Journal: Empirical Economics

Abbreviation

Empir. econ.

Publisher

Springer

Journal Volumes

ISSN

1435-8921
0377-7332

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Publications 1 - 10 of 25
  • Is it good to be bad or bad to be good? Assessing the aggregate impact of abnormal weather on consumer spending
    Item type: Journal Article
    Sandqvist, Anna P.; Siliverstovs, Boriss (2021)
    Empirical Economics
    Although the influence of exceptional weather on individual behaviour has already been acknowledged in finance, psychology, and marketing, the literature examining weather effects at more aggregate level is still limited. Further, there is a lot of anecdotal evidence that weather anomalies affect consumer spending and retail business. The main aim of this analysis is to investigate and quantify the effects of unusual weather in consumer spending at macro-level. Using aggregate retail sales data for Switzerland, our findings reveal that weather deviations from seasonal norms, especially, unusually high or low temperatures in a given month, do cause sizeable intertemporal shifts in consumer spending at country level. Furthermore, the effects of abnormal weather are found to differ across seasons, both with respect to sign and magnitude. In particular, our findings indicate that weather effects manifest mainly through the seasons change channel: weather conditions in line with the coming season boost the purchases early in the season.
  • Democracy and Economic Growth in Sub-Saharan Africa: A Panel Data Approach
    Item type: Journal Article
    Jaunky, Vishal C. (2013)
    Empirical Economics
  • Moody oil: What is driving the crude oil price?
    Item type: Journal Article
    Lechthaler, Filippo; Leinert, Lisa (2019)
    Empirical Economics
    The unparalleled surge of the crude oil price after 2003 has triggered a heated scientific and public debate about its ultimate causes. Unexpected demand growth particularly from emerging economies appears to be the most prominently supported reason among academics, suggesting that market participants did not anticipate future market conditions. We study the price dynamics after 2003 in the global crude oil market using a structural VAR model, paying particular attention to anticipative market activities. These are inferred from a time series of news items measuring the flow of publicly available information relevant for the crude oil market. We find that such forward-looking demand activities—instead of demand arising from real economic activity—have played an important role for the run-up in the price of crude oil after 2003. This indicates that market participants have anticipated a higher demand in the future, rather than having reacted to unexpected shocks from the current business cycle. We additionally find that emerging economies have not majorly contributed to the price surge.
  • Housing demand shocks and households' balance sheets
    Item type: Journal Article
    Anderes, Marc (2023)
    Empirical Economics
    We examine the dynamic effects of housing demand shocks on a large set of macroeconomic series and detailed household balance sheet components for different wealth groups. The results show that a positive housing demand shock translates into a large boom in economic activity and reveal notable heterogeneity among wealth groups. While households of all wealth groups make heavy use of home equity-based borrowing, we find a larger consumer spending sensitivity for poorer households. A historical decomposition suggests that housing demand shocks have largely contributed to the pronounced drop in poorer households' consumption during and after the Great Recession.
  • Estimating gravity equations: to log or not to log?
    Item type: Journal Article
    Siliverstovs, Boriss; Schumacher, Dieter (2009)
    Empirical Economics
  • Media reporting and business cycles: empirical evidence based on news data
    Item type: Other Publication
    Lamla, Michael J.; Lein, Sarah M.; Sturm, Jan-Egbert (2020)
    Empirical Economics
  • Private returns to education versus education spill-over effects - Or what co-workers account for!
    Item type: Journal Article
    Wirz, Aniela M. (2008)
    Empirical Economics
  • Further results on monopolistic competition, markup pricing and the business cycle in Switzerland
    Item type: Journal Article
    Müller, Christian (2006)
    Empirical Economics
  • Dynamic network and own effects on abnormal returns: evidence from China’s stock market
    Item type: Journal Article
    Egger, Peter H.; Zhu, Jiaqing (2021)
    Empirical Economics
    This paper addresses the question of how to model the process of abnormal returns on individual stocks. It postulates a framework, where abnormal returns are generated by a process which features two autoregressive components, one stock-specific and one related to network effects. This process deviates from customary ones in that the parameters are specific to each stock/firm, that the autoregressive process is explicitly modelled instead of using cumulative abnormal returns over a pre-specified window, and that network effects are present. Abandoning either one of those deviations is rejected by data on Chinese stocks in 2018 and 2019, an episode which is significant for an abnormal stock-market returns analysis, as it was characterized by numerous tariff-setting events related to the “trade war” between the USA and China.
  • Assessing nowcast accuracy of US GDP growth in real time: the role of booms and busts
    Item type: Journal Article
    Siliverstovs, Boriss (2020)
    Empirical Economics
Publications 1 - 10 of 25