Macroeconomics Department Publications

Die Corona-Krise kommt mit Wucht zurück

Corona-Krise: (Wirtschafts-)politische Perspektiven: Die Reflexe aus der Finanzkrise sind nicht genug!

Die Deutsche Gesellschaft für Epidemiologie warnte, dass die Zahl der COVID-19-Fälle schon bald die Kapazität des Gesundheitssystems übersteigen könnte. In Deutschland und weltweit droht eine schwere Rezession aufgrund eines externen Schocks. Mögliche Szenarien zur Bekämpfung der Krise zeigen, dass drastische Maßnahmen zur Eindämmung des Virus die beste Lösung für die Krise bleiben. Die Entwicklungen ...

Great Green Transition and Finance

European governments are struggling to regain economic strength in the coronavirus pandemic as in many countries the number of new infections seems to gradually subside. Growth rates deep in the red call for a reconstruction programme when the crisis is finally manageable and economic activity can resume. Amidst this, there are again infl uential groups that claim “this is not the time to insist on strict ...

Über die Ursachen und das mögliche Ende der niedrigen Zinsen in Deutschland

Solicited versus Unsolicited Ratings: The Role of Selection

This paper analyzes the extent to which selection explains the observed discrepancy between solicited and unsolicited ratings. I propose a model of selection with truth telling rating agencies and borrowers with the ability to veto the revelation of the rating. The observed difference between the two categories of ratings in different sectors is in line with the prediction of the model. In the sovereign ...

Coping with the Consequences of a Housing Crisis during the Great War: The Case of Right-Bank Ukraine in 1914-1918

Zehn Jahre nach dem großen Knall: wie ist es um die Stabilität der internationalen Immobilienmärkte bestellt?

Zehn Jahre nach der weltweiten Finanz- und Wirtschaftskrise, die ihren Ursprung auf dem US-amerikanischen Immobilienmarkt hatte, steigen angesichts weltweit zunehmender Preise für Wohneigentum die Sorgen vor neuen Immobilienpreisblasen. Dieser Beitrag zeigt auf Basis von OECD-Daten für 20 Länder, dass die Sorge nicht unberechtigt ist: In acht Ländern deutet die Immobilienpreisentwicklung auf ein spekulatives ...

The Effects of Second-Generation Rent Control on Land Values

Second generation rent control seeks to prevent negative quantity effects by exempting newly built units. The artificially lowered rent in the controlled segment makes renting attractive for households that would otherwise not have rented in the market, replacing households with higher willingness to pay for housing. These households bid up prices in the free market segment, giving rise to an opposite-sign ...

Central Business District of St. Petersburg 1869–2017: From a Market Economy to a Centrally Planned One and Back Again

The city center is at the core of urban and housing economics. Many models crucially depend on it. In a market economy, the location of urban amenities, especially eating establishments, closely correlates with that of the city center and, more generally, with the Central Business District (CBD). In a centrally planned economy, the spatial distribution of those amenities is determined by the central ...

Primenenie cenovoj diskriminacii na pervicnom rynke kvartir v rossii

The paper explores practical issues of using price discrimination in the markets of new apartments.First, we discuss various strategies of price discrimination which may be applied byconstruction companies to increase revenue (i. e. discrimination by observable characteristics orby self-selection). Then we suggest an approach for empirical estimation of possibility of pricediscrimination in this market, ...