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Referierte Aufsätze Web of Science
We investigate the interplay of the monetary–fiscal policy mix during times of crisis by drawing insights from the Great Inflation of the 1960s and 1970s. We use a Sequential Monte Carlo (SMC) algorithm to estimate a DSGE model with three distinct monetary/fiscal policy regimes. We show that, in such a model, SMC outperforms standard sampling algorithms because it is better suited to deal with multimodal ...
In:
European Economic Review
170 (2024), 104874, 16 S.
| Stephanie Ettmeier, Alexander Kriwoluzky
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Referierte Aufsätze Web of Science
In this paper, we model a fossil fuel embargo as a temporary quantity constraint on fossil fuel imports and wecompare the impact with the effect of a fossil fuel price shock. We show that while both shocks have similar responses of output and inflation, they differ with respect to the reaction of other macroeconomic components,such as consumption, exports and the trade balance. In particular, an embargo ...
In:
Energy Economics
132 (2024), 107419, 20 S.
| Marius Clemens, Werner Röger
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Referierte Aufsätze Web of Science
We study the relationship between crowding and performance in the active mutual fund industry. Using the equity holdings overlap of 17,364 global funds, we find that funds that crowd into the same stocks underperform passive benchmark funds by 1.4% per year. The negative returns to crowding can at least in part be explained by excess demand for liquidity and the associated discount for holding liquid ...
In:
Journal of Banking & Finance
164 (2024), 107202, 17 S.
| Tanja Artiga Gonzalez, Teodor Dyakov, Justus Inhoffen, Evert Wipplinger
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Referierte Aufsätze Web of Science
Africa is one of the most vulnerable continents to climate change. Climate and sustainability-linked bonds can provide funding to African governments and corporations for projects that help to mitigate climate change, combat biodiversity loss, and foster sustainable development. However, less than 0.3% of the global environmental, social, governance (ESG) bond issuance volume is devoted to projects ...
In:
Eurasian Economic Review
14 (2024), S. 149–173
| Samuel Mutarindwa, Dorothea Schäfer, Andreas Stephan
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Referierte Aufsätze Web of Science
Rent control is a highly debated social policy that has been omnipresent since World War I. Since the 2010s, it is experiencing a true renaissance, for many cities and countries facing chronic housing shortages are desperately looking for solutions, directing their attention to controling housing rents and other restrictive policies. Is rent control useful or does it create more damage than utility? ...
In:
Journal of Housing Economics
63 (2024), 101983, 19 S.
| Konstantin A. Kholodilin
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Referierte Aufsätze Web of Science
This study investigates whether public procurement mitigates or exacerbates innovative enterprises’ financial constraints. We distinguish between general and environmentally beneficial innovative enterprises. Theory suggests that the treatment effects of public procurement, particularly when mediated by the demand-pull effect, may lower a company’s funding constraints for innovation. We test this theory ...
In:
Small Business Economics
62 (2024), S. 939–959
| Dorothea Schäfer, Andres Stephan, Sören Fuhrmeister
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Referierte Aufsätze Web of Science
In this paper, we analyse a sample of voluntarily published country-by-country reports (CbCRs) of 35 multinational enterprises (MNEs). We assess the value added and the limitations of qualitative and quantitative information provided in the reports based on a comparison to individual MNEs’ annual financial reports and aggregate CbCR data provided by the OECD. In terms of data quality, we find that ...
In:
International Tax and Public Finance
31 (2024), S. 593–634
| Sarah Godar, Giulia Aliprandi, Tommaso Faccio, Petr Janský, Katia Toledo Ruiz
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Referierte Aufsätze Web of Science
The dollar is a safe-haven currency and appreciates when global risk goes up. We investigate the dollar’s role for the transmission of global risk to the world economy within a Bayesian proxy structural vector autoregressive model. We identify global risk shocks using high-frequency asset-price surprises around narratively selected events. Global risk shocks appreciate the dollar, induce tighter global ...
In:
Journal of Monetary Economics
144 (2024), 103549, 12 S.
| Georgios Georgiadis, Gernot J. Müller, Ben Schumann
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Referierte Aufsätze Web of Science
Private rental markets have become increasingly important since the Global Financial Crisis 2008–2009 and rent controls are back on the political agenda. Yet, they have received less attention from housing scholars than homeownership and public housing. This paper presents new data on the development of private tenancy legislation based on a content-coding of rent control, protection of tenants from ...
In:
Housing Studies
38 (2023), 4, S. 707-743
| Sebastian Kohl, Konstantin A. Kholodilin
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Referierte Aufsätze Web of Science
Multivariate Adaptive Regression Spline (MARS) is a simple and powerful non-parametric machine learning algorithm that automatizes the selection of non-linear terms in regression models. In this study, we propose using MARS in a spatial regression framework to account for potential non-linearities and spatial effects in spatial regression models. Using a relatively large data set of 17,000 dwellings ...
In:
Papers in Regional Science
102 (2023), 4, S. 871-896
| Fernando A. López, Konstantin A. Kholodilin