Economy Under the Spell of the Coronavirus Epidemic

The epidemic is obstructing the economic recovery in Germany. If the spread of the disease can be contained in short time, GDP growth in 2020 is expected to be 0.6% according to IWH spring economic forecast. If the number of new infections cannot be decreased in short time, we expect a recession in Germany.

IWH investigates causes of populism

Is the increasing strength of populist parties due to economic causes? The IWH addresses this controversial question as the coordinator of an interdisciplinary research project, funded by the Volkswagen Foundation.

IWH hosts award-winning US economist

The renowned Max Planck-Humboldt Research Award 2019 goes to Ufuk Akcigit, Professor of Economics at the University of Chicago. At the IWH, Akcigit aims to use innovative methods to investigate why the economy in eastern Germany is still lagging behind that in western Germany – and what role the privatisation process 30 years ago played in this.

United by Inequality

How is Germany’s economy faring 30 years after the fall of the Berlin Wall? An IWH publication analyses how the country’s unification has progressed. The study presents many new findings, including on productivity differences between east and west, urban and rural development, as well as the availability of skilled labour.

IWH leads large scale EU project on productivity

Is productivity growth slowing in industrialised countries? And if so, why? From the start of 2019, the IWH will be addressing these decisive questions as the leading coordinator of a new European research collaboration: MICROPROD is the largest EU project in the history of the institute.

The Halle Spirit

We provide independent research on economic topics that really matter and aim to enrich society with facts and evidence-based insights that facilitate better economic decisions. We focus on growth and productivity because we are convinced that economic prosperity enables people to lead happier lives. We provide young researchers a nurturing place to develop their competencies and to make the most of their skills. Working in flat hierarchies, we are driven by open-minded intellectual curiosity and we have the courage to share inconvenient insights.

Research Networks, Data and Policy Advice

Figure It Out!

Intangible capital and productivity

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Intangible capital (e.g. patents, licenses, software, research and development) as production factor can explain up to 10% of the productivity dispersion among companies within an industry.

Read more: Intangible Capital and Productivity. Firm-level Evidence from German Manufacturing

Press Releases

12.03.2020 • 4/2020

Global economy under the spell of the coronavirus epidemic

Abstract

The epidemic is obstructing the economic recovery in Germany. Foreign demand is falling, private households forgo domestic consumption if it comes with infection risk, and investments are postponed. Assuming that the spread of the disease can be contained in short time, GDP growth in 2020 is expected to be 0.6% according to IWH spring economic forecast. Growth in East Germany is expected to be 0.9% and thus higher than in West Germany. If the number of new infections cannot be decreased in short time, we expect a recession in Germany.

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18.02.2020 • 3/2020

Presseeinladung zur IWH-Konferenz „Europas Finanzmarkt: Zwangsehe oder lose Bekanntschaft?“ am 26. Februar 2020

Abstract

Ein Jahrzehnt nach der weltweiten Finanzkrise steht das Finanzsystem noch immer vor enormen Herausforderungen. Wie diese in Europa gemeistert werden können, ist Thema einer hochkarätig besetzten Tagung am Leibniz-Institut für Wirtschaftsforschung Halle (IWH). Zur Eröffnung spricht Claudia Buch, Vizepräsidentin der Deutschen Bundesbank.

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12.02.2020 • 2/2020

Causes of populism: IWH begins international research project

Abstract

Is the increasing strength of populist parties due to economic causes? The Halle Institute for Economic Research (IWH) is set to play a leading role in scrutinising this controversial question with immediate effect, together with researchers from England, Scotland and the Czech Republic. The Volkswagen Foundation is funding this interdisciplinary project to the tune of almost one million euro for four years.

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30.01.2020 • 1/2020

Alterung, Braunkohleausstieg und Klimapaket: Finanzpolitische Konsequenzen in Deutschland bis 2024

Professor Dr Oliver Holtemöller

Abstract

Nach der Mittelfristprojektion des Leibniz-Instituts für Wirtschaftsforschung Halle (IWH) wird das Wachstum in Deutschland in den Jahren bis 2024 aufgrund der bald sinkenden Erwerbsbevölkerung spürbar zurückgehen. Dies wird sich auch bei den Staatseinnahmen niederschlagen, und strukturschwache Regionen dürften davon besonders stark betroffen sein. Diese regionalen Effekte werden zwar durch Umverteilungsmechanismen abgefedert, aber nicht völlig ausgeglichen. Regionen mit schrumpfender Erwerbsbevölkerung müssen sich auf einen sinkenden finanziellen Spielraum einstellen. Oliver Holtemöller, Leiter der Abteilung Makroökonomik und Vizepräsident des IWH, ergänzt: „Der beschleunigte Braunkohleausstieg wird diesen Prozess verstärken, das Klimapaket der Bundesregierung hat hingegen vergleichsweise geringe Auswirkungen auf die öffentlichen Finanzen.“

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Stefanie Müller
Head of Public Relations

If you have any further questions please contact me.

+49 345 7753-720 Request per E-Mail

Media Centre

Facts and Figures

2019-hard-brexit-potential-employment-effects-absolute.jpg — 1/3: Up to 600 000 jobs would indirectly be threatened by a hard Brexit, about 100 000 of those in Germany. Source: Brautzsch, Hans-Ulrich, Holtemöller, Oliver: Potential International Employment Effects of a Hard Brexit. IWH Discussion Papers, Nr. 4, 2019. Halle (Saale) 2019.

2019-hard-brexit-potential-employment-effects-relative.jpg — 2/3: Effects on employment rates would be particularly high in Malta and Ireland. Source: Brautzsch, Hans-Ulrich, Holtemöller, Oliver: Potential International Employment Effects of a Hard Brexit. IWH Discussion Papers, Nr. 4, 2019. Halle (Saale) 2019.

3/3: In Germany, a hard Brexit would particularly affect the car industry and, as a result, the districts of Wolfsburg (Volkswagen headquarters) and Dingolfing-Landau (BMW). Source: Brautzsch, Hans-Ulrich, Holtemöller, Oliver: Potential International Employment Effects of a Hard Brexit. IWH-Diskussionspapiere, Nr. 4, 2019. Halle (Saale) 2019.

This figure shows the different pillars that form the basis of the new regulatory framework in Europe. The Single Rulebook applies to all 28 member states. The three pillars of the European Banking Union are obligatory for Euro Area countries and voluntary for the remaining EU member states. Source: Koetter, Michael; Krause, Thomas; Tonzer, Lena (2017): Delay determinants of European Banking Union implementation. IWH Discussion Papers 24/2017, Halle Institute for Economic Research (IWH).

The graph shows the percentage share of firms that have been classified as zombies in a given year and country. Zombie firms are firms, that for at least two consecutive years have negative returns, negative investment, and debt servicing capacity (EBITDA/ financial debt) below 5 %. Source: Koetter, Michael; Setzer, Ralph; Storz, Manuela; Westphal, Andreas (2017): Do we want these two to tango? On zombie firms and stressed banks in Europe. IWH Discussion Papers 13/2017, Halle Institute for Economic Research (IWH).

EU: European Commission, Economic Forecast, November 2017; IMF: World Economic Outlook, October 2017, ECB: December 2017 staff macroeconomic projections. OECD: Economic Outlook, November 2017; Consensus: Consensus Economics, Consensus Forecasts, December 2017. Source: EFN-European Forecasting Network (2017): EFN Report: Economic Outlook for the Euro Area in 2018 and 2019.

This figure (a) shows headline inflation rates in the Euro area and in ten member countries of the European Monetary Union (EMU). The possible inflation drivers may all have contributed to the low inflation rate in recent years. The series of survey- and market-based inflation expectations were obtained from Consensus Economics, Thomson Reuters and own calculations. For the remaining data sources it is referred to the data and estimation section. Source: Dany-Knedlik, Geraldine; Holtemöller, Oliver (2017): Inflation dynamics during the financial crisis in Europe: Cross-sectional identification of long-run inflation expectations. IWH Discussion Papers 10/2017, Halle Institute for Economic Research (IWH).

This figure (b) shows unemployment rates in the Euro area and in ten member countries of the European Monetary Union (EMU). The possible inflation drivers may all have contributed to the low inflation rate in recent years. The series of survey- and market-based inflation expectations were obtained from Consensus Economics, Thomson Reuters and own calculations. For the remaining data sources it is referred to the data and estimation section. Source: Dany-Knedlik, Geraldine; Holtemöller, Oliver (2017): Inflation dynamics during the financial crisis in Europe: Cross-sectional identification of long-run inflation expectations. IWH Discussion Papers 10/2017, Halle Institute for Economic Research (IWH).

This figure shows the payments of the bank levy (in million euros) by German banks for the years 2011-2015, broken down by banking group. During the years 2011-2014, banks had to contribute to the national restructuring fund as specified in the Restructuring Fund Act. In 2015, banks contributions were for the first time calculated as specified in the Banking Resolution and Restructuring Directive. Source of Figure: Deutscher Bundestag Drucksache 18/5993, BB8/5993he 18 5 December 2015. Source: Buch, Claudia; Tonzer, Lena; Weigert, Benjamin (2017): Assessing the effects of regulatory bank levies. VOX CEPR's Policy Portal: Research-based policy analysis and commentary from leading economists.

This figure shows the development of aggregated foreign funding for Brazilian banks between January 2007 and December 2010. The vertical line is set at September 2008, the month when the collapse of Lehman Brothers triggered a freeze in global interbank markets. Foreign funding is aggregated from the bank-level data in the baseline sample. The variable is reported in real 2013 US$ millions. Source: Noth, Felix; Ossandon Busch, Matias (2017): Banking globalization, local lending, and labor market effects: Micro-level evidence from Brazil. IWH Discussion Papers 7/2017, Halle Institute for Economic Research (IWH).

The unemployment rate of EU nationals in most countries is slightly higher than that of domestic nationals; these rates are almost perfectly correlated for all member states. As the figure displays, the unemployment rate of citizens from non-EU member states is significantly higher than that of domestic nationals in almost all countries; the dispersion of the rates is also significantly greater. Source: Altemeyer-Bartscher, Martin; Holtemöller, Oliver; Lindner, Axel; Schmalzbauer, Andreas; Zeddies, Götz (2016): On the Distribution of Refugees in the EU. In: Intereconomics, Volume 51, July/August 2016, Number 4, pp. 220-228.

In fact, there is a positive correlation between the number of applications for asylum in recent years and the difference in the unemployment rates of domestic nationals and of citizens from non-EU member states (as shown in the figure at hand). This indicates that the marginal costs of integrating refugees do indeed increase as the number of refugees grows. Source: Altemeyer-Bartscher, Martin; Holtemöller, Oliver; Lindner, Axel; Schmalzbauer, Andreas; Zeddies, Götz (2016): On the Distribution of Refugees in the EU. In: Intereconomics, Volume 51, July/August 2016, Number 4, pp. 220-228.

Large differences between nationals and foreigners from non-EU countries can also be observed when it comes to the employment rate. In most countries, the employment rate is considerably lower for non-EU citizens than for domestic nationals; this is the case especially for women, but it applies to men as well. While the employment rate of male non-EU foreigners increases at least somewhat with the employment rate of male domestic nationals, the employment rate of female non-EU foreigners is largely disconnected from the domestic rate (see figure above). Source: Altemeyer-Bartscher, Martin; Holtemöller, Oliver; Lindner, Axel; Schmalzbauer, Andreas; Zeddies, Götz (2016): On the Distribution of Refugees in the EU. In: Intereconomics, Volume 51, July/August 2016, Number 4, pp. 220-228.

Figure_8_Average_work_performance_corresponding_to_meaning_of_task.jpg — The figure demonstrates that the average number of responses differs between the three treatment groups "Original Meaning", "No Meaning" and "Alternative Meaning". It shows the average work performance of workers fulfilling the same task with the same reward but with different information about the usefulness or meaning of their work done before. Since some workers did not respond at first and only participated in the experiment as latecomers after they were sent further invitations, these were considered as a special group. Therefore, two different groups were created "Immediate" and "Pooled" and were considered separately. In essence, the additional "Pooled" group consists of latecomers grouped together with the employees that immediately participated in the experiment. Source: Chadi, Adrian; Jeworrek, Sabrina; Mertins, Vanessa (2016): When the Meaning of Work Has Disappeared: Experimental Evidence on Employees’ Performance and Emotions. Management Science 63(6): 1696-1707.

Current Publications

Measuring the Indirect Effects of Adverse Employer Behavior on Worker Productivity – A Field Experiment

Matthias Heinz Sabrina Jeworrek Vanessa Mertins Heiner Schumacher Matthias Sutter

in: The Economic Journal, forthcoming

read publication

Firm Wage Premia, Industrial Relations, and Rent Sharing in Germany

Boris Hirsch Steffen Müller

in: ILR Review, forthcoming

read publication

Does Low-pay Persist across Different Regimes? Evidence from the German Unification

André Diegmann Nicole Gürtzgen

in: The Economics of Transition, forthcoming

read publication

Banks’ Equity Performance and the Term Structure of Interest Rates

Elyas Elyasiani Iftekhar Hasan Elena Kalotychou Panos K. Pouliasis Sotiris Staikouras

in: Financial Markets, Institutions & Instruments, forthcoming

Abstract

Using an extensive global sample, this paper investigates the impact of the term structure of interest rates on bank equity returns. Decomposing the yield curve to its three constituents (level, slope and curvature), the paper evaluates the time-varying sensitivity of the bank’s equity returns to these constituents by using a diagonal dynamic conditional correlation multivariate GARCH framework. Evidence reveals that the empirical proxies for the three factors explain the variations in equity returns above and beyond the market-wide effect. More specifically, shocks to the long-term (level) and short-term (slope) factors have a statistically significant impact on equity returns, while those on the medium-term (curvature) factor are less clear-cut. Bank size plays an important role in the sense that exposures are higher for SIFIs and large banks compared to medium and small banks. Moreover, banks exhibit greater sensitivities to all risk factors during the crisis and postcrisis periods compared to the pre-crisis period; though these sensitivities do not differ for market-oriented and bank-oriented financial systems.

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Tournament Incentives and Acquisition Performance

Iftekhar Hasan Marco Navone Thomas To Eliza Wu

in: The Review of Corporate Finance Studies, forthcoming

read publication

Finance and Wealth Inequality

Iftekhar Hasan Roman Horvath Jan Mares

in: Journal of International Money and Finance, forthcoming

read publication

cover_The-North-American-Journal-of-Economics-and-Finance.gif

Tornado Activity, House Price and Stock Returns

Michael Donadelli Michael Ghisletti Marcus Jüppner Antonio Paradiso

in: The North American Journal of Economics and Finance, forthcoming

read publication

The Influence of Bondholder Concentration and Temporal Orientation on Investments in R&D

Pengfei Ye Jonathan O’Brien Christina Matz Carnes Iftekhar Hasan

in: Journal of Management, forthcoming

Abstract

Although innovation can be a critical source of competitive advantage, research has found that debt can erode management’s willingness to invest in R&D. In this article, we employ a stakeholder bargaining power perspective to argue that this effect is most pronounced when the firm’s bonds are concentrated in the hands of bond blockholders. Furthermore, we contend that the temporal orientation of bondholders influences this relationship. Specifically, while it is commonly assumed that bondholders have a limited temporal orientation that induces them to focus on short-term value appropriation, we argue that some bond blockholders adopt a long-term temporal orientation. This orientation, in turn, makes them more inclined to support long-term value creation for the firm in the form of enhanced investments in R&D. Moreover, while agency theory suggests that there is an inherent conflict of interest between shareholders and bondholders, our results suggest that the temporal orientation of investors (i.e., both shareholders and bondholders) matters much more than whether they invested in the firm’s equity or its debt.

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The Appropriateness of the Macroeconomic Imbalance Procedure for Central and Eastern European Countries

Geraldine Dany-Knedlik Martina Kämpfe Tobias Knedlik

in: Empirica, forthcoming

Abstract

The European Commission’s Scoreboard of Macroeconomic Imbalances is a rare case of a publicly released early warning system. It was published first time in 2012 by the European Commission as a reaction to public debt crises in Europe. So far, the Macroeconomic Imbalance Procedure takes a one-size-fits-all approach with regard to the identification of thresholds. The experience of Central and Eastern European Countries during the global financial crisis and in the resulting public debt crises has been largely different from that of other European countries. This paper looks at the appropriateness of scoreboard of the Macroeconomic Imbalances Procedure of the European Commission for this group of catching-up countries. It is shown that while some of the indicators of the scoreboard are helpful to predict crises in the region, thresholds are in most cases set too narrow since it largely disregarded the specifics of catching-up economies, in particular higher and more volatile growth rates of various macroeconomic variables.

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Banks’ Funding Stress, Lending Supply and Consumption Expenditure

H. Evren Damar Reint E. Gropp A. Mordel

in: Journal of Money, Credit and Banking, forthcoming

Abstract

We employ a unique identification strategy linking survey data on household consumption expenditure to bank‐level data to estimate the effects of bank funding stress on consumer credit and consumption expenditures. We show that households whose banks were more exposed to funding shocks report lower levels of nonmortgage liabilities. This, however, only translates into lower levels of consumption for low‐income households. Hence, adverse credit supply shocks are associated with significant heterogeneous effects.

read publication

Measuring the Indirect Effects of Adverse Employer Behavior on Worker Productivity – A Field Experiment

Matthias Heinz Sabrina Jeworrek Vanessa Mertins Heiner Schumacher Matthias Sutter

in: The Economic Journal, forthcoming

read publication

Firm Wage Premia, Industrial Relations, and Rent Sharing in Germany

Boris Hirsch Steffen Müller

in: ILR Review, forthcoming

read publication

Does Low-pay Persist across Different Regimes? Evidence from the German Unification

André Diegmann Nicole Gürtzgen

in: The Economics of Transition, forthcoming

read publication

Banks’ Equity Performance and the Term Structure of Interest Rates

Elyas Elyasiani Iftekhar Hasan Elena Kalotychou Panos K. Pouliasis Sotiris Staikouras

in: Financial Markets, Institutions & Instruments, forthcoming

Abstract

read publication

Tournament Incentives and Acquisition Performance

Iftekhar Hasan Marco Navone Thomas To Eliza Wu

in: The Review of Corporate Finance Studies, forthcoming

read publication

Finance and Wealth Inequality

Iftekhar Hasan Roman Horvath Jan Mares

in: Journal of International Money and Finance, forthcoming

read publication

Tornado Activity, House Price and Stock Returns

Michael Donadelli Michael Ghisletti Marcus Jüppner Antonio Paradiso

in: The North American Journal of Economics and Finance, forthcoming

read publication

The Influence of Bondholder Concentration and Temporal Orientation on Investments in R&D

Pengfei Ye Jonathan O’Brien Christina Matz Carnes Iftekhar Hasan

in: Journal of Management, forthcoming

Abstract

read publication

The Appropriateness of the Macroeconomic Imbalance Procedure for Central and Eastern European Countries

Geraldine Dany-Knedlik Martina Kämpfe Tobias Knedlik

in: Empirica, forthcoming

Abstract

read publication

Banks’ Funding Stress, Lending Supply and Consumption Expenditure

H. Evren Damar Reint E. Gropp A. Mordel

in: Journal of Money, Credit and Banking, forthcoming

Abstract

read publication

Media Centre

Facts and Figures
Current Publications

Measuring the Indirect Effects of Adverse Employer Behavior on Worker Productivity – A Field Experiment

Matthias Heinz Sabrina Jeworrek Vanessa Mertins Heiner Schumacher Matthias Sutter

in: The Economic Journal, forthcoming

read publication

Firm Wage Premia, Industrial Relations, and Rent Sharing in Germany

Boris Hirsch Steffen Müller

in: ILR Review, forthcoming

read publication

Does Low-pay Persist across Different Regimes? Evidence from the German Unification

André Diegmann Nicole Gürtzgen

in: The Economics of Transition, forthcoming

read publication

Banks’ Equity Performance and the Term Structure of Interest Rates

Elyas Elyasiani Iftekhar Hasan Elena Kalotychou Panos K. Pouliasis Sotiris Staikouras

in: Financial Markets, Institutions & Instruments, forthcoming

Abstract

read publication

Tournament Incentives and Acquisition Performance

Iftekhar Hasan Marco Navone Thomas To Eliza Wu

in: The Review of Corporate Finance Studies, forthcoming

read publication

Finance and Wealth Inequality

Iftekhar Hasan Roman Horvath Jan Mares

in: Journal of International Money and Finance, forthcoming

read publication

Tornado Activity, House Price and Stock Returns

Michael Donadelli Michael Ghisletti Marcus Jüppner Antonio Paradiso

in: The North American Journal of Economics and Finance, forthcoming

read publication

The Influence of Bondholder Concentration and Temporal Orientation on Investments in R&D

Pengfei Ye Jonathan O’Brien Christina Matz Carnes Iftekhar Hasan

in: Journal of Management, forthcoming

Abstract

read publication

The Appropriateness of the Macroeconomic Imbalance Procedure for Central and Eastern European Countries

Geraldine Dany-Knedlik Martina Kämpfe Tobias Knedlik

in: Empirica, forthcoming

Abstract

read publication

Banks’ Funding Stress, Lending Supply and Consumption Expenditure

H. Evren Damar Reint E. Gropp A. Mordel

in: Journal of Money, Credit and Banking, forthcoming

Abstract

read publication

Measuring the Indirect Effects of Adverse Employer Behavior on Worker Productivity – A Field Experiment

Matthias Heinz Sabrina Jeworrek Vanessa Mertins Heiner Schumacher Matthias Sutter

in: The Economic Journal, forthcoming

read publication

Firm Wage Premia, Industrial Relations, and Rent Sharing in Germany

Boris Hirsch Steffen Müller

in: ILR Review, forthcoming

read publication

Does Low-pay Persist across Different Regimes? Evidence from the German Unification

André Diegmann Nicole Gürtzgen

in: The Economics of Transition, forthcoming

read publication

Banks’ Equity Performance and the Term Structure of Interest Rates

Elyas Elyasiani Iftekhar Hasan Elena Kalotychou Panos K. Pouliasis Sotiris Staikouras

in: Financial Markets, Institutions & Instruments, forthcoming

Abstract

read publication

Tournament Incentives and Acquisition Performance

Iftekhar Hasan Marco Navone Thomas To Eliza Wu

in: The Review of Corporate Finance Studies, forthcoming

read publication

Finance and Wealth Inequality

Iftekhar Hasan Roman Horvath Jan Mares

in: Journal of International Money and Finance, forthcoming

read publication

Tornado Activity, House Price and Stock Returns

Michael Donadelli Michael Ghisletti Marcus Jüppner Antonio Paradiso

in: The North American Journal of Economics and Finance, forthcoming

read publication

The Influence of Bondholder Concentration and Temporal Orientation on Investments in R&D

Pengfei Ye Jonathan O’Brien Christina Matz Carnes Iftekhar Hasan

in: Journal of Management, forthcoming

Abstract

read publication

The Appropriateness of the Macroeconomic Imbalance Procedure for Central and Eastern European Countries

Geraldine Dany-Knedlik Martina Kämpfe Tobias Knedlik

in: Empirica, forthcoming

Abstract

read publication

Banks’ Funding Stress, Lending Supply and Consumption Expenditure

H. Evren Damar Reint E. Gropp A. Mordel

in: Journal of Money, Credit and Banking, forthcoming

Abstract

read publication

Current Events

Jun 2020

Workshops and conferences

Sustainable Development, Firm Performance, and Competitiveness Policies in Small Open Economies

Keynote Speaker: Robert B. Koopman (Chief Economist World Trade Organization)

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IWH at a Glance

Christiane Baumeister Tommaso Bighelli Hannes Böhm Matthias Brachert Richard Bräuer Hans-Ulrich Brautzsch João Carlos Claudio Eva Dettmann André Diegmann Andrej Drygalla Stefan Eichler Daniel Fackler Sarah Fritz Michael Ghisletti Reint E. Gropp Mirja Hälbig Iftekhar Hasan Peter Haug Gerhard Heimpold Katja Heinisch Boris Hirsch Florian Hoffmann Lisa Hölscher Oliver Holtemöller Sabrina Jeworrek Martina Kämpfe Michael Koetter Thomas Krause Boreum Kwak Cornelia Lang Xiang Li Axel Lindner Udo Ludwig Antonios Mavropoulos William McShane Matthias Mertens Steffen Müller Isabella Müller Dana Muratbek Georg Neuschäffer Huyen Nguyen Felix Noth Matias Ossandon Busch Verena Plümpe Adrian Maarten Rodriguez del Valle den Ouden Magnus Saß Christoph Schult Birgit Schultz Gregor von Schweinitz Eleonora Sfrappini Viktor Slavtchev Talina Sondershaus Ruben Staffa Moritz Stieglitz Mirko Titze Lena Tonzer Mathias Trabandt Konstantin Wagner Joschka Waibel Matthias Wieschemeyer Shuo Xia Götz Zeddies

IWH people

nations

research groups

Economic Outlook

The new Europe

East Germany

Financial Stability

Behaviour

Social Mobility

Demographic Change

Economy Under the Spell of the Coronavirus Epidemic

IWH investigates causes of populism

IWH hosts award-winning US economist

United by Inequality

IWH leads large scale EU project on productivity

The Halle Spirit

What are you interested in?

Academics

Media

Politics

Career

Academics

Media

Politics

Career

Research Networks, Data and Policy Advice

Figure It Out!

Intangible capital and productivity

Press Releases

12.03.2020 • 4/2020

Global economy under the spell of the coronavirus epidemic

Abstract

18.02.2020 • 3/2020

Presseeinladung zur IWH-Konferenz „Europas Finanzmarkt: Zwangsehe oder lose Bekanntschaft?“ am 26. Februar 2020

Abstract

12.02.2020 • 2/2020

Causes of populism: IWH begins international research project

Abstract

30.01.2020 • 1/2020

Alterung, Braunkohleausstieg und Klimapaket: Finanzpolitische Konsequenzen in Deutschland bis 2024

Abstract

Media Centre

Facts and Figures

Absolute Employment Effects of a Hard Brexit

Relative Employment Effects of a Hard Brexit

Regional employment effects of a hard Brexit in Germany

New Regulatory Framework in Europe

Share of Zombie Firms 2010-2014 by Country

Comparison of EFN Forecasts with Alternative Forecasts

Euro Area Inflation Dynamics and Possible Drivers (a)

Euro Area Inflation Dynamics and Possible Drivers (b)

Bank Levies Paid by German Banks

Aggregated Foreign Funding for Brazilian Banks (2007-2010)

Unemployment Rates by Nationality (2014)

Labour Market Situation for Non-EU Foreigners in Relation to the Number of Applications for Asylum (2014)

Employment Rates by Nationality and Gender (2014)

Average Work Performance of Employees Based on Meaning of Task (2014)

Current Publications

Measuring the Indirect Effects of Adverse Employer Behavior on Worker Productivity – A Field Experiment

Firm Wage Premia, Industrial Relations, and Rent Sharing in Germany

Does Low-pay Persist across Different Regimes? Evidence from the German Unification

Banks’ Equity Performance and the Term Structure of Interest Rates

Abstract

Tournament Incentives and Acquisition Performance

Finance and Wealth Inequality

Tornado Activity, House Price and Stock Returns

The Influence of Bondholder Concentration and Temporal Orientation on Investments in R&D

Abstract

The Appropriateness of the Macroeconomic Imbalance Procedure for Central and Eastern European Countries

Abstract

Banks’ Funding Stress, Lending Supply and Consumption Expenditure

Abstract

Measuring the Indirect Effects of Adverse Employer Behavior on Worker Productivity – A Field Experiment

Firm Wage Premia, Industrial Relations, and Rent Sharing in Germany

Does Low-pay Persist across Different Regimes? Evidence from the German Unification

Banks’ Equity Performance and the Term Structure of Interest Rates

Abstract

Tournament Incentives and Acquisition Performance

Finance and Wealth Inequality

Tornado Activity, House Price and Stock Returns

The Influence of Bondholder Concentration and Temporal Orientation on Investments in R&D

Abstract

The Appropriateness of the Macroeconomic Imbalance Procedure for Central and Eastern European Countries