Publikationen des Vorstandsbereichs

Monetary Policy, Bank Bailouts, and the Sovereign-Bank Risk Nexus in the Euro Area

The article analyses the empirical relationship between bank credit risk and sovereign credit risk in the euro area, using a system of simultaneous equations identified through heteroskedasticity. We first confirm a two-way causality between both risks, which amplifies initial credit risk shocks. We also document significant credit risk spillovers between sovereigns and banks in the periphery and the ...

The Integration of International Financial Markets: An Attempt to Quantify Contagion in an Input-Output-Type Analysis

The increasing integration of international financial markets means that credit defaults in one country have to be covered by creditors in other countries. If the principle of creditor liability were applied systematically, the financial losses incurred by the financial institution that provided the credit and is thus directly affected by the default would be ‘passed on’ through its domestic and foreign ...

The German Socio-Economic Panel (SOEP)

When Is Foreign Exchange Intervention Effective? Evidence from 33 Countries

This paper examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and an effective policy tool, with a success rate in excess of 80 percent under some criteria. The policy works well in terms of smoothing the path of exchange rates, and in stabilizing the exchange rate in countries with narrow band regimes. ...

Recall – a Way to Mitigate Adverse Effects of Unemployment on Earnings across Occupations?

We examine the reemployment earnings of workers reemployed by a former employer (known as recall) across different occupations. We first ask whether recalls represent a flexibilization strategy that mitigates adverse unemployment effects on workers’ earnings. And second, whether there are any differences in post-unemployment earnings of recalled workers across different occupations. The article contributes ...

On the International Spillovers of US Quantitative Easing

This article analyses the effects of the Federal Reserve's quantitative easing (QE) on global portfolio flows, differentiating across recipient region of the flows, type of flow and QE rounds. Furthermore, the analysis differentiates between the impact of QE expansionary announcements and the actual market operations. The analysis shows that QE1 resulted in (slight) rebalancing towards the US, while ...

Operative und strategische Elemente einer leistungsfähigen Forschungsdateninfrastruktur in den Sozial- und Wirtschaftswissenschaften

Dieser Beitrag skizziert vor dem Hintergrund der Diskussionen um den Aufbau einer nationalen Forschungsdateninfrastruktur (NFDI) in Deutschland die Arbeitsweise und Merkmale des Rats für Sozial- und Wirtschaftsdaten (RatSWD). Im Mittelpunkt stehen die zwei zentralen Merkmale des RatSWD als unabhängiges Beratungsgremium von Datenproduzenten und wissenschaftlichen Datennutzenden einerseits und als organisatorischer ...

Business Cycles and Start-Ups across Industries: An Empirical Analysis of German Regions

We analyze whether start-up rates in different industries systematically change with business cycle variables. Using a unique data set at the industry level, we mostly find correlations that are consistent with counter-cyclical influences of the business cycle on entries in both innovative and non-innovative industries. Entries into the large-scale industries, including the innovative part of manufacturing, ...

The Family Working-Time Model: Towards More Gender Equality in Work and Care

Since the millennium, the labour market participation of women and mothers is increasing across European countries. Several work/care policy measures underlie this evolution. At the same time, the labour market behaviour of fathers, as well as their involvement in care work, is relatively unchanging, meaning that employed mothers are facing an increased burden with respect to gainful employment and ...

Measuring Attitudes Toward Distributive Justice: The Basic Social Justice Orientations Scale

Previous research on social inequalities relied primarily on objective indicators. According to recent studies, however, subjective indicators that reflect a person’s perceptions and evaluations of inequalities are also relevant. Such evaluations depend on an individual’s normative orientation, so respective attitudes toward distributive justice need to be accounted for appropriately. This article ...