Universitätspublikationen
Refine
Year of publication
- 2013 (106) (remove)
Document Type
- Working Paper (71)
- Part of Periodical (10)
- Report (8)
- Book (6)
- Part of a Book (4)
- Contribution to a Periodical (2)
- Doctoral Thesis (2)
- Article (1)
- Conference Proceeding (1)
- Periodical (1)
Is part of the Bibliography
- no (106)
Keywords
- Liikanen-Kommission (5)
- euro area (4)
- Bail-in (3)
- Bankenunion (3)
- Banking Union (3)
- Contagion (3)
- Social Interaction (3)
- Trennbanken (3)
- banking union (3)
- debt sustainability (3)
- fiscal reaction function (3)
- leverage (3)
- Asset Pricing (2)
- Bail-in Anleihen (2)
- Banking Separation (2)
- Berufspädagogik (2)
- ECB (2)
- Equator Principles (2)
- Equator Principles Association (2)
- European Banking Authority (EBA) (2)
- European Central Bank (ECB) (2)
- Herding (2)
- Liikanen Commission (2)
- Neoliberalism (2)
- OMT (2)
- Ordoliberalism (2)
- Wirtschaftspädagogik (2)
- Word-of-Mouth (2)
- Zeitschrift (2)
- active shareholders (2)
- capital regulation (2)
- corporate social responsibility (2)
- deposit insurance (2)
- financial crisis (2)
- financial literacy (2)
- habit formation (2)
- household finance (2)
- leveraged buyouts (2)
- monetary policy (2)
- multinational companies/business and human rights (2)
- political economy of bureaucracy (2)
- private equity (2)
- project finance (2)
- prudential supervision (2)
- regulatory capture (2)
- reputational risk (2)
- social interactions (2)
- sustainable finance (2)
- (De-)stabilisation (1)
- Abwicklung (1)
- Abwicklungsinstrumente (1)
- Analyst Behaviour (1)
- Arbeitsproduktivität (1)
- Asset Allocation (1)
- Asset allocation (1)
- Aufsicht (1)
- Aufsichtsratsvergütung (1)
- Bailout (1)
- Banken (1)
- Bankenaufsicht (1)
- Banking stability (1)
- Basel III (1)
- Bayesian VAR (1)
- Bewertungsreserven (1)
- Boni (1)
- Central Banking (1)
- Competition (1)
- Conditional Forecasts (1)
- Constitutional Economics (1)
- Consumption hump (1)
- Credit (1)
- Customer Acquisition (1)
- Customer Management (1)
- Customer Referral Programs (1)
- Customer Value (1)
- Cyprus (1)
- D. Kahneman (1)
- Deficit spending (1)
- Deutscher Corporate Governance Kodex (1)
- Discretion (1)
- ESMA (1)
- EU (1)
- EZB (1)
- Einlagengeschäft (1)
- Enforcement (1)
- European Central Bank (1)
- Financial Crisis (1)
- Financial Expert (1)
- Financial distress (1)
- Finanzmärkte (1)
- Firm valuation (1)
- Fiscal Crisis (1)
- Fiscal Policy (1)
- Fragmentation (1)
- Freiburg School of Economics (1)
- Friedrich August von Hayek (1)
- Garantiezins (1)
- Geldpolitik (1)
- General Equilibrium (1)
- German constitutional law (1)
- German corporate governance codex (1)
- Greek economic crisis (1)
- Griechenland (1)
- Handelsgeschäft (1)
- Hidden State (1)
- Home ownership (1)
- Homestead exemptions (1)
- IT innovations (1)
- Implicit Guarantees (1)
- Individual Ethics (1)
- Insurance (1)
- Kenya (1)
- Lebensversicherungen (1)
- Libertarian / Soft Paternalism (1)
- Liquidity (1)
- Loyalty (1)
- Market Discipline (1)
- Market Quality (1)
- Market Structure (1)
- Michel Foucault (1)
- Monetary Policy (1)
- Mutual Fund Managers (1)
- New Keynesian model (1)
- Nonlinear Filtering (1)
- Optimal monetary policy (1)
- Own Risk and Solvency Assessment (1)
- Personal bankruptcy (1)
- Portfolio allocation (1)
- Prüfungsausschuss (1)
- R&D expenses (1)
- R. Layard (1)
- R. Thaler (1)
- Real options (1)
- Recursive Preferences (1)
- Regulatory Ethics (1)
- Restrukturierung (1)
- Risiko (1)
- SRM (1)
- Self-exciting Processes (1)
- Single Resolution Mechanism (1)
- Single Supervisory Mechanism (SSM) (1)
- Solvency II (1)
- Sovereign debt (1)
- Sovereign default (1)
- Soziale Interaktion (1)
- Systemic risk (1)
- Tail risk (1)
- Taylor rule (1)
- Too-Big-To-Fail (1)
- Trust (1)
- Volatility (1)
- Vorstandsvergütung (1)
- WOM (Word-of-Mouth) (1)
- Walter Eucken (1)
- Zentralbank (1)
- Zero nominal interest rate bound (1)
- adviser (1)
- attention (1)
- backward stochastic differential equation (1)
- bailout (1)
- bank competition (1)
- bank regulation (1)
- bank risk (1)
- bank runs (1)
- banking supervision (1)
- banks (1)
- capital structure (1)
- cash-in-advance (1)
- central banking (1)
- communication (1)
- commutative and distributive justice (1)
- compensation (1)
- competition (1)
- comprehensive assessment (1)
- consumer credit (1)
- consumer protection (1)
- contagion (1)
- convergence (1)
- cooperation (1)
- corporate governance (1)
- corporate restructuring (1)
- cycle flows (1)
- cyclical liabilities (1)
- discretionary lending (1)
- education (1)
- extreme value theory (1)
- financial reporting quality (1)
- financial services (1)
- financing policy (1)
- fiscal policy (1)
- gender equality (1)
- genetics (1)
- household debt (1)
- human capital (1)
- impatience (1)
- implied correlation (1)
- incentives (1)
- inflation (1)
- informal loans (1)
- input-output (1)
- insurance guarantee schemes (1)
- interbank markets (1)
- interbank network (1)
- jumps (1)
- labor income (1)
- life-cycle utility maximization (1)
- liquidity risk (1)
- loan officer (1)
- loan origination (1)
- makroprudenzielle Regulierung (1)
- managerial incentives (1)
- matching (1)
- microfoundations (1)
- monetary transmission mechanism (1)
- money (1)
- monitoring (1)
- mortgages (1)
- national systems of local banks (1)
- network formation (1)
- networks (1)
- operational performance (1)
- optimal investment (1)
- option-implied distribution (1)
- ownership concentration (1)
- parameter uncertainty (1)
- participation (1)
- payment systems (1)
- performance indicators (1)
- political behavior (1)
- portfolio optimization (1)
- predictability (1)
- productivity (1)
- randomized control trials (1)
- recursive utility (1)
- relationship lending (1)
- repeated games (1)
- restatements (1)
- risk (1)
- risk taking (1)
- risk-shifting (1)
- risk-taking (1)
- salience (1)
- screening (1)
- social norms (1)
- soft information (1)
- sophistication (1)
- sovereign risk (1)
- stochastic differential utility (1)
- stochastic volatility (1)
- stock market participation (1)
- stock return expectations (1)
- stockholding (1)
- structural reforms (1)
- strukturelle Reformen (1)
- systemic risk, too-interconnected-to-fail (1)
- tail measure (1)
- troika (1)
- trust (1)
- trust driven expectations (1)
- trust evolutionary games (1)
- twin study (1)
- tâtonnement (1)
- variance risk premium (1)
- wealth distribution (1)
- welfare loss (1)
Institute
- Wirtschaftswissenschaften (106) (remove)
Recently, we evaluated a fiscal consolidation strategy for the United States that would bring the government budget into balance by gradually reducing government spending relative to GDP to the ratio that prevailed prior to the crisis (Cogan et al, JEDC 2013). Specifically, we published an analysis of the macroeconomic consequences of the 2013 Budget Resolution that was passed by the U.S. House of Representatives in March 2012. In this note, we provide an update of our research that evaluates this year’s budget reform proposal that is to be discussed and voted on in the House of Representative in March 2013. Contrary to the views voiced by critics of fiscal consolidation, we show that such a reduction in government purchases and transfer payments can increase GDP immediately and permanently relative to a policy without spending restraint. Our research makes use of a modern structural model of the economy that incorporates the long-standing essential features of economics: opportunity costs, efficiency, foresight and incentives. GDP rises because households take into account that spending restraint helps avoid future increases in tax rates. Lower taxes imply less distorted incentives for work, investment and production relative to a scenario without fiscal consolidation and lead to higher growth.
We use unique data from financial advisers’ professional exam scores and combine it with other variables to create an index of financial sophistication. Using this index to explain long-term stock return expectations, we find that more sophisticated financial advisers tend to have lower return expectations. A one standard deviation increase in the sophistication index reduces expected returns by 1.1 percentage points. The effect is stronger for emerging market stocks (2.3 percentage points). The sophistication effect contributes 60% to the model fit, while employer fixed effects combined contribute less than 30%. These results help understand the formation of potentially excessively optimistic expectations.
A natural experiment in which customer-owned mutual companies converted to publicly listed firms created a plausibly exogenous shock to the stock market participation status of tens of thousands of people. We find the shock changed the way people vote in the affected areas, with a 10% increase in share-ownership rate being followed by a 1.3%–3.1% increase in right-of-center vote share. The institutional details and additional tests suggest that wealth, liquidity, and tax-related incentives cannot fully explain the results. A plausible explanation is that the associated increase in the salience of stock ownership causes a shift in voters’ attention.
SAFE Newsletter : 2013, Q1
(2013)
SAFE Newsletter
(2013)
The Center of Excellence SAFE – “Sustainable Architecture for Finance in Europe” – is a cooperation of the Center for Financial Studies and Goethe University Frankfurt. It is funded by the LOEWE initiative of the State of Hessen (Landes-Offensive zur Entwicklung wissenschaftlich-ökonomischer Exzellenz). SAFE brings together more than 40 professors and just as many junior researchers who are all dedicated to conducting research in support of a sustainable financial architecture. The Center has two main pillars: excellent research on all important topics related to finance; and policy advice, including the dissemination of relevant research findings to European decision makers from the realms of politics, regulation and administration.
In order to promote a fruitful exchange with interested parties from politics, academia, business and the media, SAFE issues a newsletter on a quarterly basis. This aims to provide an overview of the Center‘s ongoing research and policy activities. The SAFE Newsletter succeeds the House of Finance Newsletter, which was published between 2009 and 2012.
SAFE is based at Goethe University’s House of Finance however extends beyond by drawing on scholars from other parts of Goethe University as well as from fellow research institutions. The Center builds on the reputation of the House of Finance institutions, serving as an interdisciplinary think tank on the issue of finance.
Debt-induced crises, including the subprime, are usually attributed exclusively to supply-side factors. We uncover an additional factor contributing to debt culture, namely social influences emanating from the perceived average income of peers. Using unique information from a representative household survey of the Dutch population that circumvents the need to define the social circle, we consider collateralized, consumer, and informal loans. We find robust social effects on borrowing – especially among those who consider themselves poorer than their peers – and on indebtedness, suggesting a link to financial distress. We check the robustness of our results using several approaches to rule out spurious associations and handle correlated effects.