Konjunkturschlaglicht: Wann ist Geldpolitik neutral?

Ohne Zusammenfassung     

The role of house prices in the monetary policy transmission mechanism in small open economies

We analyse the role of house prices in the monetary policy transmission mechanism in Norway, Sweden and the UK, using structural VARs. A solution is proposed to the endogeneity problem of identifying shocks to interest rates and house prices by using a combination of short-run and long-run (neutrality) restrictions. By allowing the interest rate and house prices to react simultaneously to news, we find the role of house prices in the monetary transmission mechanism to increase considerably. In particular, house prices react immediately and strongly to a monetary policy shock. Furthermore, the fall in house prices enhances the negative response in output and consumer price inflation that has traditionally been found in the conventional literature. Moreover, we find that the interest rate responds systematically to a change in house prices. However, the strength and timing of response varies between the countries, suggesting that housing may play a different role in the monetary policy setting.     

Consumer revolution in north-western Germany: Material culture,global goods,and proto-industry in rural households in the seventeenth to nineteenth centuries

Existing scholarship on the early modern consumer revolution postulates a dichotomy between the classic pioneering countries of England and the Netherlands and the remaining parts of Europe, which were more stagnant. We contribute to this literature by analysing probate inventories in a rural area in north-western Germany. We show that a closer look at these spaces, which had an intermediate level of development and integration into global markets, reveals a more gradual development and a discernible market evolution. Sumptuary laws may have somewhat slowed down the change in material culture in German regions, but the presence of towns and the proximity to the Netherlands had noticeably positive effects on consumer behaviour. The proto-industrial orientation of local economies proved to be particularly important, as it led to the granting of access to global markets, in addition to greater availability of cash. We observe a delayed diffusion of the new consumer culture in intermediate European regions and argue for a more gradual view of the European consumer revolution.     

‘I click,therefore I am (not)’: is cognition ‘distributed’ or is it ‘contained’ in borderless e‐learning programmes?

This paper will problematise the notion of distributed cognition in courses across cultural learning borders, by presenting a narrative case study of six learners’ journeys to online learning. I will argue that although distributed cognition is a widely acceptable theory in e‐learning, it is based on an assumption that the ‘distribution’ of cognition is reciprocal between toolmakers, texts and users, when perhaps, in certain instances, it excludes the life (and learning) world of local learners in the global, borderless environment. In these instances the cognition that is assumed to be distributed is, in contrast, ‘contained’ in the narrative‐in‐action that is familiar to the learners, whose situated knowledge is embedded and embodied in a non‐global discourse ( Henning et al., 2000 ).     

ENVIRONMENTAL MANAGEMENT IN DANISH MANUFACTURING COMPANIES: ATTITUDES AND ACTIONS

The importance of environmental management has long been recognized and has, among other things, resulted in a number of national and international recommendations and guidelines for sustainable business practice. However, although several examples of the actual implementation of environmental management initiatives have been reported, there is little evidence available for an evaluation of the general situation. This is also true for Denmark. A survey was therefore carried out to obtain some knowledge of the extent and nature of environmental management practice in Danish manufacturing companies. Some of the general results indicate a situation where the major driving factor is legislation and where only a few companies have formulated a general environmental policy and written internal environmental guidelines. Many companies have established practical steps in improving their environmental situation, but mainly because of the cost-saving effects. Only a limited number of companies have introduced techniques which can help to monitor and control the environmental situation and development.     

How the provision of inflation information affects pension contributions: A field experiment

Ignoring the effects of inflation in retirement planning can have severe consequences for an individual's future financial well-being. Yet, many pension funds do not communicate inflation-related information, presumably for the fear of reduced contributions once the members understand how low the “real” return on saving for retirement is. As an alternative prediction, the provision of inflation information could increase pension contributions, because it reveals possible pension shortfalls. In cooperation with a major German pension fund, we conduct a field experiment, in which we vary the inflation information provided to the fund members, to explore this important issue. Among all participants, we find mostly positive but insignificant effects of the inflation information on pension contributions. Among those participants who voluntarily changed their pension contributions after the experimental intervention, the provision of inflation information significantly raises the likelihood of increasing pension contributions.     

Adaptive grids for the estimation of dynamic models

Quantitative Marketing and Economics - This paper develops a method to flexibly adapt interpolation grids of value function approximations in the estimation of dynamic models using either NFXP...     

If you could read my mind–an experimental beauty-contest game with children

Experimental Economics - We develop a new design for the experimental beauty-contest game (BCG) that is suitable for children in school age and test it with 114 schoolchildren aged 9–11 years...     

The role of vaccine effectiveness on individual vaccination decisions and welfare

This paper examines a theoretical model designed to characterize a static, individual vaccination decision environment. I identify and characterize both equilibrium and socially optimal vaccination behavior and determine how this behavior changes as the effectiveness of the vaccine changes. I also evaluate the individual and social welfare implications of a change in vaccine effectiveness. I find that under certain conditions, an increase in vaccine effectiveness can decrease the number of agents vaccinating in equilibrium due to the positive external effects of vaccination. Notably, it is also possible for individual and total welfare to decrease. This is an undesirable, and perhaps unexpected, consequence of better vaccines. Fortunately, welfare at the social optimum always increases as vaccine effectiveness increases. However, equilibrium behavior often falls short of the social optimum due to the positive externalities created by vaccinating.