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Balance sheet strength and bank lending during the global financial crisis

Kapan, Tümer; Minoiu, Camelia - Deutsche Bundesbank - 2013

credit more than other banks. However, higher levels of better-quality capital mitigated this effect. Our results suggest …

Persistent link: https://www.econbiz.de/10010984738

Lucas paradox and allocation puzzle: Is the euro area different?

Herrmann, Sabine; Kleinert, Jörn - Deutsche Bundesbank - 2014

This paper examines the Lucas Paradox and the Allocation Puzzle of international capital flows referring to a panel … favour of the Lucas Paradox and the Allocation Puzzle. Rather, in line with neoclassical expectations, net capital flows are … allocated according to income and growth differentials. The 'downhill' flow of capital from rich to poor economies was …

Persistent link: https://www.econbiz.de/10011104989

User costs of housing when households face a credit constraint: evidence for Germany

Dümmler, Tobias; Kienle, Stephan - Deutsche Bundesbank - 2010

not impose a perfect capital market assumption. We suggest that the definition for the user costs of housing should be …

Persistent link: https://www.econbiz.de/10008554268

Trend and cycle features in German residential investment before and after reunification

Knetsch, Thomas A. - Deutsche Bundesbank - 2010

Real residential investment in Germany is found to be cointegrated with population, real national income per capita and real house prices. This evidence is consistent with a model where the trend in housing demand is determined by demographic factors and economic well-being to which supply...

Persistent link: https://www.econbiz.de/10008564416

Further Evidence On The Relationship Between Firm Investment And Financial Status

von Kalckreuth, Ulf; Chirinko, Robert S. - Deutsche Bundesbank - 2002

The interpretation of the significant relation between business investment spending and cash flow has been controversial. A large body of research has found that investment/cash flow sensitivities are higher for financially constrained firms. This fundamental result underlying the finance...

Persistent link: https://www.econbiz.de/10005083088

A comparison of dynamic panel data estimators: Monte Carlo evidence and an application to the investment function

Behr, Andreas - Deutsche Bundesbank - 2003

In our analysis we discuss several dynamic panel data estimators proposed in the literature and assess their performance in Monte Carlo simulations. It is a well known fact that the natural choice, the least squares dummy variable estimator is biased in the context of dynamic estimation. The...

Persistent link: https://www.econbiz.de/10005083105

Firm Investment and Monetary Policy Transmission in the Euro Area

von Kalckreuth, Ulf; Hernando, Ignacio; Generale, Andrea; … - Deutsche Bundesbank - 2001

We present a comparable set of results on the monetary transmission channels on firm investment for the four largest euro-area countries (Germany, France, Italy and Spain). With particularly rich micro datasets for each country containing over 215,000 observations from 1985 to 1999, we explore...

Persistent link: https://www.econbiz.de/10005083126

A Vectorautoregressive Investment Model (VIM) and Monetary Policy Transmission: Panel Evidence from German Firms

von Kalckreuth, Ulf; Chirinko, Robert S.; Breitung, Jörg - Deutsche Bundesbank - 2003

) supplemented with user costs of capital and confidential measures of creditworthiness, we generate GMM estimates of a … Vectorautoregressive Investment Model (VIM). It contains investment and cash flow as endogenous variables, and the user costs of capital …, and business investment is responsive to interest rates embedded in the user cost of capital. Second, allowing real and …

Persistent link: https://www.econbiz.de/10005083170

The Inventory Cycle of the German Economy

Knetsch, Thomas A. - Deutsche Bundesbank - 2004

Using aggregate data, the paper analyzes the importance of inventory investment for German business cycles since 1960. In contrast to U.S. experience, the traditional productionsmoothing/ buffer-stock model is not rejected by empirical evidence. Preliminary national accounts data of inventory...

Persistent link: https://www.econbiz.de/10005083219

Evaluating the German Inventory Cycle Using Data from the Ifo Business Survey

Knetsch, Thomas A. - Deutsche Bundesbank - 2004

Inventory fluctuations are an important phenomenon in business cycles. However, the preliminary data on inventory investment as published in the German national accounts are tremendously prone to revision and therefore ill-equipped to diagnose the current stance of the inventory cycle. The Ifo...

Persistent link: https://www.econbiz.de/10005083223