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1001 results, from 81
  • DIW Weekly Report 41/42 / 2021

    Inflation in the Euro Area: Factors Mostly Have Only a Temporary Effect, but Risk of Prolonged Elevated Inflation Remains

    Headline inflation in the euro area jumped to more than three percent in the summer after years of relatively low inflation rates well below the target of close to but below two percent set by the ECB until July 2021. One of the main reasons for the rise in inflation is the increase in energy prices since the beginning of 2021. However, there are further indications that inflation in the euro area ...

    2021| Kerstin Bernoth, Gökhan Ider
  • Externe Monographien

    The Price of Hesitation: How the Climate Crisis Threatens Price Stability and What the ECB Must Do about It

    This report presents for the first time empirical evidence of the impact of natural disasters on inflation in the eurozone, highlighting the challenges facing the ECB to achieve price stability in the era of the climate crisis. Our results show that natural disasters lead to increases in headline and core inflation, with price increases being higher for food and beverages. The effects are small but ...

    Berlin: DIW Berlin, 2021, 58 S. | Yannis Dafermos, Alexander Kriwoluzky, Mauricio Vargas, Ulrich Volz, Jana Wittich
  • Refereed essays Web of Science

    Highway Conditions and Insufficient Maintenance in Germany: A Threat for Economic Growth?

    We analyse the impact of transportation infrastructure capital and its maintenance status on regionaleconomic production, exploiting panel data on the German county level (N = 401) between 2007 and2016 in a spatial translog production function. Various SLX and SDEM models are estimated usingFGLS and GMM estimators accounting for endogeneity. We find a positive impact of the transportinfrastructure ...

    In: Journal of Transport Economics and Policy 55 (2021), 4, S. 308–333 | Dennis Gaus, Heike Link
  • Refereed essays Web of Science

    Differences in African Banking Systems: Causes and Consequences

    This paper links banking system development to the colonial and legal history of African countries. Based on a sample of 40 African countries from 2000 to 2018, our empirical findings show a significant dependence of current financial institutions on the inherited legal origin and the colonization type. Findings also reveal that current financial legal institutions are not major determinants of banking ...

    In: Journal of Institutional Economics 17 (2021), 4, S. 561–581 | Samuel Mutarindwa, Dorothea Schäfer, Andreas Stephan
  • DIW Weekly Report 46 / 2021

    Income Inequality in Germany Temporarily Sinks During Crises

    This study is the first to investigate the interdependence of income inequality and business cycles in Germany over the past 40 years. These fluctuations in income inequality are important because they are decisive for designing effective and targeted structural redistributive and stabilization measures. The results of this study show that income inequality in Germany fluctuates with the business cycle ...

    2021| Geraldine Dany-Knedlik, Alexander Kriwoluzky
  • 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 1974 / 2021

    Wage Risk and Portfolio Choice: The Role of Correlated Returns

    From standard portfolio-choice theory it is well-understood that background risk, overwhelmingly due to wage risk, is one of the central determinants of individuals’ portfolio composition: higher background risk reduces risky investments. However, if background risk is negatively correlated with financial market risk, higher background risk implies more risky investment. We quantify the influence of ...

    2021| Johannes König, Maximilian Longmuir
  • DIW Weekly Report 37 / 2021

    Global Economy Returning to Its Recovery Course after Summer Setbacks: DIW Economic Outlook Autumn 2021

    Recently, the coronavirus pandemic has caused economic developments in major economies to drift apart: While infection rates were declining and production was experiencing strong growth in places such as Europe and the United States in the second quarter of 2021, emerging economies were experiencing strict economic restrictions due to high case numbers. In some of these countries, the economy declined. ...

    2021| Guido Baldi, Geraldine Dany-Knedlik, Hella Engerer, Frederik Kurcz
  • DIW Weekly Report 37 / 2021

    German Economy Only Slowly Emerging from the Pandemic: DIW Economic Outlook Autumn 2021

    The German economy is taking longer than expected to overcome the pandemic: It is likely to increase by only 2.1 percent in 2021 and capacities remain markedly underutilized. In addition, global supply bottlenecks are affecting German industry, resulting in stalled domestic production despite high demand. Following a profitable summer due to low case numbers and progress in the vaccination campaign, ...

    2021| Marius Clemens, Simon Junker, Laura Pagenhardt
  • Externe Monographien

    Essays on Large Data Sets and Unbalanced Panels in Empirical Macroeconomics: Inaugural-Dissertation zur Erlangung des akademischen Grades eines Doktors der Wirtschaftswissenschaft doctor rerum politicarum (Dr. rer. pol.) am Fachbereich Wirtschaftswissenschaft der Freien Universität Berlin

    Berlin: Freie Universität Berlin, 2021, XLV, 124 S. | Catalina Martínez Hernández
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