A new department for IWH

The German Joint Science Conference (GWK) agreed on the expansion of IWH. From 2020 onwards, the institute will receive an additional amount of 1.3 million euros of institutional funds to establish a new department "Laws, Regulations and Factor Markets".

Joint Economic Forecast Spring 2019: Significant cooling of the economy

Germany’s leading economics research institutes have revised their forecasts for economic growth in 2019 significantly downward. They expect Germany’s gross domestic product to increase by 0.8%. In autumn 2018, the forecast was still for 1.9% growth. In 2020, gross domestic product is expected to increase by 1.8%.

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.

No-deal Brexit would hit the German labour market particularly hard

The United Kingdom leaving the European Union without a deal would have consequences for international trade and labour markets in many countries. More than 600,000 jobs may be affected worldwide, but nowhere as many as in Germany.

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.

Eine Hand in Nahaufnahme führt eine weiße Figur auf einem Schachbrett

Fairness pays off

When companies arbitrarily cut their wages, the motivation and productivity of the employees decrease – this is clear. Less obvious, however: Employees also become less productive even if it is their colleagues who are treated unfairly and not them.

Research Networks, Data and Policy Advice

Figure It Out!

Relegation fear concerns us all

percent

In the following season, relegated football clubs face about 29% fewer spectators per home match.

Source: IWH calculations

percent

The development of employment and gross value added in the sports-related sector decreases by 3 % during the first two years following the relegation of a football club from the premier league.

Source: IWH calculations

Read more: The Regional Effects of Professional Sports Franchises – Causal Evidence from Four European Football Leagues

Press Releases

08.05.2019 • 11/2019

Erweiterung des IWH beschlossen

Abstract

Die Gemeinsame Wissenschaftskonferenz (GWK) von Bund und Ländern hat dem Antrag des Leibniz-Instituts für Wirtschaftsforschung Halle (IWH) auf einen großen strategischen Sondertatbestand in Form einer strategischen Erweiterung zugestimmt. Ab dem Jahr 2020 erhält das Institut eine zusätzliche Grundfinanzierung in Höhe von 1,3 Millionen Euro jährlich. IWH-Präsident Reint E. Gropp zeigt sich außerordentlich erfreut über den großen Erfolg.

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04.04.2019 • 10/2019

Service providers in Berlin give boost to East German economy – implications of the Joint Economic Forecast and of official data on the East German economy in 2018

Professor Dr Oliver Holtemöller

Abstract

In its spring report, the Joint Economic Forecast group states that the upturn in Germany came to an end in the second half of 2018, mainly because the manufacturing sector is weakening due to a slowing international economy and to problems in the automotive industry. Accordingly, in places such as Saxony (1.2%), Thuringia (0.5%), and Saxony-Anhalt (0.9%), where manufacturing plays a particularly important role, gross domestic product (GDP) grew less than in Germany as a whole (1.4%).

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04.04.2019 • 9/2019

Joint Economic Forecast Spring 2019: Significant cooling of the economy – Political risks high

Abstract

Berlin, April 4 – Germany’s leading economics research institutes have revised their forecasts for economic growth in 2019 significantly downward. They expect Germany’s gross domestic product to increase by 0.8%. This is more than one percentage point less than in autumn 2018, when the forecast was still for 1.9% growth. In contrast, the institutes confirm their previous forecast for the year 2020: gross domestic product is expected to increase by 1.8%. These are the results of the Joint Economic Forecast for spring 2019, which will be presented in Berlin on Thursday.

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01.04.2019 • 8/2019

Bank profitability increases after eliminating consolidation barriers

Professor Michael Koetter, PhD

Abstract

When two banks merge because political consolidation barriers are abolished, the combined entity is considerably more profitable and useful to the real economy. This is the headline result of an analysis of compulsory savings banks mergers carried out by the Halle Institute for Economic Research (IWH). The study yields important insights for the German and the European banking market.

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Head of Internal and External Comunications

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

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 non-mortgage 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.

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Does Extended Unemployment Benefit Duration Ameliorate the Negative Employment Effects of Job Loss?

Daniel Fackler Jens Stegmaier Eva Weigt

in: Labour Economics, forthcoming

Abstract

We study the effect of job displacement due to bankruptcies on earnings and employment prospects of displaced workers and analyse whether extended potential unemployment benefit duration (PBD) ameliorates the negative consequences of job loss. Using German administrative linked employer-employee data, we find that job loss has long-lasting negative effects on earnings and employment. Displaced workers also more often end up in irregular employment relationships (part-time, marginal part-time employment, and temporary agency work) than their non-displaced counterparts. Applying a regression discontinuity approach that exploits a three months PBD extension at the age threshold of 50 we find hardly any effects of longer PBD on labour market outcomes of displaced workers.

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Risk and Earnings Quality: Evidence from Bank Enforcement Actions, Contemporary

Manthos D. Delis Iftekhar Hasan Maria Iosifidi Liuling Liu

in: Journal of Banking & Finance, forthcoming

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Switching to Good Policy? The Case of Central and Eastern European Inflation Targeters

Andrej Drygalla

in: Macroeconomic Dynamics, forthcoming

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Wage Delegation in the Field

Sabrina Jeworrek Vanessa Mertins

in: Journal of Economics & Management Strategy, forthcoming

Abstract

By conducting a natural field experiment, we analyze the managerial policy of delegating the wage choice to employees. We find that this policy enhances performance significantly, which is remarkable since allocated wage premiums of the same size have no effect at all. Observed self‐imposed wage restraints and absence of negative peer effects speak in favor of wage delegation, although the chosen wage premium levels severely dampen its net value. Additional experimental and survey data provide important insights into employees' underlying motivations.

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Optimizing Policymakers’ Loss Functions in Crisis Prediction: Before, Within or After?

Peter Sarlin Gregor von Schweinitz

in: Macroeconomic Dynamics, forthcoming

Abstract

Early-warning models most commonly optimize signaling thresholds on crisis probabilities. The expost threshold optimization is based upon a loss function accounting for preferences between forecast errors, but comes with two crucial drawbacks: unstable thresholds in recursive estimations and an in-sample overfit at the expense of out-of-sample performance. We propose two alternatives for threshold setting: (i) including preferences in the estimation itself and (ii) setting thresholds ex-ante according to preferences only. Given probabilistic model output, it is intuitive that a decision rule is independent of the data or model specification, as thresholds on probabilities represent a willingness to issue a false alarm vis-à-vis missing a crisis. We provide simulated and real-world evidence that this simplification results in stable thresholds and improves out-of-sample performance. Our solution is not restricted to binary-choice models, but directly transferable to the signaling approach and all probabilistic early-warning models.

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Borrowers Under Water! Rare Disasters, Regional Banks, and Recovery Lending

Michael Koetter Felix Noth Oliver Rehbein

in: Journal of Financial Intermediation, forthcoming

Abstract

We show that local banks provide corporate recovery lending to firms affected by adverse regional macro shocks. Banks that reside in counties unaffected by the natural disaster that we specify as macro shock increase lending to firms inside affected counties by 3%. Firms domiciled in flooded counties, in turn, increase corporate borrowing by 16% if they are connected to banks in unaffected counties. We find no indication that recovery lending entails excessive risk-taking or rent-seeking. However, within the group of shock-exposed banks, those without access to geographically more diversified interbank markets exhibit more credit risk and less equity capital.

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cover_journal-of-financial-and-Quantitative-Analysis.gif

Financial Incentives and Loan Officer Behavior: Multitasking and Allocation of Effort under an Incomplete Contract

P. Behr A. H. Drexler Reint E. Gropp Andre Guettler

in: Journal of Financial and Quantitative Analysis, forthcoming

Abstract

In this paper we investigate the implications of providing loan officers with a compensation structure that rewards loan volume and penalizes poor performance versus a fixed wage unrelated to performance. We study detailed transaction information for more than 45,000 loans issued by 240 loan officers of a large commercial bank in Europe. We examine the three main activities that loan officers perform: monitoring, originating, and screening. We find that when the performance of their portfolio deteriorates, loan officers increase their effort to monitor existing borrowers, reduce loan origination, and approve a higher fraction of loan applications. These loans, however, are of above-average quality. Consistent with the theoretical literature on multitasking in incomplete contracts, we show that loan officers neglect activities that are not directly rewarded under the contract, but are in the interest of the bank. In addition, while the response by loan officers constitutes a rational response to a time allocation problem, their reaction to incentives appears myopic in other dimensions.

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cover_international-journal-of-computational-economics-and-econometrics.jpg

Innovation Cooperation in East and West Germany: A Study on the Regional and Technological Impact

U. Cantner Alexander Giebler Jutta Günther Maria Kristalova Andreas Meder

in: International Journal of Computational Economics and Econometrics, forthcoming

Abstract

In this paper, we investigate the impact of regional and technological innovation systems on innovation cooperation. We develop an indicator applicable to regions, which demonstrates the relative regional impact on innovation cooperation. Applying this method to German patent data, we find that regional differences in the degree of innovation cooperation do not only depend on the technology structure of a region but also on specific regional effects. High-tech oriented regions, whether east or west, are not automatically highly cooperative regions. East German regions have experienced a dynamic development of innovation cooperation since re-unification in 1990. Their cooperation intensity remains higher than in West German regions.

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The Effects of Fiscal Policy in an Estimated DSGE Model – The Case of the German Stimulus Packages During the Great Recession

Andrej Drygalla Oliver Holtemöller Konstantin Kiesel

in: Macroeconomic Dynamics, forthcoming

Abstract

In this paper, we analyze the effects of the stimulus packages adopted by the German government during the Great Recession. We employ a standard medium-scale dynamic stochastic general equilibrium (DSGE) model extended by non-optimizing households and a detailed fiscal sector. In particular, the dynamics of spending and revenue variables are modeled as feedback rules with respect to the cyclical components of output, hours worked and private investment. Based on the estimated rules, fiscal shocks are identified. According to the results, fiscal policy, in particular public consumption, investment, and transfers prevented a sharper and prolonged decline of German output at the beginning of the Great Recession, suggesting a timely response of fiscal policy. The overall effects, however, are small when compared to other domestic and international shocks that contributed to the economic downturn. Our overall findings are not sensitive to considering fiscal foresight.

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

Does Extended Unemployment Benefit Duration Ameliorate the Negative Employment Effects of Job Loss?

Daniel Fackler Jens Stegmaier Eva Weigt

in: Labour Economics, forthcoming

Abstract

read publication

Risk and Earnings Quality: Evidence from Bank Enforcement Actions, Contemporary

Manthos D. Delis Iftekhar Hasan Maria Iosifidi Liuling Liu

in: Journal of Banking & Finance, forthcoming

read publication

Switching to Good Policy? The Case of Central and Eastern European Inflation Targeters

Andrej Drygalla

in: Macroeconomic Dynamics, forthcoming

read publication

Wage Delegation in the Field

Sabrina Jeworrek Vanessa Mertins

in: Journal of Economics & Management Strategy, forthcoming

Abstract

read publication

Optimizing Policymakers’ Loss Functions in Crisis Prediction: Before, Within or After?

Peter Sarlin Gregor von Schweinitz

in: Macroeconomic Dynamics, forthcoming

Abstract

read publication

Borrowers Under Water! Rare Disasters, Regional Banks, and Recovery Lending

Michael Koetter Felix Noth Oliver Rehbein

in: Journal of Financial Intermediation, forthcoming

Abstract

read publication

Financial Incentives and Loan Officer Behavior: Multitasking and Allocation of Effort under an Incomplete Contract

P. Behr A. H. Drexler Reint E. Gropp Andre Guettler

in: Journal of Financial and Quantitative Analysis, forthcoming

Abstract

read publication

Innovation Cooperation in East and West Germany: A Study on the Regional and Technological Impact

U. Cantner Alexander Giebler Jutta Günther Maria Kristalova Andreas Meder

in: International Journal of Computational Economics and Econometrics, forthcoming

Abstract

read publication

The Effects of Fiscal Policy in an Estimated DSGE Model – The Case of the German Stimulus Packages During the Great Recession

Andrej Drygalla Oliver Holtemöller Konstantin Kiesel

in: Macroeconomic Dynamics, forthcoming

Abstract

read publication

Media Centre

Facts and Figures
Current Publications

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

Does Extended Unemployment Benefit Duration Ameliorate the Negative Employment Effects of Job Loss?

Daniel Fackler Jens Stegmaier Eva Weigt

in: Labour Economics, forthcoming

Abstract

read publication

Risk and Earnings Quality: Evidence from Bank Enforcement Actions, Contemporary

Manthos D. Delis Iftekhar Hasan Maria Iosifidi Liuling Liu

in: Journal of Banking & Finance, forthcoming

read publication

Switching to Good Policy? The Case of Central and Eastern European Inflation Targeters

Andrej Drygalla

in: Macroeconomic Dynamics, forthcoming

read publication

Wage Delegation in the Field

Sabrina Jeworrek Vanessa Mertins

in: Journal of Economics & Management Strategy, forthcoming

Abstract

read publication

Optimizing Policymakers’ Loss Functions in Crisis Prediction: Before, Within or After?

Peter Sarlin Gregor von Schweinitz

in: Macroeconomic Dynamics, forthcoming

Abstract

read publication

Borrowers Under Water! Rare Disasters, Regional Banks, and Recovery Lending

Michael Koetter Felix Noth Oliver Rehbein

in: Journal of Financial Intermediation, forthcoming

Abstract

read publication

Financial Incentives and Loan Officer Behavior: Multitasking and Allocation of Effort under an Incomplete Contract

P. Behr A. H. Drexler Reint E. Gropp Andre Guettler

in: Journal of Financial and Quantitative Analysis, forthcoming

Abstract

read publication

Innovation Cooperation in East and West Germany: A Study on the Regional and Technological Impact

U. Cantner Alexander Giebler Jutta Günther Maria Kristalova Andreas Meder

in: International Journal of Computational Economics and Econometrics, forthcoming

Abstract

read publication

The Effects of Fiscal Policy in an Estimated DSGE Model – The Case of the German Stimulus Packages During the Great Recession

Andrej Drygalla Oliver Holtemöller Konstantin Kiesel

in: Macroeconomic Dynamics, 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

Does Extended Unemployment Benefit Duration Ameliorate the Negative Employment Effects of Job Loss?

Daniel Fackler Jens Stegmaier Eva Weigt

in: Labour Economics, forthcoming

Abstract

read publication

Risk and Earnings Quality: Evidence from Bank Enforcement Actions, Contemporary

Manthos D. Delis Iftekhar Hasan Maria Iosifidi Liuling Liu

in: Journal of Banking & Finance, forthcoming

read publication

Switching to Good Policy? The Case of Central and Eastern European Inflation Targeters

Andrej Drygalla

in: Macroeconomic Dynamics, forthcoming

read publication

Wage Delegation in the Field

Sabrina Jeworrek Vanessa Mertins

in: Journal of Economics & Management Strategy, forthcoming

Abstract

read publication

Optimizing Policymakers’ Loss Functions in Crisis Prediction: Before, Within or After?

Peter Sarlin Gregor von Schweinitz

in: Macroeconomic Dynamics, forthcoming

Abstract

read publication

Borrowers Under Water! Rare Disasters, Regional Banks, and Recovery Lending

Michael Koetter Felix Noth Oliver Rehbein

in: Journal of Financial Intermediation, forthcoming

Abstract

read publication

Financial Incentives and Loan Officer Behavior: Multitasking and Allocation of Effort under an Incomplete Contract

P. Behr A. H. Drexler Reint E. Gropp Andre Guettler

in: Journal of Financial and Quantitative Analysis, forthcoming

Abstract

read publication

Innovation Cooperation in East and West Germany: A Study on the Regional and Technological Impact

U. Cantner Alexander Giebler Jutta Günther Maria Kristalova Andreas Meder

in: International Journal of Computational Economics and Econometrics, forthcoming

Abstract

read publication

The Effects of Fiscal Policy in an Estimated DSGE Model – The Case of the German Stimulus Packages During the Great Recession

Andrej Drygalla Oliver Holtemöller Konstantin Kiesel

in: Macroeconomic Dynamics, forthcoming

Abstract

read publication

Current Events

May 2019

14:15 - 15:45

IWH Research Seminar

The Market for SME Bonds - The German Experiment

Professor Tim Adam, PhD Humboldt University of Berlin

View event

Browse all events

IWH at a Glance

Chris Becker Dmitri Bershadskyy Hannes Böhm Matthias Brachert Richard Bräuer Hans-Ulrich Brautzsch João Carlos Claudio Stefano Colonnello Aida Ćumurović Liuchun Deng Eva Dettmann Andrej Drygalla Stefan Eichler Daniel Fackler Stefan Gießler Reint E. Gropp 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 Georg Neuschäffer Felix Noth Matias Ossandon Busch Felix Pohle Adrian Maarten Rodriguez del Valle den Ouden Kirsten Schmidt Christoph Schult Birgit Schultz Gregor von Schweinitz Viktor Slavtchev Talina Sondershaus Ruben Staffa Moritz Stieglitz Mirko Titze Lena Tonzer Mathias Trabandt Konstantin Wagner Joschka Waibel Eva Weigt Matthias Wieschemeyer Shuo Xia Qizhou Xiong Götz Zeddies

IWH people

nations

research groups

Economic Outlook

The new Europe

East Germany

Financial Stability

Demographic Change

Social Mobility

Behaviour

A new department for IWH

Joint Economic Forecast Spring 2019: Significant cooling of the economy

United by Inequality

No-deal Brexit would hit the German labour market particularly hard

IWH leads large scale EU project on productivity

Fairness pays off

What are you interested in?

Academics

Media

Politics

Career

Academics

Media

Politics

Career

Research Networks, Data and Policy Advice

Figure It Out!

Relegation fear concerns us all

Press Releases

08.05.2019 • 11/2019

Erweiterung des IWH beschlossen

Abstract

04.04.2019 • 10/2019

Service providers in Berlin give boost to East German economy – implications of the Joint Economic Forecast and of official data on the East German economy in 2018

Abstract

04.04.2019 • 9/2019

Joint Economic Forecast Spring 2019: Significant cooling of the economy – Political risks high

Abstract

01.04.2019 • 8/2019

Bank profitability increases after eliminating consolidation barriers

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

Banks’ Funding Stress, Lending Supply and Consumption Expenditure

Abstract

Does Extended Unemployment Benefit Duration Ameliorate the Negative Employment Effects of Job Loss?

Abstract

Risk and Earnings Quality: Evidence from Bank Enforcement Actions, Contemporary

Switching to Good Policy? The Case of Central and Eastern European Inflation Targeters

Wage Delegation in the Field

Abstract

Optimizing Policymakers’ Loss Functions in Crisis Prediction: Before, Within or After?

Abstract

Borrowers Under Water! Rare Disasters, Regional Banks, and Recovery Lending

Abstract

Financial Incentives and Loan Officer Behavior: Multitasking and Allocation of Effort under an Incomplete Contract

Abstract

Innovation Cooperation in East and West Germany: A Study on the Regional and Technological Impact

Abstract

The Effects of Fiscal Policy in an Estimated DSGE Model – The Case of the German Stimulus Packages During the Great Recession

Abstract

Banks’ Funding Stress, Lending Supply and Consumption Expenditure

Abstract

Does Extended Unemployment Benefit Duration Ameliorate the Negative Employment Effects of Job Loss?

Abstract

Risk and Earnings Quality: Evidence from Bank Enforcement Actions, Contemporary

Switching to Good Policy? The Case of Central and Eastern European Inflation Targeters

Wage Delegation in the Field