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Diskussionspapiere 1967 / 2021

Zooming in on Monetary Policy - The Labor Share and Production Dynamics of Two Million Firms

Conditional on a contractionary monetary policy shock, the labor share of value added is expected to decrease in the basic New Keynesian model. By providing firm-level evidence, we are first to validate this proposition. Using local projections and high dimensional fixed effects, we show that a one standard deviation contractionary monetary policy shock decreases firms' labor share by 0.4 percent, ...

2021| Jan Philipp Fritsche, Lea Steininger
Diskussionspapiere 1964 / 2021

Income Business Cycles

Using a wide variety of business cycle dating and filtering techniques, this paper documents the cyclical behavior of the post-tax income distribution in the US. First, all incomes are cyclical and co-move with the business cycle. Second, lower and higher income individuals experience significantly larger fluctuations across the business cycle than middle-income individuals. Third, these fluctuations ...

2021| Geraldine Dany-Knedlik, Alexander Kriwoluzky, Sandra Pasch
Diskussionspapiere 1962 / 2021

Risky Asset Holdings during Covid-19 and Their Distributional Impact: Evidence from Germany

We present evidence from a repeated survey on risky asset holdings carried out on a representative sample of the German population six times between April and June 2020. Given the size of the Covid-19 shock, we find little evidence of portfolio rebalancing in April 2020. In May, however, individual investors started buying heavily, fueling market recovery. The cross-section shows large differences ...

2021| Lukas Menkhoff, Carsten Schröder
Externe referierte Aufsätze

Extending the Kitagawa–Oaxaca–Blinder Decomposition Approach to Panel Data

The Kitagawa–Oaxaca–Blinder decomposition approach has been widely used to attribute group-level differences in an outcome to differences in endowment, coefficients, and their interactions. The method has been implemented for Stata in the popular oaxaca command for cross-sectional analyses. In recent decades, however, research questions have been more often focused on the decomposition of group-based ...

In: The Stata Journal 21 (2021), 2, S. 360-410 | Hannes Kröger, Jörg Hartmann
Externe referierte Aufsätze

Housing Rent Dynamics and Rent Regulation in St. Petersburg (1880–1917)

This article studies housing rents in St. Petersburg from 1880 to 1917, covering an eventful period of Russian and world history. Digitizing over 5000 rental advertisements, we construct a state-of-the-art index – the first pre-war and pre-Soviet market data index for any Russian city. In 1915, a rent control and tenant protection policy was introduced in response to soaring prices following the outbreak ...

In: Explorations in Economic History 81 (2021), 101398, 30 S. | Konstantin A. Kholodilin, Leonid E. Limonov, Sofie R. Waltl
DIW Weekly Report 27/28 / 2021

Real Estate Taxation Reform: Tax Land Values, Abolish Privileges

Real estate is taxed at comparatively low rates in Germany, with primarily the affluent benefiting from numerous existing tax privileges. This Weekly Report describes the current state of real estate taxation in Germany and outlines reform proposals that could increase tax revenue, improve the efficiency of the tax system, and reduce wealth and income inequality. In the case of property tax, value-based ...

2021| Stefan Bach, Sebastian Eichfelder
SOEPpapers 1141 / 2021

Pension Wealth and the Gender Wealth Gap

We examine the gender wealth gap with a focus on pension wealth and statutory pension rights. By taking into account employment characteristics of women and men, we are able and identify the extent to which the redistributive effect of pension rights reduces the gap. The empirical basis of this examination is the Socio-Economic Panel (SOEP), which is one of the few datasets where information on wealth ...

2021| Karla Cordova, Markus M. Grabka, Eva Sierminska
Externe referierte Aufsätze

Panel Data in Research on Mobility and Migration: A Review of Recent Advances

Panel data has become the gold standard for causal assessments of complex human behaviour in quantitative social science. The objective of this review is to examine and discuss how panel data and related methods contribute to the identification of causal relationships in spatial mobility research. We illustrate this by providing a succinct overview of recent progress in spatial mobility research, drawing ...

In: Comparative Population Studies 46 (2021), S. 187-214 | Sergi Vidal, Philipp M. Lersch
SOEPpapers 1139 / 2021

Why a Labour Market Boom Does Not Necessarily Bring Down Inequality: Putting Together Germany’s Inequality Puzzle

After an economically tough start into the new millennium, Germany experienced an unprecedented employment boom after 2005 only stopped by the COVID-19 pandemic. Persistently high levels of inequality despite a booming labour market and drastically falling unemployment rates constituted a puzzle, suggesting either that the German job miracle mainly benefitted individuals in the mid- or high-income range ...

2021| Martin Biewen, Miriam Sturm
Externe referierte Aufsätze

COVID-19: a Crisis of the Female Self-Employed

We investigate how the economic consequences of the pandemic and the government-mandated measures to contain its spread affect the self-employed — particularly women — in Germany. For our analysis, we use representative, real-time survey data in which respondents were asked about their situation during the COVID-19 pandemic. Our findings indicate that among the self-employed, who generally face a higher ...

In: Journal of Population Economics 34 (2021), S. 1141–1187 | Daniel Graeber, Alexander S. Kritikos, Johannes Seebauer
952 results, from 41