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Externe Working Papers
We propose a new instrument to identify uncertainty shocks in a SVAR model with external instruments. The instrument is constructed by exploiting variations in the price of gold around events that capture periods of changes in uncertainty. The variations in the price of gold around the events correlate with the underlying uncertainty shocks, due to the perception of gold as a safe haven asset. To control ...
München:
CESifo,
2017,
39 S.
(CESifo Working Papers ; 6327)
| Michele Piffer, Maximilian Podstawski
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Research Project
The question of what banking sector diversity actually means and what it impliesfor the funding of small and medium sized firms (SMEs) and for banking sectorstability is still open, and this is particularly relevant since the financial crisis hashit the European countries. In fact, the crisis raised doubts if previous researchthat finds comparative advantages for more concentrated banking sectors...
Completed Project| Macroeconomics
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Berlin Applied Micro Seminar (BAMS)
BAMS is a joint seminar by the DIW Berlin, the Hertie School of Governance, the HU Berlin and the WZB.
16.04.2018| Josef Zweimüller (University of Zurich)
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Refereed essays Web of Science
This paper presents a general electricity-CO2 modeling framework that is able to simulate interactions of the energy-only market with different forms of national policy measures. We set up a two sector model where players can invest into various types of generation technologies including renewables, nuclear power and carbon capture, transport, and storage (CCTS). For a detailed representation of CCTS ...
In:
Energy Systems
9 (2018),4, S. 1025-1054
| Roman Mendelevitch, Pao-Yu Oei
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Refereed essays Web of Science
The shift away from coal is at the heart of the global low-carbon transition. Can governments of coal-producing countries help facilitate this transition and benefit from it? This paper analyses the case for coal taxes as supply-side climate policy implemented by large coal exporting countries. Coal taxes can reduce global carbon dioxide emissions and benefit coal-rich countries through improved terms-of-trade ...
In:
Climatic Change
150 (2018), 1-2, S. 43-56
| Philipp M. Richter, Roman Mendelevitch, Frank Jotzo
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Press Release
German Institute for Economic Research: No reason for exaggerated concern about an economic slowdown
Euro area states can benefit from an interest rate increase in the U.S. in the short term, according to the findings of a current study by the German Institute for Economic Research (DIW Berlin). Thanks to the devaluation of the euro, their exports would rise to the extent that they are able to overcompensate ...
21.03.2018
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DIW Weekly Report 12 / 2018
To accompany the economic upturn in the U.S., the Federal Reserve Bank has been raising its benchmark interest rate incrementally. In an increasingly globalized world in which the American economy plays a key role, an action like this has spillover effects on the international level. Based on a dynamic factor model, the present study shows that the member states of the euro area—Germany in particular—can ...
2018| Max Hanisch
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DIW Discussion Papers 1728 / 2018
This study analyses how liquidity risk affects bonds’ yield spreads after controlling for credit risk, bond-specific characteristics and macroeconomic variables. Using two liquidity estimates, LOT liquidity and the bid-ask spread, we find that, in particular, the LOT liquidity measure has explanatory power for the yield spread of green bonds. Overall, however, the impact of LOT decreases over time, implying ...
2018| Febi Wulandari, Dorothea Schäfer, Andreas Stephan, Chen Sun
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Video
To accompany the economic upturn in the U.S., the Federal Reserve Bank has been raising its benchmark interest rate incrementally. In an increasingly globalized world in which the American economy plays a key role, an action like this has spillover effects on the international level. Max Hanisch's study shows that the member states of the euro area—Germany in particular—can temporarily...
21.03.2018| Nachgeforscht
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Report
Gert G. Wagner, who served as a member of the German Institute for Economic Research's Executive Board from 2011 to 2017, will celebrate his 65th birthday on January 5. The economist and social scientist was the head of the Socio-Economic Panel (SOEP) research infrastructure at DIW Berlin from 1989 to 2011 and developed it into the largest and longest-running long-term study on social and economic ...
04.01.2018