Business cycle evidence on firm entry
Vivien Lewis
Discussion Paper
Series 1: Economic Studies
No 08/2008
Discussion Papers represent the authors’ personal opinions and do not necessarily reflect the views of the Deutsche Bundesbank or its staff.
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ISBN
978-
3–86558–
394
–
9
(Printversion)
ISBN
978-
3–86558–
395
–
6
(Internetversion)
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21
The following Discussion Papers have been published since 2007:
Series 1: Economic Studies
01
2007
The effect of FDI on job separation
Sascha O. Becker
Marc-Andreas
Mündler
02
2007
Threshold dynamics of short-term interest rates:
empirical evidence and implications for the
Theofanis Archontakis
term structure
Wolfgang Lemke
03
2007
Price setting in the euro area:
Dias, Dossche, Gautier
some stylised facts from individual
Hernando, Sabbatini
producer price data
Stahl, Vermeulen
04
2007
Unemployment and employment protection
in a unionized economy with search frictions
Nikolai Stähler
05
2007
End-user order flow and exchange rate dynamics S. Reitz, M. A. Schmidt
M.
P.
Taylor
06
2007
Money-based interest rate rules:
C. Gerberding
lessons from German data
F. Seitz, A. Worms
07
2007
Moral hazard and bail-out in fiscal federations: Kirsten H. Heppke-Falk
evidence for the German Länder
Guntram B. Wolff
08
2007
An assessment of the trends in international
price competitiveness among EMU countries
Christoph Fischer
09
2007
Reconsidering the role of monetary indicators
for euro area inflation from a Bayesian
Michael Scharnagl
perspective using group inclusion probabilities Christian Schumacher
10
2007
A note on the coefficient of determination in
Jeong-Ryeol Kurz-Kim
22
11
2007
Exchange rate dynamics in a target zone -
Christian Bauer
a heterogeneous expectations approach
Paul De Grauwe, Stefan Reitz
12
2007
Money and housing -
Claus Greiber
evidence for the euro area and the US
Ralph Setzer
13
2007
An affine macro-finance term structure model
for the euro area
Wolfgang Lemke
14
2007
Does anticipation of government spending matter? Jörn Tenhofen
Evidence from an expectation augmented VAR Guntram B. Wolff
15
2007
On-the-job search and the cyclical dynamics
Michael Krause
of the labor market
Thomas Lubik
16
2007
Heterogeneous expectations, learning and
European inflation dynamics
Anke Weber
17
2007
Does intra-firm bargaining matter for
Michael Krause
business cycle dynamics?
Thomas Lubik
18
2007
Uncertainty about perceived inflation target
Kosuke Aoki
and monetary policy
Takeshi Kimura
19
2007
The rationality and reliability of expectations
reported by British households: micro evidence James Mitchell
from the British household panel survey
Martin Weale
20
2007
Money in monetary policy design under
uncertainty:
the
Two-Pillar
Phillips Curve
Günter W. Beck
versus ECB-style cross-checking
Volker Wieland
21
2007
Corporate marginal tax rate, tax loss carryforwards
and investment functions – empirical analysis
23
22
2007
Volatile multinationals? Evidence from the
Claudia M. Buch
labor demand of German firms
Alexander Lipponer
23
2007
International investment positions and
Michael Binder
exchange rate dynamics: a dynamic panel analysis Christian J. Offermanns
24
2007
Testing for contemporary fiscal policy discretion
Ulf von Kalckreuth
with real time data
Guntram B. Wolff
25
2007
Quantifying risk and uncertainty
Malte Knüppel
in macroeconomic forecasts
Karl-Heinz Tödter
26
2007
Taxing deficits to restrain government
spending and foster capital accumulation
Nikolai Stähler
27
2007
Spill-over effects of monetary policy – a progress
report on interest rate convergence in Europe
Michael Flad
28
2007
The timing and magnitude of exchange rate
Hoffmann
overshooting
Sondergaard,
Westelius
29
2007
The timeless perspective vs. discretion: theory and
monetary policy implications for an open economy Alfred V. Guender
30
2007
International cooperation on innovation: empirical Pedro Faria
evidence for German and Portuguese firms
Tobias Schmidt
31
2007
Simple interest rate rules with a role for money
M. Scharnagl
C. Gerberding, F. Seitz
32
2007
Does Benford’s law hold in economic Stefan
Günnel
research and forecasting?
Karl-Heinz Tödter
33
2007
The welfare effects of inflation:
Karl-Heinz Tödter
24
34
2007
Factor-MIDAS for now- and forecasting with
ragged-edge data: a model comparison for
Massimiliano Marcellino
German
GDP
Christian
Schumacher
35
2007
Monetary policy and core inflation
Michele Lenza
01
2008
Can capacity constraints explain
asymmetries of the business cycle?
Malte Knüppel
02
2008
Communication, decision-making and the
optimal degree of transparency of monetary
policy
committees
Anke
Weber
03
2008
The impact of thin-capitalization rules on
Buettner, Overesch
multinationals’ financing and investment decisions Schreiber, Wamser
04
2008
Comparing the DSGE model with the factor model:
an out-of-sample forecasting experiment
Mu-Chun Wang
05
2008
Financial markets and the current account –
Sabine Herrmann
emerging Europe versus emerging Asia
Adalbert Winkler
06
2008
The German sub-national government bond
Alexander Schulz
market: evolution, yields and liquidity
Guntram B. Wolff
07
2008
Integration of financial markets and national
Mathias Hoffmann
price levels: the role of exchange rate volatility
Peter Tillmann
25
Series 2: Banking and Financial Studies
01
2007
Granularity adjustment for Basel II
Michael B. Gordy
Eva
Lütkebohmert
02
2007
Efficient, profitable and safe banking:
an oxymoron? Evidence from a panel
Michael Koetter
VAR approach
Daniel Porath
03
2007
Slippery slopes of stress: ordered failure
Thomas Kick
events in German banking
Michael Koetter
04
2007
Open-end real estate funds in Germany –
C. E. Bannier
genesis
and
crisis
F. Fecht, M. Tyrell
05
2007
Diversification and the banks’
risk-return-characteristics – evidence from
A. Behr, A. Kamp
loan portfolios of German banks
C. Memmel, A. Pfingsten
06
2007
How do banks adjust their capital ratios?
Christoph Memmel
Evidence from Germany
Peter Raupach
07
2007
Modelling dynamic portfolio risk using
Rafael Schmidt
risk drivers of elliptical processes
Christian Schmieder
08
2007
Time-varying contributions by the corporate bond
and CDS markets to credit risk price discovery Niko Dötz
09
2007
Banking consolidation and small business
K. Marsch, C. Schmieder
finance – empirical evidence for Germany
K. Forster-van Aerssen
10
2007
The quality of banking and regional growth
Hasan, Koetter, Wedow
11
2007
Welfare effects of financial integration
Fecht, Grüner, Hartmann
12
2007
The marketability of bank assets and managerial Falko Fecht
26
13
2007
Asset correlations and credit portfolio risk –
K. Düllmann, M. Scheicher
an empirical analysis
C. Schmieder
14
2007
Relationship lending – empirical evidence
C. Memmel
for Germany
C. Schmieder, I. Stein
15
2007
Creditor concentration: an empirical investigation S. Ongena, G.Tümer-Alkan
N.
von
Westernhagen
16
2007
Endogenous credit derivatives and bank behaviour Thilo Pausch
17
2007
Profitability of Western European banking
systems: panel evidence on structural and
cyclical determinants
Rainer Beckmann
18
2007
Estimating probabilities of default with
W. K. Härdle
support vector machines
R. A. Moro, D. Schäfer
01
2008
Analyzing the interest rate risk of banks
using time series of accounting-based data:
O. Entrop, C. Memmel
evidence from Germany
M. Wilkens, A. Zeisler
02
2008
Bank mergers and the dynamics of
Ben R. Craig
deposit interest rates
Valeriya Dinger
03
2008
Monetary policy and bank distress:
F. de Graeve
27
Visiting researcher at the Deutsche Bundesbank
The Deutsche Bundesbank in Frankfurt is looking for a visiting researcher. Among others
under certain conditions visiting researchers have access to a wide range of data in the
Bundesbank. They include micro data on firms and banks not available in the public.
Visitors should prepare a research project during their stay at the Bundesbank. Candidates
must hold a Ph D and be engaged in the field of either macroeconomics and monetary
economics, financial markets or international economics. Proposed research projects
should be from these fields. The visiting term will be from 3 to 6 months. Salary is
commensurate with experience.
Applicants are requested to send a CV, copies of recent papers, letters of reference and a
proposal for a research project to:
Deutsche Bundesbank
Personalabteilung
Wilhelm-Epstein-Str. 14
60431 Frankfurt
