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Final Report: Energy security in scenarios for Europe's future electricity supply
(2012)SEFEP Working PaperWorking Paper -
Climate Shocks, Cyclones, and Economic Growth: Bridging the Micro-Macro Gap
(2018)NBER Working Paper SeriesEmpirical analyses of the impacts of climatic shocks on growth, while critical for policy, have found seemingly disparate results and are seldom incorporated into macroeconomic climate economy models. This paper seeks to bridge this micro-macro gap through the case of tropical cyclones. We first present a stochastic endogenous growth model that can reconcile previous empirical findings. We then empirically estimate the impacts of cyclones ...Working Paper -
Do disasters affect growth? A macro model-based perspective on the empirical debate
(2016)Bravo Center Faculty Working Paper SeriesWorking Paper -
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Equilibrium particulate exposure
(2019)IGC Working PaperWe assemble global spatially disaggregated panel data describing ambient particulate levels and transport, population, and economic and polluting activities. These data indicate the importance of country level determinants of pollution, of the equilibrium process that separates or brings together people and particulates, of urbanization, and of the composition of economic activity and energy production. We then develop an Integrated ...Working Paper -
Flood Risk Belief Heterogeneity and Coastal Home Price Dynamics: Going Under Water?
(2017)NBER Working Paper SeriesHow will climate risk beliefs affect coastal housing market dynamics? This paper provides both theoretical and empirical evidence: First, we build a dynamic housing market model with heterogeneity in home types, consumer preferences, and flood risk beliefs. The model incorporates a Bayesian learning mechanism allowing agents to update their beliefs depending on whether flood events occur. Second, to quantify these elements, we implement ...Working Paper -
Ohne Windenergie keine Energiewende
(2019)IASS Discussion PaperWir zeigen, wie die vorgeschlagene 1000 m-Abstandsregelung zwischen Windkraftanlagen und Wohngebäude den Ausbau der Windkraft an Land in Deutschland praktisch stoppen würde. Wir zeigen auch, dass ein Abstand von 600 m gleichzeitig den Schutz der Anwohner und der Ausbau der Windkraft möglich machen kann.Working Paper -
Why Countries Differ in Thin Capitalization Rules: The Role of Financial Development
(2015)CESifo Working PapersWorking Paper -
Diversification, protection of liability holders and regulatory arbitrage
(2015)arXivWorking Paper -
Ownership and Control in Differentiated Product Markets
(2011)CEPR Discussion PapersWe study a differentiated product market in which an investor initially owns a controlling stake in one of two competing firms and may acquire a non-controlling or a controlling stake in a competitor, either directly using her own assets, or indirectly via the controlled firm. While industry profits are maximized within a symmetric two product monopoly, the investor attains this only in exceptional cases. Instead, she sometimes acquires ...Working Paper