Publications des institutions partenaires

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Bank Funding, Securitization and Loan Terms: Evidence from Foreign Currency Lending

We examine how bank funding and securitization activity affect the currency denomination of business loans. We analyze a unique dataset that for more than hundred thousand loans granted by one Bulgarian bank to over sixty thousand different firms in the period 2003-2007 includes information on the requested and granted currency of the loans. Our findings confirm the conjecture that...

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English / 01/01/2011

Trade Liberalization and Growth: Plant-Level Evidence from Switzerland

This paper estimates the effect of trade liberalization on growth, using plant-level data from Switzerland. We employ a natural experiment framework to quantify the effect of a bundle of treaties liberalizing trade between Switzerland and the EU enacted in June 2002 ("Bilateral Agreements I") on the growth of Swiss plants. Using both a semi-parametric difference-in-...

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English / 01/01/2011

Did the 2007-08 Financial Crisis Change Risk Perception?

This paper investigates, how the 2007-08 financial crisis has affected the risk perceptions of institutional bond investors. Using a methodology novel to the empirical finance literature, we quantify the impact that changes in risk perception have had on bond spreads over the course of the crisis. The relative contribution of the change in risk perceptions can be measured by...

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English / 01/01/2011

Relaxing monotonicity in the identification of local average treatment effects

In heterogeneous treatment effect models with endogeneity, the identification of the local average treatment effect (LATE) typically relies on an instrument that satisfies two conditions: (i) joint independence of the potential post-instrument variables and the instrument and (ii) monotonicity of the treatment in the instrument. We show that identification is still feasible when...

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English / 01/01/2011

Punishment Despite Reasonable Doubt-A Public Goods Experiment with Sanctions Under Uncertainty

Under a great variety of legally relevant circumstances, people have to decide whether or not to cooperate when they face an incentive to defect. The law sometimes provides people with sanctioning mechanisms to enforce pro-social behavior. Experimental evidence on voluntary public goods provision shows that the option to punish others substantially improves cooperation, even if...

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English / 01/12/2010

Social comparison and performance : Experimental evidence on the fair wage-effort hypothesis

We investigate the impact of wage comparisons for worker productivity. We present three studies which all use three-person gift-exchange experiments. Consistent with Akerlof and Yellen's (1990) fair wage-effort hypothesis we find that disadvantageous wage discrimination leads to lower efforts while advantageous wage discrimination does not increase efforts on average. Two...

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English / 01/12/2010

Vermögen ist Vorsorge : Der Sozialstaat macht die Verteilung der Vermögen nicht gleicher - im Gegenteil

In wenigen Ländern sind die Vermögen noch ungleicher verteilt als in der Schweiz. Pünktlich zu Halloween wurde das Schreckgespenst der Klassengesellschaft wiederbelebt und seit Tagen in einem Teil der Presse mit teils furchterregenden Zahlen gefüttert. Den Stoff lieferte ein neues Buch zum Reichtum in der Schweiz. Die Studie ist interessant, und Sorgen zur Lage des Mittelstandes in...

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Deutsch / 07/11/2010

Es ist zuerst eine Katastrophe nötig, bis die Politik handelt : Was die niederländischen Deiche mit den schweizerischen Banken gemein haben

Am 1. Februar 1953 wurden grosse Teile der Niederlande von einer Sturmflut heimgesucht. Etwa 2000 Menschen starben und die Wirtschaftsleistung grosser Landstriche wurde weitgehend zerstört. Ausgelöst wurde die Flutkatastrophe durch unglückliche klimatische Umstände und den schlechten Zustand vieler Deiche im Mündungsgebiet der drei Flüsse Rhein, Maas und Schelde.

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Deutsch / 25/10/2010

AHV beziehen mit 65 Jahren, das ist heute zu früh : Wir sollten das Rentenalter der gestiegenen Lebenserwartung anpassen

Wenn ich mich an eines erinnern kann aus den frühen 1970er Jahren, so ist es die jeweils ungeduldig erwartete sonntägliche Hitparade am Radio. Der damalige Moderator der - wie ich mangels Frühenglisch verstand - "Bestzähler" auf dem Plattenteller, Jürg Marquart, wurde kürzlich 65 (Gratulation!). Inzwischen einer der 300 reichsten Schweizer, stellte er klar: "Ich...

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Deutsch / 12/09/2010

Exploiting Regional Treatment Intensity for the Evaluation of Labour Market Policies

We estimate the effects of active labour market policies (ALMP) on subsequent employment by nonparametric instrumental variables and matching estimators. Very informative administrative Swiss data with detailed regional information are combined with exogenous regional variation in programme participation probabilities, which generate an instrument within well-defined local labour...

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English / 01/09/2010

An den Schulen braucht es keine Glücks- oder Medienkurse : Lehrer sollen ihre Kernaufgaben erfüllen und den Unterricht frei gestalten

Mein Göttibub wünschte sich vor einigen Jahren eine MP3-Player. Im Laden liessen wir uns die damals noch sehr teuren Musik-Abspielgeräte zeigen. Beim Anblick eines Modells der höchsten Preisklasse mit grösserem Speicherplatz begannen die Augen des Knaben, der 12-jährigen Unschuld aus den Bergen, zu leuchten. Wofür er denn so viel Speicher brauche, fragte ich. Ohne zu zögern und zur...

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Deutsch / 15/08/2010

Culture and cooperation

Does the cultural background influence the success with which genetically unrelated individuals cooperate in social dilemma situations? In this paper, we provide an answer by analysing the data of Herrmann et al. (2008a), who studied cooperation and punishment in 16 subject pools from six different world cultures (as classified by Inglehart & Baker (2000)). We use analysis of...

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English / 02/08/2010

Identification of the Effects of Dynamic Treatments by Sequential Conditional Independence Assumptions

This paper approaches the dynamic analysis of the effects of training programs for the unemployed in West Germany, or in general the effects of sequences of interventions, from a potential outcome perspective. The identifying power of different assumptions concerning the connection between the dynamic selection process and the outcomes of different sequences is discussed. When...

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English / 01/08/2010

Unemployed and their caseworkers : should they be friends or foes?

In many countries, caseworkers in a public employment office have the dual roles of counselling and monitoring unemployed persons. These roles often conflict with each other leading to important caseworker heterogeneity: Some consider providing services to their clients and satisfying their demands as their primary task. Others may however pursue their strategies even against the...

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English / 26/02/2010

Are Training Programs More Effective When Unemployment Is High?

We estimate short-run, medium-run, and long-run individual labor market effects of training programs for the unemployed by following program participation on a monthly basis over a 10-year period. Since analyzing the effectiveness of training over such a long period is impossible with experimental data, we use an administrative database compiled for evaluating German training...

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English / 01/11/2009

Active Labour Market Policy in East Germany : Waiting for the Economy to Take Off

We investigate the effects of the most important East German active labour market programmes on the labour market outcomes of their participants. The analysis is based on a large and informative individual database coming from administrative data sources. Using matching methods, we find that over a horizon of 2.5 years after programme start the programmes fail to increase the...

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English / 01/10/2009

Targeting Labour Market Programmes : Results from A Randomized Experiment

We evaluate a randomized experiment of a statistical support system developed to assist caseworkers in Swiss employment offices in choosing appropriate active labour market programmes for their unemployed clients. This statistical support system predicted the labour market outcome for each programme and thereby suggested an 'optimal' labour market programme for each...

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English / 26/09/2009

Long-run labour market and health effects of individual sports activities

This microeconometric study analyzes the effects of individual leisure sports participation on long-term labour market variables, on socio-demographic as well as on health and subjective well-being indicators for West Germany based on individual data from the German Socio-Economic Panel study (GSOEP) 1984 to 2006. Econometric problems due to individuals choosing their own level of...

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English / 04/07/2009

Measuring conditional cooperation: a replication study in Russia

We replicate the strategy-method experiment by Fischbacher et al. (Econ. Lett. 71:397-404, 2001) developed to measure attitudes towards cooperation in a one-shot public goods game. We collected data from 160 students at four different universities across urban and rural Russia. Using the classification proposed by Fischbacher et al. (2001) we find that the distribution of types is...

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English / 01/03/2009

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