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Original Papers Eschelbach, Martina: Family Culture and Fertility Outcomes – Evidence from American Siblings JBNST - Vol. 235/3 - 2015, pp. 246-267.
+ show abstract- hide abstractThis paper contributes to the literature on the relationship between culture and socio-economic
outcomes by examining the importance of family specific fertility culture for fertility outcomes.
Family specific fertility culture is defined as systematic component in fertility preferences shared
among family members. Using data from the NLSY79, we identify family culture by comparing
preferences of siblings in early adulthood. Relating these preferences to completed fertility later
in life, we find a significant influence of attitudes shared between siblings but almost no influence
of preferences unrelated to family background. Our results suggest that fertility decisions are
indeed affected by family culture which underlines the importance of family background in
forming preferences and affecting socio-economic outcomes. Falk, Martin: Employment Effects of Technological and Organizational Innovations: Evidence Based on Linked Firm-Level Data for Austria JBNST - Vol. 235/3 - 2015, pp. 268-285.
+ show abstract- hide abstractThis paper investigates the impact of technological and organizational innovations on subsequent
employment growth using a standard labour demand model. The main novelty of the
paper is the use of a unique dataset, which merges the Community Innovation Survey (CIS) 2006
for Austria with structural business statistics from 2006-2008, resulting in 3,070 firm observations.
For manufacturing firms, quantile regressions show that product innovations lagged
two-years have a significantly positive but decreasing impact on employment growth over the
conditional distribution given the impact of output and wage growth. For service firms, the
positive employment effect of product innovations can only be observed for firms with high
conditional employment growth rates. Results are robust with respect to the measurement of
product innovations (e.g. market novelties or new to firm products). Process innovations exhibit
a negative impact at the higher quantiles indicating that process innovations lead to an increase
in labour productivity at the expense of employment. Furthermore organizational and marketing
innovations do not have a significant impact on subsequent employment growth across the
different quantiles. Jus, Darko, Volker Meier: Announcing is Bad, Delaying is Worse: Another Pitfall in Well-intended Climated Policy JBNST - Vol. 235/3 - 2015, pp. 286-297.
+ show abstract- hide abstractIt is frequently observed that the implementation of green policies is delayed compared to the
initial announcement. Considering a setting with a representative monopolist extracting a nonrenewable
resource, we demonstrate that announcing a green policy, but then delaying its implementation,
is associated with a larger cumulative extraction at any point in time than announcing
a late implementation of this policy at the outset. Müller-Kademann, Christian: Internal Validation of Temporal Disaggregation: A Cloud Chamber Approach JBNST - Vol. 235/3 - 2015, pp. 298-319.
+ show abstract- hide abstractTemporal disaggregation is a recurrent problem in applied econometrics. This paper proposes
a novel test approach for checking internal consistency of the disaggregation procedure. This
test can serve as a substitute for external validations which deems useful when disaggregating
under data poor conditions. The test builds on Chow and Lin’s 1971 disaggregation model and
rests on the known parameter decay triggered by the temporal aggregation. A simulation study
shows that the test indeed provides useful information. Temporal disaggregation of Swiss GDP
figures illustrate the approach. Wilde, Joachim: How Large are the Effects of Simultaneity on Testing Granger Causality? JBNST - Vol. 235/3 - 2015, pp. 320-328.
+ show abstract- hide abstractInterpreting Granger causality as economic causality implies that the underlying VAR model is a
structural economic model. This is wrong in the case of simultaneity, and causal conclusions can
be misleading. Nevertheless, the empirical relevance of this problem still needs to be determined.
Therefore, the magnitude and stability of possible errors are analysed in a simulation study. It is
shown that economic misinterpretations of tests of Granger causality can occur with probability
one for realistic parameter values. Thus, policy conclusions from Granger causality tests can
be wrong with probability one if simultaneity occurs. Furthermore, the power of the test can
be rather low even with a sample size of T = 50.
Discussion Paper Winkler, Adalbert: The ECB as Lender of Last Resort: Banks versus Governments JBNST - Vol. 235/3 - 2015, pp. 329-341.
+ show abstract- hide abstractThe OMT programme has been strongly criticized as being incompatible with the ECB’s mandate.
Applying standard lender of last resort (LoLR) theory in the assessment of the OMT we
find that when de facto operating as a LoLR for governments, the ECB is as much is line with
its mandate as when performing as a LoLR for banks. None of four arguments used to explain
why it is acceptable to have the ECB as a LoLR for banks, while a LoLR role for governments
has to be rejected, namely a) the missing euro area fiscal backstop, b) the long-term nature of
the euro crisis, c) the example of the US as a monetary union without a LoLR for sub-states
and d) the claim that central bank purchases of government bonds ultimately always lead to
inflation, is convincing. However, decisive steps towards fiscal and banking union are needed
to stabilize the euro area. Hetzel, Robert L.: Comment on Adalbert Winkler, The ECB as Lender of Last Resort: A Monetary Perspective JBNST - Vol. 235/3 - 2015, pp. 342-344.
Meyer, Dirk: Comment on Adalbert Winkler - The ECB as Lender of Last Resort: Banks versus Governments JBNST - Vol. 235/3 - 2015, pp. 345-347.
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