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Refereed essays Web of Science
In the light of the unconventional monetary policies implemented by most large central banks around the world, there is an intense debate about the potential impact on the prices of capital assets. Particularly in Germany, skepticism about the sustainability of the current policy by the European Central Bank is wide spread and concerns about the emergence of a speculative price bubble in the housing ...
In:
Empirical Economics
55 (2018), 4, S. 1957-1983
| Konstantin A. Kholodilin, Claus Michelsen, Dirk Ulbricht
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Refereed essays Web of Science
Background and Aims: While research has focused on outcomes of tobacco control policies, less is known about the mechanisms by which policies may affect tobacco use. We estimated the associations of changes in cigarette taxes and smoke‐free legislation with (1) any household cigarette expenditure and (2) the level of household expenditure on cigarettes, as well as (3) tested interactions with socio‐economic ...
In:
Addiction
114 (2018), 4, S. 721-729
| Summer Sherburne Hawkins, Melissa Kull, Christopher F. Baum
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Refereed essays Web of Science
This paper uses a structural VAR model to study the effect of monetary policy on the delinquency rate of business loans and consumer credit. The VAR is identified using, jointly, several external instruments that reflect different approaches from the literature. Delinquency rates, defined as the rate of loans with overdue repayments relative to total loans, are found to decrease in response to an exogenous ...
In:
International Journal of Central Banking
14 82018), 4, S. 327-358
| Michele Piffer
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Refereed essays Web of Science
The integration of emerging markets into the global economy is heavily promoted by foreign direct investment (FDI) inflows. Among the factors explaining the location of FDI, regional trade agreements (RTAs) can be relevant for emerging markets, as they can promote economic integration and increase the attractiveness of the region for foreign investors. This paper investigates the impact of South–South ...
In:
Review of Development Economics
22 (2018), 3, S. 1263-1277
| Mondher Cherif, Christian Dreger
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Refereed essays Web of Science
The outcome of any important macroeconomic policy change is the net effect of forces operating on different parts of the economy. A central challenge facing policymakers is how to assess the relative strength of those forces. Economists have a range of tools that can be used to make such assessments. Dynamic stochastic general equilibrium (DSGE) models are the leading tool for making such assessments ...
In:
Journal of Economic Perspectives
32 (2108), 3, S. 113-140
| Lawrence J. Christiano, Martin S. Eichenbaum, Mathias Trabandt
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Refereed essays Web of Science
China's government has been promoting the shift toward a consumption-based economy in the past few years to arrive at a path of sustainable and socially inclusive growth. In this context, the explicit goal to significantly raise the percentage ofwages in the national household income was an integral part of the 12th Five-Year Plan (2011–15). These changes in economic strategy are likely to affect the ...
In:
Asian Economic Papers
17 (2018) 2, S. 94-107
| Julian Donaubauer, Christian Dreger
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Refereed essays Web of Science
The wage curve introduced by Blanchflower and Oswald (1990, 1994b) postulates a negative correlation between wages and unemployment. Empirical studies use different channels for a theoretical underpinning the relationship. Panel data models mostly draw on bargaining power or the efficiency wage hypothesis. Spatial econometric approaches can be rationalized by monopsonistic competition. However, the ...
In:
Review of Regional Research
38 (2018), 1, S. 53-75
| Reinhold Kosfeld, Christian Dreger
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Refereed essays Web of Science
In this paper, I study how occupational segregation affects the allocation of talent in a competitive labour market. I propose a model of occupational choice in which heterogeneous workers must rely on their social contacts to acquire job‐vacancy information. While occupational segregation implies benefits in terms of job‐finding probability, it also leads to allocative inefficiencies. Efficient and ...
In:
The Scandinavian Journal of Economics
120 (2018), 1, S. 242-267
| David Pothier
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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
We analyze fiscal devaluation in a three-country model. The introduction of the third country, outside a monetary union, increases the expansionary effect of fiscal devaluation and the second country of the monetary union experiences a boom instead of a recession.
In:
Economics Letters
163 (2018), S. 13-16
| Philipp Engler, Sandra Pasch, Juha Tervala