Search results for "330 Economics"

Holes in the Dike: the global savings glut, U.S. house prices and the long shadow of banking deregulation

2015

We explore empirically how capital inflows into the US and financial deregulation within the United States interacted in driving the run-up (and subsequent decline) in US housing prices over the period 1990-2010. To obtain an ex ante measure of financial liberalization, we focus on the history of interstate-banking deregulation during the 1980s, i.e. prior to the large net capital inflows into the US from China and other emerging economies. Our results suggest a long shadow of deregulation: in states that opened their banking markets to out-of-state banks earlier, house prices were more sensitive to capital inflows. We provide evidence that global imbalances were a major positive funding sh…

Is large-scale rapid CoV-2 testing a substitute for lockdowns?

2021

Background Various forms of contact restrictions have been adopted in response to the Covid-19 pandemic. Around February 2021, rapid testing appeared as a new policy instrument. Some claim it may serve as a substitute for contact restrictions. We study the strength of this argument by evaluating the effects of a unique policy experiment: In March and April 2021, the city of Tübingen set up a testing scheme while relaxing contact restrictions. Methods We compare case rates in Tübingen county to an appropriately identified control unit. We employ the synthetic control method. We base interpretations of our findings on an extended SEIR model. Findings The experiment led to an increase in the …

Memory-Based Mismatch Response to Frequency Changes in Rats

2011

Any occasional changes in the acoustic environment are of potential importance for survival. In humans, the preattentive detection of such changes generates the mismatch negativity (MMN) component of event-related brain potentials. MMN is elicited to rare changes (‘deviants’) in a series of otherwise regularly repeating stimuli (‘standards’). Deviant stimuli are detected on the basis of a neural comparison process between the input from the current stimulus and the sensory memory trace of the standard stimuli. It is, however, unclear to what extent animals show a similar comparison process in response to auditory changes. To resolve this issue, epidural potentials were recorded above the pr…

A showcase of recent member work from the European Media Management Association

2017

Trends and cycles in U.S. job mobility

2021

Recent studies document a decline in U.S. labor-market fluidity from as early as the 1970s on. Making use of the Annual Social and Economic (ASEC) supplement to the Current Population Survey (CPS), I uncover a pronounced increase in job-to-job mobility from the 1970s to the 1990s, i.e., the annual share of continuously employed job-to-job movers rises from 5.9 percent of the labor force in 1975–1979 to 8.8 percent in 1995–1999. Job-to-job mobility exhibits a downward trend only since the turn of the millennium. In order to provide a formal economic interpretation, I additionally estimate the parameters of the random on-the-job search model. Furthermore, I document that job-to-job mobility h…

How Do Judgmental Overconfidence and Overoptimism Shape Innovative Activity?

2021

Recent field evidence suggests a positive link between overconfidence and innovative activities. In this paper we argue that the connection between overconfidence and innovation is more complex than the previous literature suggests. In particular, we show theoretically and experimentally that different forms of overconfidence may have opposing effects on innovative activity. While overoptimism is positively associated with innovation, judgmental overconfidence is negatively linked to innovation. Our results indicate that future research is well advised to take into account that the relationship between innovation and overconfidence may crucially depend on what type of overconfidence is most…

Assessing impacts of soil management measures on ecosystem services

2018

Only a few studies have quantified and measured ecosystem services (ES) specifically related to soil. To address this gap, we have developed and applied a methodology to assess changes in ecosystem services, based on measured or estimated soil property changes that were stimulated by soil management measures (e.g., mulching, terracing, no-till). We applied the ES assessment methodology in 16 case study sites across Europe representing a high diversity of soil threats and land use systems. Various prevention and remediation measures were trialled, and the changes in manageable soil and other natural capital properties were measured and quantified. An Excel tool facilitated data collection, c…

The Impact of Working Memory Training on Children’s Cognitive and Noncognitive Skills

2020

Working memory capacity is thought to play an important role for a wide range of cognitive and noncognitive skills such as fluid intelligence, math, reading, the inhibition of pre-potent impulses or more general self-regulation abilities. Because these abilities substantially affect individuals' life trajectories in terms of health, education, and earnings, the question of whether working memory (WM) training can improve them is of considerable importance. However, whether WM training leads to improvements in these far-transfer skills is contested. Here, we examine the causal impact of WM training embedded in regular school teaching by a randomized educational intervention involving a sampl…

Automated scoring of teachers’ pedagogical content knowledge : a comparison between human and machine scoring

2020

To validly assess teachers’ pedagogical content knowledge (PCK), performance-based tasks with open-response formats are required. Automated scoring is considered an appropriate approach to reduce the resource-intensity of human scoring and to achieve more consistent scoring results than human raters. The focus is on the comparability of human and automated scoring of PCK for economics teachers. The answers of (prospective) teachers (N = 852) to six open-response tasks from a standardized and validated test were scored by two trained human raters and the engine “Educational SCoRIng Toolkit” (ESCRITO). The average agreement between human and computer ratings, κw = 0.66, suggests a convergent …

Growing Like Germany: Local Public Debt, Local Banks, Low Private Investment

2021

The paper uses a panel of more than 1m German firms over 2010-2016, to provide the first firm-bank level evidence of local crowding out for a developed economy characterized by low interest rates and fiscal austerity. Our mechanism relies on two structural features of Germany's banking landscape: the local segmentation of credit markets for small and medium-sized firms (SME) and the role of local public banks in local public finance. Local public banks dominate lending to small and medium firms in Germany and also have an explicit mandate to lend to the local public sector. With spreads on local government debt at all-time lows, local public banks tried to break even, using their market pow…