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  <title>EconStor Community:</title>
  <link rel="alternate" href="https://hdl.handle.net/10419/55365" />
  <subtitle />
  <id>https://hdl.handle.net/10419/55365</id>
  <updated>2026-04-28T14:09:23Z</updated>
  <dc:date>2026-04-28T14:09:23Z</dc:date>
  <entry>
    <title>From taxes to transition: The impact of the Swiss CO2 Levy on residential heating energy demand</title>
    <link rel="alternate" href="https://hdl.handle.net/10419/339389" />
    <author>
      <name>Schäfer, Teresa</name>
    </author>
    <id>https://hdl.handle.net/10419/339389</id>
    <updated>2026-04-04T06:30:35Z</updated>
    <published>2026-01-01T00:00:00Z</published>
    <summary type="text">Title: From taxes to transition: The impact of the Swiss CO2 Levy on residential heating energy demand
Authors: Schäfer, Teresa
Abstract: This paper assesses the impact of the Swiss CO2 levy on residential heating energy demand and the associated CO2 emissions. Using the synthetic control method, the results show that the levy led to an average annual reduction in CO2 emissions of 6.5% during the post-treatment period (2008-2021), corresponding to a decrease of 0.1 metric tons of CO2 per capita per year. Furthermore, the empirically estimated price elasticities for heating oil indicate that the short-run elasticity for the retail price is -0.055, while the elasticity for the CO2 levy is -1.264, demonstrating that consumers respond more strongly to policy-induced price changes than to market-driven price changes. In the long run, these elasticities increase to -0.064 (retail price) and -1.471 (levy), highlighting that over time, households adjust their demand more significantly in response to sustained price changes. A similar pattern is observed for natural gas, with short-run elasticities of -0.261 (retail) and -0.623 (levy), increasing to -0.521 and -1.241, respectively, in the long run. These findings provide robust evidence that the Swiss CO2 levy is an effective instrument for reducing emissions in the residential heating sector. The results underline the importance of policy-induced price instruments and highlight the necessity of high levy rates to ensure a measurable impact on consumption behavior.</summary>
    <dc:date>2026-01-01T00:00:00Z</dc:date>
  </entry>
  <entry>
    <title>What are asset price bubbles? A survey on definitions of financial bubbles</title>
    <link rel="alternate" href="https://hdl.handle.net/10419/313111" />
    <author>
      <name>Baumann, Michael</name>
    </author>
    <author>
      <name>Janischewski, Anja</name>
    </author>
    <id>https://hdl.handle.net/10419/313111</id>
    <updated>2025-04-25T14:01:58Z</updated>
    <published>2025-01-01T00:00:00Z</published>
    <summary type="text">Title: What are asset price bubbles? A survey on definitions of financial bubbles
Authors: Baumann, Michael; Janischewski, Anja
Abstract: Financial bubbles and crashes have repeatedly caused economic turmoil notably but not only during the 2008 financial crisis. However, both in the popular press as well as scientific publications, the meaning of bubble is sometimes unspecified. Due to the multitude of bubble definitions, we conduct a systematic review with the following questions: What definitions of asset price bubbles exist in the literature? Which definitions are used in which disciplines and how frequently? We develop a system of definition categories and categorize a total of 122 papers from eleven research areas. Our results show that although one definition is indeed prevalent in the literature, the overall definition landscape is not uniform. Next to the mostly used definition as deviation from a present value of expected future cash flows, we identify several other definitions, which rely on price properties or other specifications of a fundamental value. This research contributes by shedding light on the possible variations in which bubbles are defined and operationalized.</summary>
    <dc:date>2025-01-01T00:00:00Z</dc:date>
  </entry>
  <entry>
    <title>The role of inventories in European business cycles: Evidence from 1999-2023</title>
    <link rel="alternate" href="https://hdl.handle.net/10419/335180" />
    <author>
      <name>Härtwig, Jochen</name>
    </author>
    <author>
      <name>Keil, Sascha</name>
    </author>
    <id>https://hdl.handle.net/10419/335180</id>
    <updated>2026-01-23T07:29:42Z</updated>
    <published>2025-01-01T00:00:00Z</published>
    <summary type="text">Title: The role of inventories in European business cycles: Evidence from 1999-2023
Authors: Härtwig, Jochen; Keil, Sascha
Abstract: This paper examines the role of inventories in macroeconomic fluctuations across 29 European countries from 1999 to 2023, covering three major recessions. Using a novel panel dataset and dynamic panel-econometric methods, we analyse short- and long-run inventory behaviour. Results confirm the broadly pro-cyclical nature of inventories but reveal a more complex dynamic: inventories are initially depleted in response to demand shocks, followed by restocking and, in some cases, systematic correction after four quarters. During the Great Recession and Eurozone crisis, inventory depletion accounted for up to 80% of GDP losses, underscoring their amplifying role. In contrast, the COVID-19 recession featured limited de-stocking and earlier restocking, suggesting a structural shift in inventory strategies. These findings highlight inventories' dual role - as amplifiers or stabilizers - depending on the timing and nature of shocks, and call for greater attention to inventory dynamics in forecasting and policy design.</summary>
    <dc:date>2025-01-01T00:00:00Z</dc:date>
  </entry>
  <entry>
    <title>Baumol's cost disease in acute vs. long-term care: Do the differences loom large?</title>
    <link rel="alternate" href="https://hdl.handle.net/10419/286588" />
    <author>
      <name>Celebi, Kaan</name>
    </author>
    <author>
      <name>Härtwig, Jochen</name>
    </author>
    <author>
      <name>Sandqvist, Anna Pauliina</name>
    </author>
    <id>https://hdl.handle.net/10419/286588</id>
    <updated>2024-03-22T02:40:28Z</updated>
    <published>2024-01-01T00:00:00Z</published>
    <summary type="text">Title: Baumol's cost disease in acute vs. long-term care: Do the differences loom large?
Authors: Celebi, Kaan; Härtwig, Jochen; Sandqvist, Anna Pauliina
Abstract: Baumol's (1967) model of 'unbalanced growth' yields a supply-side explanation for the 'cost explosion' in health care. Applying a testing strategy suggested by Hartwig (2008), a sprawling literature affirms that the 'Baumol effect' has both a statistically and economically significant impact on health care expenditure growth. Skeptics maintain, however, that the proliferation of hi-tech medicine in acute care is clearly at odds with the assumption underlying Baumol's model that productivity-enhancing machinery and equipment is only installed in the 'progressive' (i.e. manufacturing) sector of the economy. They argue that Baumol's cost disease may affect long-term care, but not acute care. Our aim in this paper is to test whether Baumol's cost disease affects long-term care and acute care differently. Our testing strategy consists in combining Extreme Bounds Analysis (EBA) with an outlier-robust MM estimator. Using panel data for 23 OECD countries, our results provide robust and statistically significant evidence that expenditures on both acute care and long-term care are driven by Baumol's cost disease, even though the effect on long-term care expenditures is more pronounced.</summary>
    <dc:date>2024-01-01T00:00:00Z</dc:date>
  </entry>
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