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Osmundsen, Petter; Rosendahl, Knut Einar; Skjerpen, Terje - CESifo - 2013

We examine the largest cost component in offshore development projects, drilling rates, which have been high in recent years. To our knowledge, rig rates have not been analysed empirically before in the economic literature. Using econometric analysis, we examine the effects of gas and oil...

Persistent link: https://www.econbiz.de/10010723539

A Two Stage Approach to Spatiotemporal Analysis with Strong and Weak Cross-Sectional Dependence

Bailey, Natalia; Holly, Sean; Pesaran, M. Hashem - CESifo - 2014

An understanding of the spatial dimension of economic and social activity requires methods that can separate out the relationship between spatial units that is due to the effect of common factors from that which is purely spatial even in an abstract sense. The same applies to the empirical...

Persistent link: https://www.econbiz.de/10010736752

Heterogeneous Beliefs and the Demand for D&O Insurance by Listed Companies

Egger, Peter; Radulescu, Doina Maria; Rees, Ray - CESifo - 2014

This paper introduces a new rationale for the existence of “Directors’ and Officers’” (D&O) insurance. We use a model with volatile stock markets where shareholders design compensation schemes that incentivize managers to stimulate short-term increases in stock prices that do not...

Persistent link: https://www.econbiz.de/10010739342

The Impacts of Feed-in Tariffs on Innovation: Empirical Evidence from Germany

Böhringer, Christoph; Cuntz, Alexander; Harhoff, Dietmar; … - CESifo - 2014

Feed-in tariffs under the Renewable Energy Sources Act, the so-called Erneuerbare-Energien-Gesetz (EEG), have triggered a massive expansion of electricity from renewable energy sources in Germany over the last decade. The increase in non-competitive renewable power generation though went hand in...

Persistent link: https://www.econbiz.de/10010748307

Accuracy and Efficiency of Various GMM Inference Techniques in Dynamic Micro Panel Data Models

Kiviet, Jan Frederik; Pleus, Milan; Poldermans, Rutger - CESifo - 2015

The performance in finite samples is examined of inference obtained by variants of the Arellano-Bond and the Blundell-Bond GMM estimation techniques for single dynamic panel data models with possibly endogenous regressors and cross-sectional heteroskedasticity. By simulation the effects are...

Persistent link: https://www.econbiz.de/10011124891

The Substitution Elasticity, Factor Shares, Long-Run Growth, and the Low-Frequency Panel Model

Chirinko, Robert S.; Mallick, Debdulal - CESifo - 2014

The value of the elasticity of substitution between labor and capital (ó) is a “crucial” assumption in understanding the secular decline in labor share of income (Piketty (2014a), Karabarbounis and Neiman (2014)) and long-run growth (Solow, 1956). This paper begins by examining the role of...

Persistent link: https://www.econbiz.de/10011067194

Wage Indexation and the Monetary Policy Regime

Schryder, Selien De; Peersman, Gert; Wauters, Joris - CESifo - 2014

We estimate a New Keynesian wage Phillips curve for a panel of 24 OECD countries, and allow the degree of wage indexation to past inflation to vary according to the monetary policy regime. We find that the extent of wage indexation is significantly lower in an inflation targeting regime, in...

Persistent link: https://www.econbiz.de/10011096353

Trade Flows and Trade Specialisation: The Case of China

Caporale, Guglielmo Maria; Sova, Anamaria; Sova, Robert - CESifo - 2015

Using annual data for the period 1992-2012, this paper examines trade flows between China and its main trade partners … in China’s trade patterns. The analysis is based on both economic indicators and the estimation of a gravity model, and … fixed effect vector decomposition (FEVD) technique. The findings confirm the significant change in China’s trading structure …

Persistent link: https://www.econbiz.de/10011185620

Incentive Effects of Fiscal Rules on the Finance Minister's Behaviour: Evidence from Revenue Projections in Swiss Cantons

Chatagny, Florian - CESifo - 2015

Predicting available tax revenue accurately is a key step of fiscal policy. It has recently been shown that revenue projection errors have a direct impact on fiscal deficits. In this paper, we explore the relationship between the ideology of the finance minister and tax revenue projection...

Persistent link: https://www.econbiz.de/10011185626

Scarring Effects of Unemployment

Nilsen, Øivind Anti; Reiso, Katrine Holm - CESifo - 2011

Using Norwegian individual register data of young workers, from the period 1986-2008, we analyse whether there are large and persistent negative relationships between unemployment and the risk of repeated unemployment and being out of labour force. A nearest-neighbour propensity score matching...

Persistent link: https://www.econbiz.de/10009645235