IWH Doctoral Programme in Economics
IWH Doctoral Programme in Economics The Halle Institute for Economic Research (IWH) offers doctoral positions in economics that lead to a PhD at a German university under the…
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Alumni
IWH Alumni The IWH maintains contact with its former employees worldwide. We involve our alumni in our work and keep them informed, for example, with a newsletter. We also plan…
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Too Poor to Be Green? The Effects of Wealth on the Residential Heating Transformation
Tobias Berg, Ulf Nielsson, Daniel Streitz
SSRN Working Paper,
2024
Abstract
Using the near-universe of Danish owner-occupied residential houses, we show that an exogenous increase in wealth significantly increases the likelihood to switch to green heating. We estimate an elasticity of one at the median of the wealth distribution, i.e., a 10% increase in wealth increase raises green heating adoption by 10%. Effects are heterogeneous along the wealth distribution: all else equal, a redistribution of wealth from rich households to poor households can significantly increase green heating adoption. We further explore potential channels of our findings (pro-social preferences, financial constraints, and luxury goods interpretation). Our results emphasize the role of economic growth for the green transition.
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23.05.2024 • 15/2024
Veranstaltungshinweis: „Europas Populisten im Aufwind: Ökonomische Ursachen und demokratische Herausforderungen“
Kurz vor der Europawahl diskutieren Wissenschaftlerinnen und Wissenschaftler am 3. Juni 2024 ab 18 Uhr an der Leopoldina in Halle (Saale) über den Aufschwung populistischer Parteien in Europa, dessen ökonomische Ursachen und die damit verbundenen demokratischen Herausforderungen.
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Research Data Centre
Research Data Centre (IWH-RDC) Direct link to our Data Offer The IWH Research Data Centre offers external researchers access to microdata and micro-aggregated data sets that…
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At a Glance
IWH at a Glance The Halle Institute for Economic Research (IWH) – Member of the Leibniz Association was founded on January 1, 1992. It is a member of the Leibniz Association. It…
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27.02.2024 • 5/2024
Presseeinladung zur Konferenz: „Eine CO2-neutrale Zukunft: Wie kann das funktionieren?“ am 6. März 2024 am IWH
Kriege, Wirtschaftsflaute und gesellschaftliche Polarisierung setzen die grüne Transformation unter Druck. Wie sie dennoch gelingen kann, diskutiert eine Konferenz am Leibniz-Institut für Wirtschaftsforschung Halle (IWH) mit Gästen aus Wissenschaft, Politik und Industrie. Es sprechen unter anderem Julia Schlenz, Präsidentin von Dow Deutschland, Österreich und Schweiz, sowie Sven Giegold, Staatssekretär im Bundeswirtschaftsministerium.
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IWH EXplore
IWH EXplore Competitive Funding for Research Projects with External Involvement at IWH IWH EXplore gives scientists the opportunity to acquire supplemental funding, in addition to…
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The Importance of Credit Demand for Business Cycle Dynamics
Gregor von Schweinitz
IWH Discussion Papers,
No. 21,
2023
Abstract
This paper contributes to a better understanding of the important role that credit demand plays for credit markets and aggregate macroeconomic developments as both a source and transmitter of economic shocks. I am the first to identify a structural credit demand equation together with credit supply, aggregate supply, demand and monetary policy in a Bayesian structural VAR. The model combines informative priors on structural coefficients and multiple external instruments to achieve identification. In order to improve identification of the credit demand shocks, I construct a new granular instrument from regional mortgage origination.
I find that credit demand is quite elastic with respect to contemporaneous macroeconomic conditions, while credit supply is relatively inelastic. I show that credit supply and demand shocks matter for aggregate fluctuations, albeit at different times: credit demand shocks mostly drove the boom prior to the financial crisis, while credit supply shocks were responsible during and after the crisis itself. In an out-of-sample exercise, I find that the Covid pandemic induced a large expansion of credit demand in 2020Q2, which pushed the US economy towards a sustained recovery and helped to avoid a stagflationary scenario in 2022.
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06.11.2023 • 27/2023
Presseeinladung: Tagung zum Strukturwandel in den Braunkohlerevieren
Presseeinladung Tagung zum Strukturwandel in den Braunkohlerevieren,
Termin: 9. und 10. November 2023,
Tagungsort: Brandenburgische Technische Universität Cottbus-Senftenberg,
Zentrales Hörsaalgebäude, Konrad-Wachsmann-Allee 3, 03046 Cottbus
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