This paper uses a structural vector autoregression identified with the high frequency approach to study the international spillovers of the Fed and ECB monetary policy surprises. It distinguishes between the news about monetary policy (monetary policy shocks) and news about the economy in these surprises. The paper finds that the Fed monetary policy shocks have a very strong effect on the euro...
Germany’s persistent current account surplus reflects to a large extent low domestic private investment. We argue that two factors—the local fragmentation of Germany’s banking system and the role of local banks in local public finance—can help explain why investment is so low. Local public banks dominate lending to small and medium firms in many regions of Germany. At the...
The Socio-Economic Panel (SOEP) is one of the largest and longest-running multidisciplinary household surveys worldwide. Every year, approximately 30,000 people in 20,000 households are interviewed for the SOEP study. The survey has been conducted since 1984. The SOEP is also a research-driven infrastructure based at DIW Berlin. The SOEP team prepares survey data for use by researchers around the...
DIW Berlin, EUI-Florence School of Regulation, Technical University Berlin, Universidad Autónoma de Madrid, University College London and Université Libre de Bruxelles are happy to announce a PhD Summer School on "Economic Foundations for Energy and Climate Policies". The Summer School will be held from 9th to 13th September 2019 at DIW Berlin. The main objective of the School is to ...
Greek and German micro, small and medium sized businesses (MSMEs) are the backbone of both the Greek and the German economy, significantly contributing to the economic performance of the two countries. In order to be able to remain competitive in a globalized world, these MSMEs will have to increase their absorption capacity, accumulate new knowledge, and reinforce their innovation effort....
