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Counterfactual Analysis in Macroeconometrics : An Empirical Investigation into the Effects of Quantitative Easing
Pesaran, M. Hashem - 2012
This paper is concerned with ex ante and ex post counterfactual analyses in the case of macroeconometric applications where a single unit is observed before and after a given policy intervention. It distinguishes between cases where the policy change affects the model's parameters and where it...
Persistent link: https://www.econbiz.de/10013104950
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Returns to Childbirth Technologies : Evidence from Preterm Births
Daysal, N. Meltem - 2014
We investigate the impact of obstetrician supervision, as opposed to midwife supervision, on the short-term health of low-risk newborns. We exploit a unique policy rule in the Netherlands that creates a large discontinuity in the probability of a low-risk birth being attended by an obstetrician...
Persistent link: https://www.econbiz.de/10013061603
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Interest Rate Bands of Inaction and Play-Hysteresis in Domestic Investment : Evidence for the Euro Area
Belke, Ansgar Hubertus - 2019
The interest rate represents an important monetary policy tool to steer investment in order to reach price stability. Therefore, implications of the exact form and magnitude of the interest rate-investment nexus for the European Central Bank's effectiveness in a low interest rate environment...
Persistent link: https://www.econbiz.de/10012863789
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Productivity Premia for German Manufacturing Firms Exporting to the Euro-Area and Beyond : First Evidence from Robust Fixed Effects Estimations
Verardi, Vincenzo - 2010
estimates of the productivity premium of German firms exporting to the Euro-zone and beyond, controlling for unobserved time … invariant firm specific effects, and tests for self-selection of more productive firms into exporting beyond the Euro-zone. (3 … Euro-zone only is no longer much smaller that the premium of firms that export beyond the Euro-zone, too, and the premium …
Persistent link: https://www.econbiz.de/10013141754
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A Theory of Social Impact Bonds
Tortorice, Daniel L. - 2020
Social impact bonds (SIBs) are an innovative financing mechanism for public goods. In a SIB, an investor provides capital to a service provider for a social intervention. The investor receives a return based on the outcome of the intervention relative to a predetermined benchmark. We describe...
Persistent link: https://www.econbiz.de/10012829219
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Testing CAPM with a Large Number of Assets
Pesaran, M. Hashem - 2012
This paper is concerned with testing the time series implications of the capital asset pricing model (CAPM) due to Sharpe (1964) and Lintner (1965), when the number of securities, N, is large relative to the time dimension, T, of the return series. In the case of cross-sectionally correlated...
Persistent link: https://www.econbiz.de/10013107698
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Less Myth, More Measurement : Decomposing Excess Returns from the 1989 Minimum Wage Hike
Lin, Carl - 2012
In the book Myth and Measurement, Card and Krueger (1995) examine the economic impact of the 1989 minimum wage hike on the welfare of 110 firms which employ a disproportionate number of minimum-wage workers. Their results show mixed evidence that excess returns associated with news about the...
Persistent link: https://www.econbiz.de/10013112058
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The Impact of Household Capital Income on Income Inequality : A Factor Decomposition Analysis for Great Britain, Germany and the Usa
Fräßdorf, Anna; Grabka, Markus; Schwarze, Johannes - 2021
SOEP for West Germany, and the PSID for the USA, a factor decomposition method described by Shorrocks (1982) is applied … contribution to overall inequality in relation to its share in disposable income. This applies to Germany and the USA in particular …
Persistent link: https://www.econbiz.de/10013325020
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Completing the Monetary Union of Europe as Mid-Term Solution of the Euro Crisis
Fischer, Justina A. V. - 2015
This research note discusses the Euro crisis in Greece in light of the referendum of July the 5th. It lays out the social and political costs of a GREXIT, but also of a continuing austerity policy. It proposes a reform policy fostering growth in Greece and discusses the role of conditionality....
Persistent link: https://www.econbiz.de/10013016262
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Wage Premia for Newly Hired Employees : Theory and Evidence
Kampkötter, Patrick - 2011
We investigate wage differences between newly hired and incumbent employees. We show in a formal model that when employees care for wages as well as match-specific utility, incumbents earn less than new recruits if and only if firm-specific human capital is not too important. The existence and...
Persistent link: https://www.econbiz.de/10013129084