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Externe Working Papers
This paper examines whether biased income expectations due to overconfidence lead to higher levels of debt-taking. In a lab experiment, participants can purchase goods by borrowing against their future income. We exogenously manipulate income expectations by letting income depend on relative performance in hard and easy quiz tasks. We successfully generate biased income expectations and show that participants ...
Munich:
Collaborative Research Center Transregio 190,
2019,
94 S.
(Discussion paper / Rationality & Competition, CRC TRR 190 ; 152)
| Antonia Grohmann, Lukas Menkhoff, Christoph Merkle, Renke Schmacker
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Externe Working Papers
While financial inclusion is typically addressed by improving the financial infrastructure, we show that a higher degree of financial literacy also has a clear beneficial effect. We study this effect at the cross-country level, which allows us to consider institutional variation. Regarding “access to finance”, financial infrastructure and financial literacy are mainly substitutes. However, regarding ...
Munich, Germany:
Collaborative Research Center Transregio 190,
2018,
94 S.
(Discussion paper / Rationality & Competition, CRC TRR 190 ; 95)
| Antonia Grohmann, Theres Klühs, Lukas Menkhoff
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DIW Roundup 133 / 2019
When in distress, a firm may need restructuring or liquidation; in either case, legal uncertainty compounds the difficulty. Sound and efficient insolvency regimes are important as these not just positively affect investment, innovation, and economic growth, but also the supply and cost of credit. The design of appropriate insolvency frameworks in Europe is, however, still controversial. The debate ...
2019| Tatsiana Kliatskova, Loïc Baptiste Savatier
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Refereed essays Web of Science
The morphology of today’s cities is the result of historic urban developments and on-going urban transformation resulting in complex urban spatial structures. While functionally as well as spatially, cities are structured into sub-units such as the city center, business districts, residential areas or industrial and commercial zones, their precise localization in the geographic space is sometimes difficult. ...
In:
Environment and Planning / B
48 (2020), 2, S. 265–279
| Michael Wurm, Jan Goebel, Gert G. Wagner, Matthias Weigand, Stefan Dech, Hannes Taubenböck
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Refereed essays Web of Science
Lifespan theory posits that socio-historical contexts shape individual development. Inline with this proposition, cohort differences favoring later-born cohorts have beenwidely documented for cognition and health. However, little is known about historicalchange in how key resources of psychosocial functioning such as control beliefsdevelop in old age. We pooled data from three independent samples: ...
In:
Psychology and Aging
34 (2019), 8, S. 1090-1108
| Denis Gerstorf, Johanna Drewelies, Sandra Düzel, Jacqui Smith, Hans-Werner Wahl, Oliver Schilling, Ute Kunzmann, Jelena S. Siebert, Martin Katzorreck, Peter Eibich, Ilja Demuth, Elisabeth Steinhagen-Thiessen, Gert G. Wagner, Ulman Lindenberger, Jutta Heckhausen, Nilam Ram
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Weitere referierte Aufsätze
According to the 2015 Paris Agreement, a long-term goal is the commitment to “making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.” Reconciling climate change objectives and financial flows is an enormous challenge in the 21st century. States in general and Germany in particular have various instruments at their disposal to initiate ...
In:
Green Finance
1 (2019), 3, S. 237-248
| Claudia Kemfert, Sophie Schmalz
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Externe Monographien
Bayesian empirical macroeconomic models are excellent tools for prediction and structural analysis. The use of a prior distribution facilitates model averaging, allows for structural identification of multiple time series models and makes estimation of high-dimensional models feasible. However, prior distributions need to be chosen carefully in order to accurately reflect the researcher's beliefs before ...
Berlin:
FU Berlin,
2019,
192, XXXVII S.
| Martin Bruns
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Refereed essays Web of Science
We estimate the effect of government spending shocks on the U.S. economy with a time‐varying parameter vector autoregression. The recent Great Recession period appears to be characterized by uniquely large impulse responses of output to fiscal shocks. Moreover, the particularity of this period is underlined by highly unusual responses of several other variables. The pattern of fiscal shock responses ...
In:
Journal of Money, Credit and Banking
51 (2019), 5, S. 1237-1264
| Mathias Klein, Ludger Linnemann
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DIW Weekly Report 32 / 2019
Housing prices in many countries have increased significantly over the past years, fueling a fear that speculative price bubbles will return. However, it can be difficult for policymakers to recognize when regulatory interventions in the market are necessary to counteract bubbles. This report shows how modern machine learning methods can be used to forecast speculative price bubbles at an early stage. ...
2019| Konstantin A. Kholodilin, Claus Michelsen
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Cluster-Seminar Öffentliche Finanzen und Lebenslagen
Systematic differences along the wealth distribution in investment performance will potentially have large consequences for the level and persistence of wealth inequality. These differences in performance are hard to measure except in a few, select countries with detailed information on household portfolios. In this paper we use a modified version of the Global Capital Asset Pricing Model ...
07.08.2019| Johannes König