Diskussionspapiere 931 / 2009
In this paper, we discuss potential developments of the world natural gas industry at the horizon of 2030. We use the World Gas Model (WGM), a dynamic, strategic representation of world natural gas production, trade, and consumption between 2005 and 2030. We specify a "base case" which defines the business-as-usual assumptions based on forecasts of the world energy markets. We then analyze the sensitivity ...
2009| Daniel Huppmann, Ruud Egging, Franziska Holz, Sophia Rüster, Christian von Hirschhausen, Steven A. Gabriel
Diskussionspapiere 854 / 2009
We consider a multimarket framework where a set of firms compete on two interrelated oligopolistic markets. Prior to competing in these markets, firms can spy on others in order to increase the quality of their product. We characterize the equilibrium espionage networks and networks that maximize social welfare under the most interesting scenario of diseconomies of scope. We find that in some situations ...
2009| Pascal Billand, Christophe Bravard, Subhadip Chakrabarti, Sudipta Sarangi
Diskussionspapiere 860 / 2009
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 rise in liquidity in recent years has contributed to the formation of price bubbles in asset markets. If strong linkages exist, the inclusion of asset prices in the monetary policy rule can eventually limit speculative runs and negative effects ...
2009| Christian Dreger, Jürgen Wolters
FINESS Working Papers 7.4 / 2009
This paper explores the importance of housing and mortgage market heterogeneity in 13 European countries for the transmission of monetary policy. We use a pooled VAR model which is estimated over the period 1995-2006 to generate impulse responses of key macroeconomic variables to a monetary policy shock. We split our sample of countries into two disjoint groups according to the impact of the monetary ...
2009| Kai Carstensen, Oliver Hülsewig, Timo Wollmershäuser
Externe referierte Aufsätze
We apply the EMF 23 study design to simulate the effects of the reference case and the scenarios to European natural gas supplies to 2025. We use GASMOD, a strategic several-layer model of European natural gas supply, consisting of upstream natural gas producers, traders in each consuming European country (or region), and final demand. Our model results suggest rather modest changes in the overall ...
The Energy Journal
(2009), Special Issue, S. 137-150
| Franziska Holz, Christian von Hirschhausen, Claudia Kemfert
SOEPpapers 186 / 2009
Homeownership rates are very different across European countries. They range from below 50% in Germany to over 80% in Greece, Spain or Ireland. However the differences lie not only in the overall homeownership rates but also in its structure, and this is the focus of this paper. Its aim is to study the impact of microeconomic factors on household's tenure choice, using a cross-country comparative approach. ...
2009| Monika Bazyl
Diskussionspapiere 896 / 2009
In a standard dynamic stochastic general equilibrium framework, with sticky prices, the cross sectional distribution of output and inflation across a population of firms is studied. The only form of heterogeneity is confined to the probability that the ith changes its prices in response to a shock. In this Calvo setup the moments of the cross sectional distribution of output and inflation depend crucially ...
2009| Jörg Döpke, Michael Funke, Sean Holly, Sebastian Weber
Diskussionspapiere 919 / 2009
We present a model with firms selling (homogeneous) products in two imperfectly segmented markets (a "high-demand" and a "low-demand" market). Buyers are mobile but restricted by transportation costs, so that imperfect arbitrage occurs when prices differ in both markets. We show that equilibria are distorted away from Cournot outcomes to prevent consumer arbitrage. Furthermore, a merger can lead to ...
2009| Pio Baake, Christian Wey
Weekly Report 21 / 2009
Horticulture has developed into one of the most dynamic agricultural sectors in the world. The cultivation of fruits and vegetables has significant potential for increasing agricultural income and reducing rural poverty, particularly in developing and emerging countries. However, it appears that the growing consolidation in the retail sector has shifted power relations along the value-added chain away ...
2009| Vanessa von Schlippenbach, Isabel Teichmann
Diskussionspapiere 778 / 2008
This paper uses the newly constructed Luxembourg Wealth Study data to document cross-country variation in homeownership rates and the homeownership-income inequality among young households in Finland, Germany, Italy, the UK and the US, and relate it to cross-country differences in mortgage market maturity. We find that aside from Italy, homeownership rates and inequality in the four countries correspond ...
2008| Alena Bicakova, Eva Sierminska