Pecunia berlin1/31/2024 ![]() ![]() We build a market-based measure of leverage of financial institutions employing institution-level data and find empirical evidence that real effects of financial shocks are amplified by the leverage of financial institutions in the financial-constraint regime. Recently developed theoretical models emphasize the role of bank balance sheets for the build-up of financial instabilities and the amplification of financial shocks. We propose new identification techniques for regime switching models. For that purpose we develop an endogenous regime-switching structural vector autoregressive model with time-varying transition probabilities that depend on the state of the economy. Kirstin Hubrich The transmission of financial shocks and the leverage of financial institutions: An endogenous regime switching framework We conduct a novel empirical analysis of the role of leverage of financial institutions for the transmission of financial shocks to the macroeconomy. Research Seminar in Economics, Kirstin Hubrich Yet, this seems to be changing in the 2021 election period because of various political and energy-related reasons. During most periods, there is no statistically significant effect of visible wind turbines on Green party vote share, suggesting that voters do not punish the party. We estimate the change in voting behavior within the last seven national election periods for the German Green Party in municipalities after the first visible wind turbine was constructed. Crucially, we measure the visibility of wind turbines from settlements. We contribute by exploiting new fine-grained data on the position of wind turbines in Germany and more robust econometric methods. Other studies highlight the economic benefits and habituation effects. Some of the sparse literature on this relationship finds negative effects often interpreted as NIMBY behavior and concerns about noise and the visual intrusion of the landscape. Melanie Krause Headwind or Tailwind at the Ballot Box? The Local Effect of Wind Turbines on Green Party Support Whether pro-climate parties win or lose at the ballot box in an area where wind turbines were built is a matter of debate. Research Seminar in Economics, Melanie Krause
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