@phdthesis{Roennberg2010,
  author    = {R{\"o}nnberg, Michael},
  title     = {Bedeutung der Spezifikation f{\"u}r Ratingmodelle},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-48895},
  school      = {Universit{\"a}t W{\"u}rzburg},
  year      = {2010},
  abstract  = {Ziel dieser Arbeit ist die Untersuchung der Bedeutung der Spezifikation f{\"u}r Ratingmodelle zur Prognose von Kreditausfallwahrscheinlichkeiten. Ausgehend von dem in der Bankenpraxis etablierten Logit-Modell werden verschiedene Modellerweiterungen diskutiert und hinsichtlich ihrer Eigenschaften als Ratingmodelle empirisch und simulationsbasiert untersucht. Die Interpretierbarkeit und die Prognoseg{\"u}te der Modelle werden dabei gleichermaßen ber{\"u}cksichtigt. Besonderes Augenmerk wird auf Mixed Logit-Modelle zur Abbildung individueller Heterogenit{\"a}t gelegt. Die Ergebnisse zeigen, dass die Spezifikation einen wichtigen Einfluss auf die Eigenschaften von Ratingmodellen hat und dass insbesondere mit Hilfe von Mixed Logit-Ans{\"a}tzen sinnvoll interpretierbare Ratingmodelle mit guten Prognoseeigenschaften erlangt werden k{\"o}nnen.},
  subject      = {Bank},
  language  = {de}
}
@phdthesis{Wismer2013,
  author    = {Wismer, Sebastian},
  title     = {Essays in Industrial Organization: Intermediation, Marketing, and Strategic Pricing},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-99102},
  school      = {Universit{\"a}t W{\"u}rzburg},
  year      = {2013},
  abstract  = {This dissertation deals with certain business strategies that have become particularly relevant with the spread and development of new information technologies. The introduction explains the motivation, discusses different ways of defining the term "two-sided market", and briefly summarizes the subsequent essays. The first essay examines the effects of product information on the pricing and advertising decision of a seller who offers an experience good whose quality is unknown to consumers prior to purchase. It comprises of two theoretical models which differ with respect to their view on advertising. The analysis addresses the question how the availability of additional, potentially misleading information affects the seller's quality-dependent pricing and advertising decision. In the first model, in which both advertising and product reviews make consumers aware about product existence, the seller's optimal price turns out to be increasing in product quality. However, under certain circumstances, also the seller of a low-quality product prefers setting a high price. Within the given framework, the relationship between product quality and advertising depends on the particular parameter constellation. In the second model, some consumers are assumed to interpret price as a signal of quality, while others rely on information provided by product reviews. Consequently, and differently from the first part, pricing may indirectly inform consumers about product quality. On the one hand, in spite of asymmetric information on product quality, equilibria exist that feature full information pricing, which is in line with previous results presented by the signaling literature. On the other hand, potentially misleading product reviews may rationalize further pricing patterns. Moreover, assuming that firms can manipulate product reviews by investing in concealed marketing, equilibria can arise in which a high price signals low product quality. However, in these extreme cases, only a few (credulous) consumers consider buying the product. The second essay deals with trade platforms whose operators not only allow sellers to offer their products to consumers, but also offer products themselves. In this context, the platform operator faces a hold-up problem if he sets classical two-part tariffs (on which previous literature on two-sided markets focussed) as potential competition between the platform operator and sellers reduces platform attractiveness. Since some sellers refuse to join the platform, products whose existence is not known to the platform operator in the first place and which can only be established by better informed sellers may not be offered at all. However, revenue-based fees lower the platform operator's incentives to compete with sellers, increasing platform attractiveness. Therefore, charging such proportional fees can be profitable, what may explain why several trade platforms indeed do charge proportional fees. The third essay examines settings in which sellers can be active both on an intermediary's trade platform and in other sales channels. It explores the sellers' incentives to set different prices across sales channels within the given setup. Afterwards, it analyzes the intermediary's tariff decision, taking into account the implications on consumers' choice between different sales channels. The analysis particularly focusses on the effects of a no-discrimination rule which several intermediaries impose, but which appears to be controversial from a competition policy view. It identifies under which circumstances the intermediary prefers restricting sellers' pricing decisions by imposing a no-discrimination rule, attaining direct control over the split-up of customers on sales channels. Moreover, it illustrates that such rules can have both positive and negative effects on welfare within the given framework.},
  subject      = {Industrie{\"o}konomie},
  language  = {en}
}
@phdthesis{DonadoGomez2011,
  author    = {Donado Gomez, Alejandro},
  title     = {Trade Unions and Occupational Health and Safety},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-56076},
  school      = {Universit{\"a}t W{\"u}rzburg},
  year      = {2011},
  abstract  = {This thesis comprises three essays that study the impact of trade unions on occupational health and safety (OHS). The first essay proposes a theoretical model that highlights the crucial role that unions have played throughout history in making workplaces safer. Firms traditionally oppose better health standards. Workplace safety is costly for firms but increases the average health of workers and thereby the aggregate labour supply. A laissez-faire approach in which firms set safety standards is suboptimal as workers are not fully informed of health risks associated with their jobs. Safety standards set by better-informed trade unions are output and welfare increasing. The second essay extends the model to a two-country world consisting of the capital-rich "North" and the capital-poor "South". The North has trade unions that set high OHS standards. There are no unions in the South and OHS standards are low. Trade between these two countries can imply a reduction in safety standards in the North, lowering the positive welfare effects of trade. Moreover, when trade unions are also established in the South, northern OHS standards might be further reduced. The third essay studies the impact of unions on OHS from an empirical perspective. It focuses on one component of OHS: occupational injuries. A literature summary including 25 empirical studies shows that most studies associate unions with less fatal occupational injuries. This is in perfect line with the anecdotal evidence and the basic model from the first essay. However, the literature summary also shows that most empirical studies associate unions with more nonfatal occupational injuries. This puzzling result has been explained in the literature by (1) lower underreporting in unionized workplaces, (2) unions being more able to organize hazardous workplaces, and (3) unionized workers preferring higher wages at the expense of better working conditions. Using individual-level panel data, this essay presents evidence against all these three explanations. However, it cannot reject the hypothesis that workers reduce their precautionary behaviour when they join a trade union. Hence, the puzzle seems to be due to a strong moral hazard effect. These empirical results suggest that the basic model from the first essay needs to be extended to account for this moral hazard effect.},
  subject      = {Arbeitsschutz},
  language  = {en}
}
@phdthesis{Brause2010,
  author    = {Brause, Alexander F.},
  title     = {Foreign Exchange Market Interventions: New Empirical Views of Emerging Markets},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-55207},
  school      = {Universit{\"a}t W{\"u}rzburg},
  year      = {2010},
  abstract  = {Since the beginning, central banks have used a wide range of instruments to achieve their ultimate purpose of price stability. One measure in the authorities’ toolbox is a foreign exchange market intervention. The discussion about this instrument has come a long way. So far, the discussion relied mainly on industrialized countries'’ experiences. The negative outcomes of most studies with respect to the effectiveness of the intervention tool, opened up a discussion, whether interventions should be used by the authorities to manage exchange rate aspects. Consequently, the question about the dynamics of foreign exchange market interventions is now open to the subject-matter of developing and emerging market countries. Monetary policy in those countries often constitutes an active management of exchange rates. However, the basic discussions about intervention dynamics have had one essential drawback. Neither the primary literature of industrialized countries nor studies dealing with developing countries have considered the fact that intervention purposes and the corresponding effects are likely to vary over time. This thesis is designed to provide the reader with essential issues of central bank interventions, and aims to give further, as well as new contributions, in terms of empirical research on interventions in emerging markets. The main objectives of this study are the analysis of central bank intervention motives, and the corresponding effects on exchange rates in emerging markets. The time dependency of both issues is explicitly considered, which states a novelty in academic research of central bank interventions. Additionally, the outcomes are discussed against the background of underlying economic and monetary policy fundamentals. This could well serve as a starting point for further research.},
  subject      = {Schwellenl{\"a}nder},
  language  = {en}
}
@phdthesis{Steinmetz2009,
  author    = {Steinmetz, Alexander},
  title     = {Essays on Strategic Behavior and Dynamic Oligopoly Competition},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-47934},
  school      = {Universit{\"a}t W{\"u}rzburg},
  year      = {2009},
  abstract  = {This thesis deals with three selected dimensions of strategic behavior, namely investment in R\&D, mergers and acquisitions, and inventory decisions in dynamic oligopolies. The question the first essay addresses is how the market structure evolves due to innovative activities when firms' level of technological competence is valuable for more than one project. The focus of the work is the analysis of the effect of learning-by-doing and organizational forgetting in R\&D on firms' incentives to innovate. A dynamic step-by-step innovation model with history dependency is developed. Firms can accumulate knowledge by investing in R\&D. As a benchmark without knowledge accumulation it is shown that relaxing the usual assumption of imposed imitation yields additional strategic effects. Therefore, the leader's R\&D effort increases with the gap as she is trying to avoid competition in the future. When firms gain experience by performing R\&D, the resulting effect of knowledge induces technological leaders to rest on their laurels which allows followers to catch up. Contrary to the benchmark case the leader's innovation effort declines with the lead. This causes an equilibrium where the incentives to innovate are highest when competition is most intense. Using a model of oligopoly in general equilibrium the second essay analyzes the integration of economies that might be accompanied by cross-border merger waves. Studying economies which prior to trade were in stable equilibrium where mergers were not profitable, we show that globalization can trigger cross-border merger waves for a sufficiently large heterogeneity in marginal cost. In partial equilibrium, consumers benefit from integration even when a merger wave is triggered which considerably lowers intensity of competition. Welfare increases. In contrast, in general equilibrium where interactions between markets and therefore effects on factor prices are considered, gains from trade can only be realized by reallocation of resources. The higher the technological dissimilarity between countries the better can efficiency gains be realized in integrated general equilibrium. The overall welfare effect of integration is positive when all firms remain active but indeterminate when firms exit or are absorbed due to a merger wave. It is possible for decreasing competition to dominate the welfare gain from more efficient resource allocation across sectors. Allowing for firms' entry alters results as in an integrated world coexistence of firms of different countries is never possible. Comparative advantages with respect to entry and production are important for realizing efficiency gains from trade. The third essay analyzes the interaction between price and inventory decisions in an oligopoly industry and its implications for the dynamics of prices. The work extends existing literature and especially the work of Hall and Rust (2007) to endogenous prices and strategic oligopoly competition. We show that the optimal decision rule is an (S,s) order policy and prices and inventories are strategic substitutes. Fixed ordering costs generate infrequent orders. Additionally, with strategic competition in prices, (S,s) inventory behavior together with demand uncertainty generates cyclical pattern in prices The last chapter presents some concluding remarks on the results of the essays.},
  subject      = {Wettbewerbsstrategie},
  language  = {en}
}
@phdthesis{Schumm2009,
  author    = {Schumm, Irene},
  title     = {Lessons Learned From Germany's 2001-2006 Labor Market Reforms},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-43705},
  school      = {Universit{\"a}t W{\"u}rzburg},
  year      = {2009},
  abstract  = {In der Dissertation werden die Gesetze zur Reform des Arbeitsmarktes in Deutschland, besser bekannt als Hartz-Reformen, untersucht. Zun{\"a}chst wird ein {\"U}berblick {\"u}ber die wichtigsten {\"A}nderungen aus den vier Reform-Paketen gegeben sowie die Effekte, welche man sich davon versprach. Des Weiteren werden zwei grundlegende Reformmaßnahmen, n{\"a}mlich die Zusammenlegung der Arbeitslosen- und Sozialhilfe (Hartz IV) sowie die Verk{\"u}rzung der Bezugsdauer der Arbeitslosenversicherungsleistung, analysiert, um deren Auswirkungen auf das individuelle Verhalten und die aggregierte {\"O}konomie zu evaluieren. Diese Untersuchung geschieht im Rahmen eines Matching-Modells mit optimaler verweildauerabh{\"a}ngiger Suchleistung. Mit Hilfe von Semi-Markov-Methoden, deren Anwendung in der Arbeitsmarkttheorie beschrieben wird, findet schließlich eine Aggregierung statt. Auf diese Weise k{\"o}nnen die Auswirkungen der Hartz-IV-Reformen auf die Verweildauer in Arbeitslosigkeit, die optimale Suchleistung und die Arbeitslosigkeit quantifiziert werden.},
  subject      = {Hartz-Reform},
  language  = {en}
}
@article{RoemeisHerwegMueller2022,
  author    = {R{\"o}meis, Fabio and Herweg, Fabian and M{\"u}ller, Daniel},
  title     = {Salience bias and overwork},
  series = {Games},
  volume    = {13},
  journal   = {Games},
  number    = {1},
  issn      = {2073-4336},
  doi       = {10.3390/g13010015},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-255213},
  year      = {2022},
  abstract  = {In this study, we enrich a standard principal-agent model with hidden action by introducing salience-biased perception on the agent's side. The agent's misguided focus on salient payoffs, which leads the agent's and the principal's probability assessments to diverge, has two effects: First, the agent focuses too much on obtaining a bonus, which facilitates incentive provision. Second, the principal may exploit the diverging probability assessments to relax participation. We show that salience bias can reverse the nature of the inefficiency arising from moral hazard; i.e., the principal does not necessarily provide insufficient incentives that result in inefficiently low effort but instead may well provide excessive incentives that result in inefficiently high effort.},
  language  = {en}
}
@phdthesis{Gruendler2018,
  author    = {Gr{\"u}ndler, Klaus},
  title     = {A Contribution to the Empirics of Economic Development - The Role of Technology, Inequality, and the State},
  edition   = {1. Auflage},
  publisher = {W{\"u}rzburg University Press},
  address   = {W{\"u}rzburg},
  isbn      = {978-3-95826-072-6 (Print)},
  doi       = {10.25972/WUP-978-3-95826-073-3},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-141520},
  school      = {W{\"u}rzburg University Press},
  pages     = {300},
  year      = {2018},
  abstract  = {This dissertation contributes to the empirical analysis of economic development. The continuing poverty in many Sub-Saharan-African countries as well as the declining trend in growth in the advanced economies that was initiated around the turn of the millennium raises a number of new questions which have received little attention in recent empirical studies. Is culture a decisive factor for economic development? Do larger financial markets trigger positive stimuli with regard to incomes, or is the recent increase in their size in advanced economies detrimental to economic growth? What causes secular stagnation, i.e. the reduction in growth rates of the advanced economies observable over the past 20 years? What is the role of inequality in the growth process, and how do governmental attempts to equalize the income distribution affect economic development? And finally: Is the process of democratization accompanied by an increase in living standards? These are the central questions of this doctoral thesis. To facilitate the empirical analysis of the determinants of economic growth, this dissertation introduces a new method to compute classifications in the field of social sciences. The approach is based on mathematical algorithms of machine learning and pattern recognition. Whereas the construction of indices typically relies on arbitrary assumptions regarding the aggregation strategy of the underlying attributes, utilization of Support Vector Machines transfers the question of how to aggregate the individual components into a non-linear optimization problem. Following a brief overview of the theoretical models of economic growth provided in the first chapter, the second chapter illustrates the importance of culture in explaining the differences in incomes across the globe. In particular, if inhabitants have a lower average degree of risk-aversion, the implementation of new technology proceeds much faster compared with countries with a lower tendency towards risk. However, this effect depends on the legal and political framework of the countries, their average level of education, and their stage of development. The initial wealth of individuals is often not sufficient to cover the cost of investments in both education and new technologies. By providing loans, a developed financial sector may help to overcome this shortage. However, the investigations in the third chapter show that this mechanism is dependent on the development levels of the economies. In poor countries, growth of the financial sector leads to better education and higher investment levels. This effect diminishes along the development process, as intermediary activity is increasingly replaced by speculative transactions. Particularly in times of low technological innovation, an increasing financial sector has a negative impact on economic development. In fact, the world economy is currently in a phase of this kind. Since the turn of the millennium, growth rates in the advanced economies have experienced a multi-national decline, leading to an intense debate about "secular stagnation" initiated at the beginning of 2015. The fourth chapter deals with this phenomenon and shows that the growth potentials of new technologies have been gradually declining since the beginning of the 2000s. If incomes are unequally distributed, some individuals can invest less in education and technological innovations, which is why the fifth chapter identifies an overall negative effect of inequality on growth. This influence, however, depends on the development level of countries. While the negative effect is strongly pronounced in poor economies with a low degree of equality of opportunity, this influence disappears during the development process. Accordingly, redistributive polices of governments exert a growth-promoting effect in developing countries, while in advanced economies, the fostering of equal opportunities is much more decisive. The sixth chapter analyzes the growth effect of the political environment and shows that the ambiguity of earlier studies is mainly due to unsophisticated measurement of the degree of democratization. To solve this problem, the chapter introduces a new method based on mathematical algorithms of machine learning and pattern recognition. While the approach can be used for various classification problems in the field of social sciences, in this dissertation it is applied for the problem of democracy measurement. Based on different country examples, the chapter shows that the resulting SVMDI is superior to other indices in modeling the level of democracy. The subsequent empirical analysis emphasizes a significantly positive growth effect of democracy measured via SVMDI.},
  subject      = {Wirtschaftsentwicklung},
  language  = {en}
}
@phdthesis{Schamberger2022,
  author    = {Schamberger, Tamara Svenja},
  title     = {Methodological Advances in Composite-based Structural Equation Modeling},
  isbn      = {978-90-365-5375-9},
  doi       = {10.3990/1.9789036553759},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-276794},
  school      = {Universit{\"a}t W{\"u}rzburg},
  year      = {2022},
  abstract  = {This thesis is about composite-based structural equation modeling. Structural equation modeling in general can be used to model both theoretical concepts and their relations to one another. In traditional factor-based structural equation modeling, these theoretical concepts are modeled as common factors, i.e., as latent variables which explain the covariance structure of their observed variables. In contrast, in composite-based structural equation modeling, the theoretical concepts can be modeled both as common factors and as composites, i.e., as linear combinations of observed variables that convey all the information between their observed variables and all other variables in the model. This thesis presents some methodological advancements in the field of composite-based structural equation modeling. In all, this thesis is made up of seven chapters. Chapter 1 provides an overview of the underlying model, as well as explicating the meaning of the term composite-based structural equation modeling. Chapter 2 gives guidelines on how to perform Monte Carlo simulations in the statistic software R using the package "cSEM" with various estimators in the context of composite-based structural equation modeling. These guidelines are illustrated by an example simulation study that investigates the finite sample behavior of partial least squares path modeling (PLS-PM) and consistent partial least squares (PLSc) estimates, particularly regarding the consequences of sample correlations between measurement errors on statistical inference. The third Chapter presents estimators of composite-based structural equation modeling that are robust in responding to outlier distortion. For this purpose, estimators of composite-based structural equation modeling, PLS-PM and PLSc, are adapted. Unlike the original estimators, these adjustments can avoid distortion that could arise from random outliers in samples, as is demonstrated through a simulation study. Chapter 4 presents an approach to performing predictions based on models estimated with ordinal partial least squares and ordinal consistent partial least squares. Here, the observed variables lie on an ordinal categorical scale which is explicitly taken into account in both estimation and prediction. The prediction performance is evaluated by means of a simulation study. In addition, the chapter gives guidelines on how to perform such predictions using the R package "cSEM". This is demonstrated by means of an empirical example. Chapter 5 introduces confirmatory composite analysis (CCA) for research in "Human Development". Using CCA, composite models can be estimated and assessed. This chapter uses the Henseler-Ogasawara specification for composite models, allowing, for example, the maximum likelihood method to be used for parameter estimation. Since the maximum likelihood estimator based on the Henseler-Ogasawara specification has limitations, Chapter 6 presents another specification of the composite model by means of which composite models can be estimated with the maximum likelihood method. The results of this maximum likelihood estimator are compared with those of PLS-PM, thus showing that this maximum likelihood estimator gives valid results even in finite samples. The last chapter, Chapter 7, gives an overview of the development and different strands of composite-based structural equation modeling. Additionally, here I examine the contribution the previous chapters make to the wider distribution of composite-based structural equation modeling.},
  subject      = {Structural Equation Modeling},
  language  = {en}
}
@phdthesis{Schuberth2019,
  author    = {Schuberth, Florian},
  title     = {Composite-based Methods in Structural Equation Modeling},
  doi       = {10.25972/OPUS-15465},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-154653},
  school      = {Universit{\"a}t W{\"u}rzburg},
  year      = {2019},
  abstract  = {This dissertation deals with composite-based methods for structural equation models with latent variables and their enhancement. It comprises five chapters. Besides a brief introduction in the first chapter, the remaining chapters consisting of four essays cover the results of my PhD studies.Two of the essays have already been published in an international journal. The first essay considers an alternative way of construct modeling in structural equation modeling.While in social and behavioral sciences theoretical constructs are typically modeled as common factors, in other sciences the common factor model is an inadequate way construct modeling due to its assumptions. This essay introduces the confirmatory composite analysis (CCA) analogous to confirmatory factor analysis (CFA). In contrast to CFA, CCA models theoretical constructs as composites instead of common factors. Besides the theoretical presentation of CCA and its assumptions, a Monte Carlo simulation is conducted which demonstrates that misspecifications of the composite model can be detected by the introduced test for overall model fit. The second essay rises the question of how parameter differences can be assessed in the framework of partial least squares path modeling. Since the standard errors of the estimated parameters have no analytical closed-form, the t- and F-test known from regression analysis cannot be directly used to test for parameter differences. However, bootstrapping provides a solution to this problem. It can be employed to construct confidence intervals for the estimated parameter differences, which can be used for making inferences about the parameter difference in the population. To guide practitioners, guidelines were developed and demonstrated by means of empirical examples. The third essay answers the question of how ordinal categorical indicators can be dealt with in partial least squares path modeling. A new consistent estimator is developed which combines the polychoric correlation and partial least squares path modeling to appropriately deal with the qualitative character of ordinal categorical indicators. The new estimator named ordinal consistent partial least squares combines consistent partial least squares with ordinal partial least squares. Besides its derivation, a Monte Carlo simulation is conducted which shows that the new estimator performs well in finite samples. Moreover, for illustration, an empirical example is estimated by ordinal consistent partial least squares. The last essay introduces a new consistent estimator for polynomial factor models. Similarly to consistent partial least squares, weights are determined to build stand-ins for the latent variables, however a non-iterative approach is used. A Monte Carlo simulation shows that the new estimator behaves well in finite samples.},
  subject      = {Strukturgleichungsmodell},
  language  = {en}
}
@techreport{GrunewaldKlockmannvonSchenketal.2024,
  type      = {Working Paper},
  author    = {Grunewald, Andreas and Klockmann, Victor and von Schenk, Alicia and von Siemens, Ferdinand A.},
  title     = {Are Biases Contagious? The Influence of Communication on Motivated Beliefs},
  doi       = {10.25972/OPUS-34893},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-348936},
  pages     = {1-38},
  year      = {2024},
  abstract  = {This paper examines the potential reinforcement of motivated beliefs when individuals with identical biases communicate. We propose a controlled online experiment that allows to manipulate belief biases and the communication environment. We find that communication, even among like-minded individuals, diminishes motivated beliefs if it takes place in an environment without previously declared external opinions. In the presence of external plural opinions, however, communication does not reduce but rather aggravates motivated beliefs. Our results indicate a potential drawback of the plurality of opinions - it may create communication environments wherein motivated beliefs not only persist but also become contagious within social networks.},
  subject      = {Bias},
  language  = {en}
}
@article{GruendlerMayerScharler2023,
  author    = {Gr{\"u}ndler, Daniel and Mayer, Eric and Scharler, Johann},
  title     = {Monetary policy announcements, information shocks, and exchange rate dynamics},
  series = {Open Economies Review},
  volume    = {34},
  journal   = {Open Economies Review},
  number    = {2},
  issn      = {0923-7992},
  doi       = {10.1007/s11079-022-09682-6},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-325175},
  pages     = {341-369},
  year      = {2023},
  abstract  = {We study nominal exchange rate dynamics in the aftermath of U.S. monetary policy announcements. Using high-frequency interest rate and stock price movements around FOMC announcements, we distinguish between pure monetary policy shocks and information shocks, which are associated with new information contained in the announcements. Contractionary pure policy shocks give rise to a strong, but transitory, appreciation on impact. Information shocks also appreciate the exchange rate, but the effect builds up only slowly over time and is highly persistent. Thus, we conclude that although the short-run effects on the exchange rate are primarily due to pure policy shocks, the medium-run response is driven by information effects.},
  language  = {en}
}
@techreport{AlbersKerstingKosse2023,
  type      = {Working Paper},
  author    = {Albers, Thilo N. H. and Kersting, Felix and Kosse, Fabian},
  title     = {Income misperception and populism},
  doi       = {10.25972/OPUS-32169},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-321696},
  pages     = {38},
  year      = {2023},
  abstract  = {We propose that false beliefs about own current economic status are an important factor for explaining populist attitudes. Eliciting subjects' receptiveness to rightwing populism and their perceived relative income positions in a representative survey of German households, we find that people with pessimistic beliefs about their income position are more attuned to populist statements. Key to understanding the misperception-populism relationship are strong gender differences in the mechanism: men are much more likely to channel their discontent into affection for populist ideas. A simple information provision does neither sustainably reduce misperception nor curb populism.},
  subject      = {Populismus},
  language  = {en}
}
@techreport{BofingerHaas2023,
  type      = {Working Paper},
  author    = {Bofinger, Peter and Haas, Thomas},
  title     = {R-Star: A new approach to estimate the polar star of monetary policy},
  doi       = {10.25972/OPUS-32739},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-327394},
  year      = {2023},
  abstract  = {The necessary adjustments to prominent measures of the neutral rate of interest following the COVID pandemic sparked a wide-ranging debate on the measurement and usefulness of r-star. Due to high uncertainty about relevant determinants, trend patterns and the correct estimation method, we propose in this paper a simple alternative approach derived from a standard macro model. Starting from a loss function, neutral periods can be determined in which a neutral real interest rate is observable. Using these values, a medium-term trend for a neutral interest rate can be determined. An application to the USA shows that our simple calculation of a neutral interest rate delivers comparable results to existing studies. A Taylor rule based on our neutral interest rate also does a fairly good job of explaining US monetary policy over the past 60 years.},
  subject      = {Zins},
  language  = {en}
}
@techreport{BofingerGeissendoerferHaasetal.2023,
  author    = {Bofinger, Peter and Geißend{\"o}rfer, Lisa and Haas, Thomas and Mayer, Fabian},
  title     = {Credit as an Instrument for Growth: A Monetary Explanation of the Chinese Growth Story},
  doi       = {10.25972/OPUS-32880},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-328804},
  pages     = {148},
  year      = {2023},
  abstract  = {This study describes the Chinese growth model over the past 40 years. We show that China's growth model, with its dominant role of the banking system and "the banker", is a perfect illustration of the necessity and power of Schumpeter's "monetary analysis". This approach has allowed us to elaborate theoretically and empirically the uniqueness of the Chinese model. In our empirical analysis, we use a new dataset of Chinese provincial data to analyze the impact of the financial system, especially banks, on Chinese economic development. We also empirically assess the role of the financial system in Chinese industrial policy and provide case studies of the effects of industrial policy in specific sectors. Finally, we also discuss macroeconomic dimensions of the Chinese growth process and lessons that can be drawn from the Chinese experience for other countries.},
  subject      = {Industriepolitik},
  language  = {en}
}
@phdthesis{Oeffner2008,
  author    = {Oeffner, Marc},
  title     = {AGENT-BASED KEYNESIAN MACROECONOMICS - An Evolutionary Model Embedded in an Agent-Based Computer Simulation},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-39277},
  school      = {Universit{\"a}t W{\"u}rzburg},
  year      = {2008},
  abstract  = {Subject of the present study is the agent-based computer simulation of Agent Island. Agent Island is a macroeconomic model, which belongs to the field of monetary theory. Agent-based modeling is an innovative tool that made much progress in other scientific fields like medicine or logistics. In economics this tool is quite new, and in monetary theory to this date virtual no agent-based simulation model has been developed. It is therefore the topic of this study to close this gap to some extend. Hence, the model integrates in a straightforward way next to the common private sectors (i.e. households, consumer goods firms and capital goods firms) and as an innovation a banking system, a central bank and a monetary circuit. Thereby, the central bank controls the business cycle via an interest rate policy; the according mechanism builds on the seminal idea of Knut Wicksell (natural rate of interest vs. money rate of interest). In addition, the model contains also many Keynesian features and a flow-of-funds accounting system in the tradition of Wolfgang St{\"u}tzel. Importantly, one objective of the study is the validation of Agent Island, which means that the individual agents (i.e. their rules, variables and parameters) are adjusted in such a way that on the aggregate level certain phenomena emerge. The crucial aspect of the modeling and the validation is therefore the relation between the micro and macro level: Every phenomenon on the aggregate level (e.g. some stylized facts of the business cycle, the monetary transmission mechanism, the Phillips curve relationship, the Keynesian paradox of thrift or the course of the business cycle) emerges out of individual actions and interactions of the many thousand agents on Agent Island. In contrast to models comprising a representative agent, we do not apply a modeling on the aggregate level; and in contrast to orthodox GE models, true interaction between heterogeneous agents takes place (e.g. by face-to-face-trading).},
  subject      = {Mehragentensystem},
  language  = {en}
}
@techreport{MahlkowWanner2023,
  type      = {Working Paper},
  author    = {Mahlkow, Hendrik and Wanner, Joschka},
  title     = {The Carbon Footprint of Global Trade Imbalances},
  doi       = {10.25972/OPUS-33041},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-330410},
  pages     = {53},
  year      = {2023},
  abstract  = {International trade is highly imbalanced both in terms of values and in terms of embodied carbon emissions. We show that the persistent current value trade imbalance patterns contribute to a higher level of global emissions compared to a world of balanced international trade. Specifically, we build a Ricardian quantitative trade model including sectoral input-output linkages, trade imbalances, fossil fuel extraction, and carbon emissions from fossil fuel combustion and use this framework to simulate counterfactual changes to countries' trade balances. For individual countries, the emission effects of removing their trade imbalances depend on the carbon intensities of their production and consumption patterns, as well as on their fossil resource abundance. Eliminating the Russian trade surplus and the US trade deficit would lead to the largest environmental benefits in terms of lower global emissions. Globally, the simultaneous removal of all trade imbalances would lower world carbon emissions by 0.9 percent or 295 million tons of carbon dioxide.},
  language  = {en}
}
@phdthesis{Feldman2023,
  author    = {Feldman, Maria},
  title     = {Gesundheitssystem und Gesundheitsreform in Deutschland: Eine Simulationsstudie},
  doi       = {10.25972/OPUS-33083},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-330837},
  school      = {Universit{\"a}t W{\"u}rzburg},
  year      = {2023},
  abstract  = {Diese Arbeit pr{\"a}sentiert ein stochastisches {\"U}berlappungsmodell von Generationen mit endogenen Gesundheitsinvestitionen und endogenem Mortalit{\"a}tsrisiko. Dieses Modell erm{\"o}glicht es, makro{\"o}konomische und Auswirkungen von Gesundheitsreformen in Deutschland zu quantifizieren. Zus{\"a}tzlich werden Wohlfahrtsaspekte solcher Reformen beleuchtet. Zu Beginn der Arbeit wird ein Ausgangsgleichgewicht dargestellt, welches die Situation in Deutschland im Jahr 2020 abbildet. Hierbei sind Individuen entweder gesetzlich oder privat krankenversichert. Die Versicherungen unterscheiden sich hinsichtlich der Finanzierung sowie der Behandlungskosten und -qualit{\"a}t. Die Arbeit untersucht den {\"U}bergang zu einem einheitlichen System, welches entweder umlagefinanziert ist oder mit dem Kapitaldeckungsverfahren arbeitet. Die Simulationsergebnisse deuten darauf hin, dass die gesetzliche Krankenversicherung und somit einkommensabh{\"a}ngige Beitr{\"a}ge mit besseren Versicherungseigenschaften verbunden sind, die die Verzerrungen bei der Arbeitsangebotsmenge kompensieren k{\"o}nnen, jedoch auf Kosten eines h{\"o}heren moralischen Risikos gehen. Pr{\"a}mienmodelle hingegen f{\"u}hren zu einem h{\"o}heren Arbeitsangebot und besserem Vorsorge-Verhalten in Form von Ersparnissen oder Gesundheitsinvestitionen. Ich stellen auch fest, dass obligatorische Selbstbehalte das aggregierte Wohlergehen in Deutschland verringern w{\"u}rden, obwohl sie das moralische Risiko reduzieren und private Gesundheitsinvestitionen erh{\"o}hen. Schließlich ist der {\"U}bergang zu einer reinen privat Versicherung f{\"u}r {\"U}bergangskohorten kostspielig, was auf eine Pr{\"a}ferenz f{\"u}r kosteng{\"u}nstigere umlagefinanzierte Pr{\"a}mien aufgrund von Effizienz{\"u}berlegungen hinweist.},
  subject      = {Private Krankenversicherung},
  language  = {de}
}
@phdthesis{Froehlich2023,
  author    = {Fr{\"o}hlich, Adrian},
  title     = {Endogene Rentenentscheidungen mit Gesundheitsschocks in einem OLG-Modell},
  doi       = {10.25972/OPUS-33082},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-330827},
  school      = {Universit{\"a}t W{\"u}rzburg},
  year      = {2023},
  abstract  = {Der demografische Wandel im Zusammenhang mit einer alternden Bev{\"o}lkerung sorgt daf{\"u}r, dass Regierungen weltweit zur Reformierung ihrer Rentensysteme gezwungen werden. Ein beliebtes Mittel hierbei ist die Anhebung der Regelaltersgrenze. Diese Maßnahme ist jedoch in der Bev{\"o}lkerung unbeliebt, weshalb hier nach alternativen Wegen gesucht wird, um fr{\"u}hzeitig in den Ruhestand einzutreten. Eine M{\"o}glichkeit, solchen angepassten Altersrentenregelungen zu entgehen, ist der Bezug einer Erwerbsminderungsrente. Deutschland schuf hier neue Anreize, in die Erwerbsminderung einzutreten, indem es die erwarteten Rentenzahlbetr{\"a}ge anhob. Dies ist der Ausgangspunkt der vorliegenden Arbeit, in der das Renteneintrittsverhalten und die daraus resultierenden makro{\"o}konomischen Effekte von Rentenreformen unter Verwendung eines allgemeinen Gleichgewichtsmodells untersucht werden. In diesem k{\"o}nnen Haushalte sowohl {\"u}ber den Zeitpunkt als auch die Art ihres Renteneintritts entscheiden, wobei sie zwischen einer Erwerbsminderungs- und einer Altersrente w{\"a}hlen k{\"o}nnen. Bei der Bewertung der tats{\"a}chlich realisierten Rentenreformen von 2007 und 2018 wird ersichtlich, dass die Anhebung der Regelaltersgrenze zu positiven Effekten sowohl mit Blick auf die Tragf{\"a}higkeit des Rentensystems als auch die gesamtwirtschaftliche Wohlfahrt gef{\"u}hrt h{\"a}tte. Die Realisierung dieser Gewinne wird jedoch durch die 2018 realisierte Anhebung der Zurechnungszeiten beinahe komplett zunichte gemacht. Allein die fiskalischen Auswirkungen, bei denen von Verhaltensreaktionen von Seiten der Haushalte abgesehen wird, w{\"u}rden fiskalische Kosten erzeugen, die ungef{\"a}hr ein Drittel der zuvor generierten positiven Effekte eliminieren. K{\"o}nnen die Haushalte komplett frei {\"u}ber ihre Ruhestandsentscheidung verf{\"u}gen, verschwinden die zuvor generierten Wohlfahrtsgewinne sogar beinahe vollst{\"a}ndig, und das Rentensystem sowie die makro{\"o}konomischen Gr{\"o}ßen befinden sich auf einem Niveau, das vergleichbar mit dem des Ausgangsgleichgewichts ist. Alternative Rentenreformen, basierend auf der Gesetzeslage von 2018, verdeutlichen, dass effektive Rentenpolitik nur dann funktionieren kann, wenn Alters- und Erwerbsminderungsrente als Gesamtpaket betrachtet werden. Hierdurch werden Erkenntnisse f{\"u}r die Gestaltung zuk{\"u}nftiger Rentenreformen gewonnen und die Bedeutung eines ganzheitlichen Ansatzes betont, der die verschiedenen Aspekte des Rentensystems ber{\"u}cksichtigt.},
  subject      = {Erwerbsminderungsrente},
  language  = {de}
}
@phdthesis{Maas2018,
  author    = {Maas, Daniel Peter},
  title     = {Currency Areas, Monetary Policy, and the Macroeconomy},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-168037},
  school      = {Universit{\"a}t W{\"u}rzburg},
  year      = {2018},
  abstract  = {Hauptgegenstand der Dissertation ist die Analyse der makro{\"o}konomischen Auswirkungen der Gr{\"u}ndung der Eurozone auf die Mitgliedsstaaten. Diese Analyse umfasst zwei Studien, die sich der Fragestellung aus verschiedenen Perspektiven n{\"a}hern. Die erste Studie unternimmt einen Vergleich der Geldpolitik von EZB und von ausgew{\"a}hlten Zentralbanken des Europ{\"a}ischen W{\"a}hrungssystems (EWS). Es wird untersucht, inwiefern sich bei makro{\"o}konomischen Nachfrage- und Angebotsschocks die systematischen Reaktionen der EZB von denen der vier wichtigsten nationalen Zentralbanken des EWS (Deutschland, Frankreich, Italien und Spanien) unterscheiden. In der zweiten Studie werden die Ursachen f{\"u}r den Aufbau interner und externer Ungleichgewichte in Spanien, d.h. auf dem Immobilienmarkt und in der Leistungsbilanz, im Vorfeld der Finanzkrise 2007/08 analysiert. Dabei wird zwischen Spanien-spezifischen und Eurozonen-spezifischen Ursachen unterschieden und deren Erkl{\"a}rungsgehalt empirisch quantifiziert. In der dritten und letzten Studie der Dissertation wird ein preistheoretisches Kreditangebotsmodell entwickelt und empirisch gesch{\"a}tzt. Als Basis f{\"u}r die empirische Sch{\"a}tzung werden Daten des Kreditmarktes f{\"u}r deutsche Unternehmen verwendet. Die methodische Vorgehensweise beinhaltet in allen Studien zeitreihen{\"o}konometrische Ans{\"a}tze wie beispielsweise (Mehrl{\"a}nder-)Vektorautoregressionen (VARs) und Zeitreihenregressionen.},
  subject      = {Geldpolitik},
  language  = {en}
}
@phdthesis{Teichert2018,
  author    = {Teichert, Max},
  title     = {The interest rate risk of banks: current topics},
  edition   = {1. Auflage},
  publisher = {W{\"u}rzburg University Press},
  address   = {W{\"u}rzburg},
  isbn      = {978-3-95826-070-2},
  doi       = {10.25972/WUP-978-3-95826-071-9},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-153669},
  school      = {Universit{\"a}t W{\"u}rzburg},
  pages     = {XIX, 252},
  year      = {2018},
  abstract  = {Die vorliegende Dissertation besch{\"a}ftigt sich mit dem Zins{\"a}nderungsrisiko von Banken. Sie bearbeitet Themen mit hoher aktueller Relevanz angesichts gegenw{\"a}rtiger Entwicklungen in der Geldpolitik, der Volkswirtschaftslehre und der Bankenregulierung. Im ersten Teil werden vier Grundlagen gelegt. Erstens wird die moderne Auffassung des Bankgesch{\"a}fts vorgestellt, der nach Banken Geld in Form von Ersparnissen schaffen, wenn sie Kredite gew{\"a}hren. Mit dieser Auffassung geh{\"o}rt die {\"U}bernahme von Zins{\"a}nderungsrisiken zum normalen Bankgesch{\"a}ft. Zweitens wird ein {\"U}berblick {\"u}ber die Mikro{\"o}konomie des Bankgesch{\"a}fts gegeben, in dem der j{\"u}ngst vollzogene Wechsel zum Paradigma des Risikos dargestellt wird. Unter diesem Paradigma sind Banken wesentlich Risikonehmer auch von Zins{\"a}nderungsrisiko. Drittens wird die Geldtheorie der Transmissionskan{\"a}le zusammengefasst, wobei der Fokus auf dem zuletzt starke Beachtung findenden Risikoneigungskanal liegt. Dieser Transmissionskanal stellt auch eine Verbindung zwischen der Geldpolitik und der {\"U}bernahme von Zins{\"a}nderungsrisiko durch Banken her. Viertens werden Ans{\"a}tze und Spezifika der Behandlung des Zins{\"a}nderungsrisikos von Banken in der {\"o}konomischen Forschung zusammengetragen. Das ist das Handwerkszeug f{\"u}r die Erarbeitung neuer Forschungsbeitr{\"a}ge. Im zweiten Teil werden drei Erweiterungen entwickelt. Die erste Erweiterung begegnet dem nahezu vollst{\"a}ndigen Fehlen von spezifischen Daten zum Zins{\"a}nderungsrisiko von Banken in Deutschland mit einer umfassenden Auswertung allgemeiner, {\"o}ffentlich verf{\"u}gbarer Statistiken. Es zeigt sich, dass das Zins{\"a}nderungsrisiko von Banken in Deutschland {\"u}ber dem Durchschnitt des Euroraums liegt und einem steigenden Trend folgt, der sich insbesondere aus einer Verschiebung hin zu kurzfristigerer Refinanzierung speist. Von den unterschiedlichen Arten von Banken in Deutschland pr{\"a}sentieren sich Sparkassen und Genossenschaftsbanken als besonders exponiert. Die zweite Erweiterung untersucht die Ver{\"a}nderungen der Zinsstruktur in Deutschland und nimmt damit die zweite Komponente des Zins{\"a}nderungsrisikos neben der Position der Banken in den Blick. Analysen historischer sowie prognostizierter Ver{\"a}nderungen weisen auf ein sinkendes Zins{\"a}nderungsrisiko hin. Auch auf Basis einer erg{\"a}nzenden Szenarioanalyse ergeben sich konkrete Kritikpunkte an j{\"u}ngst auf internationaler Ebene beschlossenen regulatorischen Standards sowie genaue Vorschl{\"a}ge zur Erg{\"a}nzung im Rahmen ihrer Implementierung. Die dritte Erweiterung adressiert ein m{\"o}gliches Streben nach Rendite (search for yield) von Banken bei der {\"U}bernahme von Zins{\"a}nderungsrisiko, die geringere Profitabilit{\"a}t zu h{\"o}herer Risiko{\"u}bernahme f{\"u}hren l{\"a}sst. Ein theoretisches Modell f{\"u}hrt dieses Verhalten auf eine plausible Nutzenfunktion von Bankmanagern zur{\"u}ck. Eine empirische Untersuchung belegt die statistische Signifikanz und {\"o}konomische Relevanz mit Daten aus Deutschland.},
  subject      = {Zins{\"a}nderungsrisiko},
  language  = {en}
}
@article{MuellerSchmitz2016,
  author    = {M{\"u}ller, Daniel and Schmitz, Patrick W.},
  title     = {Transaction costs and the property rights approach to the theory of the firm},
  series = {European Economic Review},
  volume    = {87},
  journal   = {European Economic Review},
  doi       = {10.1016/j.euroecorev.2016.04.013},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-188042},
  pages     = {92-107},
  year      = {2016},
  abstract  = {The standard property rights approach is focused on ex ante investment incentives, while there are no transaction costs that might restrain ex post negotiations. We explore the implications of such transaction costs. Prominent conclusions of the property rights theory may be overturned: A party may have stronger investment incentives when a non investing party is the owner, and joint ownership can be the uniquely optimal ownership structure. Intuitively, an ownership structure that is unattractive in the standard model may now be desirable, because it implies large gains from trade, such that the parties are more inclined to incur the transaction costs.},
  language  = {en}
}
@phdthesis{Mehringer2019,
  author    = {Mehringer, Sarah},
  title     = {Essays on Intergenerational Income Mobility in Germany and the United States},
  doi       = {10.25972/OPUS-16069},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-160693},
  school      = {Universit{\"a}t W{\"u}rzburg},
  year      = {2019},
  abstract  = {This dissertation consists of three contributions. Each addresses one specific aspect of intergenerational income mobility and is intended to be a stand-alone analysis. All chapters use comparable data for Germany and the United States to conduct country comparisons. As there are usually a large number of studies available for the United States, this approach is useful for comparing the empirical results to the existing literature. The first part conducts a direct country comparison of the structure and extent of intergenerational income mobility in Germany and the United States. In line with existing results, the estimated intergenerational income mobility of 0.49 in the United States is significantly higher than that of 0.31 in Germany. While the results for the intergenerational rank mobility are relatively similar, the level of intergenerational income share mobility is higher in the United States than in Germany. There are no significant indications of a nonlinear run of intergenerational income elasticity. A final decomposition of intergenerational income inequality shows both greater income mobility and stronger progressive income growth for Germany compared to the United States. Overall, no clear ranking of the two countries can be identified. To conclude, several economic policy recommendations to increase intergenerational income mobility in Germany are discussed. The second part examines the transmission channels of intergenerational income persistence in Germany and the United States. In principle, there are two ways in which well-off families may influence the adult incomes of their children: first through direct investments in their children's human capital (investment effect ), and second through the indirect transmission of human capital from parents to children (endowment effect ). In order to disentangle these two effects, a descriptive as well as a structural decomposition method are utilized. The results suggest that the investment effect and the endowment effect each account for approximately half of the estimated intergenerational income elasticity in Germany, while the investment effect is substantially more influential in the United States with a share of around 70 percent. With regard to economic policy, these results imply that equality of opportunity for children born to poor parents cannot be reached by the supply of financial means alone. Conversely, an efficient policy must additionally substitute for the missing direct transmission of human capital within socio-economically weak families. The third part explicitly focuses on the intergenerational income mobility among daughters. The restriction to men is commonly made in the empirical literature due to women's lower labor market participation. While most men work full-time, the majority of (married) women still work only part-time or not at all. Especially with the occurrence of assortative mating, daughters from well-off families are likely to marry rich men and might decide to reduce their labor supply as a result. Thus, the individual labor income of a daughter might not be a good indicator for her actual economic status. The baseline regression analysis shows a higher intergenerational income elasticity in Germany and a lower intergenerational income elasticity in the United States for women as compared to men. However, a separation by marital status reveals that in both countries unmarried women exhibit a higher intergenerational income elasticity than unmarried men, while married women feature a lower intergenerational income elasticity than married men. The reason for the lower mobility of unmarried women turns out to be a stronger human capital transmission from fathers to daughters than to sons. The higher mobility of married women is driven by a weaker human capital transmission and a higher labor supply elasticity with respect to spousal income for women as compared to men. In order to further study the effects of assortative mating, the subsample of married children is analyzed by different types of income. It shows that the estimated intergenerational income elasticity of children's household incomes is even higher than that of their individual incomes. This can be seen as an indication for strong assortative mating. If household income is interpreted as a measure of children's actual economic welfare, there are barely any differences between sons and daughters. The intergenerational income elasticity of spousal income with respect to parental income is again relatively high, which in turn supports the hypothesis of strong assortative mating. The elasticity of the sons-in-law with respect to their fathers-in-law in Germany is even higher than that of the sons with respect to their own fathers.},
  subject      = {Deutschland},
  language  = {en}
}
@article{ReifTesfaselassieWolters2021,
  author    = {Reif, Magnus and Tesfaselassie, Mewael F. and Wolters, Maik H.},
  title     = {Technological Growth and Hours in the Long Run: Theory and Evidence},
  series = {Economica},
  volume    = {88},
  journal   = {Economica},
  number    = {352},
  doi       = {10.1111/ecca.12385},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-262801},
  pages     = {1016 -- 1053},
  year      = {2021},
  abstract  = {Over the last few decades, hours worked per capita have declined substantially in many OECD economies. Using the standard neoclassical growth model with endogenous work-leisure choice, we assess the role of trend growth slowdown in accounting for the decline in hours worked. In the model, a permanent reduction in technological growth decreases steady-state hours worked by increasing the consumption-output ratio. Our empirical analysis exploits cross-country variation in the timing and size of the decline in technological growth to show that technological growth has a highly significant positive effect on hours. A decline in the long-run trend of technological growth by 1 percentage point is associated with a decline in trend hours worked in the range of 1-3\%. This result is robust to controlling for taxes, which have been found in previous studies to be an important determinant of hours. Our empirical finding is quantitatively in line with the one implied by a calibrated version of the model, though evidence for the model's implication that the effect on hours works via changes in the consumption-output ratio is rather mixed.},
  language  = {en}
}
@phdthesis{Rademaker2020,
  author    = {Rademaker, Manuel Elias},
  title     = {Composite-based Structural Equation Modeling},
  doi       = {10.25972/OPUS-21593},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-215935},
  school      = {Universit{\"a}t W{\"u}rzburg},
  year      = {2020},
  abstract  = {Structural equation modeling (SEM) has been used and developed for decades across various domains and research fields such as, among others, psychology, sociology, and business research. Although no unique definition exists, SEM is best understood as the entirety of a set of related theories, mathematical models, methods, algorithms, and terminologies related to analyzing the relationships between theoretical entities -- so-called concepts --, their statistical representations -- referred to as constructs --, and observables -- usually called indicators, items or manifest variables. This thesis is concerned with aspects of a particular strain of research within SEM -- namely, composite-based SEM. Composite-based SEM is defined as SEM involving linear compounds, i.e., linear combinations of observables when estimating parameters of interest. The content of the thesis is based on a working paper (Chapter 2), a published refereed journal article (Chapter 3), a working paper that is, at the time of submission of this thesis, under review for publication (Chapter 4), and a steadily growing documentation that I am writing for the R package cSEM (Chapter 5). The cSEM package -- written by myself and my former colleague at the University of Wuerzburg, Florian Schuberth -- provides functions to estimate, analyze, assess, and test nonlinear, hierarchical and multigroup structural equation models using composite-based approaches and procedures. In Chapter 1, I briefly discuss some of the key SEM terminology. Chapter 2 is based on a working paper to be submitted to the Journal of Business Research titled "Assessing overall model fit of composite models in structural equation modeling". The article is concerned with the topic of overall model fit assessment of the composite model. Three main contributions to the literature are made. First, we discuss the concept of model fit in SEM in general and composite-based SEM in particular. Second, we review common fit indices and explain if and how they can be applied to assess composite models. Third, we show that, if used for overall model fit assessment, the root mean square outer residual covariance (RMS_theta) is identical to another well-known index called the standardized root mean square residual (SRMR). Chapter 3 is based on a journal article published in Internet Research called "Measurement error correlation within blocks of indicators in consistent partial least squares: Issues and remedies". The article enhances consistent partial least squares (PLSc) to yield consistent parameter estimates for population models whose indicator blocks contain a subset of correlated measurement errors. This is achieved by modifying the correction for attenuation as originally applied by PLSc to include a priori assumptions on the structure of the measurement error correlations within blocks of indicators. To assess the efficacy of the modification, a Monte Carlo simulation is conducted. The paper is joint work with Florian Schuberth and Theo Dijkstra. Chapter 4 is based on a journal article under review for publication in Industrial Management \& Data Systems called "Estimating and testing second-order constructs using PLS-PM: the case of composites of composites". The purpose of this article is threefold: (i) evaluate and compare common approaches to estimate models containing second-order constructs modeled as composites of composites, (ii) provide and statistically assess a two-step testing procedure to test the overall model fit of such models, and (iii) formulate recommendation for practitioners based on our findings. Moreover, a Monte Carlo simulation to compare the approaches in terms of Fisher consistency, estimated bias, and RMSE is conducted. The paper is joint work with Florian Schuberth and J{\"o}rg Henseler.},
  subject      = {trukturgleichungsmodell},
  language  = {en}
}
@article{AtiyasDoganogluInceoglu2021,
  author    = {Atiyas, Izak and Doganoglu, Toker and Inceoglu, Firat},
  title     = {Upstream Competition with Complex and Unobservable Contracts},
  series = {Review of Industrial Organization},
  volume    = {58},
  journal   = {Review of Industrial Organization},
  doi       = {10.1007/s11151-020-09766-y},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-241161},
  pages     = {399-429},
  year      = {2021},
  abstract  = {This paper examines situations where two vertically integrated firms consider supplying an input to an independent downstream competitor via privately observed contracts. We identify equilibria where competition in the upstream market emerges—the downstream competitor gets supplied—as well as when the downstream firm does not receive the input and is excluded from the market. The likelihood of the outcome in which the downstream firm does not get supplied depends not only on demand parameters, but also on contractual flexibility and observability. We show that when contracts are unobservable, downstream entry will occur less often. Furthermore, our results suggest that permitting contracts that enable the contracting parties to coordinate their behavior in the downstream market may improve welfare by increasing the likelihood that the downstream firm is supplied.},
  language  = {en}
}
@phdthesis{Geissendoerfer2024,
  author    = {Geißend{\"o}rfer, Lisa},
  title     = {The Macroeconomic Dimensions of Credit: A Comprehensive Analysis of Finance, Inequality and Growth},
  doi       = {10.25972/OPUS-37003},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-370037},
  school      = {Universit{\"a}t W{\"u}rzburg},
  year      = {2024},
  abstract  = {Besonders einflussreich f{\"u}r das moderne Verst{\"a}ndnis zur makro{\"o}konomischen Rolle von Banken und Kredit ist die monet{\"a}re Wachstumstheorie von Schumpeter. Ausgehend von dieser wird in dieser Dissertation die makro{\"o}konomische Rolle des Finanzsystems f{\"u}r die (1) Erzeugung von Wirtschaftswachstum, (2) Lenkung von {\"o}konomischen Ressourcen und (3) Verteilung von Wohlstand untersucht. In Kapitel 3 wird zun{\"a}chst empirisch gezeigt, dass 1.) ein positiver Zusammenhang zwischen dem Wachstum von Krediten und Wirtschaftswachstum besteht, auch f{\"u}r entwickelte L{\"a}nder, 2.) kein empirischer Zusammenhang von Haushaltssparen und Wirtschaftswachstum festgestellt werden kann, und 3.) auf l{\"a}nderspezifischer Ebene sowohl positive, als auch negative und insignifikante Effekte von Kredit auf Wirtschaftswachstum existieren. Damit zeigt sich eine breite empirische Evidenz f{\"u}r Schumpeters monet{\"a}re Hypothesen. Eine besonders interessante Anwendung von Schumpeters Wachstumstheorie zeigt sich in China. Die Ergebnisse der empirischen Analyse legen nahe, dass es generell einen positiven Zusammenhang zwischen Kredit- und Wirtschaftswachstum in China gibt, der aber nicht linear in Bezug auf Regionen, Zeitpunkte und Gr{\"o}ße des Finanzsystems ist. Weiterhin deuten die Ergebnisse darauf hin, dass die kreditfinanzierte Industriepolitik in China zu mehr Investitionen und BIP-Wachstum beigetragen haben k{\"o}nnte, wobei es jedoch Nichtlinearit{\"a}ten zwischen einzelnen Branchen und Unternehmenstypen gibt. Zuletzt wird in Kapitel 5 die Frage aufgeworfen, welche Rolle das Finanzsystem bei der Verteilung des Wohlstands spielt. W{\"a}hrend Kredite an Haushalte und Unternehmen, zusammen mit Indikatoren zum Arbeits- und Sparverhalten, sowie zur Altersstruktur der Bev{\"o}lkerung, die wichtigsten Determinanten von Verm{\"o}gensungleichheit sind, zeigen sich in der Beziehung von Krediten und Verm{\"o}gensungleichheit ebenfalls verschiedene Nichtlinearit{\"a}ten, u.a. im Bezug auf den Entwicklungsstand von Finanzsystemen und Wohneigentumsquoten.},
  subject      = {Kredit},
  language  = {en}
}
@techreport{BolzNaumannRichter2024,
  type      = {Working Paper},
  author    = {Bolz, Simon J. and Naumann, Fabrice and Richter, Philipp M.},
  title     = {Unilateral Environmental Policy and Offshoring},
  doi       = {10.25972/OPUS-35903},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-359033},
  pages     = {66},
  year      = {2024},
  abstract  = {Expanding on a general equilibrium model of offshoring, we analyze the effects of a unilateral emissions tax increase on the environment, income, and inequality. Heterogeneous firms allocate labor across production tasks and emissions abatement, while only the most productive can benefit from lower labor and/or emissions costs abroad and offshore. We find a non-monotonic effect on global emissions, which decline if the initial difference in emissions taxes is small. For a sufficiently large difference, global emissions rise, implying emissions leakage of more than 100\%. The underlying driver is a global technique effect: While the emissions intensity of incumbent non-offshoring firms declines, the cleanest firms start offshoring. Moreover, offshoring firms become dirtier, induced by a reduction in the foreign effective emissions tax in general equilibrium. Implementing a BCA prevents emissions leakage, reduces income inequality in the reforming country, but raises inequality across countries.},
  subject      = {Umweltpolitik},
  language  = {en}
}
@techreport{Gessner2024,
  type      = {Working Paper},
  author    = {Geßner, Daniel},
  title     = {Rethinking renewable energy policies for hydrogen - How the intercept of electricity and hydrogen markets can be addressed},
  doi       = {10.25972/OPUS-37097},
  url       = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-370973},
  pages     = {30},
  year      = {2024},
  abstract  = {A lot of countries have recently published updated hydrogen strategies, often including more ambitious targets for hydrogen production. In parallel, accompanying ramp-up mechanisms are increasingly coming into focus with the first ones already being released. However, these proposals usually translate mechanisms from renewable energy (RE) policy without considering the specific uncertainties, spillovers, and externalities of integrating hydrogen electrolysis into electricity grids. This article details how different aspects of a policy can address the specific issues, namely funding, risk-mitigation, and the complex relation with electricity markets. It shows that, compared to RE policy, subsidies need to emphasize the input side more strongly as price risks and intermittency from electricity markets are more prominent than from hydrogen markets. Also, it proposes a targeted mechanism to capture the positive externality of mitigating excess electricity in the grid while keeping investment security high. Economic policy should consider such approaches before massively scaling support and avoid the design shortcomings experienced with early RE policy.},
  subject      = {Wasserstoff},
  language  = {en}
}