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Viral Shocks to the World Economy

We construct a news-based viral disease index and study the dynamic impact of epidemics on the world economy, using structural vector autoregressions. Epidemic shocks have persistently negative effects, both directly and indirectly, on affected countries and on world output. The shocks lead to a significant fall in global trade, employment, and consumer prices for three quarters, and the losses are ...

Virtual Conference: German Sustainable Finance Strategy in a European Context

Co-organized by the Sustainable Finance Research Platform (SFRP) and Berlin Seminar on Energy and Climate Policy (BSEC) Sustainable Finance is not only a key element of the climate policy agenda. In times of crisis, like the one we are currently experiencing, sustainable finance can also make substantial contributions to making our financial system more resilient, more sustainable and more...

Income Inequality and Risk Taking: The Impact of Social Comparison Information

In contrast to the assumptions of standard economic theory, recent experimental evi-dence shows that the income of peers has a systematic impact on observed degrees of risk aversion. This paper reports the findings of two experiments examining the impact of income inequality on risk preferences and whether the knowledge of inequality mediates the decisions. In Experiment 1, participants who were recruited ...

The Impact of Publicly Funded Childcare on Parental Well-Being: Evidence from Cut-Off Rules

As more and more countries consider expanding public childcare provision, it is important to have a comprehensive understanding of its implications for families. This article adds to the existing literature by investigating the effect of publicly funded childcare on parental subjective well-being. To establish causality, I exploit cut-off rules introduced following the implementation of a legal claim ...

ECB and Fed monetary policy measures against the economic effects of the coronavirus pandemic have little effect

To cushion the economic effects of the coronavirus pandemic, central banks have taken far-reaching monetary policy measures. The US Federal Reserve has lowered its interest rates and, like the European Central Bank, has expanded its bond purchase programs. However, it is questionable whether these measures are having the desired effect of calming the markets and supporting the real economy. It is...

Public Health Insurance, Individual Health, and Entry into Self-Employment

We investigate the impact of a differential treatment of paid employees versus self-employed workers in a public health insurance system on the entry rate into self-employment. Health insurance systems that distinguish between the two sectors of employment create incentives or disincentives to start a business for different individuals. We estimate a discrete time hazard rate model of entry into self-employment ...

Heterogeneity in Macro-Finance: The Role of Disaggregate Dynamics in Aggregate Fluctuations; Dissertation

Non-Standard Preferences and Beliefs in Financial Decision Making: Dissertation

Finanzielle Resilienz und der Umgang mit finanziellen Risiken sind wesentliche Bestandteile einer erfolgreichen finanziellen Inklusion. Die persönlichen Faktoren, die finanzielles Management formen, sind allerdings nicht umfassend bekannt. Diese Dissertation untersucht wie nicht-standard-ökonomische Präferenzen und Vorstellungen („Beliefs“) dazu beitragen können verschiedene Vorgehensweisen im finanziellen ...

Exploring the Robustness of Country Rankings by Educational Attainment

The measurement scale of exam scores is ordinal. This ordinal measurement implies that monotonic transformations of published scales convey the same information. Hence, countries should not be ranked according to averaged scores because there may be transformations that would change the mean-based rankings. We suggest alternatives to the mean-based ranking procedure that yield informative and robust ...

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