Publikationen des Vorstandsbereichs

Central Bank Communication on Financial Stability

Central banks regularly communicate about financial stability issues. This article asks how such communications affect financial markets, based on a unique dataset covering more than 1,000 releases of Financial Stability Reports (FSRs) and speeches by 37 central banks over the past 14 years. The findings suggest that optimistic FSRs lead to significant and potentially long-lasting positive abnormal ...

The Global Crisis and Equity Market Contagion

We analyze the transmission of the 2007 to 2009 financial crisis to 415 country-industry equity portfolios. We use a factor model to predict crisis returns, defining unexplained increases in factor loadings and residual correlations as indicative ofcontagion. While we find evidence of contagion from the United States and the global financial sector, the effects are small. By contrast, there has been ...

Linking Concurrent Self-Reports and Retrospective Proxy Reports about the Last Year of Life: A Prevailing Picture of Life Satisfaction Decline

OBJECTIVE: We examined the extent to which retrospective proxy reports of well-being mirror participant self-reports at 12-24 months before death and how proxy reports of well-being change over the last year of life. We also explored the role of sociodemographic, cognitive, and health factors of both participants and proxies in moderating such associations.Method.We used retrospective proxy ratings ...

Happiness Is Pleasant, or Is It? Implicit Representations of Affect Valence Are Associated with Contra-hedonic Motivation and Mixed Affect in Daily Life

People typically want to feel good. At times, however, they seek to maintain or enhance negative affect or to dampen positive affect. The prevalence of such contrahedonic motivation has been related to simultaneous experiences of positive and negative (i.e., mixed) affect. We investigated the role that implicit mental representations of affect valence may play in this regard in a study with N = 400 ...

Output, National Income, and Expenditure: An Input-Output Table of Germany in 1936

We here present the earliest input–output table of Germany: It covers forty economic branches, five final demand categories, and five primary inputs. The symmetric table for 1936 is completely based on original statistical data and does not rely on separate supply and use tables. The core of our endeavor is based on the German industrial census of 1936. The input–output table offers a new benchmark ...

Personality Characteristics and the Decisions to Become and Stay Self-Employed

Based on a large, representative German household panel, we investigate to what extent the personality of individuals influences the entry decision into and the exit decision from self-employment. We reveal that some traits, such as openness to experience, extraversion, and risk tolerance affect entry, but different ones, such as agreeableness or different parameter values of risk tolerance, affect ...

Perceived Personal Control Buffers Terminal Decline in Well-Being

Recent research has repeatedly demonstrated that well-being typically evinces precipitous deterioration close to the end of life. However, the determinants of individual differences in these terminal declines are not well understood. In this study, we examine the role of perceived personal control as a potential buffer against steep terminal declines in well-being. We applied single- and multiphase ...

Die Berechnung des Siegers: Marktwert, Ungleichheit, Diversität und Routine als Einflussfaktoren auf die Leistung professioneller Fußballteams

Vermarktlichung und Globalisierung haben den Profifußball und die Zusammensetzung von Mannschaften fundamental verändert. Vor dem Hintergrund der veränderten Rahmenbedingungen untersucht der Beitrag, in welchem Maße (a) der Marktwert einer Mannschaft, (b) ihre interne Ungleichheit, (c) die kulturelle Diversität eines Teams sowie (d) der Grad der Fluktuation im Team über den sportlichen Erfolg in nationalen ...

Affect Dynamics across the Lifespan: With Age, Heart Rate Reacts Less Strongly, but Recovers More Slowly from Unpleasant Emotional Situations

We propose that a comprehensive understanding of age differences in affective responses to emotional situations requires the distinction of 2 components of affect dynamics: reactivity, the deviation from a person’s baseline, and recovery, the return to this baseline. The present study demonstrates the utility of this approach with a focus on age differences inresponses of negative affect and heart ...

Validating Abbreviated Measures of Effort-Reward Imbalance at Work in European Cohort Studies: The IPD-Work Consortium