-
DIW Discussion Papers 1867 / 2020
Several countries and regions have introduced mandatory minimum distances of wind turbines to nearby residential areas, in order to increase public acceptance of wind power. Germany’s largest federal state Bavaria introduced such separation distances of ten times the height of new wind turbines in 2014. Here, we provide a novel monthly district-level dataset of construction permits for wind turbines ...
2020| Jan Stede, Nils May
-
DIW Discussion Papers 1866 / 2020
The use of futures exchange contracts instead of forwards completes the maturity spectrum of the correlation between the spot yield and the premium. We find that the forward premium puzzle (FFP) depends significantly on the maturity horizon of the futures contract and the choice of sampling period. The FFP appears to be a pre-crisis phenomenon and is only observed for maturities longer than about one ...
2020| Kerstin Bernoth, Jürgen von Hagen, Casper G. de Vries
-
DIW Discussion Papers 1865 / 2020
Wir führen hochfrequente Befragungen der in Deutschland lebenden Personen durch und erheben die Erwartungen zur Dauer der Covid-bedingten Beschränkungen des öffentlichen Lebens. In einer ersten Analyse der Daten finden wir Hinweise, dass zwei in den Erhebungszeitraum fallenden öffentlichen Auftritte von Bundeskanzlerin Angela Merkel die Erwartungen stark beeinflussen. Insbesondere messen wir nach Merkels ...
2020| Peter Haan, Andreas Peichl, Annekatrin Schrenker, Georg Weizsäcker, Joachim Winter
-
DIW Discussion Papers 1864 / 2020
We study the rapidly growing literature on the causal effects of financial education programs in a meta-analysis of 76 randomized experiments with a total sample size of over 160,000 individuals. The evidence shows that financial education programs have, on average, positive causal treatment effects on financial knowledge and downstream financial behaviors. Treatment effects are economically meaningful ...
2020| Tim Kaiser, Annamaria Lusardi, Lukas Menkhoff, Carly Urban
-
DIW Discussion Papers 1863 / 2020
This paper studies costly political resistance in a non-democracy. When Nazi Germany surrendered in May 1945, 40% of the designated Soviet occupation zone was initially captured by the western Allied Expeditionary Force. This occupation was short-lived: Soviet forces took over after less than two months and installed an authoritarian regime in what became the German Democratic Republic (GDR). We exploit ...
2020| Luis R. Martinez, Jonas Jessen, Guo Xu
-
DIW Discussion Papers 1862 / 2020
This paper investigates the effect of reforms of insolvency regulations on cross-border debt and equity investments at a sectoral level. Using disaggregated data from the Securities Holdings Statistics by Sector (SHSS) and OECD-indicators on the efficiency of insolvency regulations, we find that investors prefer to invest more in countries with more efficient insolvency frameworks. The effect, however, ...
2020| Tatsiana Kliatskova, Loïc Baptiste Savatier
-
DIW Discussion Papers 1861 / 2020
We construct a news-based viral disease index and study the dynamic impact of epidemics on the world economy, using structural vector autoregressions. Epidemic shocks have persistently negative effects, both directly and indirectly, on affected countries and on world output. The shocks lead to a significant fall in global trade, employment, and consumer prices for three quarters, and the losses are ...
2020| Konstantin A. Kholodilin, Malte Rieth
-
DIW Discussion Papers 1860 / 2020
I study the effects of labor market outcomes on firms' loan demand and credit intermediation. I first show in partial equilibrium that the presence of frictions in the banking sector lowers the capital factor demand elasticity to changes in real wages. This finding helps to connect the substitutability of labor and capital with credit conditions. Second, I use a new Keynesian banking model with an ...
2020| Tobias König
-
DIW Discussion Papers 1859 / 2020
Carbon pricing decisions by governments are prone to time-inconsistency, which causes the private sector to underinvest in emission-reducing technologies. We show that incentives for decarbonization can be improved if complementing carbon pricing with carbon contracts for differences, where the government commits to pay a fixed carbon price level to the investors. We derive conditions under which the ...
2020| Olga Chiappinelli, Karsten Neuhoff
-
DIW Discussion Papers 1858 / 2020
There is a well-known gender difference in time allocation within the household, which has important implications for gender differences in labor market outcomes. We ask how malleable this gender difference in time allocation is to culture. In particular, we ask if US immigrants allocate tasks differently depending upon the characteristics of the source countries from which they emigrated. Using ...
2020| Francine D. Blau, Lawrence M. Kahn, Matthew Comey, Amanda Eng, Pamela Meyerhofer, Alexander Willén
-
DIW Discussion Papers 1857 / 2020
Dieses Papier stellt Modellrechnungen zur Entwicklung der Gesetzlichen Rentenversicherung (GRV) vor. Es beruht vorwiegend auf dem MEA-PENSIM Modell des Munich Center of the Economics of Aging (MEA) und ergänzend auf dem PENPRO-Modell des DIW. Das Modell projiziert aus Annahmen und Setzungen in mehreren Schritten die Entwicklung der Demographie und Beschäftigung sowie der wichtigsten Kenngrößen der ...
2020| Axel Börsch-Supan, Johannes Rausch, Hermann Buslei, Johannes Geyer
-
DIW Discussion Papers 1856 / 2020
We show how policies to trigger clean technologies change price competition and market structure. We present evidence from electricity markets, where regulators have implemented different policies to subsidize clean energy. Building on a multi-unit auction model, we show that currently applied subsidy designs either foster or attenuate competition. Fixed, price-independent output subsidies decrease ...
2020| Moritz Bohland, Sebastian Schwenen
-
DIW Discussion Papers 1855 / 2020
As part of its Green Deal, the European Commission is considering the introduction of border carbon adjustments and alternative measures. The measures, which would primarily apply to basic materials like steel and cement, pursue a double objective: they are aimed at enhancing the effectiveness of carbon pricing for the transition to climate neutrality but also at avoiding carbon leakage risks. When ...
2020| Roland Ismer, Karsten Neuhoff, Alice Pirlot
-
DIW Discussion Papers 1854 / 2020
Evidence on the effectiveness of FX interventions is either limited to short horizons or hampered by debatable identification. We address these limitations by identifying a structural vector autoregressive model for the daily frequency with an external instrument. Generally, we find, for freely floating currencies, that FX intervention shocks significantly affect exchange rates and that this impact ...
2020| Lukas Menkhoff, Malte Rieth, Tobias Stöhr
-
DIW Discussion Papers 1853 / 2020
Incentives for industrial loads to provide demand response on day-ahead and reserve markets are affected both by network tariffs, as well as regulations on the provision of flexibility in different markets. This paper uses a numerical model of the chlor-alkali process with a storable intermediate good to investigate how these factors affect the provision of demand response in these markets. We also ...
2020| Jörn C. Richstein, Seyed Saeed Hosseinioun
-
DIW Discussion Papers 1852 / 2020
This paper examines the dynamics of wealth and income inequality along the business cycle and assesses how they are related to fluctuations in the functional income distribution. In a panel estimation for OECD countries between 1970 and 2016 we find that on average income inequality - measured by the Gini coefficient - is countercyclical and also shows a significant association with the capital share. ...
2020| Marius Clemens, Ulrich Eydam, Maik Heinemann
-
DIW Discussion Papers 1851 / 2020
We study the impact of different regulatory designs on the cost efficiency of operators providing a public service, exploiting data from the French transport industry. The distinctive feature of the study is that it considers regulatory regimes as endogenously determined choices, explained by economic, political, and institutional variables. Our approach leans on a positive analysis to study the determinants ...
2020| Joanna Piechucka
-
DIW Discussion Papers 1850 / 2020
This paper provides an empirical test of the Coase Theorem. I analyze whether emissions are independent from allowance allocations in the electricity sector regulated under the EU's Emissions Trading System (EU ETS). Exogenous variation in levels of free allocation for power producing installations enables a difference-in-differences strategy. The analysis reveals that a change in al- location levels ...
2020| Aleksandar Zaklan
-
DIW Discussion Papers 1849 / 2020
The superstar firms model provides a compelling explanation for two simultaneously occurring phenomena: the rise of concentration in industries and the fall of labor shares. Our empirical analysis confirms two of the underlying assumptions of the model: the market share increases and the labor share decreases with increasing firm-level total factor productivity, providing support for the superstar ...
2020| Alexander Schiersch, Caroline Stiel
-
DIW Discussion Papers 1848 / 2020
In this paper, we analyze the impact of transportation infrastructure quantity and quality on regional economic production. We exploit an extensive panel dataset on the German county level (N=401), expressing the capital value and condition of highways between 2007 and 2016, to estimate a spatially extended translog production function. The spatial specification uses SLX and SDEM models, with various ...
2020| Dennis Gaus, Heike Link