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283 results, from 1
  • Externe referierte Aufsätze

    Sovereign Bonds Since Waterloo

    This paper studies external sovereign bonds as an asset class. We compile a new database of 266,000 monthly prices of foreign-currency government bonds traded in London and New York between 1815 (the Battle of Waterloo) and 2016, covering up to 91 countries. Our main insight is that, as in equity markets, the returns on external sovereign bonds have been sufficiently high to compensate for risk. Real ...

    In: The Quarterly Journal of Economics 137 (2022), 3, S. 1615–1680 | Josefin Meyer, Carmen M. Reinhart, Christoph Trebesch
  • Externe Monographien

    Government Spending Multipliers in (Un)certain Times

    We estimate the dynamic effects of government spending shocks, using time-varying volatility in US data modeled through a Markov switching process. We find that the average government spending multiplier is significantly and persistently above one, driven by a crowding-in of private consumption and non-residential investment. We rationalize the results empirically through a contemporaneously countercyclical ...

    Berlin: DIW Berlin, 2019, 27 S. | Jan Philipp Fritsche, Mathias Klein, Malte Rieth
  • Externe Monographien

    Committed to Flexible Fiscal Rules

    Paris: Banque de France, 2021, III, 43 S.
    (Working Papers / Banque de France ; 854)
    | Chistoph Grosse-Steffen, Laura Pagenhardt, Malte Rieth
  • Diskussionspapiere 1992 / 2022

    Foreign Debt, Capital Controls, and Secondary Markets: Theory and Evidence from Nazi Germany

    We investigate how internal distribution motives can interfere with the economic objectives of capital controls. In order to do this, we provide a model showing that elite capture can affect optimal debt repatriations and the management of official reserves under capital controls. Relying on these theoretical insights and a wealth of quantitative and qualitative historical evidence, we study one of ...

    2022| Andrea Papadia, Claudio A. Schioppa
  • Externe referierte Aufsätze

    Government Spending Multipliers in (Un)certain Times

    We estimate the dynamic effects of government spending shocks, using time-varying volatility in US data modeled through a Markov switching process. We find that the average government spending multiplier is significantly and persistently above one, driven by a crowding-in of private consumption and non-residential investment. We rationalize the results empirically through a contemporaneously countercyclical ...

    In: Journal of Public Economics 203 (2021), 104513, 18 S. | Jan Philipp Fritsche, Mathias Klein, Malte Rieth
  • DIW Weekly Report 24/25 / 2022

    Brüning’s Austerity Policies of the Early 1930s Intensified the Economic Slump and Increased Unemployment

    May 2022 marked the 90th anniversary of the end of Heinrich Brüning’s term as Reich Chancellor. To this day, the economic effects of Brüning’s extreme austerity measures remain unclear. However, new data and calculations have made an initial quantification of the economic consequences of Brüning’s policies possible. An analysis based on a time series model illustrates how the Weimar Republic’s economy ...

    2022| Stephanie Ettmeier, Alexander Kriwoluzky
  • SOEP Brown Bag Seminar

    Europe’s biggest Basic Income pilot project. The Catalan case.

    After the economic impact of the COVID-19 crisis, Catalonia is set to be the place of the most ambitious Universal Basic Income (UBI) pilot experiment in Europe to date. Up to 5,000 participants will be selected to receive for two years (2023-2024) an individual cash benefit of 800 EUR (300 EUR for minors), unconditionally. The Catalan pilot project will also test the...

    10.08.2022| Aida Martínez Tinaut, Team of Experts for Catalonia's Office of the Pilot Plan to Implement the Universal Basic Income
  • Externe referierte Aufsätze

    Signalling Creditworthiness with Fiscal Austerity

    Sovereign borrowers may tighten their fiscal stance in order to signal their creditworthiness to lenders. In a model of sovereign debt with incomplete information, I show that a trustworthy country may reduce its debt beyond the optimal level in order to separate itself from less reliable countries. Since austerity is costly, the gains in the price of debt from separating need to be high enough, as ...

    In: European Economic Review 144 (2022), 104090, 27 S. | Anna Gibert
  • Externe referierte Aufsätze

    Accounting for Spatiality of Renewables and Storage in Transmission Planning

    The current governance process to plan the German energy system omits two options to substitute grid expansion: First, placing renewables closer to demand instead of where site conditions are best. Second, utilizing storage instead of additional transmission infrastructure to prevent grid congestion. In the paper, we apply a comprehensive capacity expansion model based on the AnyMOD modeling framework ...

    In: Energy Economics 113 (2022), 106190, 10 S. | Leonard Göke, Mario Kendziorski, Claudia Kemfert, Christian von Hirschhausen
  • Cluster-Seminar Öffentliche Finanzen und Lebenslagen

    The dynamics of informal and formal care supply to parents - a structural model

    In this paper, we estimate a structural dynamic discrete choice model of informal as well as formal care provision, retirement and labor supply. The model allows to assess the dynamic consequences of providing informal care or organizing formal care for parents, e.g., due to reduced wages, pension benefits, or benefits from long-term care insurance. Further, it allows to analyze counterfactual...

    21.07.2021| Björn Fischer
283 results, from 1
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