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Diskussionspapiere 1955 / 2021
The analysis of local environmental policies is essential when evaluating the consistency of national public policies vis-à-vis the compliance of global agreements to reduce climate change. This study explores one of these policies; the 2021 Mexican reform to change electric power dispatch from a marginal-cost-based to a command and control physical system prioritizing power generation from the state ...
2021| Raúl Gutiérrez-Meave, Juan Rosellón, Luis Sarmiento
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Diskussionspapiere 1954 / 2021
We study the dynamic impact of Covid-19, economic mobility, and containment policy shocks. We use Bayesian panel structural vector autoregressions with daily data for 44 countries, identified through sign and zero restrictions. Incidence and mobility shocks raise cases and deaths significantly for two months. Restrictive policy shocks lower mobility immediately, cases after one week, and deaths after ...
2021| Annika Camehl, Malte Rieth
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Diskussionspapiere 1953 / 2021
We show that in a New Keynesian model with household heterogeneity, fiscal policy can be a perfect substitute for monetary policy: three simple conditions for consumption taxes, labor taxes, and the government debt level are sufficient to induce the same consumption and labor supply of each household and, thus, the same allocation as interest rate policies. When monetary policy is constrained by a ...
2021| Hannah Magdalena Seidl, Fabian Seyrich
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Diskussionspapiere 1952 / 2021
Do memories of highly emotional stock market crashes permanently affect the investment decisions of households? The Initial Public Offerings of Deutsche Telekom during 1996- 2000 provide an optimal base to address this question, as it is known for its emotional character and is reputedly “the last time Germans invested in stocks.” Using Socio-Economic Panel (SOEP) household survey data, I show that ...
2021| Chi Hyun Kim
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Diskussionspapiere 1951 / 2021
This paper studies the effects of Covid-19 related daycare and school closures on gender role attitudes toward maternal employment in Germany. We compare women and men with dependent children to those without children one year after the outbreak of the pandemic. Using data on gender role attitudes from 2008 through 2021, we find that fathers’ egalitarian attitudes toward maternal employment dropped ...
2021| Natalia Danzer, Mathias Huebener, Astrid Pape, C. Katharina Spieß, Nico A. Siegel, Gert G. Wagner
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Diskussionspapiere 1950 / 2021
This paper examines the effect of reduced self-control on impulsive borrowing in a laboratory experiment. We manipulate self-control using an ego depletion task and show that it is effective. Following the ego depletion task, participants can anonymously buy hot drinks on credit. We find no significant average effects, but find that treated individuals that have low financial literacy are more likely ...
2021| Antonia Grohmann, Jana Hamdan
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Diskussionspapiere 1949 / 2021
Different local projection (LP) estimators for structural impulse responses of proxy vector autoregressions are reviewed and compared algebraically and with respect to their small sample suitability for inference. Conditions for numerical equivalence and similarities of some estimators are provided. A new LP type estimator is also proposed which is very easy to compute. Two generalized least squares ...
2021| Martin Bruns, Helmut Lütkepohl
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Diskussionspapiere 1948 / 2021
To reach climate neutrality, carbon emissions from the production of basic materials need to be significantly reduced. For governments’ support measures to be consistent with their World Trade Organization obligations, they need to be compatible with the WTO’s Agreement on Subsidies and Countervailing Measures (ASCM). This paper analyzes the ASCM consistency of three selected support schemes, namely: ...
2021| Roland Ismer, Harro van Asselt, Jennifer Haverkamp, Michael Mehling, Karsten Neuhoff, Alice Pirlot
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Diskussionspapiere 1947 / 2021
We study the effectiveness, spillovers, and well-being effects of low emission zones in Germany, an emission-intensity-based driving restriction rapidly growing in popularity. Using regression discontinuity and group-time difference-in-differences designs, we show that previous estimates of the policy’s impact on traffic-related air pollution significantly underestimate its effectiveness. We provide ...
2021| Luis Sarmiento, Nicole Wägner, Aleksandar Zaklan
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Diskussionspapiere 1946 / 2021
We study the impact of selection bias on estimates of the gender pay gap, focusing on whether the gender pay gap has fallen since 1981. Previous research has found divergent results across techniques, identification strategies, data sets, and time periods. Using Michigan Panel Study of Income Dynamics data and a number of different identification strategies, we find robust evidence that, after controlling ...
2021| Francine D. Blau, Lawrence M. Kahn, Nikolai Boboshko, Matthew Comey
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Diskussionspapiere 1945 / 2021
Climate change and biodiversity loss trigger policies worldwide, many of which target or impact local communities. Although research, international development, and policy implementation (and, thus, success in fighting both threats) require thoughtful consideration and communication of the underlying concepts, field work encounters a cascade of tangible barriers. Technoscientific representations of ...
2021| Dawud Ansari, Regine Schönenberg, Melissa Abud, Laura Becerra, Anne Cristina de la Vega-Leinert, Nigel Dudley, Michael Dunlop, Carolina Figueroa, Oscar Guevara, Philipp Hauser, Hannes Hobbie, Mostafa A. R. Hossain, Jean Hugé, Luc Janssens de Bisthoven, Hilde Keunen, Claudia Munera-Roldan, Jan Petzold, Anne-Julie Rochette, Matthew Schmidt, Charlotte Schumann, Sayanti Sengupta, Susanne Stoll-Kleemann, Lorrae van Kerkhoff, Maarten P. M. Vanhove, Carina Wyborn
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Diskussionspapiere 1944 / 2021
This paper evaluates the temporary VAT reduction introduced by the German government over the third and fourth quarter of 2020 as most controversial part of the COVID-19 stimulus package. Critics argue that VAT reductions are ineffective because of limited pass-through of temporary measures to consumer prices and in presence of lockdown measures. Advocates emphasize positive effects on durables and ...
2021| Marius Clemens, Werner Röger
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Diskussionspapiere 1943 / 2021
Since the European debt crisis economists and politicians discuss intensively the sovereign-bank nexus. The high activity in sovereign bond issuance required to mitigate the burden of the Covid19 crisis will rather intensify this debate than calm it down. Surprisingly, however, we still have only limited knowledge about the impact of a home bias in sovereign exposure on bank stability. This paper provides ...
2021| Dominik Meyland, Dorothea Schäfer
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Diskussionspapiere 1942 / 2021
This paper contributes to the debate on the internationalization of the R&D activity of multinational enterprises (MNEs). Specifically, we examine the following research questions: (1) What are the determinants of the MNEs’ R&D internationalization level? (2) What types of internationalization strategies—home-base-augmenting (HBA), home-base-exploiting (HBE), technology-seeking (TS), and/or market-seeking ...
2021| Heike Belitz, Anna Lejpras
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Diskussionspapiere 1941 / 2021
For the design of the pension system, it is crucial to disentangle the employment responses related to the substitution effect and the income effect. In this paper, we provide causal evidence regarding the importance of the income effect, which is generally assumed to be small or non-existent. We exploit a pension reform in Germany that raised pension bene- fits related to children. For the identification, ...
2021| Sebastian Becker, Hermann Buslei, Johannes Geyer, Peter Haan
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Diskussionspapiere 1940 / 2021
A major challenge for proxy vector autoregressive analysis is the construction of a suitable external instrument variable or proxy for identifying a shock of interest. Some authors construct sophisticated proxies that account for the dating and size of the shock while other authors consider simpler versions that use only the dating and signs of particular shocks. It is shown that such qualitative (sign-)proxies ...
2021| Lukas Boer, Helmut Lütkepohl
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Diskussionspapiere 1939 / 2021
Large-scale data show promise to provide efficiency gains through individualized risk predictions in many business and policy settings. Yet, assessments of the degree of data-enabled efficiency improvements remain scarce. We quantify the value of the availability of a variety of data combinations for tackling the policy problem of curbing antibiotic resistance, where the reduction of inefficient antibiotic ...
2021| Shan Huang, Michael Allan Ribers, Hannes Ullrich
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Diskussionspapiere 1938 / 2021
This papers analyzes the effect of the ECB’s Corporate Sector Purchase Programme (CSPP) and the recent Pandemic Emergency Purchase Programme (PEPP) on the yields of eligible green bonds, a new but rapidly growing segment of the corporate bond market. We exploit these policy changes using a difference-in-differences strategy, with ineligible corporate green bonds issued in euro, U.S. dollars and Swedish ...
2021| Franziska Bremus, Franziska Schütze, Aleksandar Zaklan
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Diskussionspapiere 1937 / 2021
We study the relationship between crowding and performance in the active mutual fund industry. We construct a fund-specific measure of crowding using the equity holdings overlap of 17,364 global funds. Funds in the top decile of crowding underperform passive benchmark funds by 1.4% per year. The impact of crowding on performance cannot be attributed to diseconomies of scale. We explore several mechanisms: ...
2021| Tanja Artiga Gonzalez, Teodor Dyakov, Justus Inhoffen, Evert Wipplinger
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Diskussionspapiere 1936 / 2021
This paper provides evidence for the propagation of idiosyncratic mortgage supply shocks to the macroeconomy. Based on micro-level data from the Home Mortgage Disclosure Act for the 1990-2016 period, our results suggest that lender-specific mortgage supply shocks affect aggregate mortgage, house price, and employment dynamics at the regional level. The larger the idiosyncratic shocks to newly issued ...
2021| Franziska Bremus, Thomas Krause, Felix Noth