Diskussionspapiere 1890 / 2020
Cities worldwide have regulated peer-to-peer short-term rental platforms claiming that those platforms remove apartments from the long-term housing market, causing an in- crease in rents. Establishing and quantifying such a causal link is, however, challenging. We investigate two policy changes in Berlin to first assess how effective they were in regulating Airbnb, the largest online peer-to-peer short-term ...
2020| Tomaso Duso, Claus Michelsen, Maximilian Schäfer, Kevin Ducbao Tran
Diskussionspapiere 1889 / 2020
The rise of online platforms has disrupted numerous traditional industries. A prime example is the short-term accommodation platform Airbnb and how it affects the hotel industry. On the one hand, consumers can profit from Airbnb due to an increased number of choices and lower prices. On the other hand, critics of the platform argue that it allows professional hosts to operate de facto hotels while ...
2020| Maximilian Schäfer, Kevin Ducbao Tran
Diskussionspapiere 1888 / 2020
In online commerce, obfuscation strategies by sellers are hypothesized to mislead consumers to their detriment and to the profit of sellers. One such obfuscation strategy is partitioned pricing in which the price is split into a base price and add-on fees. While empirical evidence suggests that partitioned pricing affects consumer decisions through salience effects, its consumer welfare consequences ...
2020| Kevin Ducbao Tran
Diskussionspapiere 1887 / 2020
We investigate the dimensions through which R&D spillovers are propagated across ﬁrms via cooperation through Research Joint Ventures (RJVs). We build on the framework developed by Bloom et al. (2013) which considers the opposing effects of technology spillovers and product market rivalry, and extend it to account for RJVs. Our main findings are that the adverse effects of product market rivalry are ...
2020| Albert Banal-Estañol, Tomaso Duso, Jo Seldeslachts, Florian Szücs
Diskussionspapiere 1886 / 2020
When analyzing potential ways to counter climate change, standard models of green growth abstract from investment in substitutability between “clean” and “dirty” energy inputs. Instead, they rely on the assumption that efficiency with respect to fossil fuels can be increased perpetually. However, this is not in line with observed firm investment behavior and the limits to efficiency imposed by thermodynamic ...
2020| Fabian Stöckl
Diskussionspapiere 1885 / 2020
We fit CES and VES production functions to data from a numerical bottom-up optimization model of electricity supply with clean and dirty inputs. This approach allows for studying high shares of clean energy not observable today and for isolating mechanisms that impact the elasticity of substitution between clean and dirty energy. Central results show that (i) dirty inputs are not essential for production. ...
2020| Fabian Stöckl, Alexander Zerrahn
Diskussionspapiere 1884 / 2020
We study repayment and delinquency in an innovative loan contract that offers borrowers a wide range of ﬂexibility. Using a large administrative dataset, we perform unsupervised pattern analysis to study how borrowers repay within the framework of this loan. We identify eight clusters that can be grouped into three distinct repayment types. We show that borrowers with ﬂuctuating incomes and limited ...
2020| Antonia Grohmann, Steffen Herbold, Friederike Lenel
Diskussionspapiere 1883 / 2020
Due to its technical complexity, the co-production of electricity generation and nuclear weapons, and its high fixed costs, nuclear power is a particularly complex commodity, which poses unusual challenges for state economic (or industrial, defense, innovation etc.) policy. As in other sectors, the question arises here, too, of an adequate division of private and public responsibilities, in other words ...
2020| Ben Wealer, Christian von Hirschhausen
Diskussionspapiere 1882 / 2020
Based on ﬁndings from high-income countries, typically economists hypothesize that having more children unambiguously decreases the time mothers spend in the labor mar- ket. Few studies on lower-income countries, in which low household wealth, informal child care, and informal employment opportunities prevail, ﬁnd mixed results. Using Mexican census data, I ﬁnd a positive effect of an instrument-induced ...
2020| Julia Schmieder
Diskussionspapiere 1881 / 2020
“Sin taxes” are high on the political agenda in the global fight against obesity. Ac- cording to theory, they are welfare improving if consumers with low self-control are at least as price responsive as consumers with high self-control, even in the absence of ex- ternalities. In this paper, we investigate if consumers with low and high self-control react differently to sin tax variation. For identification, ...
2020| Renke Schmacker, Sinne Smed
Diskussionspapiere 1880 / 2020
Coal consumption and production have sharply declined in recent years in the U.S., despite political support. Reasons are mostly unfavorable economic conditions for coal, including competition from natural gas and renewables in the power sector, as well as an aging coal- fired power plant fleet. The U.S. Energy Information Administration as well as most models of North American energy markets depict ...
2020| Christian Hauenstein, Franziska Holz
Diskussionspapiere 1879 / 2020
I posit that hourly changes in air pollution affect criminality through two distinct pathways, via physiological effects on the criminal and by changes in the tightness of the market for criminal activities. To disentangle individual from market effects, I develop a behavioral model of the individual decision to transgress and a model of search-and-matching frictions between criminals and crime opportunities. ...
2020| Luis Sarmiento
Diskussionspapiere 1878 / 2020
I assert that air pollution from nitrogen oxides affects the productivity of employees in Mexican court hearings. This is the ﬁrst article analyzing this connection and the ﬁrst to disentangle work-breaks from the productivity of white-collar workers. I merge hourly pollution with granular hearing data under the assumption that the length of the hearing approximates productivity and identify causality ...
2020| Luis Sarmiento
Diskussionspapiere 1877 / 2020
This paper uses a panel of German individuals and highly granular pollution data to test if air pollution affects adults’ well-being indirectly through the health of their children. Results show that ozone decreases the well-being of individuals with children while not affecting persons without kids. We confirm the same effect for fine particulate matter and sulfur dioxide. Concerning the mechanism, ...
2020| Julia Rechlitz, Luis Sarmiento, Aleksandar Zaklan
Diskussionspapiere 1876 / 2020
In proxy vector autoregressive models, the structural shocks of interest are identified by an instrument. Although heteroskedasticity is occasionally allowed for, it is typically taken for granted that the impact effects of the structural shocks are time-invariant despite the change in their variances. We develop a test for this implicit assumption and present evidence that the assumption of time-invariant ...
2020| Helmut Lütkepohl, Thore Schlaak
Diskussionspapiere 1875 / 2020
We examine whether a disclosure mandate for greenhouse gas emissions creates stakeholder pressure for firms to subsequently reduce their emissions. For UK-incorporated listed firms such a mandate was adopted in 2013. Using a difference-in-differences design, we find that firms affected by the mandate reduced their emissions – depending on the specification – by an incremental 14-18% relative to a control ...
2020| Benedikt Downar, Jürgen Ernstberger, Stefan Reichelstein, Sebastian Schwenen, Aleksandar Zaklan
Diskussionspapiere 1874 / 2020
A two-sector incomplete markets model with heterogeneous agents can be used to study the distributional effects of the COVID-19 lockdown. While negative aggregate welfare effects of the lockdown are unavoidable, the size of aggregate welfare effects as well as the distribution of the welfare effects across agents turn out to depend on the specific economic environment of the affected economy as well ...
2020| Marius Clemens, Maik Heinemann
Diskussionspapiere 1873 / 2020
While the ﬁrst two pillars of the European Banking Union have been implemented, a European deposit insurance scheme (EDIS) is still not in place. To facilitate its introduction, recent proposals argue in favor of a reinsurance scheme. In this paper, we use a regime-switching open-economy DSGE model with bank default and bank-government linkages to assess the relative efficiency of such a scheme. We ...
2020| Marius Clemens, Stefan Gebauer, Tobias König
Diskussionspapiere 1872 / 2020
We reexamine whether pre-Volcker U.S. ﬁscal policy was active or passive. To do so, we estimate a DSGE model with monetary and ﬁscal policy interactions employing a sequential Monte Carlo algorithm (SMC) for posterior evaluation. Unlike existing studies, we do not have to treat each policy regime as distinct, separately estimated, models. Rather, SMC enables us to estimate the DSGE model over its entire ...
2020| Stephanie Ettmeier, Alexander Kriwoluzky
Diskussionspapiere 1871 / 2020
In conventional structural vector autoregressive (VAR) models it is assumed that there are at most as many structural shocks as there are variables in the model. It is pointed out that heteroskedasticity can be used to identify more shocks than variables. However, even if there is heteroskedasticity, the number of shocks that can be identiﬁed is limited. A number of results are provided that allow ...
2020| Helmut Lütkepohl