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Refereed essays Web of Science
Psychology offers conceptual and analytic tools that can advance the discussion on the nature of risk preference and its measurement in the behavioral sciences. We discuss the revealed and stated preference measurement traditions, which have coexisted in both psychology and economics in the study of risk preferences, and explore issues of temporal stability, convergent validity, and predictive validity ...
In:
Journal of Economic Perspectives
32 (2018), 2, S. 155-172
| Rui Mata, Renato Frey, David Richter, Jürgen Schupp, Ralph Hertwig
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Refereed essays Web of Science
Since the millennium, the labour market participation of women and mothers is increasing across European countries. Several work/care policy measures underlie this evolution. At the same time, the labour market behaviour of fathers, as well as their involvement in care work, is relatively unchanging, meaning that employed mothers are facing an increased burden with respect to gainful employment and ...
In:
Journal of European Social Policy
28 (2018), 5, S. 471-486
| Kai-Uwe Müller, Michael Neumann, Katharina Wrohlich
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Refereed essays Web of Science
This article analyses the effects of the Federal Reserve's quantitative easing (QE) on global portfolio flows, differentiating across recipient region of the flows, type of flow and QE rounds. Furthermore, the analysis differentiates between the impact of QE expansionary announcements and the actual market operations. The analysis shows that QE1 resulted in (slight) rebalancing towards the US, while ...
In:
The Economic Journal
12, S. 330-377
| Marcel Fratzscher, Marco Lo Duca, Roland Straub
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Refereed essays Web of Science
This study analyses how liquidity risk affects bonds’ yield spreads after controlling for credit risk, bond-specific characteristics and macroeconomic variables. Using two liquidity estimates, LOT liquidity and the bid-ask spread, we find that, in particular, the LOT liquidity measure has explanatory power for the yield spread of green bonds. Overall, however, the impact of LOT decreases over time, ...
In:
Finance Research Letters
27 (2018), S. 53-59
| Febi Wulandari, Dorothea Schäfer, Andreas Stephan, Chen Sun
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Refereed essays Web of Science
Early warning systems (EWSs) are widely used to assess a country’s vulnerability to fiscal distress. A fiscal distress episode is identified as a period when government experiences extreme funding difficulties. Most EWSs employ a specific set of only fiscal leading indicators predetermined by the researchers, which casts doubt on their robustness. We revisit this issue using extreme bounds analysis, ...
In:
Journal of Applied Economics
50 (2018), 13, S. 1454-1478
| Martin Bruns, Tigran Poghosyan
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Refereed essays Web of Science
The performance of information criteria and tests for residual heteroscedasticity for choosing between different models for time‐varying volatility in the context of structural vector autoregressive analysis is investigated. Although it can be difficult to find the true volatility model with the selection criteria, using them is recommended because they can reduce the mean squared error of impulse ...
In:
Oxford Bulletin of Economics and Statistics
80 (2018), 4, S. 715-735
| Helmut Lütkepohl, Thore Schlaak
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Refereed essays Web of Science
The increasing role of intermittent renewable generation demands for an efficient spatial exchange of electricity. However, the technical characteristics of electricity transmission reduce the available cross-border capacity due to unscheduled flows in a zonal pricing framework. Using the detailed unit commitment and dispatch model stELMOD for the European system, we analyze the development of unscheduled ...
In:
Energy Policy
116 (2018), S. 198-209
| Friedrich Kunz
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Refereed essays Web of Science
This paper examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and an effective policy tool, with a success rate in excess of 80 percent under some criteria. The policy works well in terms of smoothing the path of exchange rates, and in stabilizing the exchange rate in countries with narrow band regimes. ...
In:
American Economic Journal: Macroeconomics
11 (2019), 1, S. 132-156
| Marcel Fratzscher, Oliver Gloede, Lukas Menkhoff, Lucio Sarno, Tobias Stöhr
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Refereed essays Web of Science
We investigate the interplay of language skills and immigrant stocks in determining bilateral FDI outstocks of OECD reporting countries. Applying a Poisson panel estimator to 2004–11 data, we find robust evidence for a positive effect of bilateral immigrants on bilateral FDI-provided that residents of the two countries have few language skills in common. We find a similar effect for immigrants from ...
In:
The World Economy
41 (2018), 6, S. 1529-1548
| Matthias Lücke, Tobias Stöhr
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Refereed essays Web of Science
We examine intergenerational mobility differences between Germany, Norway, Sweden, and the US. Using ranks, we find that the US is substantially less intergenerationally mobile than the three European countries and that the most mobile region of the US is less mobile than the least mobile regions of Norway and Sweden. Using a linear estimator of income share mobility, we find that the four countries ...
In:
The Scandinavian Journal of Economics
119 (2017), 1, S. 72-101
| Espen Bratberg, Jonathan Davis, Bhashkar Mazumder, Martin Nybom, Daniel D. Schnitzlein, Kjell Vaage
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Refereed essays Web of Science
This paper analyses financial literacy and financial behavior of middle class people living an urban Asian economy. Other than most papers on financial literacy that focus on people in developed countries, we surveyed people living Bangkok. Using standard financial literacy questions, we find that financial literacy levels are largely comparable to industrialized countries, but understanding of more ...
In:
Pacific-Basin Finance Journal
48 (2018), S. 129-143
| Antonia Grohmann
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Refereed essays Web of Science
We investigate how indicators of dissatisfaction—worries about a variety of life domains such as health, the state of the economy, and immigration—change across time and age in Germany based on Socio-Economic Panel (SOEP) data. As expected, contemporary world events influenced respondents’ worries. For example, worries about peace peaked in 2003, the year of the Iraq War; worries about both immigration ...
In:
Journal of Economic Behavior & Organization
181 (2021), S. 332-343
| Julia M. Rohrer, Martin Bruemmer, Jürgen Schupp, Gert G. Wagner
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Refereed essays Web of Science
The central limit theorem says that, provided an estimator fulfills certain weak conditions, then, for reasonable sample sizes, the sampling distribution of the estimator converges to normality. We propose a procedure to find out what a “reasonably large sample size” is. The procedure is based on the properties of Gini's mean difference decomposition. We show the results of implementations of the procedure ...
In:
Communications in Statistics : Simulation and Computation
46 (2017), 9, S. 7074-7087
| Carsten Schröder, Shlomo Yitzhaki
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Refereed essays Web of Science
The global energy system is undergoing a major transition, and in energy planning and decision-making across governments, industry and academia, models play a crucial role. Because of their policy relevance and contested nature, the transparency and open availability of energy models and data are of particular importance. Here we provide a practical how-to guide based on the collective experience of ...
In:
Energy Strategy Reviews
19 (2018), S. 63-71
| Stefan Pfenninger, Lion Hirth, Ingmar Schlecht, Eva Schmid, Frauke Wiese, Tom Brown, Chris Davis, Matthew Gidden, Heidi Heinrichs, Clara Heuberger, Simon Hilpert, Uwe Krien, Carsten Matke, Arjuna Nebel, Robbie Morrison, Berit Müller, Guido Pleßmann, Matthias Reeg, Jörn Richstein, Abhishek Shivakumar, Iain Staffell, Tim Tröndle, Clemens Wingenbach
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Refereed essays Web of Science
In this paper, we present sibling and neighbor correlations in school grades and cognitive skills, as well as indicators of physical and mental health, for a sample of German adolescents. In a first step, we estimate sibling correlations and find a substantial influence of shared family and community background on all outcomes. To further disentangle the influence of family background and neighborhood, ...
In:
Journal of Economic Inequality
16 (2018), 3, S. 369-388
| Elisabeth Bügelmayer, Daniel D. Schnitzlein
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Refereed essays Web of Science
The widely established health differences between people with greater economic resources and those with fewer resources can be attributed to both social causation (material factors affecting health) and health selection (health affecting material wealth). Each of these pathways may have different intensities at different ages, because the sensitivity of health to a lack of material wealth and the degree ...
In:
European Journal of Ageing
15 (2018), 4, S. 379-391
| Rasmus Hoffmann, Hannes Kröger, Eduwin Pakpahan
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Refereed essays Web of Science
A flexible coupling of power and heat sectors can contribute to both renewable energy integration and decarbonization. We present a literature review of model-based analyses in this field, focusing on residential heating. We compare geographical and temporal research scopes and identify state-of-the-art analytical model formulations, particularly considering heat pumps and thermal storage. While numerical ...
In:
Applied Energy
212 (2018), S. 1611-1626
| Andreas Bloess, Wolf-Peter Schill, Alexander Zerrahn
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Refereed essays Web of Science
BackgroundThe last decades have seen great advances in the understanding, treatment, and prevention of cardiovascular disease (CVD). Although mortality rates due to CVD have declined significantly in the last decades, the burden of CVD is still high, particularly in older adults. This raises the question whether contemporary populations of older adults are experiencing better or worse objective as ...
In:
PloS one
13 (2018), 1, e0191699
| Maximilian König, Johanna Drewelies, Kristina Norman, Dominik Spira, Nikolaus Buchmann, Gizem Hülür, Peter Eibich, Gert G. Wagner, Ulman Lindenberger, Elisabeth Steinhagen-Thiessen, Denis Gerstorf, Ilja Demuth
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Refereed essays Web of Science
Subsidies for renewable energy sources are increasing around the globe and amounted to more than 100 billion euro in 2013. This study aims to answer whether the subsidies only ensure that green electricity plants are profitable or whether other market participant – as, for example, landowners – benefit from the subsidy in the form of windfall gains as well. To identify the causal effect of the subsidies, ...
In:
Journal of Public Economics
159 (2018), S. 16-32
| Peter Haan, Martin Simmler
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Refereed essays Web of Science
It is well documented that well-being typically evinces precipitous decrements at the end of life. However, research has primarily taken a postdictive approach by knowing the outcome (date of death) and aligning, in retrospect, how well-being has changed for people with documented death events. In the present study, we made use of a predictive approach by examining whether and how levels of and changes ...
In:
Psychology and Aging
32 (2017) 6, S. 507-520
| Gizem Hülür, Jutta Heckhausen, Christiane A. Hoppmann, Frank J. Infurna, Gert G. Wagner, Nilam Ram, Denis Gerstorf