Wirkungen der Abgeltungsteuer auf die Kapitalallokation — Anregungen für eine Reform

The flat tax was introduced in Germany in 2009. It is imposed on income from portfolio investment, such as interest and dividends, but also on gains from stock sales. As this paper shows, the tax causes a massive distortion of after-tax returns in favour of debt capital. The financing structure of companies will therefore change in favour of debt capital. The tax discriminates German investors against foreign investors and the profitability of equity decreases strongly. The withholding tax has serious conceptual weaknesses that cause a massive misallocation of capital and thus a lasting damage to growth in Germany. Several recommendations for the necessary amendments are outlined in the article.     

Back to Basics: Remittances in the Keynesian Macroeconomic Framework

This paper examines a remittance multiplier based on the short-run Keynesian equilibrium approach and shows how income may be affected by remittance inflows. We explore this through the equilibrium in the goods and money markets, where remittances can affect both consumption and the demand for real money balances. We present this simple theoretical model utilizing a standard Keynesian framework. The short-run Keynesian equilibrium approach provides insight into how remittances affect output and income, and its potential multiplier effects. The model used is indicative of a positive relationship between the marginal propensity to consume out of remittances and the multiplier. The framework also shows that remittances will have a greater impact if its marginal propensity to consume is greater than that for standard disposable income.     

Estimating the trade and welfare effects of Brexit: A panel data structural gravity model

This paper proposes a new panel data structural gravity approach for estimating the trade and welfare effects of Brexit. Assuming different counterfactual post‐Brexit scenarios, our main findings suggest that the UK's exports of goods to the EU are likely to decline within a range between 7.2% and 45.7% six years after Brexit has taken place. For the UK, the negative trade effects are only partially offset by an increase in domestic trade and trade with third countries, inducing a decline in the UK's real income of between 0.3% and 5.7%. The estimated welfare effects for the EU are not different from zero, but some members like Ireland are expected to also experience welfare losses.     

Customer Tuchpoins marken- und kundenpezifisch mangen

Marken hinterlassen an allen Kontaktpunkten mit Kunden Spuren und Fingerabdrücke. Dessen sind sich Manager und Mitarbeiter oft nicht bewusst. Das Management sowie die marken- und kundenspezifische Abstimmung aller Kontaktpunkte bieten somit gro?es Potenzial für Unternehmen zur wirksameren Vermarktung ihrer Marken. Unternehmen, die Kunden ganzheitlich positive und zufriedenstellende Markenerlebnisse an allen Kontaktpunkten vermitteln, sind erfolgreicher im Wettbewerb.     

Monopsonistic discrimination, worker turnover, and the gender wage gap

Motivated by models of worker flows, we argue in this paper that monopsonistic discrimination may be a substantial factor behind the overall gender wage gap. Using matched employer–employee data from Norway, we estimate establishment-specific wage premiums separately for men and women, conditioning on fixed individual effects. Regressions of worker turnover on the wage premium identify less wage elastic labour supply facing each establishment of women than that of men. Workforce gender composition is strongly related to employers' wage policies. The results suggest that 70–90% of the gender wage gap for low-educated workers may be attributed to differences in labour market frictions between men and women, while the similar figures for high-educated workers ranges from 20 to 70%.     

International Spillovers of Output Growth and Output Growth Volatility: Evidence from the G7

This paper examines the transmission of GDP growth and GDP growth volatility among the G7 countries over the period 1960Q1 – 2010Q4, using a multivariate GARCH model and volatility impulse response functions (VIRFs) to identify the source, magnitude and the duration of volatility spillovers. Results indicate the presence of positive own-country GDP growth spillovers in each country and cross-country GDP growth spillovers among most of the G7 countries. In addition, the large number of significant own-country output growth volatility spillovers and cross-country output growth volatility spillovers indicates that output growth shocks in most of the G7 countries affect output growth volatility in the other remaining countries. An additional finding is that the duration of output growth volatility spillovers has increased over time from some seven quarters in the 1970s to some ten quarters during the recent crisis, which is likely to be due to the increased integration of goods and financial markets.     

Fourier inversion—distribution functions—long tails

Abstract

Given a characteristic functionφ(t) we want to calculate the corresponding distribution function. For the sake of simplicity we will assume that the mean value of the distribution is zero, i.e. that φ'(0) =0. For these calculations we will use the following formula where The dash on the summation sign indicates that the term corresponding to k = 0 is missing.     

Consistency of Heckman-type two-step estimators for the multivariate sample-selection model

This analysis shows that multivariate generalizations to the classical Heckman (1976 Heckman, JJ. 1976. The common structure of statistical models of truncation, sample selection and limited dependent variables and a simple estimator for such models. Annals of Economics and Social Measurement, 5: 475–92.  [Google Scholar], 1979) two-step estimator that account for cross-equation correlation and use the inverse Mills ratio as correction term are consistent only if certain restrictions apply to the true error-covariance structure. An alternative class of generalizations to the classical Heckman two-step approach is derived that condition on the entire selection pattern rather than selection in particular equations and, therefore, use modified correction terms. It is shown that this class of estimators is consistent. In addition, Monte-Carlo results illustrate that these estimators display a smaller mean square prediction error.     

Household Food Consumption and Quality Differentiation in Demand System: An Approach for Endogenous Prices

The authors surveyed consumers for preferences on allergen advisory statements on food labels (N = 1,243). They also conducted an experiment to assess how consumers use advisory statements (N = 4,049) to make food consumption decisions. Results show that food allergic individuals, including caregivers to food allergic individuals, and a control group of nonallergic people preferred “Allergen Information: May Contain …” over three other statements tested. The experiment revealed measurable differences among the statements in how they are used to make food consumption decisions. Statements rated as more believable and more helpful also received higher ratings on a “likelihood of eating/serving” measure.