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Referierte Aufsätze Web of Science
We study the dynamic interaction between COVID-19, economic mobility, and containment policy. We use Bayesian panel structural vector autoregressions with daily data for 44 countries, identified through traditional and narrative sign restrictions. We find that incidence shocks and containment shocks have large and persistent effects on mobility, morbidity, and mortality that last for one to two months. ...
In:
American Economic Journal: Macroeconomics
15 (2023), 4, S. 217–248
| Annika Camehl, Malte Rieth
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Referierte Aufsätze Web of Science
We study the multifaceted effects of trade policy shocks on financial markets using a structural vector autoregression identified via event day heteroskedasticity. We find that restrictive US trade policy shocks affect US and international stock prices heterogeneously, but generally negatively. They increase market uncertainty, lower US interest rates, and lead to an appreciation of the US dollar. ...
In:
Journal of Applied Econometrics
38 (2023), 3, S. 388-406
| Lukas Boer, Lukas Menkhoff, Malte Rieth
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Referierte Aufsätze Web of Science
The long-run U-shaped patterns of economic inequality are standardly explained by basic economic trends (Piketty’s r > g), taxation policies or ‘great levellers’ such as catastrophes. This article argues that housing policy, and particularly rent control, is a neglected explanatory factor in understanding macro inequality. We hypothesize that rent control could decrease overall housing wealth, lower ...
In:
Journal of European Social Policy
33 (2023), 2, S. 169–184
| Konstantin A. Kholodilin, Sebastian Kohl
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Referierte Aufsätze Web of Science
We develop a structural vector autoregressive framework that combines external instruments and heteroskedasticity for identification of monetary policy shocks. We show that exploiting both types of information sharpens structural inference, allows testing the relevance and exogeneity condition for instruments separately using likelihood ratio tests, and facilitates the economic interpretation of the ...
In:
Quantitative Economics
14 (2023), 1, S. 161-200
| Thore Schlaak, Malte Rieth, Maximilian Podstawski
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Referierte Aufsätze Web of Science
Welfare is traditionally understood as social security decommodifying labour markets or as social investment policies. In the domain of housing, however, welfare for homeowners is largely hidden in the tax codes’ fiscal exemptions. Based on a content analysis of legislation, this article introduces a novel yearly database of 37 countries between 1901 and 2020 to uncover the “hidden welfare state” of ...
In:
Journal of Public Policy
43 (2023), 1, S. 86–114
| Konstantin A. Kholodilin, Sebastian Kohl, Artem Korzhenevych, Linus Pfeiffer
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Referierte Aufsätze Web of Science
The European Central Bank (ECB) is currently facing major challenges. Fragmentation of government bond yields across Member States of the European Economic and Monetary Union, based on different economic and fiscal policies, hampers a uniform transmission of monetary policy. At the same time, climate-related financial risks need to be addressed. In recent years, the ECB is meeting these challenges ...
In:
The Economists' Voice
20 (2023), 1, S. 111-118
| Kerstin Bernoth, Sara Dietz
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Referierte Aufsätze Web of Science
Negative policy rates can convince markets that deposit rates will remain lower-for-longer, even when current deposit rates are constrained by zero. This is the signalling channel of negative interest rates. We analyse the optimality and effectiveness of negative rates in the context of this novel transmission channel. In a stylized model, we prove two necessary conditions for optimality: time-consistency ...
In:
Journal of Monetary Economics
138 (2023), S. 87-103
| Oliver de Groot, Alexander Haas
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Referierte Aufsätze Web of Science
We construct a global index of epidemic news based on text analysis of newspapers from 17 countries. We apply the index to study the economic consequences of epidemics on the world economy in structural vector autoregressions. Epidemic shocks exert significantly and persistently negative effects on output and prices that last for up to two years. There is no quick recovery and no overshooting. The ...
In:
European Economic Review
158 (2023), 104526, 15 S.
| Konstantin A. Kholodilin, Malte Rieth
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Referierte Aufsätze Web of Science
This paper investigates the effect of insolvency regulation reforms on cross-border debt and equity investments at aggregate and sectoral levels. Using disaggregated data from the ECB’s Securities Holdings Statistics by Sector (SHSS) database and the OECD indicators on efficiency of insolvency regulations, we find that investors increase their debt and equity holdings in the countries that undertook ...
In:
Journal of International Money and Finance
131 (2023), 102795, 24 S.
| Tatsiana Kliatskova, Loïc Baptiste Savatier, Michael Schmidt
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Referierte Aufsätze Web of Science
This paper studies market segmentation that arises from the introduction of rent control. When a part of the market remains unregulated, theory predicts an increase of free-market rents due to the misallocation of households to dwellings. To document this mechanism empirically, we study a large-scale policy intervention in the German housing market. We isolate the misallocation mechanism by exploiting ...
In:
Journal of Urban Economics
134 (2023), 103513, 22 S.
| Andreas Mense, Claus Michelsen, Konstantin A. Kholodilin