The appropriate design of monetary policy in integrated financial markets is one of the most challenging areas for central banks. One hot topic is whether the increase in liquidity has contributed to the formation of price bubbles in asset markets in the years preceding the financial crisis. If linkages are strong, the inclusion of asset prices in the monetary policy rule may limit speculative runs ...
The very first minimum wage in Germany was introduced in 1997 for blue-collar workers in sub-sectors of the construction industry. In the setting of a natural experiment blue-collar workers in neighboring 4-digit-industries and white-collar workers are used as control groups for differences-in-differences-in-differences estimation based on linked employer-employee data. Estimation results reveal a ...
Little is known about how far young adults move when they leave their parental home initially. We addressed this question using data from ten waves (2000 - 2009) of the German Socioeconomic Panel Study on spatial distances calculated by the geo-coordinates of residential moves (N = 1,425). Linear regression models predicted young adults· moving distance by factors at the individual, family, household, ...
In this paper, we construct the country-specific chronologies of the house price bubbles for 12 OECD countries over the period 1969:Q1- 2010:Q2. These chronologies are obtained using a combination of a fundamental and a filter approaches. The resulting speculative bubble chronology is the one that provides the highest concordance between these two techniques. In addition, we suggest an early warning ...
Excessive speculation on asset markets can cause significant macroeconomic losses in terms of production and employment. Such developments should be detected as early and as reliably as possible in order to enable corrective action through adequate economic policy measures. This is the goal of the early warning system, which was developed by DIW Berlin on behalf of the Federal Ministry of Finance for ...
The sharp slump of the German economy has left its mark on the building sector. Commercial construction has been especially affected by the significant decline in companies' propensity to invest - triggered by the macroeconomic downturn. However, due to the stable development of real wages and the overall labour market as well as targeted supporting programmes, the recession has more or less bypassed ...
For many analysts, the Chinese economy is spurred by a bubble in the housing market, probably driven by the fiscal stimulus package and massive credit expansion, with pos-sible adverse effects to the real economy. To get insights into the size of the bubble, the house price evolution is investigated by panel cointegration techniques. Evidence is based on a dataset for 35 major cities. Cointegration ...
Recent global peer-review reports have concluded on importance of buildings in tacking the energy security and climate change challenges. To integrate the buildings energy efficiency into the policy agenda, significant research efforts have been recently done. More specifically, the public domain provides a bulk of literature on the application of buildings-related efficiency technologies and behavioural ...
