels of both capital taxes and public debt. Prior predictive analysis shows ...
In:
Journal of Economic Dynamics & Control
85 (2017), S. 1-20
| Malte Rieth
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Referierte Aufsätze Web of Science
We revisit Ball and Romer’s (1990) canonical model of price setting with menu costs that exhibits multiple equilibria. We show that changes to firms’ markups move nominal and real rigidities in opposite directions. Using game-theoretic tools to derive a unique equilibrium, we find that accounting for agents’ endogenous adjustment of price expectations further weakens the link between real and nominal ...
In:
Economics Letters
156 (2017), S. 129-132
| Philipp König, Alexander Meyer-Gohde
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Referierte Aufsätze Web of Science
We explore the impact of large banks and of financial openness for aggregate growth. Large banks matter because of granular effects: if markets are very concentrated in terms of the size distribution of banks, idiosyncratic shocks at the bank-level do not cancel out in the aggregate but can affect macroeconomic outcomes. Financial openness may affect GDP growth in and of itself, and it may also influence ...
In:
Journal of Banking & Finance
77 (2017), S. 300-316
| Franziska Bremus, Claudia M. Buch
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Referierte Aufsätze Web of Science
We employ a structural global VAR model to analyze whether U.S. unconventional monetary policy shocks, identified through changes in the central bank’s balance sheet, have an impact on financial and economic conditions in emerging market economies (EMEs). Moreover, we study whether international capital flows are an important channel of shock transmission. We find that an expansionary policy shock ...
In:
Journal of International Money and Finance
73 (2017), Part B., S. 275-295
| Pablo Anaya, Michael Hachula, Christian J. Offermanns