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Content:Aldashev, Alisher, Johannes Gernandt, Stephan L. Thomsen: The Immigrant-Native Wage Gap in Germany JBNST - Vol. 232/5 - 2012, pp. 490-517.
+ show abstract- hide abstractImmigrant-native wage differentials are observed in many countries, so in Germany. However,
the available empirical literature for Germany defined the groups in consideration, immigrants
and natives, by citizenship. This limits the explanatory power of the estimates since citizenship
distinguishes foreigners and German nationals, but assigns naturalised immigrants (including
the large group of ethnic Germans) to the latter group. Providing a more adequate definition
based on the concept of origin we analyse the immigrant-native wage gap. Based on data from
the German Socio-Economic Panel Study,we decompose the wage gap between native Germans,
foreigners, and naturalised immigrants, and consider further subgroups in the analysis. In the
literature, time of residence has been proven to be a relevant determinant of immigrants’ wages.
For the natives, time of residence is perfectly collinear with age, and unequal sets of variables
have to be considered.We therefore suggest an extension of the Oaxaca-Blinder decomposition
technique. Our results show a substantial gap in earnings for all immigrants’ groups compared
to natives. Discarding immigrants who completed education abroad reduces much of the immigrants’
wage gap. Hence, educational attainment in Germany is an important component of
economic integration of immigrants, and degrees obtained abroad are valued less. Auer, Benjamin R.: Can Time-varying Parameter Specification Based on Consumption Variables Rehabilitate CAPM, HCAPM and CCAPM? JBNST - Vol. 232/5 - 2012, pp. 518-544.
+ show abstract- hide abstractUsing a new dataset for the German market, this article analyses whether modeling time-varying
stochastic discount factor parameters in the CAPM of Sharpe (1964), the HCAPM of
Jagannathan and Wang (1996) and the CCAPM of Lucas (1978) can help to explain the
cross-section of book-to-market, size and industry portfolio returns. In addition to classic financial
conditioning variables, we focus on modern consumption-based variables – the consumption
surplus ratio of Campbell and Cochrane (1999), the consumption-wealth ratio of
Lettau and Ludvigson (2001a) and the labour income to consumption ratio of Santos and Veronesi
(2006). Our results show that (a) time-varying parameters can drastically increase the
empirical fit of the models and that (b) a CAPM using the labour income to consumption ratio
as a conditioning variable proves to be the best model specification. Bönisch, Peter, Sven Tagge: The Optimal Size of German Child Care Centers and the Impact of Regulation: Estimating the Cost Function of a Regulated Multi-Product Firm JBNST - Vol. 232/5 - 2012, pp. 545-566.
+ show abstract- hide abstractUsing a unique data set on German child care centers, we estimate a long-run multi-product
cost function for child care provision in Germanywhile taking into account legal minimal labor
input restrictions. For a representative child care center we find economies of scale, a U-shaped
average cost curve, and indications of diseconomies of scope. The legally stipulated minimum
child-to-staff ratio is manifested in a positive Lagrange multiplier, showing that modeling legal
restrictions is necessary to avoid misspecification error. Our study provides a useful tool for
policymakers in estimating the effects of future demographic change on child care costs. Struch, Georg: A Distributional Analysis of Recent Reform Proposals on the German Income Tax Rate JBNST - Vol. 232/5 - 2012, pp. 567-588.
+ show abstract- hide abstractThe present paper investigates potential fiscal and distributional effects which emerge due to
four reform scenarios on the German income tax rate. The analysis is based on a static simulation
model for the German tax system using income tax micro-data. The data shows that
changing the present progressive tax system to a flat-tax, which was proposed by the FDP
in 2010, could reduce the tax revenue by 15 billion Euro. Such a tax regime would increase
the unequal distribution and polarisation of net incomes. The IW Köln suggested an alternative
tax rate in 2008. This regime would increase unequal distribution and polarisation of disposable
incomes to a greater extent than the FDP-tax rate. An implementation of this income
tax scale would go along with losses in tax revenue of 18.8 billion Euro. Likewise, the implementation
of a 2009 SPD tax rate proposal would reduce tax revenue by 14.8 billion Euro.
Although this regime would reduce unequal distribution, the effect on the polarization of disposable
incomes is not definitely predictable. In contrast to all the other scenarios, the realisation
of the recent SPD tax rate proposal from 2011 could enlarge tax revenue by 4.7 billion
Euro. This tax regime would reduce unequal distribution and polarisation of disposable incomes
even more than the present tax system.
Book Reviews Review of „The EEAG Report on the European Economy‘‘. JBNST - Vol. 232/5 - 2012, pp. 589-589.
Creedy, John, Solmaz Moslehi: Modeling the Composition of Government Expenditure JBNST - Vol. 232/5 - 2012, pp. 590-591.
Hagemann, Harald (Hrsg.),: Wissen / The Knowledge Economy. Studien zur Entwicklung der ökonomischen Theorie XXVI JBNST - Vol. 232/5 - 2012, pp. 592-593.
Keuschnigg, Christian, Mirela Keuschnigg, Martin Kolmar: Eine Unternehmenssteuerreform für Deutschland. Übergangsszenarien und langfristige Wachstumseffekte JBNST - Vol. 232/5 - 2012, pp. 594-595.
Oberender, Peter (Hrsg.): Reform der Finanzmarktregulierung JBNST - Vol. 232/5 - 2012, pp. 596-596.
Theurl, Theresia (Hrsg.),: Institutionelle Hintergründe von Krisen JBNST - Vol. 232/5 - 2012, pp. 597-597.
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