Search

Evaluating Continuous Training Programmes by Using the Generalized Propensity Score

The paper assesses the heterogeneity of treatment effects arising from variation in the duration of training. We use German administrative data that have the extraordinary feature that the amount of treatment varies continuously from 10 days to 395 days (i.e. 13 months). This feature allows us to estimate a continuous dose-response function that relates each value of the dose, i.e. days of training, ...

Household Survey Data for Research on Well-Being and Behavior in Central Asia

This paper summarizes the micro-level survey evidence from Central Asia generated and analyzed in the period 1992-2012. We provide an exhaustive overview over all accessible individual and household-level surveys undertaken inKazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan - and of all academic papers published using these datasets. We argue that Central Asia is a fascinating region ...

In-Sample and Out-of-Sample Prediction of Stock Market Bubbles: Cross-Sectional Evidence

We evaluate the informational content of ex post and ex ante predictors of periods of excess stock (market) valuation. For a cross-section comprising 10 OECD economies and a time span of at most 40 years, alternative binary chronologies of price bubble periods are determined. Using these chronologies as dependent processes and a set of macroeconomic and financial variables as explanatory variables, ...

An Early Warning System to Predict Speculative House Price Bubbles

In this paper, the authors construct country-specific chronologies of the house price bubbles for 12 OECD countries over the period 1969:Q1-2009:Q4. These chronologies are obtained using a combination of a fundamental approach and a filter approach. The resulting speculative bubble chronology is the one which provides the highest concordance between these two techniques. In addition, the authors suggest ...

Is the Willingness to Take Financial Risk a Sex-Linked Trait? Evidence from National Surveys of Household Finance

We investigate whether the willingness to take investment risk is a sex-linked trait and link the results to the country's gender equality regime. Our empirical analysis involves household data on financial asset holdings as well as on self-reported risk tolerance for Austria, Italy, the Netherlands and Spain. Of those countries, Italy is by far the country with the greatest degree of gender inequality ...

Why Do Emitters Trade Carbon Permits? Firm-Level Evidence from the European Emission Trading Scheme

The creation of the EU's Emission Trading Scheme (EU ETS) has turned the right to emit CO2 into a positively priced intermediate good for the affected firms. Firms thus face the decision whether to source compliance with the EU ETS within their boundaries or to acquire it through the permit trade. However, a combination of internal abatement, free permit allocation and exibility to shift the use of ...

Solving nonlinear rational expectations models by approximating the stochastic equilibrium system

Top-down v. Bottom-up: The Long-Term Impact of Government Ideology and Personal Experience on Values

This paper studies the long-term impact of societal socialization on values using the example of doping behavior in sports. We apply the German Reunification Approach to the microcosm of Berlin and exploit its 40-year long division into a capitalist and a communist sector. We deliberately chose attitudes toward doping to test the impact of ideology on values since (i) post-1989 disappointed economic ...

Trade Intensity and Output Synchronisation: On the Endogeneity Properties of EMU

Using annual bilateral data over the period 1988-2011 for a panel of 24 industrialised and emerging economies, we analyse in a time-varying framework the determinants of output synchronisation in EMU (European Monetary Union) distinguishing between core and peripheral member states. The results support the specialisation paradigm rather than the endogeneity hypothesis. Evidence is found in the euro ...

Long Memory in the Ukrainian Stock Market

This paper examines the dynamics of stock prices in Ukraine by estimating the degree of persistence of the PFTS stock market index. Using long memory techniques we show that the log prices series is I(d) with d slightly above 1, implying that returns are characterised by a small degree of long memory and thus are predictable using historical data. Moreover, their volatility, measured as the absolute ...