Vierteljahrsheft zur Wirtschaftsforschung: Debt – Blessing or Curse?
Since the 1980s, especially in the new millenium, the issue of debt is increasingly the focus of political debates, as an analysis of parliamentary speeches since 1949 shows. More than ten years after the outbreak of the great financial crisis and almost ten years since the beginning of the European sovereignty debt crisis, there
Call for Papers: Determinants of Non-cash payments and alternative money
Conference in Bremen, June, 16 th , 2020 and Quarterly Journal of Economic Research (DIW Vierteljahrshefte zur Wirtschaftsforschung)
Advances in payment technologies have considerably extended the way how we pay for transactions. While the majority of financial transactions has been even traditionally
We estimate the impact of monetary policy on structural reform adoption in the euro area. We identify exogenous ECB policy changes through an event study that extracts the unexpected variation in euro area interest rates on policy announcement days. We find that surprise monetary expansions increase the number of reforms significantly and that the effect is stronger for countries with weaker
Structural VAR models require two ingredients: (i) Informational sufficiency, and (ii) a valid identification strategy. These conditions are unlikely to be met by small-scale recursively identified VAR models. I propose a Bayesian Proxy Factor-Augmented VAR (BP-FAVAR) to combine a large information set with an identification scheme based on an external instrument. In an application to monetary