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Are there Differences in the Effectiveness of Quantitative Easing at the Zero-Lower-Bound in Japan over Time?

Michaelis, Henrike; Watzka, Sebastian - CESifo - 2014

Using a time-varying parameter vector autoregression (TVP-VAR) with a new sign restriction framework, we study the changing effectiveness of the Bank of Japan’s Quantitative Easing policies over time. We analyse the Zero-Interest Rate Policy from 1999 to 2000, the Quantitative Easing Policy...

Persistent link: https://www.econbiz.de/10010812488

Financial Markets and Economic Growth in Poland: Simulations with an Econometric Model

Wdowinski, Piotr - CESifo - 2005

In this paper we present simulations of economic performance of the Polish economy based on a quarterly econometric model. The model consists of 22 stochastic equations, which link the financial market with the real economy. The purpose of the research is to present effects of changes to...

Persistent link: https://www.econbiz.de/10005766248

State Ownership and Control in the Czech Republic

Kocenda, Evžen; Hanousek, Jan - CESifo - 2009

We analyze the extent of the integrated control of the state over privatized firms during the post-privatization decade (1995–2005) in the Czech Republic. During this period the integrated control potential of the state resembled a corporate pyramid. While pyramidal control was not fully...

Persistent link: https://www.econbiz.de/10008533985

Microeconometric Evidence of Financing Frictions and Innovative Activity

Tiwari, Amaresh K.; Mohnen, Pierre; Palm, Franz; Loeff, … - CESifo - 2014

Using Dutch data we empirically investigate how financing and innovation vary across firm characteristics. We find that when firms face financial constraints, debt financing and innovation choices are not independent of firm characteristics, and R&D slows down. In the absence of financial...

Persistent link: https://www.econbiz.de/10010743448

The Exchange Rate Susceptibility of Some European Core Industries and the Currency Union

Leuwer, David; Süssmuth, Bernd - CESifo - 2013

This paper investigates the relationship between real exchange rate changes and the German, French and UK automobile and mechanical engineering sector. In stylized models, exports decline whenever the domestic currency appreciates and vice versa. Strategic firm behavior, however, can obscure the...

Persistent link: https://www.econbiz.de/10010660136

Happiness as a Driver of Risk-Avoiding Behavior

Goudie, Robert J. B.; Mukherjee, Sach; Neve, Jan-Emmanuel De - CESifo - 2011

Understanding the reasons why individuals take risks, particularly unnecessary risks, remains an important question in economics. We provide the first evidence of a powerful connection between happiness and risk-avoidance. Using data on 300,000 Americans, we demonstrate that happier individuals...

Persistent link: https://www.econbiz.de/10009020100

How Strongly Did the 2007/08 Oil Price Hike Contribute to the Subsequent Recession?

Carstensen, Kai; Elstner, Steffen; Paula, Georg - CESifo - 2011

What were the economic consequences of the 2007/08 oil price hike for Germany? In this paper we use a structural vector … autoregressive model to study the effects of oil price changes driven by different supply and demand shocks on the German economy. We … that a demand-driven oil price rise leads to a shift in world demand towards German export goods. In a counterfactual …

Persistent link: https://www.econbiz.de/10008853845

Economic Challenges in the Anthropocene

Musu, Ignazio - CESifo - 2013

The evolution during the Anthropocene is analyzed through the interaction between economic and technological development, characterized by the role of fossil fuels and by the progressive dominance of those with a higher energy and density power. The challenge is how to make the rising demand for...

Persistent link: https://www.econbiz.de/10010877706

Green Hypocrisy?: Environmental Attitudes and Residential Space Heating Expenditure

Traynor, Laura; Lange, Ian A.; Moro, Mirko - CESifo - 2012

and behaviours do not change as income increase. …

Persistent link: https://www.econbiz.de/10010877874

Oil Trade and Climate Policy

Curuk, Malik; Sen, Suphi - CESifo - 2015

It has been argued that a depletable resource owner might optimally increase near-term supply in response to environmental policies promoting the development of alternative resources, which might render climate policy ineffective or even counterproductive. This paper empirically confirms this...

Persistent link: https://www.econbiz.de/10011212075