https://refubium.fu-berlin.de/handle/fub188/19312 2026-05-03T22:09:04Z 2026-05-03T22:09:04Z Schöb, Ronnie https://refubium.fu-berlin.de/handle/fub188/19626 2021-08-27T11:10:39Z 2009-01-01T00:00:00Z

Climate policy Schöb, Ronnie Climate protection should use environmental policy instruments that raise revenues, which can be used, for instance, to cut labour taxes to alleviate unemployment in economies suffering from high and persistent unemployment. This paper elaborates the possibilities of an employment dividend of climate policies and shows the potential importance of such a second dividend for a comprehensive cost-benefit analysis of climate policy. It is argued that national attempts to reap such a double dividend may be bound to fail if resource suppliers can respond in a way that leads to a large-scale international reallocation of environmental rents. Only a internationally coordinated uniform base tax on CO2 that complements already existing emission trading systems could keep revenues from climate policy in those countries bearing the cost of fighting global warming and thus leave them with the option on a second dividend.

2009-01-01T00:00:00Z Busch, Ulrike Nautz, Dieter https://refubium.fu-berlin.de/handle/fub188/20009 2021-08-19T06:01:56Z 2009-01-01T00:00:00Z

Controllability and persistence of money market rates along the yield curve Busch, Ulrike; Nautz, Dieter Controllability of longer-term interest rates requires that the persis- tence of their deviations from the central bank's policy rate (i.e. the policy spreads) remains sufficiently low. This paper applies fractional integration techniques to assess the persistence of policy spreads of euro area money market rates along the yield curve. Independently from anticipated policy rate changes, there is strong evidence for all maturities that policy spreads exhibit long memory. We show that recent changes in the operational framework and the communication strategy of the European Central Bank have significantly decreased the persistence of euro area policy spreads and, thus, have enhanced the central bank's in uence on longer-term money market rates.

2009-01-01T00:00:00Z Knabe, Andreas Rätzel, Steffen Schöb, Ronnie Weimann, Joachim https://refubium.fu-berlin.de/handle/fub188/19856 2021-08-27T11:07:49Z 2009-01-01T00:00:00Z

Dissatisfied with life, but having a good day Knabe, Andreas; Rätzel, Steffen; Schöb, Ronnie; Weimann, Joachim We apply the Day Reconstruction Method to compare unemployed and employed people with respect to their subjective assessment of emotional affects, differences in the composition and duration of activities during the course of a day, and their self-reported life satisfaction. Employed persons are more satisfied with their life than the unemployed and report more positive feelings when engaged in similar activities. Weighting these activities with their duration shows, however, that average experienced utility does not differ between the two groups. Although the unemployed feel sadder when engaged in similar activities, they can compensate this by using the time the employed are at work in more enjoyable ways. Our finding that unemployment affects life satisfaction and experienced utility differently may be explained by the fact that people do not adjust their aspirations when becoming unemployed but face hedonic adaptation to changing life circumstances, triggered by the opportunity to use the time in a way that yields higher levels of satisfaction than working.

2009-01-01T00:00:00Z Engler, Philipp https://refubium.fu-berlin.de/handle/fub188/20127 2021-08-19T06:02:15Z 2009-01-01T00:00:00Z

Global rebalancing in a three-country model Engler, Philipp This paper extends the model of Engler et al. (2007) on the adjustment of the US current account to a three-country world economy. This allows an analysis of the differential impact of a reversal of the US current account on Europe and Asia. In particular, the outcomes under different exchange rate policies are analysed. The main finding is that large factor re-allocations from non- tradables to tradables will be necessary in the US. The direction of factor re-allocation in Asia depends on whether the "Bretton-Woods-II" regime of unilaterally fixed or manipulated exchange rates in Asia is continued. If this is the case, the tradables sector and the current account surplus will continue to grow even when the US deficit closes. The flip side of this result is that Europe will face a huge real appreciation and an enormous current account deficit. With floating exchange rates worldwide, the impact on Europe will be limited while Asia´s tradables sector will shrink

2009-01-01T00:00:00Z