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Fiscal stimulus and distortionary taxation

Drautzburg, Thorsten; Uhlig, Harald - 2011 - This revision: May 30, 2011

We quantify the fiscal multipliers in response to the American Recovery and Reinvestment Act (ARRA) of 2009. We extend the benchmark Smets-Wouters (Smets and Wouters, 2007) New Keynesian model, allowing for credit-constrained households, the zero lower bound, government capital and distortionary...

Persistent link: https://www.econbiz.de/10009129765

A model of welfare competition with evidence from AFDC

Saavedra, Luz Amparo - 1999

In this paper, we test empirically for strategic behaviour among the states using the cash support program Aid to Families with Dependant Children (AFDC). To motivate the empirical work, we adept Wildasin´s [41] model of income redistribution to a model of "interjurisdictional welfare...

Persistent link: https://www.econbiz.de/10011442694

International stock return predictability under model uncertainty

Schrimpf, Andreas (contributor) - 2008

This paper examines return predictability when the investor is uncertain about the right state variables. A novel feature of the model averaging approach used in this paper is to account for finite-sample bias of the coefficients in the predictive regressions. Drawing on an extensive...

Persistent link: https://www.econbiz.de/10003728591

Modeling asset returns : a comparison of theoretical and empirical models

Lüders, Erik (contributor); Schröder, Michael (contributor) - 2004 - Rev. version

large economies, USA, United Kingdom, Germany, France and Japan. The empirical results show that although the pure NGARCH … model performs well, the estimation for the German stock index could be significantly improved by an extension which follows …

Persistent link: https://www.econbiz.de/10003670896

Polarization and rising wage inequality : comparing the U.S. and Germany

Antonczyk, Dirk; DeLeire, Thomas C.; Fitzenberger, Bernd - 2010

This paper compares trends in wage inequality in the U.S. and Germany using an approach developed by MaCurdy and Mroz ….S. and Germany but there were various country specific aspects of this increase. For the U.S., we find faster wage growth … Germany. Moreover, we see a large role played by cohort effects in Germany, while we find only small cohort effects in the U …

Persistent link: https://www.econbiz.de/10003946254

Exploring the tail of patented invention value distributions

Harhoff, Dietmar; Scherer, Frederic M.; Vopel, Katrin - 1997

We explore the tail of patented invention value distributions by using value estimates obtained directly from patent holders. The paper focuses on those full-term German patents of the application year 1977 which were held by West German and U.S. residents. The most valuable patents in our data...

Persistent link: https://www.econbiz.de/10011440960

Product market competition, corporate governance and firm performance : an empirical analysis for Germany

Januszewski, Silke I.; Köke, F. Jens; Winter, Joachim - 1999

econometric analysis of firm performance in Germany. Based on a unique panel data set with detailed information on almost 400 … Germany's bank-based system of internal control, ownership concentration is harmful for productivity growth. …

Persistent link: https://www.econbiz.de/10011443499

International spillovers and feedback : modelling in a disequilibrium framework

Winker, Peter; Beck, Martin - 2000

first few quarters. This combination resulted in a major increase of imports from the main trading partners of West Germany … in other countries leading to a feedback on Germany. The paper provides a short overview over the basic model. The … modelling approach and estimation results for the trade submodels are presented in some detail and simmulation results for the …

Persistent link: https://www.econbiz.de/10011444754

Socially responsible investments in Germany, Switzerland and the United States : an analysis of investment funds and indices

Schröder, Michael - 2003

The aim of this study is the analysis of so called socially responsible investments (SRI). First, the performance of SRI equity investment funds and equity indices is investigated using Jensen's alpha as performance measure. The analysis considers market timing strategies of the fund management...

Persistent link: https://www.econbiz.de/10011448250

A test of the "Krugman hypothesis" for the United States, Britain, and Western Germany

Puhani, Patrick A. - 2003

large data sets from the U.S., Britain, and western Germany to test the Krugman hypothesis for the 1990s, when unemployment … in Germany increased (unlike in the U.S. and Britain, where it fell). British and German evidence is further backed up … with alternative data sets for these countries. I find evidence for the Krugman hypothesis when Germany is compared to the …

Persistent link: https://www.econbiz.de/10011448440