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Referierte Aufsätze Web of Science
Entrepreneurs tend to be risk tolerant but is higher risk tolerance always better? In a sample of about 2100 small businesses, we find an inverted U-shaped relation between risk tolerance and profitability. This relationship holds in a simple bilateral regression, and even after controlling for a large set of individual and business characteristics. Apparently, one major transmission goes from risk ...
In:
Small Business Economics
64 (2025), S. 1643–1670
| Melanie Koch, Lukas Menkhoff
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Referierte Aufsätze Web of Science
We investigate the role of monetary policy in stock price misalignments and explore whether central banks can attenuate excessive mispricing as suggested by the proponents of a “leaning against the wind” monetary policy. Decomposing stock prices into expected excess dividends, an equity risk premium, and a mispricing component, we find that prices fall more strongly in response to an increase in the ...
In:
Journal of Money, Credit and Banking
56 (2024), 7, S. 1887-1904
| Kerstin Bernoth, Benjamin Beckers
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Referierte Aufsätze Web of Science
We investigate how internal distribution motives can affect the implementation of an important macroeconomic policy: capital controls. To do this, we study one of history’s largest debt repatriations, which took place under strict capital controls in 1930s Germany, providing a wealth of quantitative and historical evidence. We show that the authorities kept private repatriations under strict control, ...
In:
Journal of Political Economy
132 (2024), 6, S. 1793-2178
| Andrea Papadia, Claudio A. Schioppa
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Referierte Aufsätze Web of Science
The comparative study of housing decommodification lags behind classical welfare state research, while housing research itself is rich in homeownership studies but lacks comparative accounts of private and social rentals due to missing comparative data. Building on existing works and various primary sources, this study presents a new collection of up to forty-eight countries’ social housing shares ...
In:
Journal of Social Policy
53 (2024), 4, S. 970–996
| Konstantin A. Kholodilin, Sebastian Kohl, Florian Müller
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Referierte Aufsätze Web of Science
In 2020, Berlin introduced a rigorous rent-control policy responding to soaring prices by capping rents: the Mietendeckel (rent freeze). The German Constitutional Court revoked the policy only one year later. Although successful in lowering rents during its duration, the consequences for Berlin’s rental market and close-by markets are per se not clear. This article evaluates the short-term causal supply-side ...
In:
Management Science
70 (2024), 3, S. 1901-1923
| Anja M. Hahn, Konstantin A. Kholodilin, Sofie R. Waltl, Marco Fongoni
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Referierte Aufsätze Web of Science
The system of business income taxation consists of two instruments, namely a statutory tax rate and a depreciation allowance on investment. We will show in this paper that by acting on both instruments simultaneously it is possible to achieve both a growth and a fiscal net revenue target even in cases when a trade-off prevails when each instrument is used individually.As will be shown in the paper, ...
In:
Journal of Macroeconomics
81 (2024), 103606, 20 S.
| Marius Clemens, Werner Röger
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Referierte Aufsätze Web of Science
We study the relationship between crowding and performance in the active mutual fund industry. Using the equity holdings overlap of 17,364 global funds, we find that funds that crowd into the same stocks underperform passive benchmark funds by 1.4% per year. The negative returns to crowding can at least in part be explained by excess demand for liquidity and the associated discount for holding liquid ...
In:
Journal of Banking & Finance
164 (2024), 107202, 17 S.
| Tanja Artiga Gonzalez, Teodor Dyakov, Justus Inhoffen, Evert Wipplinger
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Referierte Aufsätze Web of Science
In this paper, we model a fossil fuel embargo as a temporary quantity constraint on fossil fuel imports and wecompare the impact with the effect of a fossil fuel price shock. We show that while both shocks have similar responses of output and inflation, they differ with respect to the reaction of other macroeconomic components,such as consumption, exports and the trade balance. In particular, an embargo ...
In:
Energy Economics
132 (2024), 107419, 20 S.
| Marius Clemens, Werner Röger
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Referierte Aufsätze Web of Science
How does a monetary union alter the impact of business cycle shocks at the household level? We develop a Heterogeneous Agent New Keynesian model of two countries (HANK) and show in closed form that a monetary union shifts the adjustment to a shock horizontally across countries, within the brackets of the union-wide wealth distribution, rather than vertically, that is, across the brackets of the union-wide ...
In:
Journal of Monetary Economics
147 (2024), 103579, 15 S.
| Christian Bayer, Alexander Kriwoluzky, Gernot J. Müller, Fabian Seyrich
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Referierte Aufsätze Web of Science
levelsof all goods in the US and Europe rose surprisingly quickly and persistently. TheFED began in March 2022 and the ECB in July 2022 with historically unique interestrate increases to combat the wage-price spiral that had not yet begun. In this article weshow that energy, commodities and food were the main drivers of inflation. For this reason,central banks’ goal of weakening demand for labor through ...
In:
Eurasian Economic Review
14 (2024), S. 235–254
| Dorothea Schäfer, Willi Semmler