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Externe Monographien
Financing entrepreneurship spurs innovation and economic growth. Digital financial platforms that crowdfund equity for entrepreneurs have emerged globally, yet they remain poorly understood. We model equity crowdfunding in terms of the relationship between the number of investors and the amount of money raised per pitch. We examine heterogeneity in the average amount raised per pitch that is associated ...
Potsdam:
CEPA,
2024,
27 S.
(CEPA Discussion Papers ; 72)
| Saul Estrin, Susanna Khavul, Alexander S. Kritikos, Jonas Löher
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Diskussionspapiere 2100 / 2024
Using a data-driven approach to identify structural vector autoregressive models, we examine key factors influencing the US dollar exchange rate across eight advanced economies from 1980 to 2022. We find that shocks to inflation expectations, which are closely tied to unfunded government transfer payments, have a pronounced effect on the US dollar’s value. This underscores the fiscal dimension of exchange ...
2024| Kerstin Bernoth, Helmut Herwartz, Lasse Trienens
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Externe Monographien
Stock market participation among working household heads jumped upwards in 2020-in Germany by about 25%. A major cause is the required use of work from home (WfH). We show this by repeating a benchmark study and adding WfH to the explanatory variables. Moreover, we implement an instrumental variables estimation based on industry-specific levels of WfH-capacity. The transmission channels seem to work ...
SSRN,
2024,
48 S.
(SSRN Papers)
| Lorenz Meister, Lukas Menkhoff, Carsten Schröder
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Externe Monographien
We study sovereign external debt crises over the past 200 years, with a focus on creditor losses, or “haircuts”. Our sample covers 327 sovereign debt restructurings with external private creditors over 205 default spells since 1815. Creditor losses vary widely (from none to 100%), but the statistical distribution has remained remarkably stable over two centuries, with an average haircut of around 45 ...
Cambridge, Mass.:
National Bureau of Economic Research,
2024,
53 S.
(NBER Working Paper Series ; 32599)
| Clemens M. Graf von Luckner, Josefin Meyer, Carmen M. Reinhart, Christoph Trebesch
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Refereed essays Web of Science
The decommissioning of nuclear power plants is a complex and lengthy process. But so far, of the 204 already closed reactors, only eleven with more than 100 MW of electrical capacity have been fully decommissioned, while another 200 reactors are expected to reach the end of their operational lifetime in the next two decades. Against this backdrop, this comparative cross-country case study investigates ...
In:
Renewable and Sustainable Energy Reviews
201 (2024), 114621, 16 S.
| Rebekka Bärenbold, Muhammad Maladoh Bah, Rebecca Lordan-Perret, Björn Steigerwald, Christian von Hirschhausen, Ben Wealer, Hannes Weigt, Alexander Wimmers
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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
Financing entrepreneurship spurs innovation and economic growth. Digital financial platforms that crowdfund equity for entrepreneurs have emerged globally, yet they remain poorly understood. We model equity crowdfunding in terms of the relationship between the number of investors and the amount of money raised per pitch. We examine heterogeneity in the average amount raised per pitch that is associated ...
In:
PloS one
19 (2024), 1, e0293292, 17 S.
| Saul Estrin, Susanna Khavul, Alexander S. Kritikos, Jonas Löher
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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
70 (2024), 3, S. 605-638
| 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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Externe Monographien
Chapter 1: In this paper, I analyze the interplay between (European) monetary policy and energy prices. Employing a Bayesian proxy structural vector autoregressive model, I establish that the ECB’s decisions have material effects on global and local energy prices. This starkly contrasts the public communication and internal assumptions of the ECB. Through Lucas-critique robust counterfactuals, I demonstrate ...
Berlin:
Freie Universität Berlin,
2024,
XXVII; 267 S.
| Ben Schumann