I quantify the importance of financial structure, labor market rigidities and industry mix for cross-country asymmetries in monetary transmission. To do so, I determine how closely the impulse responses to a monetary policy shock obtained from country-specific vectorautoregressive (VAR) models...

We analyze the relation between market-based credit risk interconnectedness among banks during the crisis and the associated balance sheet linkages via funding and securities holdings. For identification, we use a proprietary dataset that has the funding positions of banks at the bank-to-bank...

A structural Bayesian vector autoregression model predicts that - when accompanied by a decline in consumer confidence - a one-percent decrease in house prices is associated with a contraction of economic activity by 0.2 to 1.2 percent after one year. Results point to important second-round...

We examine how the occurrence of natural disasters impact the US economy and financial markets using monthly data since 2000. Our analysis reveals large sustained adverse effects of disasters on overall economic activity, with significant implications across various sectors including labor,...

A growing body of literature argues that the financial cycle is considerably longer in duration and larger in amplitude than the business cycle and that its distinguishing features became more pronounced over time. This paper proposes an empirical approach suitable to test these hypotheses. We...

The objective of this study is to provide an alternative characterization of the optimal value function of a certain Black- Scholes-type optimal stopping problem where the underlying stochastic process is a general random walk, i.e. the process constituted by partial sums of an IID sequence of...

We analyze the determination of a value maximizing dividend policy for a broad class of cash flow processes modelled as spectrally negative jump diffusions. We extend previous results based on continuous diffusion models and characterize the value of the optimal dividend policy explicitly....

Our analysis finds that despite the growing number, the majority of savings banks currently do not make any payouts. Furthermore, savings banks distribute only a small part of their net profit to the shareholders. This means that they can still build up capital even if they make payouts. Savings...

In diesem Beitrag wird ein Oligopolmodell der Innovationsaktivität entwickelt und mit Daten aus dem Mannheimer Innovationspanel geschätzt. Das Modell erlaubt es, bei der empirischen Umsetzung auf die Verwendung von Marktanteilsdaten und Nachfrageelastizitäten zu verzichten, die typischerweise...

Seit der Gründung der Bundesrepublik Deutschland haben verschiedene Megatrends die Entwicklungen auf dem deutschen Arbeitsmarkt maßgeblich beeinflusst. Insbesondere die voranschreitende Globalisierung hat zur weiteren Öffnung der deutschen Volkwirtschaft geführt und den sektoralen...