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External refereed essays

External refereed essays

Recent Methodological Advances in Panel Data Collection, Analysis, and Application: [Editorial]

Panel studies have become an indispensable part of today's research world especially when addressing causal questions and tracking changes over time. Three conditions are essential for effective panel data analysis: 1) having a sufficiently long time series with a substantial number of observations, 2) ensuring measurement consistency over time, and 3) using a meaningful model for selecting elements ...

We stand in solidarity with Israel

The German Institute for Economic Research (DIW Berlin) and its Executive Board join the Alliance of Science Organisations in expressing solidarity with Israel. "The Alliance of Science Organisations in Germany expresses its deepest condolences for the victims of the terrorist attacks on Israel. In particular, our sympathy is with our friends and colleagues in the Israeli scientific community. Israel ...

Measuring Total Carbon Pricing

While countries increasingly commit to pricing greenhouse gases directly through carbon taxes or emissions trading systems, indirect forms of carbon pricing-such as fuel excise taxes and fuel subsidy reforms-remain important factors affecting the mitigation incentives in an economy. Taken together, how can policy makers think about the overall price signal for carbon emissions and the incentive it ...

Dimensions and Determinants of Inflation Anchoring

Die vorliegende Studie analysiert Dimensionen und Determinanten von umfragebasierten Maßen zur Verankerung von Inflationserwartungen. Wir analysieren 82 Volkswirtschaften über einen Zeitraum von 1995 bis 2022 und zeigen, dass verschiedene Dimensionen der Inflationsverankerung grundsätzlich stark korreliert sind; die Standardabweichung der Inflationsvorhersagen zeigt jedoch zum Teil eine andere Dynamik. ...

Impact of the 2022 Interest-Rate Shock on Cooperative Banks in Germany: A Case Study

Zwischen Juli und Dezember erhöhte die Europäische Zentralbank (EZB) ihren Leitzins äußerst kräftig um 250 Basispunkte. Dieser Zinsschock stellte für die deutschen Genossenschaftsbanken wie auch für viele andere Kreditinstitute eine große Herausforderung dar. Infolgedessen mussten die Genossenschaftsbanken deutliche Ertragseinbußen hinnehmen. Diese äußerten sich überwiegend in einem hohen Bewertungsaufwand ...

Seminar of the Macro Department

Global Risk and the Dollar

The dollar is a safe-haven currency and appreciates when global risk goes up. We investigate the dollar’s role for the transmission of global risk to the world economy within a Bayesian proxy structural vectorautoregressive model. We identify global risk shocks using high-frequency asset-price surprises around narratively selected events. Global risk shocks appreciate the dollar, induce tighter global ...

Dollar Trinity and the Global Financial Cycle

We develop a two-country business-cycle model of the US and the rest of the world with dollar dominance in trade invoicing, in cross-border credit, and in safe assets. The interplay between these elements—dollar trinity—rationalizes salient features of the Global Financial Cycle in the data: When its tide subsides, the dollar appreciates, financial conditions tighten, the world business cycle slows ...

Meeting Climate Targets Can Only Spur on Economic Growth with the Right Combination of Measures

Reducing carbon emissions is essential to meeting climate targets. What is unclear, however, is which measures are required to do so and what impact they would have on economic growth. In this Weekly Report, a macroeconomic model is used to observe four scenarios in comparison to a baseline scenario without emissions reduction. It is analyzed which effects different measures, such as technological ...