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DIW Discussion Papers 1511 / 2015
Im vorliegenden kleinen Aufsatz werden der Geschichte der deutschen Wiedervereinigung 1990 drei „Fußnoten“ angefügt. Zu den Themen „Abschätzung der Produktivität der DDR-Wirtschaft“, „Dauer des Aufholprozesses der Neuen Bundesländer“ und „Rentenangleichung“. Anschließend werden einige Schlussfolgerungen für die Möglichkeiten und Grenzen wissenschaftlicher Politikberatung gezogen.
2015| Gert G. Wagner
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DIW Discussion Papers 1479 / 2015
The paper analyzes the integration of euro area sovereign bond markets during the European sovereign debt crisis. It tests for contagion (i.e., an intensification in the transmission of shocks across countries), fragmentation (a reduction in spillovers) and flight-to-quality patterns, exploiting the heteroskedasticity of intraday changes in bond yields for identification. The paper finds that euro ...
2015| Michael Ehrmann, Marcel Fratzscher
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DIW Discussion Papers 1478 / 2015
Die internationale Verflechtung der Finanzmärkte führt dazu, dass der Ausfall von Krediten in einem Land auch von Geldgebern in anderen Ländern getragen werden muss. Bei einer konsequenten Anwendung des Prinzips der Gläubigerhaftung würde der Vermögensverlust von dem unmittelbar betroffenen Kreditinstitut über dessen in- und ausländische Anteilseigner und Kreditgeber sowie deren Gläubiger bis zu den ...
2015| Dieter Schumacher
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DIW Discussion Papers 1473 / 2015
We try to measure the impact work creation programs and rearmament had on employment and production of the German economy before World War II. Theoretically based on an extended version of the conventional input-output analysis, our model or analytical framework integrates the Keynesian multiplier into Leontief´s traditional model. Empirically, we apply our recently presented input-output table of ...
2015| Rainer Fremdling, Reiner Stäglin
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DIW Discussion Papers 1464 / 2015
A growing literature uses changes in residual volatility for identifying structural shocks in vector autoregressive (VAR) analysis. A number of different models for heteroskedasticity or conditional heteroskedasticity are proposed and used in applications in this context. This study reviews the different volatility models and points out their advantages and drawbacks. It thereby enables researchers ...
2015| Helmut Lütkepohl, Aleksei Netsunajev
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DIW Discussion Papers 1455 / 2015
Changes in residual volatility in vector autoregressive (VAR) models can be used for identifying structural shocks in a structural VAR analysis. Testable conditions are given for full identification for the case where the volatility changes can be modelled by a multivariate GARCH process. Formal statistical tests are presented for identification and their small sample properties are investigated via ...
2015| Helmut Lütkepohl, George Milunovich
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DIW Discussion Papers 1449 / 2015
Das Papier zeigt, dass die seit Jahrzehnten andauernde Klagen wissenschaftlich tätiger Ökonomen,dass Öffentlichkeit und Politik nicht genug auf Ergebnisse der ökonomischen Forschung hören,zumindest für Deutschland im Quervergleich zu anderen Wissenschaften in Bezug auf das medialeInteressen an ökonomischen Erkenntnissen nicht gerechtfertigt sind. Es wird in bemerkenswerterWeise von der Resonanz kontrastiert, ...
2015| Justus Haucap, Tobias Thomas, Gert G. Wagner
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DIW Discussion Papers 1448 / 2015
The paper analyses the empirical relationship between bank risk and sovereign credit risk in the euro area. Using structural VAR with daily financial markets data for 2003-13, the analysis confirms two-way causality between shocks to sovereign risk and bank risk, with the former being overall more important in explaining bank risk, than vice versa. The paper focuses specifically on the impact of non-standard ...
2015| Marcel Fratzscher, Malte Rieth
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DIW Discussion Papers 1447 / 2015
Germany experienced a unique rise in the level of self-employment in the first two decades following unification. Applying the non-linear Blinder-Oaxaca decomposition technique, we find that the main factors driving these changes in the overall level of self-employment are demographic developments, the shift towards service sector employment, and a larger share of population holding a tertiary degree. ...
2015| Michael Fritsch, Alexander S. Kritikos, Alina Sorgner
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DIW Discussion Papers 1439 / 2014
This paper experimentally investigates the nature of image concerns in gift giving. For this, we test variants of dictator and impunity games where the influences of social preferences on behavior are kept constant across all games. Givers maximize material payoffs by pretending to be fair when receivers do not know the actual surplus size, implying that portraying an outward appearance of norm compliance ...
2014| Alexander S. Kritikos, Jonathan H. W. Tan