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Tax incentives and capital structure choice: Evidence from Germany
Hartmann-Wendels, Thomas; Stein, Ingrid; Stöter, Alwin - Deutsche Bundesbank - 2012
tax benefit of debt (net and gross of investor taxes) and the debt ratio. A 10% increase in the net (gross) marginal tax … benefit of debt causes a 1.5% (1.6%) increase in the debt ratio, ceteris paribus. The results are robust to various … specifications like using changes in debt or debt to capital ratios. A significantly positive effect of taxes on the debt ratio can …
Persistent link: https://www.econbiz.de/10010984727
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Sticky prices in the euro area: a summary of new micro evidence
Álvarez, Luis J.; Dhyne, Emmanuel; Hoeberichts, Marco; … - Deutsche Bundesbank - 2006
This paper presents original evidence on price setting in the euro area at the individual level. We use micro data on consumer (CPI) and producer (PPI) prices, as well as survey information. Our main findings are: (i) prices in the euro area are sticky and more so than in the US; (ii) there is...
Persistent link: https://www.econbiz.de/10005083100
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Price setting in German manufacturing: new evidence from new survey data
Stahl, Harald - Deutsche Bundesbank - 2005
This paper presents new evidence on the formation of producer prices based on a onetime survey that was conducted on a sample of 1200 German firms in manufacturing in June 2004. Most of the firms have price-setting power and apply mark-up pricing. Indexation is negligible. Fixed nominal...
Persistent link: https://www.econbiz.de/10005083267
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Price setting in the euro area: some stylised facts from individual producer price data
Vermeulen, Philip; Gautier, Erwan; Stahl, Harald; … - Deutsche Bundesbank - 2007
This paper documents producer price setting in 6 countries of the euro area: Germany, France, Italy, Spain, Belgium and Portugal. It collects evidence from available studies on each of those countries and also provides new evidence. These studies use monthly producer price data. The following...
Persistent link: https://www.econbiz.de/10005083277
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Price adjustment in German manufacturing: evidence from two merged survey
Stahl, Harald - Deutsche Bundesbank - 2006
This paper presents new evidence on the formation of producer prices. The database combines a one-time survey that was conducted in June 2004 on a sample of 1,200 firms in manufacturing and time-series information on price adjustment of the same firms from a business-tendency survey. The share...
Persistent link: https://www.econbiz.de/10005083309
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Filling in the blanks: Network structure and interbank contagion
Anand, Kartik; Craig, Ben; von Peter, Goetz - Deutsche Bundesbank - 2014
The pattern of financial linkages is important in many areas of banking and finance. Yet bilateral linkages are often unknown, and maximum entropy serves as the leading method for estimating unobserved counterparty exposures. This paper proposes an efficient alternative that combines...
Persistent link: https://www.econbiz.de/10010957084
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Interbank tiering and money center banks
Craig, Ben R.; von Peter, Goetz - Deutsche Bundesbank - 2010
This paper provides evidence that interbank markets are tiered rather than flat, in the sense that most banks do not lend to each other directly but through money center banks acting as intermediaries. We capture the concept of tiering by developing a core-periphery model, and devise a procedure...
Persistent link: https://www.econbiz.de/10008833259
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The role of interbank relationships and liquidity needs
Craig, Ben R.; Fecht, Falko; Tümer-Alkan, Günseli - Deutsche Bundesbank - 2013
In this paper, we focus on the interconnectedness of banks and the price they pay for liquidity. We assess how the concentration of credit relationships and the position of a bank in the network topology of the system influence the bank's ability to meet its liquidity demand. We use quarterly...
Persistent link: https://www.econbiz.de/10010984730