Im Fokus: Forschungsförderung in Sachsen – Nährboden für Kooperationen
Michael Schwartz, Nicole Nulsch, Jutta Günther
Wirtschaft im Wandel,
Nr. 2,
2011
Abstract
Unbestritten ist die Notwendigkeit einer öffentlichen Unterstützung der Forschung und Entwicklung (FuE) von Wissenschaftseinrichtungen. Hier spielt die Projektförderung eine stetig wachsende Rolle, die insbesondere zur Vernetzung der Akteure eines Innovationssystems beitragen soll. Vor diesem Hintergrund hat das IWH am Beispiel Sachsens untersucht, ob eine Projektförderung von Wissenschaftseinrichtungen originäre Vernetzung begünstigt bzw. die Basis für eine intensivere Kooperationstätigkeit schafft. Die Ergebnisse zeigen, dass eine Projektförderung aus Sicht der geförderten Wissenschaftler einen Beitrag zur originären Vernetzung leisten kann und auch die FuE-Leistungsfähigkeit erhöht – eine Voraussetzung, um künftige Kooperationspotenziale effektiver zu nutzen und international anschlussfähig zu sein.
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Business Volatility, Job Destruction, and Unemployment
Steven J. Davis, R. Jason Faberman, John Haltiwanger, Ron S. Jarmin, Javier Miranda
American Economic Journal: Macroeconomics,
Nr. 2,
2010
Abstract
Unemployment inflows fell from 4 percent of employment per month in the early 1980s to 2 percent by the mid 1990s. Using low frequency movements in industry-level data, we estimate that a 1 percentage point drop in the quarterly job destruction rate lowers the monthly unemployment inflow rate by 0.28 points. By our estimates, declines in job destruction intensity account for 28 (55) percent of the fall in unemployment inflows from 1982 (1990) to 2005. Slower job destruction accounts for similar fractions of long-term declines in the rate of unemployment.
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The Determinants of Bank Capital Structure
Reint E. Gropp, Florian Heider
Review of Finance,
Nr. 4,
2010
Abstract
The paper shows that mispriced deposit insurance and capital regulation were of second-order importance in determining the capital structure of large U.S. and European banks during 1991 to 2004. Instead, standard cross-sectional determinants of non-financial firms’ leverage carry over to banks, except for banks whose capital ratio is close to the regulatory minimum. Consistent with a reduced role of deposit insurance, we document a shift in banks’ liability structure away from deposits towards non-deposit liabilities. We find that unobserved time-invariant bank fixed-effects are ultimately the most important determinant of banks’ capital structures and that banks’ leverage converges to bank specific, time-invariant targets.
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What Determines the Innovative Success of Subsidized Collaborative R&D Projects? – Project-Level Evidence from Germany –
Michael Schwartz, François Peglow, Michael Fritsch, Jutta Günther
IWH Discussion Papers,
Nr. 7,
2010
publiziert in: Technovation
Abstract
Systemic innovation theory emphasizes that innovations are the result of an interdependent exchange process between different organizations. This is reflected in the current paradigm in European innovation policy, which aims at the support of collaborative R&D and innovation projects bringing together science and industry. Building on a large data set using project-level evidence on 406 subsidized R&D cooperation projects, the present paper provides detailed insights on the relationship between the innovative success of R&D cooperation projects and project characteristics. Patent applications and publications are used as measures for direct outcomes of R&D projects. We also differentiate between academic-industry projects and pure inter-firm projects. Main results of negative binomial regressions are that large-firm involvement is positively related to pa-tent applications, but not to publications. Conversely, university involvement has positive effects on project outcomes in terms of publications but not in terms of patent applications. In general, projects’ funding is an important predictor of innovative success of R&D cooperation projects. No significant results are found for spatial proximity among cooperation partners and for the engagement of an applied research institute. Results are discussed with respect to the design of R&D cooperation support schemes.
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A First Look on the New Halle Economic Projection Model
Sebastian Giesen, Oliver Holtemöller, Juliane Scharff, Rolf Scheufele
Abstract
In this paper we develop a small open economy model explaining the joint determination of output, inflation, interest rates, unemployment and the exchange rate in a multi-country framework. Our model – the Halle Economic Projection Model (HEPM) – is closely related to studies recently published by the International
Monetary Fund (global projection model). Our main contribution is that we model the Euro area countries separately. In this version we consider Germany and France, which represent together about 50 percent of Euro area GDP. The model allows for country specific heterogeneity in the sense that we capture different adjustment patterns to economic shocks. The model is estimated using Bayesian techniques. Out-of-sample and pseudo out-of-sample forecasts are presented.
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Money and Inflation: The Role of Persistent Velocity Movements
Makram El-Shagi, Sebastian Giesen
Abstract
While the long run relation between money and inflation is well established, empirical evidence on the adjustment to the long run equilibrium is very heterogeneous. In the present paper we use a multivariate state space framework, that substantially expands the traditional vector error correction approach, to analyze the short run impact of money on prices. We contribute to the literature in three ways: First, we distinguish changes in velocity of money that are due to institutional developments and thus do not induce inflationary pressure, and changes that reflect transitory movements in money demand. This is achieved with a newly developed multivariate unobserved components decomposition. Second, we analyze whether the high volatility of the transmission from monetary pressure to inflation follows some structure, i.e., if the parameter regime can assumed to be constant. Finally, we use our model to illustrate the consequences of the monetary policy of the Fed that has been employed to mitigate the impact of the financial crisis, simulating different exit strategy scenarios.
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Technology Clubs, R&D and Growth Patterns: Evidence from EU Manufacturing
Claire Economidou, J. W. B. Bos, Michael Koetter
European Economic Review,
Nr. 1,
2010
Abstract
This paper investigates the forces driving output change in a panel of EU manufacturing industries. A flexible modeling strategy is adopted that accounts for: (i) inefficient use of resources and (ii) differences in the production technology across industries. With our model we are able to identify technical, efficiency, and input growth for endogenously determined technology clubs. Technology club membership is modeled as a function of R&D intensity. This framework allows us to explore the components of output growth in each club, technology spillovers and catch-up issues across industries and countries.
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Shocks at Large Banks and Banking Sector Distress: The Banking Granular Residual
S. Blank, Claudia M. Buch, Katja Neugebauer
Journal of Financial Stability,
Nr. 4,
2009
Abstract
Size matters in banking. In this paper, we explore whether shocks originating at large banks affect the probability of distress of smaller banks and thus the stability of the banking system. Our analysis proceeds in two steps. In a first step, we follow Gabaix and construct a measure of idiosyncratic shocks at large banks, the so-called Banking Granular Residual. This measure documents the importance of size effects for the German banking system. In a second step, we incorporate this measure of idiosyncratic shocks at large banks into an integrated stress-testing model for the German banking system following De Graeve et al. (2008). We find that positive shocks at large banks reduce the probability of distress of small banks.
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Great Moderation at the Firm Level? Unconditional vs. Conditional Output Volatility
Claudia M. Buch, Jörg Döpke, K. Stahn
B.E. Journal of Economic Analysis and Policy,
Nr. 1,
2009
Abstract
We test whether there has been a “Great Moderation“ of output volatility at the firm level. The multifactor residual model proposed by Pesaran (2006) is used to isolate the idiosyncratic component of firms' sales growth from macroeconomic developments. This methodology is applied to a balanced panel of about 1,200 German firms covering a 35-year period (1971-2005). Our research has three main findings. First, unconditional firm-level volatility and aggregate output volatility have seen similar downward trends. Second, conditional, idiosyncratic firm-level volatility does not exhibit a downward trend. Third, there is a positive link between growth and volatility at the firm level.
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