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Refereed essays Web of Science
We investigate the role of monetary policy in stock price misalignments and explore whether central banks can attenuate excessive mispricing as suggested by the proponents of a “leaning against the wind” monetary policy. Decomposing stock prices into expected excess dividends, an equity risk premium, and a mispricing component, we find that prices fall more strongly in response to an increase in the ...
In:
Journal of Money, Credit and Banking
56 (2024), 7, S. 1887-1904
| Kerstin Bernoth, Benjamin Beckers
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Refereed essays Web of Science
We investigate how internal distribution motives can affect the implementation of an important macroeconomic policy: capital controls. To do this, we study one of history’s largest debt repatriations, which took place under strict capital controls in 1930s Germany, providing a wealth of quantitative and historical evidence. We show that the authorities kept private repatriations under strict control, ...
In:
Journal of Political Economy
132 (2024), 6, S. 1793-2178
| Andrea Papadia, Claudio A. Schioppa
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Refereed essays Web of Science
The comparative study of housing decommodification lags behind classical welfare state research, while housing research itself is rich in homeownership studies but lacks comparative accounts of private and social rentals due to missing comparative data. Building on existing works and various primary sources, this study presents a new collection of up to forty-eight countries’ social housing shares ...
In:
Journal of Social Policy
53 (2024), 4, S. 970–996
| Konstantin A. Kholodilin, Sebastian Kohl, Florian Müller
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Refereed essays Web of Science
In 2020, Berlin introduced a rigorous rent-control policy responding to soaring prices by capping rents: the Mietendeckel (rent freeze). The German Constitutional Court revoked the policy only one year later. Although successful in lowering rents during its duration, the consequences for Berlin’s rental market and close-by markets are per se not clear. This article evaluates the short-term causal supply-side ...
In:
Management Science
70 (2024), 3, S. 1901-1923
| Anja M. Hahn, Konstantin A. Kholodilin, Sofie R. Waltl, Marco Fongoni
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Refereed essays Web of Science
This paper assesses the role of the housing market in the transmission of monetary policy across euro area regions. By exploiting a novel regional dataset on housing-related variables, a structural panel VAR analysis shows that conventional and unconventional monetary policy shocks propagate effectively to the economy, particularly to the housing sector, albeit in a heterogeneous fashion across regions. ...
In:
European Economic Review
171 (2025), 104897, 25 S.
| Niccolò Battistini, Matteo Falagiarda, Angelina Hackmann, Moreno Roma
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Refereed essays Web of Science
We investigate the interplay of the monetary–fiscal policy mix during times of crisis by drawing insights from the Great Inflation of the 1960s and 1970s. We use a Sequential Monte Carlo (SMC) algorithm to estimate a DSGE model with three distinct monetary/fiscal policy regimes. We show that, in such a model, SMC outperforms standard sampling algorithms because it is better suited to deal with multimodal ...
In:
European Economic Review
170 (2024), 104874, 16 S.
| Stephanie Ettmeier, Alexander Kriwoluzky
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Refereed essays Web of Science
This article investigates the impact of weather-related disasters on inflation in the euro area over the period 1996–2021. Using a panel structural vector autoregression approach, we explore whether weather-related disasters have a significant and persistent effect on inflation, as well as the role that demand-side and supply-side channels play as drivers of inflation. We also analyse the heterogeneous ...
In:
Journal of Banking & Finance
169 (2024), 107298, 13 S.
| John Beirne, Yannis Dafermos, Alexander Kriwoluzky, Nuobu Renzhi, Ulrich Volz, Jana Wittich
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Refereed essays Web of Science
The system of business income taxation consists of two instruments, namely a statutory tax rate and a depreciation allowance on investment. We will show in this paper that by acting on both instruments simultaneously it is possible to achieve both a growth and a fiscal net revenue target even in cases when a trade-off prevails when each instrument is used individually.As will be shown in the paper, ...
In:
Journal of Macroeconomics
81 (2024), 103606, 20 S.
| Marius Clemens, Werner Röger
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Refereed essays Web of Science
This study investigates whether public procurement mitigates or exacerbates innovative enterprises’ financial constraints. We distinguish between general and environmentally beneficial innovative enterprises. Theory suggests that the treatment effects of public procurement, particularly when mediated by the demand-pull effect, may lower a company’s funding constraints for innovation. We test this theory ...
In:
Small Business Economics
62 (2024), S. 939–959
| Dorothea Schäfer, Andres Stephan, Sören Fuhrmeister
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Refereed essays Web of Science
In this paper, we analyse a sample of voluntarily published country-by-country reports (CbCRs) of 35 multinational enterprises (MNEs). We assess the value added and the limitations of qualitative and quantitative information provided in the reports based on a comparison to individual MNEs’ annual financial reports and aggregate CbCR data provided by the OECD. In terms of data quality, we find that ...
In:
International Tax and Public Finance
31 (2024), S. 593–634
| Sarah Godar, Giulia Aliprandi, Tommaso Faccio, Petr Janský, Katia Toledo Ruiz