Externe referierte Aufsätze

Monetary Policy, External Instruments, and Heteroskedasticity

We develop a structural vector autoregressive framework that combines external instruments and heteroskedasticity for identification of monetary policy shocks. We show that exploiting both types of information sharpens structural inference, allows testing the relevance and exogeneity condition for instruments separately using likelihood ratio tests, and facilitates the economic interpretation of the ...

Do Women Expect Wage Cuts for Part-Time Work?

I quantify the perceived changes in hourly wage rates associated with working different hours on the same job for a representative sample of female workers. While part-time working women expect significant hourly wage gains from switching to full-time work - 7% on average - full-time workers expect no effect on current wages when switching to part-time, on average. Perceived pecuniary losses from part-time ...

A Tale of Two Data Sets: Comparing German Administrative and Survey Data Using Wage Inequality as an Example

The IAB’s Sample of Integrated Labour Market Biographies (SIAB) and the Socio-Economic Panel (SOEP) are the two data sets most commonly used to analyze wage inequality in Germany. While the SIAB is based on administrative reports by employers to the social security system, the SOEP is a survey data set in which respondents self-report their wages. Both data sources have their specific advantages and ...

Do Rent Controls and Other Tenancy Regulations Affect New Construction? Some Answers from Long-Run Historical Evidence

Optimal Taxation When the Tax Burden Matters

Survey evidence shows that the magnitude of the tax liability plays a role in value judgements about which groups deserve tax breaks. We demonstrate that the German tax-transfer system conflicts with a welfarist inequality averse social planner. It is consistent with a planner who is averse to both inequality and high tax liabilities. The tax-transfer schedule reflects non-welfarist value judgements ...

From German Internet Panel to Mannheim Corona Study: Adaptable Probability‐Based Online Panel Infrastructures during the Pandemic

The outbreak of COVID‐19 has sparked a sudden demand for fast, frequent and accurate data on the societal impact of the pandemic. This demand has highlighted a divide in survey data collection: Most probability‐based social surveys, which can deliver the necessary data quality to allow valid inference to the general population, are slow, infrequent and ill‐equipped to survey people during a lockdown. ...

Linking Brain Age Gap to Mental and Physical Health in the Berlin Aging Study II

From a biological perspective, humans differ in the speed they age, and this may manifest in both mental and physical health disparities. The discrepancy between an individual’s biological and chronological age of the brain (“brain age gap”) can be assessed by applying machine learning techniques to Magnetic Resonance Imaging (MRI) data. Here, we examined the links between brain age gap and a broad ...

My Wealth, (Y)Our Life Satisfaction? Sole and Joint Wealth Ownership and Life Satisfaction in Marriage

This study examines the money-subjective well-being nexus by studying the link between changes in jointly and solely (i.e. respondents’ own and their partner’s own) held gross wealth and changes in married individuals’ subjective well-being. Joint assets reflect norms of sharing responsibilities and resources. Solely held assets, in contrast, offer individual economic independence. Using wealth data ...

Did Immigrants Perceive More Job Insecurity during the SARS-CoV-2 Pandemic? Evidence from German Panel Data

Immigrants have been affected more than native-born ethnic majority populations by the negative economic consequences of the SARS-CoV-2 pandemic. This contribution examines whether they have also experienced higher levels of perceived job insecurity, reflected in a differential increase in financial concerns and the fear of job loss during the SARS-CoV-2 pandemic. This empirical study employs the SOEP-CoV ...

Vom Helfer zur Fachkraft mit betrieblicher Weiterbildung? Berufliche Aufstiege und Lohnveränderungen von an- und ungelernten Beschäftigten in regulierten und unregulierten internen Arbeitsmärkten

A considerable share of low-skilled workers in Germany perform speciali-zed activities for which some kind of formal vocational qualification is required.This article examines the role of non-formal in-company training for the careeradvancement of low-skilled workers in the internal labor market. The focus is onthe role of regulating structures. Based on the human capital and filter theory aswell as ...

The Impact of Migration on Wages in Costa Rica

In recent years, Costa Rica has experienced greater international migration from neighboring countries due to political, economic, and social reasons, raising discussions on the impact of migration on wages of native Costa Rican workers. This article is the first that disentangles the impact of migration on wages for native Costa Ricans from the impact for settled immigrants by analyzing the effect ...

Local Energy Markets

In current power markets, the bulk of electricity is sold wholesale and transported to consumers via long-distance transmission lines. Recently, decentralized local energy markets have evolved, often as isolated networks based on solar generation. We analyze strategic pricing, investment, and welfare in local energy markets. We show that local energy markets yield competitive equilibrium prices and ...

Rent Price Control – Yet Another Great Equalizer of Economic Inequalities? Evidence from a Century of Historical Data

The long-run U-shaped patterns of economic inequality are standardly explained by basic economic trends (Piketty’s r > g), taxation policies or ‘great levellers’ such as catastrophes. This article argues that housing policy, and particularly rent control, is a neglected explanatory factor in understanding macro inequality. We hypothesize that rent control could decrease overall housing wealth, lower ...

Supporting the Transition to Climate-Neutral Production: An Evaluation Under the Agreement on Subsidies and Countervailing Measures

To reach climate neutrality, carbon emissions from the production of basic materials need to be curtailed. When governments encourage this transition by adopting support measures, the measures must comply with the Agreement on Subsidies and Countervailing Measures. This article analyzes three selected support schemes under the Agreement on Subsidies and Countervailing Measures: (i) free allocation ...

Geopolitical and Climate Risks Threaten Financial Stability and Energy Transitions

We propose a framework to unravel the hurdles and opportunities for the renewable energy transition in con-temporary crises to examine the interconnections be-tween energy transition, climate risks, and geopolitical issues. The study focuses on Germany and emphasizes that neglecting climate-related risks leads to financial in-stability and hampers the energy transition. If Paris-aligned energy and ...

How Communication Makes the Difference between a Cartel and Tacit Collusion: A Machine Learning Approach

This paper sheds new light on the role of communication for cartel formation. Using machine learning to evaluate free-form chat communication among firms in a laboratory experiment, we identify typical communication patterns for both explicit cartel formation and indirect attempts to collude tacitly. We document that firms are less likely to communicate explicitly about price fixing and more likely ...

Insolvency Regimes and Cross-Border Investment Decisions

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 ...

Eine migrationsfreundlichere Gesellschaft durch den Generationenwandel? Kohortenanalysen für Ost- und Westdeutschland

Die vorliegende Untersuchung analysiert die Wirkkraft des Generationenaustauschs auf das Meinungsklima zu Zugewanderten in Ost- und Westdeutschland. Theoretisch basiert der Beitrag auf Mannheims Generationen-theorie sowie auf gruppenkonflikttheoretischen Ansätzen und der Kontakthypo-these. Empirische Grundlage für die Kohortenanalysen bietet die theoretisch begründete Generationeneinteilung für die ...

Reducing Energy System Model Distortions from Unintended Storage Cycling through Variable Costs

Energy system models are used for policy decisions and technology designs. If not carefully used, models give implausible outputs and mislead decision-making. One implausible effect is “unintended storage cycling”, which is observable as simultaneous storage charging and discharging. Methods to remove such misleading effects exist, but are computationally inefficient and sometimes ineffective. Through ...

The Multifaceted Impact of US Trade Policy on Financial Markets

We study the multifaceted effects of trade policy shocks on financial markets using a structural vector autoregression identified via event day heteroskedasticity. We find that restrictive US trade policy shocks affect US and international stock prices heterogeneously, but generally negatively. They increase market uncertainty, lower US interest rates, and lead to an appreciation of the US dollar. ...