REGENSBURG PAPERS IN MANAGEMENT AND ECONOMICS
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9
We analyze the role of a well-functioning cash infrastructure for the stabilizing role of cash and the resilience of cash cycles. For that purpose, experiences from developed countries with low and high cash usage are assessed by istinguishing between demand and supply factors to demonstrate that cash has to keep a vital role as a means of payment not only to maintain its status of a highly liquid store-of-value but also as an efficient tool to combat crises. To do so, access, availability, acceptance, and affordability of cash are crucial building blocks of a robust cash infrastructure. Important aspects are also the public good characteristics of the “institution” cash which should encourage central banks to re-evaluate their position of “neutrality” as a player in the payments market to a more active role.
8
Selbst geschaffene immaterielle Vermögenswerte haben oftmals einen entscheidenden Anteil am Unternehmenserfolg und –wert, insbesondere bei forschungsintensiven Unternehmen. Die monetäre Bewertung dieser immateriellen Vermögenswerte stellt jedoch vielfach eine Herausforderung dar. In diesem Beitrag wird ein Konzept vorgestellt, mit dem die aus F&E-Projekten resultierenden immateriellen Vermögenswerte praxisorientiert bewertet werden können. Die Ergebnisse eines Praxisprojekts belegen darüber hinaus die Bedeutung immaterieller Vermögenswerte in Bezug auf die Wertschaffung von F&E-Abteilungen in forschungsintensiven Unternehmen.
7
Big Data at Work
(2021)
Does productivity decline with age? Does population aging harm economic growth? We exploit process-generated data from a large and typical service-sector company. We find no decline in average productivity in the age range of 20-60. This result is precisely measured. Our innovative identification strategy corrects for sample selection, endogeneity of age composition and age-cohort confounding. Our big data are essential to extract the signal from the noise that has marred many previous studies. While average productivity stays flat, we find variation according to task complexity. Productivity increases with age in teams with more demanding tasks and decreases in routine tasks.
6
Diese Arbeit verfolgt das Ziel, die aktuell geltende Rechtslage darzustellen und soll zusätzlich als Hilfestellung für die Erstellung von Steuererklärungen für Studierende dienen. Zunächst wird auf die Unterscheidung von Erst- und Zweitausbildung, sowie auf den damit verbundenen steuerlichen Ansatz eingegangen. Im weiteren Verlauf richtet sich der Fokus auf die im Rahmen eines Studiums typischerweise anfallen-den Aufwendungen und Einkünfte. Die aktuelle Gesetzeslage wird stets berücksichtigt.
5
Wir zeigen, dass die gängige These, Bargeld würde wegen des zunehmenden Einsatzes elektronischer Zahlungsmittel generell immer stärker an Bedeutung verlieren, sowohl im weltweiten Maßstab als auch in den Emissionsländern der international nachfragten Sorten(USD, EUR,CHF, GBPund JPY) als klar widerlegt angesehen werden kann.Besonderes Augenmerk legen wir dabeiauf die Entwicklung der Bargeldnachfrage in Krisenphasen. Hierunterscheiden wir zwischen drei verschiedenen Typen von Krisen (technologische Krisen, Finanzmarktkrisen, Naturkatastrophen) und untersuchen jeweils die krisenbedingte Nachfrage nach großen und kleinen Denominationen von Banknotenseit 1990. Dabei zeigt sich als generelles Krisen-Charakteristikum, dassin derartigenunsicheren Zeiten die Bargeldnachfrage unabhängig von der speziellen Art der Krise immer ansteigt. Dahinterstehen sowohl Transaktions - als auch Hortungsmotive. Die völlig elastische Befriedigung dieser Nachfrage durch die Zentralbanken hilft die jeweilige Situation zu beruhigen und die Unsicherheit zu reduzieren. Vor diesem Hintergrund sind Forderungen nach der Abschaffung von Bargeld äußerst kritisch zu sehen.
4
The effective use of digital technology and disruptive innovations are increasingly shaping the way companies survive in today’s markets. Consequently, the need for German Small and Medium Enterprises (SMEs) to perform a digital transformation, which implies the creation of a new business model through sophisticated technologies, is gaining significance for succeeding in the digital age. While most German SMEs have already accomplished a digitization of their collaboration and communication,a profound digital transformation is still imminent for the majority. Based on the investigation of existing literature on the subject, this paper demonstrates the suitability of design thinking methods to develop strategic thrust for a digital transformation. The key potential of design thinking is rooted in its ability to creatively solve problems and reinforce skills needed to address dynamic environments. An exemplary result of using design thinking to develop strategic thrust is presented with the fictional business model GreenCube. The concept aims to assist German SMEs in performing a digital transformation by simplifying the incorporation of sophisticated digital technologies and providing opportunities for networking and thus integrating into an ecosystem. Despite their potential, design thinking activities involve several challenges including the incongruence of pre-defined specifications and designed concepts, the gap between a focus on time-reduction and a focus on experimentation, and the lack of measurability of design thinking gains. Nevertheless, the nature of businesses’internal and external environment is becoming ever more fast-paced, making the ability to manage change increasingly critical for German SMEs to establish competitive advantage.
3
This article analyzes what drives companies to implement sustainable practices in business. A description of how sustainability affects business shall give an exemplified picture of sustainable corporate behavior. The term ‘sustainability’ is described. The approach of the three dimensions of sustainability shall serve as a basic understanding to evaluate the possibilities of an implementation of sustainability in business. The concepts of environmental management, sustainable management and Corporate Social Responsibility are described. The meaning of the driver ‘ethical responsibility’ in business is analyzed as a framework for Corporate Social Responsibility. This can be implemented in business through a code of ethics, for example. Studies and current findings confirm that Corporate Social Responsibility has become an evolving trend and is of growing importance in business today. Conclusively, the driver ‘ethical responsibility’ was found to motivate companies towards sustainable business practices.
2
Nowcasting des deutschen BIP
(2017)
Obgleich es zahlreiche Institutionen gibt, die das deutsche Bruttoinlandsprodukt vorhersagen, mangelt es aktuell an sogenannten „Nowcasting“-Modellen, deren Prognosegüte mit jedem neu verfügbaren, das deutsche Bruttoinlandsprodukt beeinflussenden Datenpunkt verbessert wird. In der folgenden Arbeit wird ein Konzept entwickelt und getestet, das auf Basis einer Bottom-up-Modellierung Nowcasting-Prognosen für das deutsche Bruttoinlandsprodukt ermöglicht. Hierbei bringt es mit der verwendeten Kombination von Modellen einen neuen Ansatz in die aktuelle Literatur des Nowcasting für das deutsche Bruttoinlandsprodukt ein. Durch die diversifizierte Vorhersage der einzelnen Komponenten ist neben einer verbesserten Prognosegüte ebenfalls eine dezidierte Interpretation des wirtschaftlichen Geschehens möglich. Das vorgestellte Prognosemodell zeigt in einem Pseudo Out of Sample Test eine gute Prognoseleistung im Vergleich zu Benchmark-Modellen und kann insbesondere in Krisenzeiten mit geringen Prognosefehlern überzeugen.
1
To broaden the operational scope of monetary policy, several authors suggest cash abolishment as an appropriate means of breaking through the zero lower bound. The key question in this respect is: What are the costs of such a proposal? We argue that the welfare costs of bypassing the zero lower bound can be dealt with analytically and empirically by assuming negative interest rates on cash holdings. Adopting a money-in-the-utility-function (MIU) model, we measure the welfare loss in terms of theamount needed to compensate consumers (compensated variation), and as excess burden (deadweight loss) imposed on the economy. Firstly, we gauge the welfare effects of abolishing cash, both, for the Euro area and for Germany, and we perform several robustness checks. Secondly, we broaden the analysis by taking into account the liquidity services of assets included in the monetary aggregates M1 and M3, and we contrast the results for the year 2015 with those for the pre-crisis period 2005. Our findings suggest that the welfare losses of negative interest rates incurred by consumers and society are large, notably if implemented in a low interest rate environment. Imposing a negative interest rate of 3 percent on cash holdings and reducing the interest on all assets included in M3 creates a deadweight loss of € 62bn for euro area and of €18bn for Germany. The annual compensation required by consumers in the euro area as well as in Germany is equivalent to 2.2 percent of GDP or about €700 per capita. Thus, stepping into deep negative interest rates turns out to be a very costly economic experiment, leaving aside the potential risks and negative side effects of protracted and intensified unconventional monetary policy.
