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Are There Bubbles in Stock Prices?: Testing for Fundamental Shocks

Velinov, Anton; Chen, Wenjuan - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2014

means of a Markov switching-SVAR (MS-SVAR) model in heteroskedasticity. Using data from France, Germany, Italy, Japan, the … UK and the US we find that the restriction is rejected for Italy, supported at the 1% level for Japan and supported at …

Persistent link: https://www.econbiz.de/10011266592

Can Stock Price Fundamentals Properly be Captured?: Using Markov Switching in Heteroskedasticity Models to Test Identification Schemes

Velinov, Anton - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2013

Structural identification schemes are of essential importance to vector autoregressive (VAR) analysis. This paper tests a commonly used structural parameter identification scheme to assess whether it can properly capture fundamental and non-fundamental shocks to stock prices. In particular, five...

Persistent link: https://www.econbiz.de/10010729194

The Social Logic of Bounded Partisanship in Germany: A Comparison of Veteran Citizens (West Germans), New Citizens (East Germans) and Immigrants

Zuckerman, Alan S.; Kroh, Martin - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2004

That partisanship is bounded. Almost every West German, East German and immigrant never supports one or both of the major parties and most people vary support for their party by claiming no partisan preference. Hardly anyone ever selects each of the parties at different points in time. Immediate...

Persistent link: https://www.econbiz.de/10005068815

Liquidity Constraints and the Permanent Income Hypothesis: Pseudo Panel Estimation with German Consumption Survey Data

Beznoska, Martin; Ochmann, Richard - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2012

This paper empirically investigates the relevance of liquidity constraints and excess sensitivity in intertemporal household consumption. Using a pseudo panel that has been constructed on rich German consumption survey data, we estimate the consumption responses to permanent and transitory...

Persistent link: https://www.econbiz.de/10010561138

Why Do Emitters Trade Carbon Permits?: Firm-Level Evidence from the European Emission Trading Scheme

Zaklan, Aleksandar - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2013

The creation of the EU's Emission Trading Scheme (EU ETS) has turned the right to emit CO2 into a positively priced intermediate good for the affected firms. Firms thus face the decision whether to source compliance with the EU ETS within their boundaries or to acquire it through the permit...

Persistent link: https://www.econbiz.de/10010628353

The Effects of Industry-Level Uncertainty on Cash Holdings: The Case of Germany

Baum, Christopher F.; Schäfer, Dorothea; Talavera, … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2006

This paper investigates the link between the optimal level of non-financial firms' liquid assets and industry-level uncertainty. We develop a structural model of a firm's value maximization problem that predicts that as industry-level uncertainty increases the firm will increase its optimal...

Persistent link: https://www.econbiz.de/10005068997

How Do Taxes Affect Investment When Firms Face Financial Constraints?

Simmler, Martin - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2012

income taxation on investment in case of binding and non-binding financial constraints. By employing two different sample … average tax rate to measure liquidity outflow through taxation that corporate taxation affects investment through changing …

Persistent link: https://www.econbiz.de/10009401159

Monetary Policy Transmission and House Prices: European Cross Country Evidence

Carstensen, Kai; Hülsewig, Oliver; Wollmershäuser, Timo - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009

This paper explores the importance of housing and mortgage market heterogeneity in 13 European countries for the transmission of monetary policy. We use a pooled VAR model which is estimated over the period 1995-2006 to generate impulse responses of key macroeconomic variables to a monetary...

Persistent link: https://www.econbiz.de/10011128103

Marginal Employment, Unemployment Duration and Job Match Quality

Caliendo, Marco; Künn, Steffen; Uhlendorff, Arne - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2012

the duration of unemployment, yet also giving unemployed individuals more time to search for better and more stable jobs … evaluate the impact of marginal employment on unemployment duration and subsequent job quality, we consider a sample of fresh …

Persistent link: https://www.econbiz.de/10011128869

The Impact of Oil Revenues on the Iranian Economy and the Gulf States

Dreger, Christian; Rahmani, Teymur - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2014

per capita in oil exporting countries through higher investment activities. This relationship is explored for Iran and the … oil revenues, GDP and investment can be confirmed for all countries. While the cointegration vector is found to be unique … for Iran, long run equations for GDP and investment per capita are distinguished for the Gulf countries. Both variables …

Persistent link: https://www.econbiz.de/10010896180