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Productivity and the product scope of multi-product firms : a test of Feenstra-Ma

Raff, Horst; Wagner, Joachim - 2012 - This version: December 7, 2012

firms always have a higher market share, there is no monotonic relationship between firms' productivity level and their … effect". Therefore, the incentive to add more products weakens as productivity rises. This leads to Lemma 3 in Feenstra and … evidence is in line with the results from the theoretical model. -- multi-product firms ; productivity ; optimal product scope …

Persistent link: https://www.econbiz.de/10009672241

Institutionalized Bailouts and Fiscal Policy : The Consequences of Soft Budget Constraints

Fink, Alexander - 2010

States have soft budget constraints when they can expect a bailout by the federal government in the event of a financial crisis. This gives rise to incentives for unsound state fiscal policy. We test whether states with softer budget constraints have higher debt and deficits, receive more...

Persistent link: https://www.econbiz.de/10013150672

Manipulating Fiscal Forecasts : Evidence from the German States

Kauder, Bjoern - 2017

We examine whether German state governments manipulated fiscal forecasts before elections. Our data set includes three fiscal measures over the period 1980-2014. The results do not show that electoral motives influenced fiscal forecasts in West German states. By contrast, East German state...

Persistent link: https://www.econbiz.de/10012962666

What Drives Aggregate Investment? : Evidence from German Survey Data

Bachmann, Ruediger; Zorn, Peter - 2021

The ifo Investment Survey asks firms in the German manufacturing sector about the importance of sales, technological factors, finance, return expectations, and macroeconomic policy for their investment activity in a given year. We show that these subjective investment determinants 1) capture...

Persistent link: https://www.econbiz.de/10013315790

Firms' Optimism and Pessimism

Bachmann, Ruediger; Elstner, Steffen - 2021

Are firms’ expectations systematically too optimistic or too pessimistic? Does it matter? We use micro data from the West German manufacturing subset of the IFO Business Climate Survey to infer quarterly production changes at the firm level and combine them with production expectations over a...

Persistent link: https://www.econbiz.de/10013315803

Regional Origins of Employment Volatility : Evidence from German States

Buch, Claudia M. - 2008

Openness for trade can have positive welfare effects in terms of higher growth. But increased openness may also increase uncertainty through a higher volatility of employment. We use regional data from Germany to test whether openness for trade has an impact on volatility. We find a downward...

Persistent link: https://www.econbiz.de/10012772003

What Explains Germany's Rebounding Export Market Share?

Danninger, Stephan; Joutz, Frederick - 2021

Germany's export market share increased since 2000, while most industrial countries experienced declines. This study explores four explanations and evaluates their empirical contributions: (i) improved cost competitiveness, (ii) ties to fast growing trading partners, (iii) increased demand for...

Persistent link: https://www.econbiz.de/10013317155

Exchange Rate Expectations of Chartists and Fundamentalists

Dick, Christian David - 2013

This paper provides novel evidence on exchange rate expectations of both chartists and fundamentalists separately. These groups indeed form expectations differently. Chartists change their expectations more often; however, all professionals' expectations vary considerably as they generally...

Persistent link: https://www.econbiz.de/10013083266

The Signaling Channel of Central Bank Interventions : Modelling the Yen/US Dollar Exchange Rate

Chen, Yu-Fu - 2013

This paper presents a theoretical framework analyzing the signalling channel of exchange rate interventions as an informational trigger. We develop an implicit target zone framework with learning in order to model the signalling channel. The theoretical premise of the model is that interventions...

Persistent link: https://www.econbiz.de/10013092279

Heterogeneity in Exchange Rate Expectations : Evidence on the Chartist-Fundamentalist Approach

Menkhoff, Lukas; Rebitzky, Rafael R.; Schröder, Michael - 2021

This paper examines heterogeneity in exchange rate expectations. Whereas agents' heterogeneity is key in modern exchange rate models, evidence on determinants of heterogeneity is weak so far. Our sample, covering expectations from about 300 forecasters over 15 years, shows remarkable time...

Persistent link: https://www.econbiz.de/10013316426