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  • Diskussionspapiere 1218 / 2012

    Modifying Taylor Reaction Functions in Presence of the Zero-Lower-Bound: Evidence for the ECB and the Fed

    We propose an alternative way of estimating Taylor reaction functions if the zero-lowerbound on nominal interest rates is binding. This approach relies on tackling the real rather than the nominal interest rate. So if the nominal rate is (close to) zero central banks can influence the inflation expectations via quantitative easing. The unobservable inflation expectations are estimated with a state-space ...

    2012| Ansgar Belke, Jens Klose
  • Diskussionspapiere 932 / 2009

    Testing for Convergence in Stock Markets: A Non-linear Factor Approach

    This paper applies the Phillips and Sul (2007) method to test for convergence in stock returns to an extensive dataset including monthly stock price indices for five EU countries (Germany, France, the Netherlands, Ireland and the UK) as well as the US over the period 1973-2008. We carry out the analysis on both sectors and individual industries within sectors. As a first step, we use the Stock and ...

    2009| Guglielmo Maria Caporale, Burcu Erdogan, Vladimir Kuzin
  • Externe Monographien

    Impact of ICT and Human Skills on the European Financial Intermediation Sector

    Groningen: EU KLEMS, 2008, 18 S.
    (EU KLEMS Working Paper Series ; 42)
    | Georg Erber, Reinhard Madlener
  • Weitere externe Aufsätze

    Finanzkrise und die Folgen für den Arbeitsmarkt

    In: IZA Compact (2008), Sonderausgabe Dezember, S. 12 | Klaus F. Zimmermann
  • Externe Monographien

    Impact of ICT and Human Skills on the European Financial Intermediation Sector

    Aachen: E.ON Energy Research Center, 2008, 18 S.
    (FCN Working Paper ; 5/2008)
    | Georg Erber, Reinhard Madlener
  • FINESS Working Papers 2.2 / 2009

    Bank Ownership, Firm Value and Firm Capital Structure in Europe

    We investigate whether or not banks play a positive role in the ownership structure of European listed firms. We distinguish between banks and other institutional investors as shareholders and examine empirically the relationship between financial institution ownership and the performance of the firms in which they hold equity. Our main finding is that after controlling for the capital structure decision ...

    2009| Lieven Baert, Rudi Vander Vennet
  • FINESS Working Papers 2.1 / 2008

    Bank Market Structure and Firm Capital Structure

    We explore the impact of concentration in the banking markets on the capital structure of publicly quoted non-financial firms in the EU15 over the period 1997- 2005, an era marked by intensive merger activity in the banking sector. Our main finding is a negative and significant relationship between the degree of concentration of European bank markets and the market leverage of firms, indicating the ...

    2008| Lieven Baert, Rudi Vander Vennet
  • Externe referierte Aufsätze

    Uncertainty Determinants of Firm Investment

    We investigate the impact of measures of uncertainty on firms' capital investment behavior using a panel of U.S. firms. Increases in firm-specific and CAPM-based measures have a significant negative effect on investment spending, while market-based uncertainty has a positive impact

    In: Economics Letters 98 (2008), 3, S. 282-287 | Christopher F. Baum, Mustafa Caglayan, Oleksandr Talavera
  • Diskussionspapiere 169 / 1998

    Germany's Slump Explaining the Unemployment Crisis of the 1990s

    According to a widespread view, Germany's unemployment crisis is caused by rigid labour markets, low profitability and increasing international competition. We argue that this view does not provide a convincing explanation for the dramatic rise in Germany's unemployment rate since 1989, first because no distinction is drawn between the situation in the Eastern part of Germany and that in the Western ...

    1998| Ludger Lindlar, Wolfgang Scheremet
  • SOEPpapers 218 / 2009

    Weather and Financial Risk-Taking: Is Happiness the Channel?

    Weather variables, and sunshine in particular, are found to be strongly correlated with financial variables. I consider self-reported happiness as a channel through which sunshine affects financial variables. I examine the influence of happiness on risk-taking behavior by instrumenting individual happiness with regional sunshine, and I find that happy people appear to be more risk-averse in financial ...

    2009| Cahit Guven
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