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Refereed essays Web of Science
U.S. shale gas production is generally expected to continue its fast rise of the last years. However, a cautious evaluation is needed. Shale gas resources are potentially overestimated and it is uncertain to what extent they can be economically produced. The adverse environmental effects of ever more wells being drilled may lead to a fall in public acceptance and the strengthening of U.S. regulation. ...
In:
Economics of Energy and Environmental Policy
4 (2015), 1, S. 131-151
| Philipp M. Richter
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Refereed essays Web of Science
We propose a merchant-regulatory framework to promote investment in the European natural gas network infrastructure based on a price cap over two-part tariffs. As suggested by Vogelsang (J Regul Econ 20:141–165, 2001) and Hogan et al. (J Regul Econ38:113–143, 2010), a profit maximizing network operator facing this regulatory constraint will intertemporally rebalance the variable and fixed part of its ...
In:
Networks and Spatial Economics
15 (2015), 1, 149-181
| Anne Neumann, Juan Rosellón, Hannes Weigt
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Refereed essays Web of Science
We argue that the vast bulk of movements in aggregate real economic activity during the Great Recession were due to financial frictions. We reach this conclusion by looking through the lens of an estimated New Keynesian model in which firms face moderate degrees of price rigidities, no nominal rigidities in wages, and a binding zero lower bound constraint on the nominal interest rate. Our model does ...
In:
American Economic Journal: Macroeconomics
7 (2015), 1, S. 110-167
| Lawrence J. Christiano, Martin S. Eichenbaum, Mathias Trabandt
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Refereed essays Web of Science
Are capital controls and macroprudential measures related to international exposures successful in achieving their objectives? Assessing their effectiveness is complicated by selection bias; countries which change their capital-flow management measures (CFMs) often share specific characteristics and are responding to changes in variables that the CFMs are intended to influence. This paper addresses ...
In:
Journal of International Economics
96 (2015), Suppl. 1, S. S76-S97
| Kristin Forbes, Marcel Fratzscher, Roland Straub
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Refereed essays Web of Science
Adequate extension of electricity transmission networks is required for integrating fluctuating renewable energy sources, such as wind power, into electricity systems. We study the performance of different regulatory approaches for network expansion in the context of realistic demand patterns and fluctuating wind power. In particular, we are interested in the relative performance of a combined merchant-regulatory ...
In:
Journal of Regulatory Economics
47 (2015) 1, S. 1-28
| Wolf-Peter Schill, Jonas Egerer, Juan Rosellón
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Refereed essays Web of Science
The German potable water supply industry is regarded highly fragmented, thus preventing efficiency improvements that could happen through consolidation. Focusing on a hypothetical restructuring of the industry, we use a cross-section sample of 364 German water utilities in 2006, applying Data Envelopment Analysis, to analyze the potential efficiency gains from hypothetical mergers between water utilities ...
In:
Journal of Productivity Analysis
44 (2015), 1, S. 97-114
| Michael Zschille
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Refereed essays Web of Science
Pricing and selling strategies in the retail sector are hotly debated in policy circles. This article analyses the impact of sales below cost on the negotiation outcomes in intermediate goods markets. Assuming that consumers have a sufficiently strong preference for one-stop shopping, we model below-cost pricing as the result of a profit-maximising cross-subsidisation strategy of a multi-product retailer. ...
In:
European Review of Agricultural Economics
42 (2015), 2, S. 269-286
| Vanessa von Schlippenbach
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Refereed essays Web of Science
Using a large panel of individual professionals' forecasts, this paper demonstrates that good exchange rate forecasts are related to a proper understanding of fundamentals, specifically good interest rate forecasts. This relationship is robust to individual fixed effects and further controls. Reassuringly, the relationship is stronger during phases when the impact from fundamentals is more obvious, ...
In:
Journal of International Money and Finance
53 (2015), S. 235-256
| Christian D. Dick, Ronald MacDonald, Lukas Menkhoff
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Refereed essays Web of Science
We examine whether the experience of shocks influences individual risk attitude. We measure the risk attitude of more than 4,000 households in Thailand and Vietnam via a simple survey item. The experience of adverse shocks, which is typical for poor and vulnerable households, is related to a higher degree of risk aversion, even when controlled for a large set of socio-demographic variables. Therefore, ...
In:
World Development
71 (2015) S. 54-78
| Oliver Gloede, Lukas Menkhoff, Hermann Waibel
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Refereed essays Web of Science
This paper investigates the usefulness of the money demand relationship in times of unconventional monetary policies by cointegration methods. Our empirical evidence shows the existence of stable long run money demand functions even in the period of interest rates near the zero bound, both for the US economy and the euro area. Evidence is based on standard monetary aggregates, i.e. MZM for the US and ...
In:
Journal of Macroeconomics
46 (2015), S. 40-54
| Christian Dreger, Jürgen Wolters