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Experience and Firms’ Financing Behavior: A Behavioral Perspective 经验与企业融资行为:行为学视角
IF 1.1 4区 经济学
German Economic Review Pub Date : 2023-08-01 DOI: 10.1515/ger-2022-0102
J. Fidrmuc, Florian Horky
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引用次数: 0
Show Me the Money: Tracking Consumer Spending with Daily Card Transaction Data During the Pandemic 给我看钱:在疫情期间用每日信用卡交易数据跟踪消费者支出
4区 经济学
German Economic Review Pub Date : 2023-08-01 DOI: 10.1515/ger-2023-0040
Serhan Cevik
{"title":"Show Me the Money: Tracking Consumer Spending with Daily Card Transaction Data During the Pandemic","authors":"Serhan Cevik","doi":"10.1515/ger-2023-0040","DOIUrl":"https://doi.org/10.1515/ger-2023-0040","url":null,"abstract":"Abstract The COVID-19 pandemic has been an unprecedented shock to economic activity with abrupt and unexpected changes in household consumption behavior. This paper investigates how the spread of the pandemic and government interventions have affected consumer spending using daily card transaction data in the Baltics. The analysis shows significant effects on the amount and composition of debit and credit card transactions. First, the number of new COVID-19 infections or deaths has a strongly negative effect. Second, while public health measures designed to contain the spread of the pandemic has a negative effect, economic support measures designed to assist businesses and households have a stimulative effect. Third, there is heterogeneity across spending categories, but the drop is mostly concentrated in sectors that are restricted by lockdowns and the risk of infection. Fourth, the impact of government interventions, especially in terms of stimulating consumer spending, appears to be more pronounced on goods than services.","PeriodicalId":46476,"journal":{"name":"German Economic Review","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136375586","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Frontmatter 头版头条
4区 经济学
German Economic Review Pub Date : 2023-08-01 DOI: 10.1515/ger-2023-frontmatter3
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引用次数: 0
The Impact of the German Fuel Discount on Prices at the Petrol Pump 德国燃油折扣对汽油价格的影响
IF 1.1 4区 经济学
German Economic Review Pub Date : 2023-05-01 DOI: 10.1515/ger-2022-0108
Volker Seiler, Nico Stöckmann
{"title":"The Impact of the German Fuel Discount on Prices at the Petrol Pump","authors":"Volker Seiler, Nico Stöckmann","doi":"10.1515/ger-2022-0108","DOIUrl":"https://doi.org/10.1515/ger-2022-0108","url":null,"abstract":"Abstract 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 the augmented synthetic control method (ASCM) to construct the counterfactual, we provide quantitative evidence to the heated debate concerning the impact of this policy tool and find the fuel discount to have decreased consumer prices of petrol (diesel) by at least 0.30 euro per litre (0.10 euro per litre) on average. The results are robust to various sensitivity checks. Thus, oil companies and petrol stations decreased prices for consumers and passed on about 85 % (65 %) of the discount in case of petrol (diesel). Moreover, we do not find signs of excessive price increases in anticipation of the fuel discount.","PeriodicalId":46476,"journal":{"name":"German Economic Review","volume":"15 1","pages":"191 - 206"},"PeriodicalIF":1.1,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89992481","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Frontmatter 头版头条
4区 经济学
German Economic Review Pub Date : 2023-05-01 DOI: 10.1515/ger-2023-frontmatter2
{"title":"Frontmatter","authors":"","doi":"10.1515/ger-2023-frontmatter2","DOIUrl":"https://doi.org/10.1515/ger-2023-frontmatter2","url":null,"abstract":"","PeriodicalId":46476,"journal":{"name":"German Economic Review","volume":"132 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134992477","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Instability of the Market for Government Bonds in the EMU 欧洲货币联盟政府债券市场的不稳定性
IF 1.1 4区 经济学
German Economic Review Pub Date : 2023-05-01 DOI: 10.1515/ger-2022-0082
Joern Kleinert
{"title":"The Instability of the Market for Government Bonds in the EMU","authors":"Joern Kleinert","doi":"10.1515/ger-2022-0082","DOIUrl":"https://doi.org/10.1515/ger-2022-0082","url":null,"abstract":"Abstract 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 model of the government bond market, I argue, that this results from the introduction of the euro, which has homogenized government bonds. Now, several easily substitutable bonds are traded at the same time. Investors sort according to return and risk instead of along currencies. This self-selection, however, creates instability in crises. Price convergence and sorting characterized the first decade of the euro, instability the second.","PeriodicalId":46476,"journal":{"name":"German Economic Review","volume":"46 1","pages":"207 - 231"},"PeriodicalIF":1.1,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79059540","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Interest Rate Persistence and Monetary Policy Rule in Light of Model Uncertainty 模型不确定性下的利率持续性与货币政策规则
4区 经济学
German Economic Review Pub Date : 2023-03-28 DOI: 10.1515/ger-2022-0076
Shou-Yung Yin, Chang-Ching Lin, Ming-Jen Chang
{"title":"Interest Rate Persistence and Monetary Policy Rule in Light of Model Uncertainty","authors":"Shou-Yung Yin, Chang-Ching Lin, Ming-Jen Chang","doi":"10.1515/ger-2022-0076","DOIUrl":"https://doi.org/10.1515/ger-2022-0076","url":null,"abstract":"Abstract 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 approach. The data-driven weights can be regarded as a measure of power-sharing across monetary policy committee members. We show that the model uncertainty is important in Canada, France, and Sweden, and the implied weights indicate that the U.K. and the U.S. have a lower model uncertainty caused either by an over-influential chairman or the consistent agreement of committee members. The importance of model uncertainty can be emphasized by sequential estimation during the 2008 financial crisis.","PeriodicalId":46476,"journal":{"name":"German Economic Review","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135723023","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Extreme Weather Events and Economic Activity: The Case of Low Water Levels on the Rhine River 极端天气事件与经济活动:以莱茵河低水位为例
IF 1.1 4区 经济学
German Economic Review Pub Date : 2023-03-14 DOI: 10.1515/ger-2022-0077
Marten Ademmer, Nils Jannsen, Saskia Meuchelböck
{"title":"Extreme Weather Events and Economic Activity: The Case of Low Water Levels on the Rhine River","authors":"Marten Ademmer, Nils Jannsen, Saskia Meuchelböck","doi":"10.1515/ger-2022-0077","DOIUrl":"https://doi.org/10.1515/ger-2022-0077","url":null,"abstract":"Abstract 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 low water levels lead to severe disruptions in inland water transportation and cause a significant and economically meaningful decrease of economic activity. In a month with 30 days of low water, industrial production in Germany declines by about 1 percent, ceteris paribus. Our analysis highlights the importance of extreme weather events for business cycle analysis and contributes to gauging the costs of extreme weather events in advanced economies.","PeriodicalId":46476,"journal":{"name":"German Economic Review","volume":"15 1","pages":"121 - 144"},"PeriodicalIF":1.1,"publicationDate":"2023-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90707703","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Good Bye Lenin Revisited: East-West Preferences Three Decades after German Reunification. 再见，列宁重访:德国统一三十年后的东西方偏好。
IF 1.1 4区 经济学
German Economic Review Pub Date : 2023-02-28 DOI: 10.1515/ger-2022-0042
Mariia Bondar, Nicola Fuchs-Schündeln
{"title":"Good Bye Lenin Revisited: East-West Preferences Three Decades after German Reunification.","authors":"Mariia Bondar,&nbsp;Nicola Fuchs-Schündeln","doi":"10.1515/ger-2022-0042","DOIUrl":"https://doi.org/10.1515/ger-2022-0042","url":null,"abstract":"<p><p>In this paper, we document that living under Communism versus Capitalism has lasting effects on preferences for a strong government. Relying on the natural experiment of German reunification and extending the analysis of Alesina and Fuchs-Schündeln (2007), we show that East Germans still have stronger preferences for redistribution than West Germans 27 years after reunification. While convergence of preferences occurs, the speed of convergence decreases significantly over time. Evidence from cohorts born after German reunification points towards significant intergenerational transmission of preferences.</p>","PeriodicalId":46476,"journal":{"name":"German Economic Review","volume":"24 1","pages":"97-119"},"PeriodicalIF":1.1,"publicationDate":"2023-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10005892/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"9111609","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Impact of COVID-19 on Bank Profitability: Cross-Country Evidence COVID-19对银行盈利能力的影响:跨国证据
IF 1.1 4区 经济学
German Economic Review Pub Date : 2023-02-01 DOI: 10.2139/ssrn.4318881
E. Augeraud-Véron, Whelsy Boungou
{"title":"The Impact of COVID-19 on Bank Profitability: Cross-Country Evidence","authors":"E. Augeraud-Véron, Whelsy Boungou","doi":"10.2139/ssrn.4318881","DOIUrl":"https://doi.org/10.2139/ssrn.4318881","url":null,"abstract":"Abstract Using data from 5474 banks located in 23 OECD countries over the period 2019Q2–2022Q1, we study the influence of COVID-19 on bank profitability (before and during the COVID-19 vaccination period). Our results show a negative impact of the COVID-19 pandemic on bank profitability, especially at the onset of the health crisis. In addition, we find that vaccination against COVID-19 had a positive effect on bank profitability, not yet sufficient to compensate for the losses generated at the beginning of the pandemic. Finally, we show that these effects depend on the characteristics of banks (notably size and capital) before vaccination and on the severity of the crisis across countries. Overall, we provide the first evidence of the influence of vaccination on bank behavior in terms of profitability.","PeriodicalId":46476,"journal":{"name":"German Economic Review","volume":"44 1","pages":"69 - 95"},"PeriodicalIF":1.1,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89053425","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
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