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Was taugt der Investitionsbooster?Reint GroppDer Spiegel, 23. Juni 2025
This paper provides a detailed description of an extended version of the ECB's New Area-Wide Model (NAWM) of the euro area (cf. Christoffel, Coenen and Warne, 2008).
We estimate a Markow-switching dynamic factor model with three states based on six leading business cycle indicators for Germany preselected from a broader set using the Elastic Net softthresholding rule.
Firms’ financial leverage can largely explain the value effect, however, we document that the expected return-beta relationship of equity in unconditional tests of the CAPM is more generally distorted by leverage.
This paper extends the classic risk-return tradeoff of asset pricing to a risk-effort tradeoff, by assuming that managerial effort is necessary to generate cash flows. Corporate governance standards influence the manager's return to effort, her exposure to corporate risk, and the dilution of shareholder value.
In countries of the eurozone periphery, payments are typically delayed by several weeks. In a first step, this characteristic is introduced into a new Keynesian small open economy model by the assumption that consumption goods are paid for with a delay of one quarter.
Economists typically make simplifying assumptions to make the solution and estimation of their highly complex models feasible.
We analyze jointly optimal emissions taxes and financial regulation in a model with financial frictions and endogenous climate-related transition and physical risks.
The workshop provides a platform to discuss new developments in the field of empirical and applied macroeconomic modelling and aims at bringing together academic researchers and practitioners.
