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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
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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
We show that the first nationwide mass vaccination campaign against measles increased educational attainment in the United States. Our empirical strategy exploits variation in exposure to the childhood disease across states right before the Measles Eradication Campaign of 1967–68, which reduced reported measles incidence by 90 percent within two years. Our results suggest that mass vaccination against ...
In:
Journal of Health Economics
92 (2023), 102828, 21 S.
| Philipp Barteska, Sonja Dobkowitz, Maarit Olkkola, Michael Rieser
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Referierte Aufsätze Web of Science
This study constructs a comprehensive wealth distribution for Germany to inform debate in Germany and internationally on the distribution of wealth including pension entitlements. We estimate the net present value of pension wealth in Germany in 2012 and 2017 using Socio-Economic Panel (SOEP) data. When including pension wealth, German households’ wealth-income ratio increases from 570% to 850% in ...
In:
Economics Letters
231 (2023), 111299, 5 S.
| Charlotte Bartels, Timm Bönke, Rick Glaubitz, Markus M. Grabka, Carsten Schröder
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Referierte Aufsätze Web of Science
In this study, we investigate the determinants of rental prices in Russian Empire prior to World War I and the variation of housing rents across cities. For our research, we use statistical data on 1232 cities in 1910. Our analysis shows that the urban rents in imperial Russia were affected by such city characteristics as its population structure, prices for different goods, and the geographical position. ...
In:
Voprosy ėkonomiki : ežemesjačnyj žurnal
(2022), 7, S. 123-239
| Alisa Y. Raykovskaya, Marina A. Talantceva, Konstantin A. Kholodilin
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Referierte Aufsätze Web of Science
We use machine learning techniques to quantify trade tensions between the United States and China. Our measure matches well-known events in the US-China trade dispute and is exogenous to the developments on global financial markets. Local projections show that rising trade tensions leave US markets largely unaffected, except for firms that are more exposed to China, while negatively impacting stock ...
In:
Journal of Applied Econometrics
37 (2022), 6, S. 1138-1159
| Massimo Ferrari Minesso, Frederik Kurcz, Maria Sole Pagliari
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Referierte Aufsätze Web of Science
As the COVID-19 pandemic progressed in the USA, ‘hotspots’ shifted geographically over time to suburban and rural counties showing a high prevalence of the disease. We analyse population-adjusted confirmed case rates based on daily US county-level variations in COVID-19 confirmed case counts during the first several months of the pandemic (1 March 2020 through 23 May 2020) to evaluate the spatial dependence ...
In:
International Journal of Computational Economics and Econometrics
12 (2022), 4, S. 366-380
| Christopher F. Baum, Miguel Henry
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Referierte Aufsätze Web of Science
In an urban economy, the distribution of people and real estate prices depends on the location of the central business district of a city. As distance from the city center increases, both prices and population density diminish, for travel costs increase in terms of time and money. As manufacturing gradually leaves the cities, the importance of consumer amenities as attractors of population to the urban ...
In:
Regional Science Policy and Practice
14 (2022), 4, S. 916-938
| Konstantin A. Kholodilin, Irina Krylova, Darya Kryutchenko
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Referierte Aufsätze Web of Science
This paper studies external sovereign bonds as an asset class. We compile a new database of 266,000 monthly prices of foreign-currency government bonds traded in London and New York between 1815 (the Battle of Waterloo) and 2016, covering up to 91 countries. Our main insight is that, as in equity markets, the returns on external sovereign bonds have been sufficiently high to compensate for risk. Real ...
In:
The Quarterly Journal of Economics
137 (2022), 3, S. 1615–1680
| Josefin Meyer, Carmen M. Reinhart, Christoph Trebesch
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Referierte Aufsätze Web of Science
The use of futures instead of forwards exchange contracts completes the maturity spectrum of the correlation between spot yields and the premium. We find that the forward premium puzzle appears to be a precrisis phenomenon and is only observed for maturities longer than about 1 month. Differences in the exposure to risk help to explain cross-sectional spreads in currency excess returns. However, this ...
In:
Journal of Money, Credit and Banking
54 (2022), 1, S. 5-38
| Kerstin Bernoth, Jürgen von Hagen, Casper de Vries