Category: Discussion Papers

Discussion Papers

Expectation Formation, Financial Frictions, and Forecasting Performance of Dynamic Stochastic General Equilibrium Models

(with Christoph Schult) IWH Discussion Paper 15/2018 Abstract: In this paper, we document the forecasting performance of estimated basic dynamic stochastic general equilibrium (DSGE) models and compare this to extended versions which consider alternative expectation formation assumptions and financial frictions.

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Sovereign Stress, Banking Stress, and the Monetary Transmission Mechanism in the Euro Area

IWH Discussion Paper 3/2018 (together with Jan-Christopher Scherer) Abstract: In this paper, we investigate to what extend sovereign stress and banking stress have contributed to this increase in the level and in the heterogeneity of nonfinancial firms’ refinancing costs in

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The Effects of Fiscal Policy in an Estimated DSGE Model – The Case of the German Stimulus Packages During the Great Recession

Macroeconomic Dynamics, 2018 and IWH Discussion Paper 34/2017 (together with Andrej Drygalla and Konstantin Kiesel). Abstract: In this paper, we analyse the effects of the stimulus packages adopted by the German government during the Great Recession. We employ a standard

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Employment Effects of Introducing a Minimum Wage: The Case of Germany

IWH Discussion Paper 28/2017 (together with Felix Pohle) Abstract: This paper contributes to the empirical literature on the employment effects of minimum wages. We analysed the introduction of a statutory minimum wage in Germany in 2015 exploiting cross-sectional variation of

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Inflation Dynamics During the Financial Crisis in Europe: Cross-sectional Identification of Long-run Inflation Expectations

IWH Discussion Paper 10/2017 (togehter with Geraldine Dany-Knedlik) Abstract: We investigate drivers of Euro area inflation dynamics using a panel of regional Phillips curves and identify long-run inflation expectations by exploiting the crosssectional dimension of the data. Our approach simultaneously

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Global Food Prices and Business Cycle Dynamics in an Emerging Market Economy

(together with Sushanta Mallick), IWH Discussion Paper 15/2015 Abstract: This paper investigates a perception in the political debates as to what extent poor countries are affected by price movements in the global commodity markets. To test this perception, we use

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Do We Need New Modelling Approaches in Macroeconomics?

(together with Claudia M. Buch), in: Nowotny, E, Ritzberger-Grünwald, D., Backé, P.: Financial Cycles and the Real Economy. Lessons for CESEE Countries, Edward Elgar, 2014 (and: IWH Discussion Paper 8/2014) Abstract: The economic and financial crisis that emerged in 2008

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Efficiency in the UK Commercial Property Market: A Long-run Perspective

(together with Steven Devaney and Rainer Schulz), IWH Discussion Paper 15/2012 Abstract: Informationally efficient prices are a necessary requirement for optimal resource allocation in the real estate market. Prices are informationally efficient if they reflect buildings’ benefit to marginal buyers,

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A Federal Long-run Projection Model for Germany

(together with Maike Irrek and Birgit Schultz), IWH Discussion Paper 11/2012 Abstract: Many economic decisions implicitly or explicitly rely on a projection of the medium- or long-term economic development of a country or region. In this paper, we provide a