Toggle navigation
DE
Topics
Economic Outlook
To Topic
Financial Stability
To Topic
Productivity
To Topic
East Germany
To Topic
Behaviour
To Topic
Demographic Change
To Topic
Publications
Research
Projects
Joint Economic Forecast
The Rise of Populist Parties in Europe
Evaluation of the InvKG and the federal STARK programme
MULTIMSPROD/MULTIMSPROD AUT
All Projects
Research Groups
Evaluation of Subsidy Programmes
Regulation of International Financial Markets and International Banking
The Economic Gap between East and West Germany
All Research Groups
Data and Analysis
Macroeconomic Reports
Research Data Centre
International Banking Library
IWH Forecasting Dashboard
IWH Macrometer
IWH Bankruptcy Research
IWH-EXplore
IWH EXplore
Speed Projects
Seed Fund
Research Network
IWH Research Network in Economics
IWH Research Seminar in Economics
Competitiveness Research Network (CompNet)
Alumni
Research Profile
Tasks
Research Clusters
IWH News
Reports / Research / Data
Name
*
Press
Press Releases
Chinese mass imports strengthen extreme parties
IWH-Insolvenztrend: Zahl der Firmenpleiten im März abermals auf Rekordniveau
East Germany's lead over West Germany in terms of growth is bound to shrink – Implications of the Joint Economic Forecast Spring 2024 for the East German economy
All press releases
Topic-related Experts
Choose topic
Choose topic
Behaviour
Brexit
Climate Policy
Coal Phase-out
Corona
Corporate Finance
Demographic Change
East Germany
Econometrics
Economic Outlook
Financial Crisis
Financial Institutions
Financial Markets
Financial Stability
Forecasts
Green Transition
Growth
Households
Innovations
Insolvencies
International Finance
Labour Market
Minimum Wages
Monetary Policy
National Budget
Policy Evaluation
Productivity
Real Estate
Regulation
Risk
SME (small and medium enterprises)
Social Mobility
Startups and Entrepreneurship
Taxes
The new Europe
Professor Reint E. Gropp, PhD
Professor Dr Oliver Holtemöller
Professor Michael Koetter, PhD
Professor Dr Steffen Müller
Professor Merih Sevilir, PhD
All experts & topics
Interview Requests
Rafael Barth
Internal and External Communications
+49 345 7753-832
presse@iwh-halle.de
Press Material
Charts
Quotations
Gropps Wirtschafts-Podcast
Annual Report
Newsletter "Wirtschaft im Wandel"
Latest Issue
"Wirtschaft im Wandel" Archive
Newsletter Archive (until 2017)
Media Response
Pills or puts?
Shuo Xia
Financial Times, February 2, 2024
All media response
IWH News
Reports / Research / Data
Name
*
Events
Career
Vacancies
Jobs at IWH
Professor in Finance and Labor in conjunction with a position as Senior Research Advisor at the Department of Laws, Regulations and Factor Market
Student assistant (f/m/x) for 8-10 hours per week (Structural Change and Productivity)
Student assistant (f/m/x) for 20 hours per week (Structural Change and Productivity)
Student assistant (f/m/x) for 40‒60 hours a month (Financial Markets)
Doctoral Programme
IWH Doctoral Programme in Economics
People
Study Programme
Courses
Seminar
Standards
IWH-DPE Call for Applications – Fall 2024 Intake
Academics
Vocational Training
Teaching
Internships
Why IWH?
Mission
Work-Life Balance
Internationalisation
The city of Halle (Saale)
Equal Opportunities
Gender Equality & Anti-Discrimination
Diversity
Contact
IWH News
Reports / Research / Data
Name
*
About the IWH
The Institute
Mission
At a Glance
Contact
Directions to the IWH
Membership
Annual Reports
IWH Infothek
Team
Professor Reint E. Gropp, PhD
Professor Dr Oliver Holtemöller
Professor Michael Koetter, PhD
Professor Dr Steffen Müller
Professor Merih Sevilir, PhD
Dr Tankred Schuhmann
All Team Members
Research Departments
Financial Markets
Laws, Regulations and Factor Markets
Macroeconomics
Structural Change and Productivity
IWH-CEP
Centre for Evidence-based Policy Advice
Evaluation of Place-based Policies
IWH Subsidy Database
Events
The Eco Gender Gap in Boardrooms
Kai Li
30. April. 2024, 14:15 - 15:45
All Events
Equal Opportunity
Equal Opportunities at IWH
Work-Life Balance
Diversity
Contact
Boards
Executive Board and Supervisory Board
Members' Assembly
Scientific Advisory Board
Library
Overview, Contact and Opening Hours
OPAC
Alumni
Alumni
Events
Ausschreibungen
Vergebene Aufträge
IWH News
Reports / Research / Data
Name
*
Publications
refereed publications only
All
Series
Contribution to IWH Volume
(9)
External Publications
(97)
IWH Discussion Papers
(26)
IWH Flash Indicator
(4)
IWH Tarif-Check
(1)
IWH-CompNet Discussion Papers
(4)
Konjunktur aktuell
(5)
One-off Publications
(2)
Wirtschaft im Wandel
(12)
discontinued series
IWH Online
(6)
Department
Financial Markets
(50)
Structural Change and Productivity
(47)
Macroeconomics
(45)
Laws, Regulations and Factor Markets
(17)
Topic
Financial Markets
(42)
Labour Market
(31)
Productivity
(27)
Corona
(25)
Financial Institutions
(25)
Forecasts
(22)
East Germany
(20)
Economic Outlook
(19)
Financial Crisis
(15)
Behaviour
(14)
Financial Stability
(14)
Growth
(13)
Innovations
(13)
Corporate Finance
(9)
Monetary Policy
(9)
Econometrics
(8)
Regulation
(8)
Risk
(8)
Households
(7)
Transition
(7)
International Finance
(5)
Startups and Entrepreneurship
(5)
Policy Evaluation
(4)
Coal Phase-out
(2)
Demographic Change
(2)
Social Mobility
(2)
Taxes
(2)
Minimum Wages
(1)
National Budget
(1)
Author
Adam , Tim R.
(1)
Aglio , Daniele
(1)
Ambrocio , Gene
(1)
Amlung , Johannes
(1)
Arbeitskreis Konjunktur des IWH
(4)
Azoulay , Pierre
(2)
Barjak , Franz
(1)
Barth , Andreas
(1)
Baumeister , Christiane
(4)
Behr , Patrick
(1)
Berner , Julian
(1)
Bernstein , Shai B.
(2)
Bighelli , Tommaso
(1)
Blyzniuk , Roman
(1)
Brachert , Matthias
(5)
Brautzsch , Hans-Ulrich
(1)
Bremus , Franziska
(2)
Breugem , Matthijs
(1)
Buch , Claudia M.
(1)
Buchholz , Manuel
(2)
Burg , Valentin
(1)
Böhm , Hannes
(3)
Cao , June
(1)
Chahine , Salim
(1)
Christiano , Lawrence J.
(1)
Christophori , Marco
(1)
Claudio , João Carlos
(2)
Colak , Gonul
(2)
Colonnello , Stefano
(3)
Damar , H. Evren
(2)
Dasgupta , Kabir
(1)
Decker , Ryan A.
(1)
Deist , Jonathan
(1)
Delis , Manthos D.
(3)
Deng , Liuchun
(1)
Dettmann , Eva
(4)
Dev , Abhishek
(1)
Diegmann , André
(3)
di Mauro , Filippo
(4)
di Nino , Virginia
(1)
Donadelli , Michael
(1)
Drexler , Alejandro H.
(1)
Drygalla , Andrej
(4)
Duru , Augustine
(1)
Duy , Hoang Minh
(1)
Eichenbaum , Martin S.
(2)
Eichler , Stefan
(2)
El-Shagi , Makram
(1)
Elyasiani , Elyas
(1)
Fackler , Daniel
(2)
Faia , Ester
(2)
Ferrando , Annalisa
(1)
Francis , Bill
(2)
Freudenstein , Benjamin
(1)
Fritsch , Michael
(1)
Fu , Mengchuan
(1)
Gaganis , Chrysovalantis
(2)
Gantchev , Nickolay
(1)
Ghisletti , Michael
(1)
Giebler , Alexander
(2)
Gießler , Stefan
(2)
Gilje , Erik P.
(1)
Goldschlag , Nathan
(1)
Goodell , John W.
(1)
Goyal , Abhinav
(1)
Gropp , Reint E.
(11)
Grothe , Simon
(1)
Guettler , Andre
(2)
Gu , Zhanzhong
(1)
Göbel , Claudia
(1)
Gürtzgen , Nicole
(1)
Haltiwanger , John
(1)
Hamilton , James D.
(2)
Hampf , Franziska
(1)
Hasan , Iftekhar
(23)
Haug , Peter
(1)
Heimpold , Gerhard
(2)
Heinisch , Katja
(6)
Heinz , Matthias
(1)
Henke , Justus
(1)
He , Qing
(1)
Hermann , Hauke
(1)
Herpich , Philipp
(1)
Hirsch , Boris
(5)
Hoffmann , Florian
(1)
Hoi , Chun-Keung (Stan)
(1)
Holtemöller , Oliver
(19)
Holtmann , Everhard
(1)
Horvath , Roman
(1)
Hyll , Walter
(1)
Hälbig , Mirja
(1)
Hölscher , Lisa
(1)
Inferrera , Sergio
(1)
IWH
(2)
Jaeck , Tobias
(1)
Jahn , Elke J.
(1)
Jarmin , Ron S.
(1)
Jeworrek , Sabrina
(2)
Jokivuolle , Esa
(1)
Jones , Benjamin
(2)
Jäger , Simon
(1)
Jüppner , Marcus
(1)
Kalotychou , Elena
(1)
Karavitis , Panagiotis I.
(1)
Kaus , Wolfhard
(1)
Kick , Thomas
(1)
Kiesel , Konstantin
(1)
Kim , J. Daniel
(2)
Kirchmaier , Tom
(1)
Kirchner , Markus
(1)
Koetter , Michael
(7)
Kooths , Stefan
(2)
Korobilis , Dimitris
(1)
Kostova , Gergana L.
(1)
Krause , Thomas
(1)
Kriwoluzky , Alexander
(1)
Kubis , Alexander
(2)
Kwak , Boreum
(2)
Laffitte , Sébastien
(1)
Lange , Ian
(1)
Lee , David S.
(1)
Lee , Thomas K.
(1)
Lemieux , Thomas
(1)
Lerner , Josh
(2)
Lindner , Axel
(6)
Li , Xiang
(4)
Loutskina , Elena
(2)
Ludwig , Udo
(1)
Lu , Haitian
(1)
Lünenbürger , Benjamin
(1)
Manfredonia , Stefano
(1)
Mansouri , Sasan
(1)
Mares , Jan
(1)
Marfè , Roberto
(1)
Mauermeister , Sylvi
(1)
Mayer , Maximilian
(2)
Mazboudi , Mohamad
(1)
McGowan , Danny
(1)
McKennie , Caitlin
(1)
McShane , William
(4)
Meinen , Phillip
(1)
Melitz , Marc
(1)
Mercan , Yusuf
(1)
Mertens , Matthias
(6)
Mertins , Vanessa
(1)
Mezzanotti , Filippo
(1)
Michelsen , Claus
(2)
Miranda , Javier
(4)
Mordel , Adi
(1)
Moro , Mirko
(1)
Muradoglu , Yaz Gulnur
(1)
Mylonidis , Nikolaos
(1)
Müller , Isabella
(1)
Müller , Steffen
(10)
Naceur , Sami Ben
(1)
Navone , Marco
(1)
Neuschäffer , Georg
(4)
Nguyen , Huyen
(1)
Noth , Felix
(5)
Oei , Pao-Yu
(1)
Ongena , Steven
(3)
Ottaviano , Gianmarco
(1)
Papagalli , Ottavia
(1)
Paradiso , Antonio
(1)
Pasiouras , Fotios
(2)
Pezone , Vincenzo
(1)
Piontek , Matthias
(1)
Piopiunik , Marc
(1)
Plaga , Timo
(1)
Plum , Alexander
(1)
Plümpe , Verena
(3)
Pohle , Felix
(1)
Pohl , Rüdiger
(1)
Pouliasis , Panos K.
(1)
Projektgruppe Gemeinschaftsdiagnose
(2)
Ragnitz , Joachim
(1)
Rebelo , Sergio
(1)
Rehbein , Oliver
(1)
Rieth , Malte
(1)
Ristolainen , Kim
(1)
Rocholl , Jörg
(2)
Saadi , Vahid
(4)
Sadrieh , Abdolkarim
(1)
Sardone , Alessandro
(1)
Schaumburg , Julia
(1)
Scheinert , Tobias
(1)
Schmidt , Christian
(1)
Schmidt , Kirsten
(3)
Schmidt , Torsten
(2)
Schnabel , Claus
(1)
Schneider , Lutz
(2)
Schneider , Yannik
(1)
Schoefer , Benjamin
(2)
Schult , Christoph
(1)
Schultz , Birgit
(6)
Schumacher , Heiner
(1)
Schweinitz , Gregor von
(1)
Serafini , Roberta
(1)
Sevilir , Merih
(1)
Shivdasani , Anil
(1)
Slavtchev , Viktor
(1)
Song , Liang
(1)
Staikouras , Sotiris
(1)
Steffen , Sascha
(1)
Stegmaier , Jens
(2)
Stieglitz , Moritz
(1)
Storz , Manuela
(1)
Streitz , Daniel
(2)
Su , Dan
(3)
Sutter , Matthias
(1)
Thies , Sithara
(1)
Titze , Mirko
(5)
Tonzer , Lena
(8)
To , Thomas
(1)
Trabandt , Mathias
(2)
Van Biesebroeck , Jo
(1)
Veltri , Bruno
(1)
Wagner , Konstantin
(2)
Wang , Rex
(1)
Weigt , Eva
(1)
Weyh , Antje
(2)
Wiederhold , Simon
(1)
Wieschemeyer , Matthias
(1)
Wollmershäuser , Timo
(2)
Wu , Eliza
(1)
Wu , Qiang
(1)
Wöbbeking , Fabian
(1)
Xia , Shuo
(1)
Young , Samuel
(1)
Zeddies , Götz
(1)
Zhang , Hao
(1)
Zhao , Yijiang
(1)
Zhu , Yun
(1)
Zimmermann , Markus
(1)
Zucchi , Francesca
(1)
Zweimüller , Josef
(1)
Zwick , Thomas
(1)
Zörgiebel , Severin
(1)
Year
Refresh
Cultural Resilience and Economic Recovery: Evidence from Hurricane Katrina
Iftekhar Hasan, Stefano Manfredonia, Felix Noth
IWH Discussion Papers, No. 16, 2020
published in:
IWH Discussion Papers
Abstract
This paper investigates the critical role of culture for economic recovery after natural disasters. Using Hurricane Katrina as our laboratory, we find a significant adverse treatment effect for plant-level productivity. However, local religious adherence and larger shares of ancestors with disaster experiences mutually mitigate this detrimental effect from the disaster. Religious adherence further dampens anxiety after Hurricane Katrina, which potentially spur economic recovery. We also detect this effect on the aggregate county level. More religious counties recover faster in terms of population, new establishments, and GDP.
Read article
Trade Shocks, Credit Reallocation and the Role of Specialisation: Evidence from Syndicated Lending
Isabella Müller
IWH Discussion Papers, No. 15, 2020
Abstract
This paper provides evidence that banks cut lending to US borrowers as a consequence of a trade shock. This adverse reaction is stronger for banks with higher ex-ante lending to US industries hit by the trade shock. Importantly, I document large heterogeneity in banks‘ reaction depending on their sectoral specialisation. Banks shield industries in which they are specialised in and at the same time reduce the availability of credit to industries they are not specialised in. The latter is driven by low-capital banks and lending to firms that are themselves hit by the trade shock. Banks‘ adjustments have adverse real effects.
Read article
The East-West German Gap in Revenue Productivity: Just a Tale of Output Prices?
Matthias Mertens, Steffen Müller
IWH Discussion Papers, No. 14, 2020
published in:
Journal of Comparative Economics
Abstract
East German manufacturers’ revenue productivity (value-added per worker) is some 8 (25) percent below West German levels, even three decades after German unification. Using firm-product-level data containing information on product quantities and prices, we analyse the role of product specialisation and reject the prominent ‚extended work bench hypothesis‘, stating a specialisation of Eastern firms in the intermediate input production as explanation for these sustained productivity differences. We decompose the East’s revenue productivity disadvantage into Eastern firms selling at lower prices and producing more physical output for given amounts of inputs within ten-digit product industries. This suggests that Eastern firms specialise vertically in simpler product varieties generating less consumer value but being manufactured with less or cheaper inputs. Vertical specialisation, however, does not explain the productivity gap as Eastern firms are physically less productive for given product prices, implying a genuine physical productivity disadvantage of Eastern compared to Western firms.
Read article
Labour Market Power and Between-Firm Wage (In)Equality
Matthias Mertens
IWH Discussion Papers, No. 13, 2020
published in:
International Journal of Industrial Organization
Abstract
I study how labour market power affects firm wage differences using German manufacturing sector firm-level data (1995-2016). In past decades, labour market power increasingly moderated rising between-firm wage inequality. This is because high-paying firms possess high and increasing labour market power and pay wages below competitive levels, whereas low-wage firms pay competitive wages. Over time, large, high-wage, high-productivity firms generate increasingly large labour market rents while selling on competitive product markets. This provides novel insights on why such “superstar firms” are profitable and successful. Using micro-aggregated data covering most economic sectors, I validate my results for ten other European countries.
Read article
The Cleansing Effect of Banking Crises
Reint E. Gropp, Steven Ongena, Jörg Rocholl, Vahid Saadi
IWH Discussion Papers, No. 12, 2020
published in:
Economic Inquiry
Abstract
We assess the cleansing effects of the recent banking crisis. In U.S. regions with higher levels of supervisory forbearance on distressed banks during the crisis, there is less restructuring in the real sector and the banking sector remains less healthy for several years after the crisis. Regions with less supervisory forbearance experience higher productivity growth after the crisis with more firm entries, job creation, and employment, wages, patents, and output growth. Supervisory forbearance is greater for state-chartered banks and in regions with weaker banking competition and more independent banks, while recapitalisation of distressed banks through TARP does not facilitate cleansing.
Read article
Worker Participation in Decision-making, Worker Sorting, and Firm Performance
Steffen Müller, Georg Neuschäffer
IWH Discussion Papers, No. 11, 2020
published in:
Industrial Relations
Abstract
Worker participation in decision-making is often associated with high-wage and high-productivity firm strategies. Using linked-employer-employee data for Germany and worker fixed effects from a two-way fixed effects model of wages capturing observed and unobserved worker quality, we find that establishments with formal worker participation via works councils indeed employ higher-quality workers. We show that worker quality is already higher in plants before council introduction and further increases after the introduction. Importantly, we corroborate previous studies by showing positive productivity and profitability effects even after taking into account worker sorting.
Read article
To Securitise or to Price Credit Default Risk?
Huyen Nguyen, Danny McGowan
IWH Discussion Papers, No. 10, 2020
published in:
Journal of Financial and Quantitative Analysis
Abstract
We evaluate if lenders price or securitise mortgages to mitigate credit risk. Exploiting exogenous variation in regional credit risk created by differences in foreclosure law along US state borders, we find that financial institutions respond to the law in heterogeneous ways. In the agency market where Government Sponsored Enterprises (GSEs) provide implicit loan guarantees, lenders transfer credit risk using securitisation and do not price credit risk into mortgage contracts. In the non-agency market, where there is no such guarantee, lenders increase interest rates as they are unable to shift credit risk to loan purchasers. The results inform the debate about the design of loan guarantees, the common interest rate policy, and show that underpricing regional credit risk leads to an increase in the GSEs‘ debt holdings by $79.5 billion per annum, exposing taxpayers to preventable losses in the housing market.
Read article
The Evolution of Monetary Policy in Latin American Economies: Responsiveness to Inflation under Different Degrees of Credibility
Stefan Gießler
IWH Discussion Papers, No. 9, 2020
Abstract
This paper investigates the forward-lookingness of monetary policy related to stabilising inflation over time under different degrees of central bank credibility in the four largest Latin American economies, which experienced a different transition path to the full-fledged inflation targeting regime. The analysis is based on an interest rate-based hybrid monetary policy rule with time-varying coefficients, which captures possible shifts from a backward-looking to a forward-looking monetary policy rule related to inflation stabilisation. The main results show that monetary policy is fully forward-looking and exclusively reacts to expected inflation under nearly perfect central bank credibility. Under a partially credible central bank, monetary policy is both backward-looking and forward-looking in terms of stabilising inflation. Moreover, monetary authorities put increasingly more priority on stabilising expected inflation relative to actual inflation if central bank credibility tends to improve over time.
Read article
Physical Climate Change Risks and the Sovereign Creditworthiness of Emerging Economies
Hannes Böhm
IWH Discussion Papers, No. 8, 2020
published in:
Journal of Economic Structures
Abstract
I show that rising temperatures can detrimentally affect the sovereign creditworthiness of emerging economies. To this end, I collect long-term monthly temperature data of 54 emerging countries. I calculate a country’s temperature deviation from its historical average, which approximates present day climate change trends. Running regressions from 1994m1-2018m12, I find that higher temperature anomalies lower sovereign bond performances (i.e. increase sovereign risk) significantly for countries that are warmer on average and have lower seasonality. The estimated magnitudes suggest that affected countries likely face significant increases in their sovereign borrowing costs if temperatures continue to rise due to climate change. However, results indicate that stronger institutions can make a country more resilient towards temperature shocks, which holds independent of a country’s climate.
Read article
Capital Account Liberalisation Does Worsen Income Inequality
Xiang Li, Dan Su
IWH Discussion Papers, No. 7, 2020
published in:
Oxford Bulletin of Economics and Statistics
Abstract
This study examines the relationship between capital account liberalisation and income inequality. Adopting a novel identification strategy, namely a difference-in-difference estimation combined with propensity score matching between the liberalised and closed countries, we provide robust evidence that opening the capital account is associated with an adverse impact on income inequality in developing countries. The main findings are threefold. First, fully liberalising the capital account is associated with a small rise of 0.07-0.30 standard deviations in the Gini coefficient in the short-run and a rise as large as 0.32-0.62 standard deviations in the ten years after liberalisation, on average. Second, widening income inequality is the outcome of the growing income share of the rich at the cost of the poor. The long-term effect of capital account liberalisation includes a reduction in the income share of the poorest half by 2.66-3.79 percentage points and an increase in the income share of the richest 10% by 5.19-8.76 percentage points. Third, the directions and categories of capital account liberalisation matter. Inward capital account liberalisation is more detrimental to income equality than outward capital account liberalisation, and free access to the international equity market exacerbates income inequality the most, while foreign direct investment has an insignificant impact on inequality.
Read article
vorherige
1
2
3
next