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Content:Simone Bertoli and Herbert Brücker, Nürnberg: Extending the Case for a Beneficial Brain Drain JBNST - Vol. 231/4 - 2011, pp. 466-478.
+ show abstract- hide abstractSeveral destination countries still adopt general immigration policies, and are characterized by
lower returns to education than the countries of origin of the migrants. These two stylized facts
challenge the literature on the beneficial brain drain which demonstrates that migration can
increase the average human capital in the sending countries if immigration policies are selective,
or the skill premium at destination is higher than at origin. We propose a model with
empirically sensible assumptions on immigration policies and skill premia, where individuals
face heterogeneous and correlated education and migration costs. The model is consistent with
a robust stylized fact, namely that the rate of migration increases with schooling, and it shows
that the average level of education of the stayers can be increasing in the probability to migrate
even in such a setting. Our simulation results prove that these findings hold for reasonable
parameter values. This extends the case for a beneficial brain drain in a further direction. Enrico Böhme and Christopher Müller, Frankfurt a.M.: Searching for the Concentration-Price Effect in the German Movie Theater Industry JBNST - Vol. 231/4 - 2011, pp. 479-493.
+ show abstract- hide abstractThe empirical relationship between market concentration and prices has been well established
for a long time and for numerous industries. Recently itwas confirmed for the USmovie theater
industry. This paper investigates, whether such a price-concentration relationship can be found
on local cinema markets in Germany as well, focusing on up-to-date mainstream movies. First,
we develop a model of monopolistic pricing and estimate its parameters using data of monopoly
markets from a new set of German micro data. Then we apply the estimated model to
simulate monopoly prices on local markets with two or more operators and compare them to
the prices actually observed in these markets. We find no significant difference in admission
prices, which puts our study in contrast to the results found on local US markets. Searching for
an explanation, we test whether movie theater operators even though being located in the same
geographic area, are local monopolists, but find no hint of that, either. Heer, Burkhard, Alfred Maußner: Value Function Iteration as a Solution Method for the Ramsey Model JBNST - Vol. 231/4 - 2011, pp. 494-515.
+ show abstract- hide abstractValue function iteration is one of the standard tools for the solution of dynamic general equilibrium
models if the dimension of the state space is one ore two. We consider three kinds of
models: the deterministic and the stochastic growth model and a simple heterogenous agent
model. Each model is solved with six different algorithms: (1) simple value function iteration as
compared to (2) smart value function iteration neglects the special structure of the problem. (3)
Full and (4) modified policy iteration are methods to speed up convergence. (5) linear and (6)
cubic interpolation between the grid points are methods that enhance precision and reduce the
size of the grid. We evaluate the algorithms with respect to speed and accuracy. Accuracy is
defined as the maximum absolute value of the residual of the Euler equation that determines
the household’s savings. We demonstrate that the run time of all algorithms can be reduced
substantially if the value function is initialized stepwise, starting on a coarse grid and increasing
the number of grid points successively until the desired size is reached.We find that value function
iteration with cubic spline interpolation between grid points dominates the other methods
if a high level of accuracy is needed. Heuson, Clemens: Purchasing-power-dependent Preferences as a New Explanation of Giffen Behaviour: A Note JBNST - Vol. 231/4 - 2011, pp. 516-521.
+ show abstract- hide abstractThis paper develops an example beyond traditional microeconomic theory that provides a new
explanation of Giffen behaviour. Maslow’s hierarchy of needs suggests that an individual’s
preferences are not fixed but, rather, depend on purchasing power. A decrease in purchasing
power with respect to low-hierarchy goods (e.g., bread) is likely to augment an individual’s
preferences for such goods and to weaken preferences for high-hierarchy goods (e.g., books).
By introducing a simple purchasing-power-dependent utility function that satisfies the standard
assumptions, it is shown that the preference-shifting effect can provoke Giffen behaviour. Stahn, Kerstin: Changes in Import Pricing Behaviour: Evidence for Germany JBNST - Vol. 231/4 - 2011, pp. 522-545.
+ show abstract- hide abstractSince changes in import prices feed into consumer prices and thus might affect monetary policy
decisions, policymakers need to establish whether or not German importers’ long-run pricing
behaviour has changed. Of particular interest are any shifts in the importance of cost passthrough
and pricing-to-market for import pricing in Germany that may have ocurred since
the 1990s. We analyse pricing in single equations for 11 product categories because the factors
influencing the pricing behaviour, eg competitive pressure,may well have developed differently
on the individual product markets. The Saikkonen (1991) approach is applied to test the import
price levels for changes in the impact of their determinants. After aggregating the findings
for the individual product categories, we find that, on the whole, pricing-to-market has increased,
whereas cost pass-through via foreign costs and exchange rates is lower, but not
via commodity prices. Verardi, Vincenzo, Joachim Wagner: Robust Estimation of Linear Fixed Effects Panel Data Models with an Application to the Exporter Productivity Premium JBNST - Vol. 231/4 - 2011, pp. 546-557.
+ show abstract- hide abstractIn empirical studies often the values of some variables for some observations are much larger or
smaller than the values for the other observations in the sample. These extreme observations,
or outliers, often have a large impact on the results of statistical analyses. Conclusions based on
a sample with and without these units may differ drastically. While applied researchers are
usually aware of this the detection of outliers and their appropriate treatment is often dealt
with in a rather sloppy manner. One reason for this habit seems to be the lack of availability
of appropriate canned programs for robust methods that can be used in the presence of outliers.
Our paper intents to improve on this situation by presenting a highly robust method for estimation
of the popular linear fixed effects panel data model and to supply Stata code for it. In
an application from the field of the micro-econometrics of international firm activities we
demonstrate that outliers can indeed drive results.
Discussion Paper Schöbel, Enrico: Finanzverwaltung von innen: Neue Ansätze ihrer empirisch-ökonomischen Erforschung JBNST - Vol. 231/4 - 2011, pp. 558-571.
+ show abstract- hide abstractUnlike economic theories of tax law enforcement, real income tax law application requires
thorough interpretation of the law and the actual facts with regard to tax purposes. The automatic
assessment produced by a computer program in German tax offices suggests the existence
of a mechanically operated taxation akin to aweaving mill.However, empirical studies of
tax administrations in the USA, the Netherlands, and Switzerland, as well as examinations
carried out by the German Courts of Audit shed light on a subjective information revealing
and decision making process. Unfortunately, the German tax administration does not provide
individual tax assessment and tax compliance data which could be empirically analysed in
comparison with the findings from abroad. Empirical economic studies are required to answer
the question of how the German income tax law is applied. Thus, an expert questionnaire was
developed and successfully pre-tested in tax offices with the aim of encouraging a nationwide
study. A research proposal suggested interviewing tax advisers on their professional experience
with tax offices. The German FederalMinistry of Finance initiated an online survey addressed
to the tax advisers. The study and its results are critically reviewed with regard tomethodology,
previous insights, and the earlier proposal.
Book Reviews de Bandt, Olivier, Thomas Knetsch, Juan Peñalosa, Francesco Zeno (eds.): Housing Markets in Europe – A Macroeconomic Perspective JBNST - Vol. 231/4 - 2011, pp. 572-573.
Emmett, Ross B. (ed.): The Elgar companion to the Chicago School of Economics JBNST - Vol. 231/4 - 2011, pp. 574-575.
Konrad, Kai A., Tim Lohse (Hrsg.): Einnahmen- und Steuerpolitik in Europa: Herausforderungen und Chancen JBNST - Vol. 231/4 - 2011, pp. 576-579.
Konrad, Kai A., Holger Zschäpitz: Schulden ohne Sühne? Warum der Absturz der Staatsfinanzen uns alle trifft JBNST - Vol. 231/4 - 2011, pp. 580-581.
Mateus, Abel M., Teresa Moreira (eds.): Competition Law And Economics: Advances in Competition Policy Enforcement in the EU and North America JBNST - Vol. 231/4 - 2011, pp. 582-582.
Nolte, Sandra: Measurement Errors in Nonlinear Models JBNST - Vol. 231/4 - 2011, pp. 583-583.
Ohr, Renate (Hrsg.): Governance in der Wirtschaftspolitik JBNST - Vol. 231/4 - 2011, pp. 584-586.
Somaggio, Gabriele: Start mit Hindernissen. Eine theoretische und empirische Analyse der Ursachen von Arbeitslosigkeit nach der dualen Berufsausbildung JBNST - Vol. 231/4 - 2011, pp. 587-587.
Theurl, Theresia (Hrsg.): Wirtschaftspolitische Konsequenzen der Finanz- und Wirtschaftskrise JBNST - Vol. 231/4 - 2011, pp. 588-588.
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