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Report
We are happy to announce that GC students across all cohorts have voted for Daniel Graeber (GC class 2015) and Felicitas Schikora (GC class 2016) as their new representatives in 2018!
We thank Marica and Daniel for their excellent work last year and look forward to a continued great collaboration with the new representatives.
The two Student’s Representatives serve as spokespersons for the ...
15.02.2018
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DIW Discussion Papers 1722 / 2018
We study the state-dependent trading behavior of financial intermediaries in the oil futures market, using structural vector autoregressions with Markov switching in heteroskedasticity. We decompose changes in futures price volatility into changes in the slopes of traders' demand curves and in the variability of their demand shocks. We find that the downward-sloping demand curve of intermediaries steepens ...
2018| Daniel Bierbaumer, Malte Rieth, Anton Velinov
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DIW Discussion Papers 1721 / 2018
We study the characteristics of inflation targeting as a shock absorber, using quarterly data for a large panel of countries. To overcome an endogeneity problem between monetary regimes and the likelihood of crises, we propose to study large natural disasters. We find that inflation targeting improves macroeconomic performance following such exogenous shocks. It lowers inflation, raises output growth, ...
2018| Marcel Fratzscher, Christoph Grosse Steffen, Malte Rieth
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Video
Every year, more than 30,000 people are interviewed for the SOEP study. Without their commitment and the professionalism of the interviewers working for Kantar Public, the survey institute, the SOEP would not be as successful as it is today. Interviewer Andrea Schüle has been working for “Living in Germany”, as the survey is known to respondents, for over 10 years. We introduce...
13.02.2018
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Externe Working Papers
Household survey data provide a rich information set on income, household context and demographic variables, but tend to under report incomes at the very top of the distribution. Administrative data like tax records offer more precise information on top incomes, but at the expense of household context details and incomes of non-filers at the bottom of the distribution. We combine the benefits of the ...
Bonn:
IZA,
2017,
35 S.
(Discussion Paper Series / Forschungsinstitut zur Zukunft der Arbeit ; 10573)
| Charlotte Bartels, Maria Metzing
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Externe Working Papers
This paper analyzes optimal product lines when consumers differ both in their taste for, quality and in their desire for social image. The market outcome features partial pooling and, product differentiation that is not driven by heterogeneous valuations for quality but by image, concerns. A typical monopoly outcome is a two-tier product line resembling a “masstige”, strategy as observed in luxury ...
Munich, Germany:
Collaborative Research Center Transregio 190,
2018,
36 S. : Anh.
(Discussion Paper / Rationality & Competition, CRC TRR 190 ; 70)
| Jana Friedrichsen
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Externe Monographien
This dissertation consists of three self-contained research articles, each making an independent contribution to the higher education literature.
Berlin:
Freie Univ.,
2017,
183 S.
| Vaishali Zambre-Rehbein
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Refereed essays Web of Science
This article analyses the effects of the Federal Reserve's quantitative easing (QE) on global portfolio flows, differentiating across recipient region of the flows, type of flow and QE rounds. Furthermore, the analysis differentiates between the impact of QE expansionary announcements and the actual market operations. The analysis shows that QE1 resulted in (slight) rebalancing towards the US, while ...
In:
The Economic Journal
12, (2018), S. 330-377
| Marcel Fratzscher, Marco Lo Duca, Roland Straub
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Refereed essays Web of Science
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, ...
In:
Finance Research Letters
27 (2018), S. 53-59
| Febi Wulandari, Dorothea Schäfer, Andreas Stephan, Chen Sun
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Refereed essays Web of Science
The performance of information criteria and tests for residual heteroscedasticity for choosing between different models for time‐varying volatility in the context of structural vector autoregressive analysis is investigated. Although it can be difficult to find the true volatility model with the selection criteria, using them is recommended because they can reduce the mean squared error of impulse ...
In:
Oxford Bulletin of Economics and Statistics
80 (2018), 4, S. 715-735
| Helmut Lütkepohl, Thore Schlaak