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Macroeconomics Department Publications

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  • Other refereed essays

    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 ...

    In: Intereconomics 55 (2020), 3, S. 181-186 | Claudia Kemfert, Dorothea Schäfer, Willi Semmler
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    Über die Ursachen und das mögliche Ende der niedrigen Zinsen in Deutschland

    In: Wirtschaftsdienst 100 (2020), 1, S. 12-16 | Marcel Fratzscher, Alexander Kriwoluzky
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    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 ...

    In: Journal of Financial Management, Markets and Institutions 7 (2019), 2, 1950005, 25 S. | Anna Gibert
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    Coping with the Consequences of a Housing Crisis during the Great War: The Case of Right-Bank Ukraine in 1914-1918

    In: International Journal of Regional and Local History 14 (2019), 1, S. 1-20 | Konstantin A. Kholodilin, Tymofiy Gerasymov
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    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 ...

    In: Zeitschrift für Immobilienökonomie 5 (2019), 1/2, S. 67-87 | Konstantin A. Kholodilin, Claus Michelsen
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    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 ...

    In: AEA Papers and Proceedings 109 (2019), S. 385-388 | Andreas Mense, Claus Michelsen, Konstantin A. Kholodilin
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    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 ...

    In: Urban Studies and Practices Journal 3 (2018), 1, S. 23-39 | Konstantin A. Kholodilin, Leonid Limonov
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    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, ...

    In: Rossijskij zurnal menedzmenta = Russian Management Journal 14 (2016), 4, S. 21-48 | Maxim A. Storchevoy, Konstantin A. Kholodilin, Dmitry M. Sorokin, Shamil Sh. Sharapudinov
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    Do Wealthier Households Save More? The Impact of the Demographic Factor

    This paper investigates the relationship between wealth, ageing and saving behaviour of private households by using pooled cross sections of German consumption survey data. Different components of wealth are distinguished, as their impact on the savings rate is not homogeneous. On average, the effect attributed to real estate dominates the other components of wealth. In addition, the savings rate strongly ...

    In: International Economics and Economic Policy 12 (2015), 2, S. 163-173 | Ansgar Belke, Christian Dreger, Richard Ochmann
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    The Transmission of Oil and Food Prices to Consumer Prices: Evidence for the MENA Countries

    This paper investigates the effects of global oil and food price shocks to consumer prices in Middle East-North African (MENA) countries using threshold cointegration methods. Oil and food price shocks increase domestic prices in the long run, whereby the impact of food prices dominates. While global prices are weakly exogenous, consumer prices respond to deviations from the equilibrium relationship. ...

    In: International Economics and Economic Policy 12 (2015), 1, S. 143-161 | Ansgar Belke, Christian Dreger
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