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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 1h

"Study Assesses Effects of Climate Policy Costs on German Manufacturers" Press Release by Prof. Kathrine von Graevenitz is now available: www.crctr224.de/newsroom/pre...

crctr224.de

Study Assesses Effects of Climate Policy Costs on German Manufacturers

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 1h

• Analysis of 75,000 German manufacturers (2000–2019) • Firms receiving compensating support within EU ETS were less likely to shut down • EPoS Economic Research Center at Bonn and Mannheim publishes results

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 1h

"The Power of Persistence How Demand Shocks and Monetary Policy Shape Macroeconomic Outcomes" by Fabrice Collard, Patrick FèVe, Philipp Wangner is now available: www.crctr224.de/research/dis...

crctr224.de

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 1h

In New Keynesian models, a more persistent demand shock does not always generate a larger output multiplier. The interplay between persistence and monetary policy creates 3 regimes; in the empirically relevant one, the multiplier is hump-shaped.

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 2h

"Pledgeable Collateral, Dealer Leverage, and Runs" by Husnu C. Dalgic, Brittany Almquist Lewis, Andrea Modena is now available: www.crctr224.de/research/dis...

crctr224.de

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 2h

Collateral protection laws have unintended consequences. We show the 2005 BAPCPA reform protected repo holders but incentivized dealer-banks to dramatically increase leverage, leading to sharper deleveraging during the downturn.

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 2h

"When the Fed Sneezes, the Cold is Transmitted by Trade" by Santiago Camara, Lawrence J. Christiano, Husnu Dalgic is now available: www.crctr224.de/research/dis...

crctr224.de

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 2h

When the Fed sneezes, why does the world catch a cold? While the literature blames financial markets, we show trade is key: a US monetary tightening transmits abroad primarily by crushing US import demand.

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 14/09/2026

"Recommendation Power: Platform Objectives and the Digital Markets Act" by Jens-Uwe Franck, Martin Peitz is now available: www.crctr224.de/research/dis...

crctr224.de

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 14/09/2026

Platforms shape what users see and choose. A new paper develops the concept of recommendation power, maps the objectives behind rankings, defaults and prominence, and examines how the EU Digital Markets Act constrains it.

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 09/09/2026

"Fertility under Income Uncertainty: The Role of Education Subsidies" by Kanato Nakakuni is now available: www.crctr224.de/research/dis...

crctr224.de

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 09/09/2026

Income uncertainty depresses fertility. I show that income-tested education subsidies mitigate this effect by providing insurance against income risk for households with children.

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 09/09/2026

"Bankers’ Outside Options and Financial Risk" is now available: www.crctr224.de/research/dis...

crctr224.de

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 09/09/2026

Labor market conditions shape on-the-job-behavior: as bankers' outside options improve, they are less likely to be dismissed for poor borrower performance. This facilitates riskier lending, with bank and systemic risk rising as a result.

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 09/09/2026

"Hiring Refugees as Apprentices: The Role of Skills, Signals, and Policy Interventions" is now available: www.crctr224.de/research/dis...

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 09/09/2026

Why are so few refugees hired as apprentices? Our study with 800 German firms points to a large hiring gap. But signals of reliability and motivation matter—and job-specific language training can significantly improve hiring chances.

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 31/08/2026

"The U.S.–China Trade War and the Geography of Global Production" by Harald Fadinger, Lei Li, Sophia Praetorius, Jan Schymik is now available: www.crctr224.de/research/dis...

crctr224.de

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 31/08/2026

We study effects of the U.S.-China trade war on third countries, using granular plant-level data. Impacts were highly heterogeneous and largely offsetting, yielding moderately negative net effects. Most economic reallocations happened within MNEs.

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 31/08/2026

"Climate Policy, Manufacturing Competitiveness and the Decision to Exit: Evidence from Germany" by Markus Janser, Stephen Jarvis, Kathrine von Graevenitz, Ulrich J. Wagner is now available: www.crctr224.de/research/dis...

crctr224.de

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 31/08/2026

Do climate policies hurt industrial competitiveness? New evidence from German manufacturing finds little impact on jobs or wages. But support shielding firms from compliance costs may have significantly reduced plant closures. #ClimatePolicy

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 31/08/2026

"Morality and Climate Policy Attitudes" by Lasse S. Stötzer, Florian Zimmermann is now available: www.crctr224.de/research/dis...

crctr224.de

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 31/08/2026

New research shows: Moral universalism, caring equally about all people, not just your own group, strongly predicts support for climate policies, from carbon taxes to international burden sharing on who should pay for climate action.

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 26/08/2026

• Online survey experiment with 1,300 U.S. Americans • EPoS Economic Research Center at Bonn and Mannheim publishes results Research: “Us-Versus-Them” Thinking Drives People’s Climate Action by Lasse S. Stötzer, florian zimmermann is now available: www.crctr224.de/newsroom/pre...

crctr224.de

Research: “Us-Versus-Them” Thinking Drives People’s Climate Action

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 22/07/2026

"Bailing Out Homeowners: Government Aid and Mortgage Default after Natural Disasters" is now available: www.crctr224.de/research/dis...

crctr224.de

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 22/07/2026

Marina Hoch examines how U.S. post-disaster government aid affects welfare: Although aid crowds out private insurance and encourages risky housing, it raises overall welfare. Providing aid independently of insurance coverage could improve welfare further.

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 22/07/2026

"Limited Downsizing of Empty-Nesters: Elderly Housing Concentration and Fertility" is now available: www.crctr224.de/research/dis...

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 22/07/2026

US fertility is at record lows amid scarce, costly housing. One factor: empty-nesters and retirees rarely downsize, concentrating homes among the elderly and squeezing young families in their prime childbearing years. New paper explores the link.

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 22/07/2026

"Subsidiary Financing: Risk-Shifting as a Commitment Device" is now available: www.crctr224.de/research/dis...

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 22/07/2026

Firms finance investments via levered subsidiaries to overcome dynamic commitment problems when entering new markets or technologies.

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 22/07/2026

"Common Deposit Insurance, Cross-Border Banks and Welfare" is now available: www.crctr224.de/research/dis...

crctr224.de

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 22/07/2026

Can Europe integrate its banks without increasing risk? Common deposit insurance removes ring-fencing and improves risk-sharing within banking groups. This encourages integration, but can also increase risk taking, with crucial welfare consequences.

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 22/07/2026

"Market-Based Green Firms" is now available:https://www.crctr224.de/research/discussion-papers/archive/dp768

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 22/07/2026

We propose a novel measur of firms’ exposure to climate risk via the market, prodiving coverage of over 36,000 international firms.

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 01/07/2026

"A Missed Opportunity? Labor Demand and Workforce Diversity" by Anna Bindler, Lena Janys, Barbara Boelmann, Luisa H. Santiago Wolf is now available: www.crctr224.de/research/dis...

crctr224.de

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 01/07/2026

What happens when labor demand expands? We study the replacements of professors in East Germany after reunification, showing that hiring opened up to candidates from lower-ranked departments while the share of women did not increase. We quantify the associated efficiency losses.

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 01/07/2026

"The Long Tail Wags the Dog: Platform Design and Bargaining with Majors" by Gaston Llanes, Martin Peitz is now available: www.crctr224.de/research/dis...

crctr224.de

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 01/07/2026

New work on platform bargaining, creator compensation, and attention steering: when paying the long tail becomes a strategic tool

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 01/07/2026

"Central Bank Reserves and the Balance Sheet of Banks" by Hans Gersbach, Jean-Charles Rochet, Ernst-Ludwig von Thadden is now available: www.crctr224.de/research/dis...

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 01/07/2026

How large should the Central Bank's balance sheet be? How large must it be if one wants to achieve certain objectives in terms of inflation or bank lending? How must fiscal and monetary policy be coordinated?

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 01/07/2026

"Slackness, Openness, and the Anatomy of Cash Transfer Multipliers" by Minki Kim, Mitchell VanVuren is now available: www.crctr224.de/research/dis...

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 01/07/2026

Why do cash transfers in poor economies raise output but barely move prices? New paper: firms sit on idle capacity, so the local GDP can be high. We estimate a structural model w/ an ongoing RCT in Malawi: the predicted multiplier is between 1.1 and 1.5.

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 01/07/2026

Press release: EU Merger Reform Leaves Key Gaps, Economists Warn by Volker Nocke, Martin Peitz, Nicolas Schutz is now available: www.crctr224.de/newsroom/pre...

crctr224.de

EU Merger Reform Leaves Key Gaps, Economists Warn

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 01/07/2026

• Researchers offer insights to fill gaps in the draft Merger Guidelines • EPoS Economic Research Center publishes details in new discussion papers

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 24/06/2026

People build mental models on incomplete information, then must revise as new variables appear. We find models are "sticky"—revisions stay anchored to the original. The driver: people allocate less cognitive effort to revising than to forming the model.

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 24/06/2026

"Residential Concentration Dampens Monetary Policy Transmission" is now available: www.crctr224.de/research/dis...

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 24/06/2026

Does the spatial structure of housing shape how monetary policy works? This paper shows that higher residential concentration dampens consumption responses to interest rate changes, using a monetary business cycle model and satellite-based geospatial data.

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 24/06/2026

"Liberation Technology? The Impact of the Sewing Machine on Women" is now available: www.crctr224.de/research/dis...

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 24/06/2026

Same machine, opposite lives: In 19th-C, the sewing machine pushed poor women into work, reduced fertility & delayed marriage. Wealthy women instead gained time for more children & civic life—showing how “labor-saving” tech can reinforce inequality.

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CRC TR 224 EPoS–Economic Perspectives on Societal Challenges @crctr224.bsky.social · 23/06/2026

"The Dynamics of Fertility, Bargaining, and Human Capital Accumulation" is now available: www.crctr224.de/research/dis...

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