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This note argues that in a situation of an inelastic natural gas supply a restrictive monetary policy in the euro zone could reduce the energy bill and therefore has additional merits. A more hawkish monetary policy may be able to indirectly use monopsony power on the gas market. The welfare benefits of such a policy are diluted to the extent that some of the supply (approximately 10 percent) comes from within the euro zone, which may give rise to distributional concerns.
We collect data on the size distribution of all U.S. corporate businesses for 100 years. We document that corporate concentration (e.g., asset share or sales share of the top 1%) has increased persistently over the past century. Rising concentration was stronger in manufacturing and mining before the 1970s, and stronger in services, retail, and wholesale after the 1970s. Furthermore, rising concentration in an industry aligns closely with investment intensity in research and development and information technology. Industries with higher increases in concentration also exhibit higher output growth. The long-run trends of rising corporate concentration indicate increasingly stronger economies of scale.
The authors present and compare Newton-based methods from the applied mathematics literature for solving the matrix quadratic that underlies the recursive solution of linear DSGE models. The methods are compared using nearly 100 different models from the Macroeconomic Model Data Base (MMB) and different parameterizations of the monetary policy rule in the medium-scale New Keynesian model of Smets and Wouters (2007) iteratively. They find that Newton-based methods compare favorably in solving DSGE models, providing higher accuracy as measured by the forward error of the solution at a comparable computation burden. The methods, however, suffer from their inability to guarantee convergence to a particular, e.g. unique stable, solution, but their iterative procedures lend themselves to refining solutions either from different methods or parameterizations.
ISOE-Newsletter Nr. 05/2021
(2021)
Erste Professur für Soziale Ökologie und Transdisziplinarität in Deutschland +++ Rückblick ISOE-Symposium zur Verabschiedung von Thomas Jahn: Krise, Katastrophe, Normalität – die Verantwortung der Wissenschaft für die Zukunftsgestaltung +++ Institutsbericht des ISOE erschienen: Rückblick auf das Forschungsjahr 2021 +++ Deutsch-jordanisches Forschungsprojekt zu Katastrophenschutz bei Starkregen gestartet +++ Großtechnische Umsetzung von Gemüseproduktion mit Wasserwiederverwendung +++ Wie Pendeln nachhaltiger werden kann: Ideenfindungsprozess für Reallabore startet +++ Gutes Klima für die Zukunftsstadt? – Frankfurter Stadtgrün im Klimawandel +++ Wissen für den Wandel: Zehn Jahre Ecornet +++ ISOE-Blog +++ Aus dem ISOE +++ Termine +++ Publikationen
ISOE-Newsletter Nr. 4/2022
(2022)
Insektenvielfalt in der Stadt – Stadtspaziergang, Science Slam und Kinoreihe im Forschungsprojekt SLInBio +++ Forschungsprojekt netWORKS 4 virtuell auf Tournee +++ Wissenstransfer zu nachhaltigen Wasserinfrastrukturen in Indien +++ Hessens Kommunen im Klimawandel +++ Perspektiven sozialwissenschaftlicher Klimaforschung +++ ISOE-Interview zum Stopp der BMBF-Fördermaßnahme „BioTip“: Konsequenzen für die internationale Biodiversitätsforschung +++ Der Bahnhof der Zukunft als Mobilitätsplattform +++ ISOE-Workshop: Making the Invisible Touchable – Neue Wege in der Wissenschaftskommunikation +++ Aktuelle Beiträge im SOE-Blog +++ Das ISOE in den Medien +++ Aus dem ISOE +++ Termine +++ Publikationen
In the aftermath of the Wirecard scandal the German lead stock market index DAX has undergone a series of reforms, including the introduction of a profitability criterion based on EBITDA for new DAX members and enhanced financial reporting requirements with specified sanctions for non-compliance. Furthermore, DAX members need to adhere to certain provisions in the German Corporate Governance Code relating to audit committees. The final step of the reform was implemented in September 2021: the extension of the DAX from 30 to 40 constituents, with the ranking based solely on the free float market capitalisation. After one year of experience with the new design of the DAX, this paper concludes that the reform has strengthened the DAX in terms of diversification, quality and adaptability. However, there is still room for further improvement by introducing a minimum ESG score for DAX companies and thus making sustainability a relevant factor in the selection process. In addition, full compliance with the recommendations of the German Corporate Governance Code should be a condition for DAX companies. Furthermore, the profitability criterion should be applied on a continuous basis to ensure that loss-making companies can be excluded from the DAX after a grace period.
Gegen den Landeshaushalt 2022 des Freistaats Thüringen bestehen nach Einschätzung von Helmut Siekmann erhebliche verfassungsrechtliche Bedenken. In einem Gutachten kommt Siekmann zu dem Schluss, dass sich die festgestellten globalen Minderausgaben im Vergleich zum gesamten Haushaltsvolumen nicht rechtfertigen lassen. Der verfassungsrechtlich gebotene Haushaltsausgleich sei nur dadurch erzielt worden, dass die eigentlich gebotenen Einzelkürzungen nicht vom Parlament entschieden, sondern der Exekutive überlassen worden seien. Durch Globale Minderausgaben soll der Ausgleich von Einnahmen und Ausgaben erreicht werden, ohne dafür erforderliche und politisch oft schwer durchsetzbare Kürzungen bei Einzeltiteln vornehmen zu müssen.
In Thüringen fehlen der Minderheitskoalition aus Linke, SPD und Grünen im Parlament vier Stimmen für eine eigene Mehrheit. Sie muss damit bei allen Entscheidungen eine Unterstützung der oppositionellen CDU aushandeln. Siekmann weist in seinem Gutachten darauf hin, dass die Veranschlagung von globalen Minderausgaben gleich welcher Art in keinem Fall die Exekutive ermächtigt, bestehende Verpflichtungen nicht zu erfüllen.
Liquidity derivatives
(2022)
It is well established that investors price market liquidity risk. Yet, there exists no financial claim contingent on liquidity. We propose a contract to hedge uncertainty over future transaction costs, detailing potential buyers and sellers. Introducing liquidity derivatives in Brunnermeier and Pedersen (2009) improves financial stability by mitigating liquidity spirals. We simulate liquidity option prices for a panel of NYSE stocks spanning 2000 to 2020 by fitting a stochastic process to their bid-ask spreads. These contracts reduce the exposure to liquidity factors. Their prices provide a novel illiquidity measure refllecting cross-sectional commonalities. Finally, stock returns significantly spread along simulated prices.
