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  • 1
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    Munich: Ifo Institute - Leibniz Institute for Economic Research at the University of Munich
    Publication Date: 2014-05-14
    Description: Principal-agent problems can arise when preferences of voters are not aligned with preferences of political representatives. Often the consequence of the political principalagentproblem is political catering to special interests. In this paper I provide examples of principal-agent problems regarding public spending. The examples concern construction or extension of concert halls in two German cities. Resistance to public funding for the concert halls was particularly strong in electoral districts with large constituencieson the left. The evidence indicates that political representatives were more bourgeois than their constituencies. In the cases studied asymmetric information did not prevailand voters were able to discipline their representatives through referenda that countered the results of voting by political representatives.
    Keywords: D72 ; D78 ; H72 ; Z10 ; ddc:330 ; Principal-agent problem ; referendum ; direct democracy ; political representation ; political ideology ; cultural policy
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 2
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    Munich: Ifo Institute - Leibniz Institute for Economic Research at the University of Munich
    Publication Date: 2014-07-31
    Description: Using the recursive unit root test by Phillips et al. (2011) we show that the Target balances of the German Bundesbank have been explosive from the beginning of 2009 to the beginning of 2013. By implementing a full-allotment policy and reducing the required minimum quality of collaterals in October 2008, the European Central Bank (ECB) refinanced credits in the GIIPS countries (Greece, Ireland, Italy, Portugal and Spain) to a large extent. Private capital flowed out of the GIIPS countries, and the German Target claims increased significantly. Using the new test to identify multiple explosive periods by Phillips et al (2013) we find that the German Target claims also became explosive in autumn 2007 when the interbank market broke down for the first time.
    Keywords: C22 ; E50 ; E58 ; F32 ; F34 ; H63 ; ddc:330 ; Eurosystem ; Target ; recursive unit root test ; explosiveness ; hidden debt ; German Bundesbank
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 3
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    Munich: Ifo Institute - Leibniz Institute for Economic Research at the University of Munich
    Publication Date: 2014-05-15
    Description: Deutschland wurde bereits zweimal, 1966–1969 und 2005–2009, von einer großen Koalition regiert. Deskriptive Zeitreihenanalysen wirtschaftspolitischer Kennzahlen zeigen nicht auf, dass es unter diesen großen Koalitionen signifikante Kurswechsel in der Wirtschaftspolitik gab. Qualitative Analysen zeigen jedoch, dass die erste große Koalition1966-1969 die Staatstätigkeit ausgeweitet hat. Mit der im Dezember 2013 ins Amt gewählten Koalition scheint es ähnlich zu sein: Der Wechsel des Koalitionspartners derCDU/CSU von der FDP zur SPD lässt deutlich expansivere Wirtschaftspolitiken und eine Ausweitung der Staatstätigkeit erwarten.
    Keywords: D72 ; H70 ; ddc:330 ; Partisan politics ; economic policy-making ; grand coalition ; Germany
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 4
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    München: ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München
    Publication Date: 2019-06-22
    Description: Eine neue Studie des ifo Instituts zeigt, dass Bundestagsabgeordnete von CDU/CSU, die in sicheren Wahlkreisen gewählt wurden, mit einer deutlich höheren Wahrscheinlichkeit gegen die Ehe für alle gestimmt haben als Abgeordnete aus umkämpften Wahlkreisen. Eine Erhöhung des Stimmenvorsprungs im Wahlkreis bei der Bundestagswahl 2013 um einen Prozentpunkt hat die Wahrscheinlichkeit im Juni 2017, gegen die Ehe für alle zu stimmen, um 1,3 Prozentpunkte erhöht. Die Ergebnisse legen nahe, dass auch bei namentlichen Abstimmungen, bei denen Abgeordnete nur ihrem Gewissen verpflichtet sein sollten, Wiederwahlmotive eine große Rolle spielen.
    Keywords: D72 ; ddc:330 ; Wahl ; Abstimmung ; Entscheidung
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 5
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    München: ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München
    Publication Date: 2019-06-22
    Description: In der Dezember-Umfrage des Ökonomenpanels von ifo und FAZ wurden Professoren für Volkswirtschaftslehre an deutschen Universitäten nach ihrer Meinung bezüglich verschiedener Reformvorschläge für die Eurozone sowie insbesondere zur Schaffung einer gemeinsamen europäischen Arbeitslosenversicherung befragt. Die Mehrheit der Befragungsteilnehmer ist mit den Reformen nicht zufrieden.
    Keywords: J65 ; ddc:330 ; Arbeitslosenversicherung ; Reform ; Eurozone
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 6
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    Munich: Center for Economic Studies and Ifo Institute (CESifo)
    Publication Date: 2019-06-22
    Description: We introduce the revised version of the KOF Globalisation Index, a composite index measuring globalization for every country in the world along the economic, social and political dimension. The original index was introduced by Dreher (2006) and updated in Dreher et al. (2008). This second revision of the index distinguishes between de facto and de jure measures along the different dimensions of globalization. We also disentangle trade and financial globalization within the economic dimension of globalization and use time-varying weighting of the variables. The new index is based on 43 instead of 23 variables in the previous version. Following Dreher (2006), we use the new index to examine the effect of globalization on economic growth. The results suggest that de facto and de jure globalization influence economic growth differently. Future research should use the new KOF Globalisation Index to re-examine other important consequences of globalization and why globalization was proceeding rapidly in some countries, such as South Korea, but less so in others.
    Keywords: F15 ; F36 ; F43 ; F53 ; F60 ; F62 ; O19 ; O24 ; O57 ; Y10 ; ddc:330 ; globalization ; composite indicators
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 7
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    München: ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München
    Publication Date: 2019-06-22
    Description: In der Oktober-Umfrage des Ökonomenpanels wurden Professoren der Volkswirtschaftslehre zur Zukunft des deutschen Rentensystems befragt. Anlass hierzu war die Forderung von Finanzminister Olaf Scholz, das aktuelle Rentenniveau auch über das Jahr 2025 hinaus auf dem aktuellen Niveau zu stabilisieren. Der Großteil der befragten Ökonomen unterstützt diese Forderung nicht und lehnt überdies Scholz‘ Konzept ab, die Stabilisierung des aktuellen Rentenniveaus bis 2040 mit Hilfe von Steuergeldern zu finanzieren.
    Keywords: H55 ; J26 ; ddc:330 ; Gesetzliche Rentenversicherung ; Rentenfinanzierung ; Altersvorsorge ; Rentenpolitik ; Deutschland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 8
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    Munich: Center for Economic Studies and Ifo Institute (CESifo)
    Publication Date: 2019-06-22
    Description: We examine the extent to which government ideology has influenced monetary policy in OECD countries since the 1970s. In line with important changes in the global economy and differences across countries, regression results yield heterogeneous inferences depending on the time period and the exchange rate regime/central bank dependence of the countries in the sample. Over the 1972-2010 period, Taylor rule specifications do not suggest a relationship between government ideology and monetary policy as measured by the short-term nominal interest rate or the rate of monetary expansion minus GDP trend growth. Monetary policy was, however, associated with government ideology in the 1990s: short-term nominal interest rates were lower under leftwing than rightwing governments when central banks depended on the directives of the government and exchange rates were flexible. Very independent central banks, however, raised interest rates when leftwing governments were in office. We describe the historical evidence for several individual countries.
    Keywords: D72 ; E52 ; E58 ; C23 ; ddc:330 ; government ideology ; monetary policy ; partisan politics ; panel data
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 9
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    Munich: Center for Economic Studies and Ifo Institute (CESifo)
    Publication Date: 2019-06-22
    Description: Using the new macro data on risk aversion and patience by Falk et al. (2018), I show that risk aversion and patience are related to intelligence: high-IQ populations are more patient and more risk averse than low-IQ populations. The correlation between patience and intelligence corroborates previous results based on micro data. Intelligent people tend to be patient because they have long time horizons. The correlation between risk aversion and intelligence supports new micro data studies based on dynamically optimized sequential experimentation (Chapman et al. 2018).
    Keywords: D00 ; D81 ; D90 ; ddc:330 ; risk aversion ; patience ; intelligence
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 10
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    Munich: Ifo Institute - Leibniz Institute for Economic Research at the University of Munich
    Publication Date: 2019-06-26
    Description: Using the new macro data on risk aversion and patience by Falk et al. (2018), I show that risk aversion and patience are related to intelligence: high-IQ populations are more patient and more risk averse than low-IQ populations. The correlation between patience and intelligence corroborates previous results based on micro data. Intelligent people tend to be patient because they have long time horizons. The correlation between risk aversion and intelligence supports new micro data studies based on dynamically optimized sequential experimentation (Chapman et al. 2018).
    Keywords: D00 ; D81 ; D90 ; ddc:330 ; Risk aversion ; patience ; intelligence
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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