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Refereed essays Web of Science
We study the impact of renewable energy on forward markets for electricity. Previous literature shows that forward prices are determined by time-varying demand and volatile spot prices. We introduce supply risk from renewable generation and find that stochastic renewable output mitigates income risk for generating firms, in particular when negative shocks to renewable output have large positive price ...
In:
The Energy Journal
(2024), im Ersch. [online first: 2024-06-03]
| Sebastian Schwenen, Karsten Neuhoff
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Refereed essays Web of Science
We study the relationship between crowding and performance in the active mutual fund industry. Using the equity holdings overlap of 17,364 global funds, we find that funds that crowd into the same stocks underperform passive benchmark funds by 1.4% per year. The negative returns to crowding can at least in part be explained by excess demand for liquidity and the associated discount for holding liquid ...
In:
Journal of Banking & Finance
164 (2024), 107202, 17 S.
| Tanja Artiga Gonzalez, Teodor Dyakov, Justus Inhoffen, Evert Wipplinger
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Refereed essays Web of Science
Understanding the causes of the slowdown in aggregate productivity growth is key to maintaining the competitiveness of advanced economies and ensuring long-term economic prosperity. This paper provides evidence that investment in intangible capital, despite having a positive effect on productivity at the micro level, is a driver of the weak productivity performance at the aggregate level as it amplifies ...
In:
The Review of Income and Wealth
(2024), im Ersch. [Online first: 2023-07-23]
| Marie Le Mouel, Alexander Schiersch
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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
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
(2024) im Ersch. [Online first: 2023-09-25]
| Kerstin Bernoth, Benjamin Beckers
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Refereed essays Web of Science
There is ample empirical literature centering on the effectiveness of foreign exchange intervention (FXI). Given the mix of objectives and country-heterogeneity, the general lack of consensus thus far is no surprise. We shed light on this debate by conducting the first comprehensive meta-analysis in the FXI literature, with 279 reported effects that stem from 74 distinct empirical studies. We cover ...
In:
Journal of Financial Stability
74 (2024),100794, 24 S.
| Lucía Arango-Lozano, Lukas Menkhoff, Daniela Rodríguez-Novoa, Mauricio Villamizar-Villegas
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Research Project
After being commissioned by the Federal Ministry of Finance, researchers at DIW Berlin and the ifo Institute prepare short-term expert reports and analyses on national, European and international financial, tax and fiscal policy issues.
Recurring Project| Macroeconomics
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Research Project
After being commissioned by the Federal Ministry of Finance, researchers at DIW Berlin and the ifo Institute prepare short-term expert reports and analyses on national, European and international financial, tax and fiscal policy issues.
Recurring Project| Macroeconomics
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Cluster-Seminar Öffentliche Finanzen und Lebenslagen
Stock market participation jumped upwards in Germany in the year 2020 by about 25%. A major cause for this was the enforced use of remote work. We show this by repeating a benchmark study with demanding data requests and adding remote work to the explanatory variables. Moreover, we implement an instrumental variables estimation based on commuting distance and work-from- home capacity. The...
19.07.2023| Lorenz Meister
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Event
Join us for an insightful presentation on the global impact of COVID-19 on public debt and the challenges it poses for policymakers. This lecture explore the effectiveness of different approaches to reducing debt-to-GDP ratios, considering econometric analyses and historical experiences. Followed by a discussion.
Key findings include:
Fiscal consolidations: Timely and well-designed fiscal...
14.06.2023| Asonuma Tamon, Josefin Meyer