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Dividend policy: An empirical analysis for Imperial Germany
In the German Empire, corporations almost always paid a dividend to their shareholders. Dividends have been cut or increased in line with the development of profits. We... -
Labor Market Concentration in Germany
Using register data, we document that the average German labor market, defined by hires in combinations of 3-digit occupations, requirement levels, and commuting zones, is... -
The pass through of monetary policy to euro area bank interest rates
We examine the transmission of monetary policy to bank interest rates in the euro area, using a rolling estimation. The results, using various fixations for the Euribor rate and... -
The performance of merging cooperative banks in Germany
Motivated by the recent increase in bank mergers, this paper examines the performance of German cooperative banks that merged between 2014 and 2019. We are particularly... -
A Re-Consideration of Money Demand Theory
Portfolio models typically ignore precautionary transactions demands for liquid assets, and models of precautionary demands typically ignore asset rate-of-return risk. If... -
Intergenerational scars: The impact of parental unemployment on individual he...
This paper studies whether individuals that experienced parental unemployment during their childhood/early adolescence have poorer health once they reach the adulthood. We used... -
Trade uncertainty, economic policy uncertainty and shipping costs
We examine how trade and policy uncertainty affect shipping freight rates, using a Bayesian Vector Autoregression (BVAR) model. Trade uncertainty has a strong effect on shipping... -
Progressive Taxation and Social Welfare: Quantifying the Effects of the "Germ...
The German “Tax-Reform 2000” involved a strong reduction in the progressivity of labor income taxation. It led to a rise in overall labor income, but also increased income... -
Unraveling the Productivity Paradox: Evidence for Germany
Despite massive digitization efforts, the German economy has experienced a marked slowdown in its productivity growth. This paper empirically analyzes three prominent... -
Regional Industrial Effects in Germany from a Potential Gas Deficit
We estimate potential regional industrial effects in case of a threatening gas deficit. For Germany, the reduction leads to a potential decrease in industrial value added by... -
Retained Earnings, Foreign Portfolio Ownership, and the German Current Accoun...
In some countries, a sizable fraction of savings is derived from corporate savings. Although larger, traded corporations are often co-owned by foreign portfolio investors,... -
Regional Supply and Demand Fundamentals in the German Housing Price Boom
Over the last decade, German housing prices have increased unprecedentedly. Drawing on quality-adjusted housing price data at the district level, we show that regional... -
Corona and the Cross: Religious Affiliation, Church Bans, and Covid Infections
We examine the effectiveness of church service bans in containing the spread of Covid-19 in Germany. We furthermore investigate how differences in the local religious... -
The instability of the market for government bonds in the EMU
The introduction of the Transmission Protection Instrument is the latest evidence, that the EMU is confronted with unstable markets for government bonds. Based on a parsimonious... -
The Impact of the German Fuel Discount on Prices at the Petrol Pump
This paper investigates the price impact of the fuel discount in Germany, which was introduced between June and August 2022 to partially compensate increased energy costs. Using... -
Interest Rate Persistence and Monetary Policy Rule in Light of Model Uncertainty
We study how model uncertainty affects the understanding of the interest rate persistence using a generalized Taylor-rule function covering numerous submodels via model average... -
Extreme weather events and economic activity: The case of low water levels on...
We make use of historical data on water levels on the Rhine river to analyze the impact of weather-related supply shocks on economic activity in Germany. Our analysis shows that... -
Good Bye Lenin Revisited: East-West Preferences Three Decades After German Re...
In this paper, we document that living under Communism vs. Capitalism has lasting effects on preferences for a strong government. Relying on the natural experiment of German... -
How do people discount over spatial distance?
This paper studies how individuals discount the utility they derive from their provision of goods over spatial distance. In a controlled laboratory experiment in Germany, we... -
Team performance and the perception of being observed: experimental evidence ...
We exploit the natural experimental setting provided by the Covid-19 lockdown to analyse how performance is affected by a friendly audience. Specifically, we use data on all...
