综合经济学
Borrowing constraints are a key component of modern international macroeconomic models. The analysis of Emerging Markets (EM) economies generally assumes collateral borrowing constraints, i.e., firms access to debt is constrained by the…
In spring 2022, the German federal government agreed on a set of measures that aim at reducing households' financial burden resulting from a recent price increase, especially in energy and mobility. These measures include among others, a…
This paper proposes a brand-new measure of energy efficiency at household level and explores how it is affected by access to credit. We calculate the energy and carbon intensity of the related sectors, which experience a substantial decline…
We study how personalized news aggregation for rationally inattentive voters (NARI) affects policy polarization and public opinion. In a two-candidate electoral competition model, an attention-maximizing infomediary aggregates source data…
Previous studies show that natural disasters decelerate economic growth, and more so in countries with lower financial development. We confirm these results with more recent data. We are the first to show that fiscal stability reduces the…
This paper studies the short-term effects of ambient temperature on mental health using data on nearly half a million helpline calls in Germany. Leveraging location-based routing of helpline calls and random day-to-day weather fluctuations,…
In this paper, I develop an integrated approach to collective models and matching models of the marriage market. In the collective framework, both household formation and the intra-household allocation of bargaining power are taken as…
In this paper we give an elementary analysis of economics of Bitcoin that combines the transaction demand by the consumers and the supply of hashrate by miners. We argue that the decreasing block reward will have no significant effect on…
The Covid-19 pandemic has led to the rise of remote work with consequences for the global division of work. Remote work could connect labour markets, but it could also increase spatial polarisation. However, our understanding of the…
Free-riding is widely perceived as a key obstacle for effective climate policy. In the game-theoretic literature on non-cooperative climate policy and on climate cooperation, the free-rider hypothesis is ubiquitous. Yet, the free-rider…
Sports betting markets are proven real-world laboratories to test theories of asset pricing anomalies and risky behaviour. Using a high-frequency dataset provided directly by a major bookmaker, containing the odds and amounts staked…
This paper identifies the causal effects of full-scale kremlin aggression on socio-economic outcomes in Ukraine three months into the full-scale war. First, forced migration after February 24th, 2022 is associated with an elevated risk of…
The transition to a low-carbon economy is one of the ambitions of the European Union for 2030. Biobased industries play an essential role in this transition. However, there has been an on-going discussion about the actual benefit of using…
Unabated coal power in India must be phased out by mid-century to achieve global climate targets under the Paris Agreement. Here we estimate the costs of hybrid power plants - lithium-ion battery storage with wind and solar PV - to replace…
We derive a closed-form expression capturing the degree of Relative Risk Aversion (RRA) of investors for non-"fair" lotteries. We argue that our formula is superior to earlier methods that have been proposed, as it is a function of only…
The purpose of this article is to explore the digital behavior of nature tourism SMEs in the department of Magdalena-Colombia, hereinafter referred to as the region. In this sense, the concept of endogenization as an evolutionary mechanism…
Almost every public pension system shares two attributes: earning deductions to finance benefits, and benefits that depend on earnings. This paper analyzes theoretically and empirically the trade-off between social insurance and incentive…
Tourism is one of the world's fastest expanding businesses, as well as a significant source of foreign exchange profits and jobs. The research is based on secondary sources. The facts and information were primarily gathered and analyzed…
We develop an experimentally validated, short and easy-to-use survey module for measuring individual debt aversion. To this end, we first estimate debt aversion on an individual level, using choice data from Meissner and Albrecht (2022).…
We study the relationship between foreign debt and GDP growth using a panel dataset of 50 countries from 1997 to 2015. We find that economic growth correlates positively with foreign debt and that the relationship is causal in nature by…