Publikationen des Vorstandsbereichs

Beschäftigungspotentiale im Niedriglohnsektor

Die ungelernten und die älteren Arbeitnehmer sind die eigentlichen Problemgruppen auf dem deutschen Arbeitsmarkt. Zur Bewältigung der Beschäftigungskrise erscheint die Etablierung eines Niedriglohnsektors zwingend geboten. Die Umsetzung dieser Forderung ist jedoch schwierig, da sich nicht viele geeignete Maßnahmen dafür anbieten. Zwar ist das Steuer- und Transfersystem im Niedriglohnbereich leistungsfeindlich, ...

Euroland: Besser als befürchtet, aber schlechter als erhofft?

Die Schaffung der Europäischen Währungsunion hatte in wissenschaftlichen Kreisen heftigste Kontroversen ausgelöst. Der vorliegende Beitrag unternimmt, dreieinhalb Jahre nach dem Beginn der Währungsunion, eine Bestandsaufnahme der Entwicklungen in den diesbezüglich zugrunde liegenden zentralen Problembereichen: den Arbeitsmärkten, der Inflationsentwicklung und der Budgetproblematik. Eine Analyse der ...

Stabilisierungspolitik in Euroland

Reassessing Proxy-based Identification of Multiple Monetary Policy Shocks for the Euro Area, the US, and the UK

Several recent studies consider a set of proxies to identify different monetary policy shocks for different regions in the world. We show that the way the proxies are used to identify the monetary policy shocks may lead to correlated shocks and dubious structural analysis and we demonstrate how to overcome the problem of correlated shocks. We illustrate that, if correlated shocks are used in applied ...

Review of Proxy Vector Autoregressive Analysis

In structural vector autoregressive analysis it has become quite popular to identify some structural shocks of interest by external instruments or proxies. This study points out a range of areas where such proxies have been used and sketches the way the proxies have been constructed. It reviews identification and estimation methods that have been considered in this context. Moreover, it points out ...

Revisiting Oil Supply News Shocks: Proxy vs. Non-Gaussian Structural Vector Autoregressions

We replicate a study by Känzig (American Economic Review, 111 (2021), 1092-1125), who employs structural vector autoregressive techniques to examine the impact of changes in oil supply expectations on the price of oil and other macroeconomic aggregates. Känzig identifies an oil supply news shock by constructing a proxy from OPEC announcements about their production plans. As this proxy is a controversial ...

Time-Varying Shock Transmission in Non-Gaussian Structural Vector Autoregressions

This paper analyzes possibly time-varying shock transmission in structural vector autoregressive (VAR) models when the reduced-form VAR coefficients are time-invariant and the shocks are identified through non-Gaussianity. To check for possible time-variation in the impulse responses, we propose Wald tests for two situations: (1) homoskedastic and (2) heteroskedastic structural shocks. For the latter ...

Comparing External and Internal Instruments for Vector Autoregressions

In conventional proxy VAR analysis, the shocks of interest are identified by external instruments. This is typically accomplished by considering the covariance of the instruments and the reduced-form residuals. Alternatively, the instruments may be internalized by augmenting the VAR process by the instruments or proxies. These alternative identification methods are compared and it is shown that the ...

Does Gender of Firm Ownership Matter? Female Entrepreneurs and the Gender Pay Gap

We examine how the gender of business-owners is related to the wages paid to female relative to male employees working in their firms. Using Finnish register data and employing firm fixed effects, we find that the gender pay gap is – starting from a gender pay gap of 11 to 12 percent - two to three percentage-points lower for hourly wages in female-owned firms than in maleowned firms. Results are robust ...

Access to Digital Finance: Equity Crowdfunding across Countries and Platforms

Financing entrepreneurship spurs innovation and economic growth. Digital financial platforms that crowdfund equity for entrepreneurs have emerged globally, yet they remain poorly understood. We model equity crowdfunding in terms of the relationship between the number of investors and the amount of money raised per pitch. We examine heterogeneity in the average amount raised per pitch that is associated ...