Thema Konjunktur

Robustes Wachstum in schwierigem Umfeld: Acht Fragen an Ferdinand Fichtner

Flight to Liquidity and the Great Recession

This paper argues that counter-cyclical liquidity hoarding by financial intermediaries may strongly amplify business cycles. It develops a dynamic stochastic general equilibrium model in which banks operate subject to agency problems and funding liquidity risk in their intermediation activity. Importantly, the amount of liquidity reserves held in the financial sector is determined endogenously: Balance ...

Das Scheitern der Troika

Asymmetric Perceptions of the Economy: Media, Firms, Consumers, and Experts

This article sheds light on the interaction of media, economic actors, and economic experts. Based on a unique data set of 86,000 news items rated by professional analysts of Media Tenor International and survey data, we first analyze the overall tone of the media, consumers’, firms’, and economic experts’ opinions on the state and outlook of the economy. Second, we assess the protagonist’s ability ...

Gemeinschaftsdiagnose: kräftiger Aufschwung dank günstigem Öl und schwachem Euro

Economic Assessment of the Euro Area: Winter Report 2014/2015

Removing Cross-Border Capacity Bottlenecks in the European Natural Gas Market: A Proposed Merchant-Regulatory Mechanism

We propose a merchant-regulatory framework to promote investment in the European natural gas network infrastructure based on a price cap over two-part tariffs. As suggested by Vogelsang (J Regul Econ 20:141–165, 2001) and Hogan et al. (J Regul Econ38:113–143, 2010), a profit maximizing network operator facing this regulatory constraint will intertemporally rebalance the variable and fixed part of its ...

Determinants of Chinese Direct Investments in the European Union

This paper analyses the determinants of Chinese direct investment (DI) in the European Union (EU). Evidence is based on panel Poisson models drawing on two investment monitors for individual projects. We distinguish between the numbers of greenfield investments (GIs) and mergers and acquisitions (M&As). The findings indicate that market size and trade relationships with China are the primary factors ...

All Quiet on the Eastern Front? Disruption Scenarios of Russian Natural Gas Supply to Europe

The 2014 Russian–Ukrainian crisis reignited European concerns about natural gas supply security recalling the experiences of 2006 and 2009. However, the European supply situation, regulation and infrastructure have changed, with better diversified import sources, EU member states being better connected and a common regulation on the security of supply has been introduced. Nevertheless, European dependency ...

Zu wenig Einfluss des ökonomischen Sachverstands? Empirische Befunde zum Einfluss von Ökonomen und anderen Wissenschaftlern auf die Wirtschaftspolitik

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, ...