We provide a comprehensive analysis of income inequality and income dynamics for Germany over the last two decades. Combining personal income tax and social security data allows us-for the first time-to offer a complete picture of the distribution of annual earnings in Germany. We find that...

Österreich befindet sich, wie Deutschland und andere europäische Länder, derzeit in einer Rezession, für die starke Risiken einer Verlängerung bestehen. Die Forschung zeigt, dass unter solchen Umständen Budgetkonsolidierungen deutlich schwieriger erfolgreich durchzuführen sind,...

This paper proposes a new relative evaluation and benchmarking framework for performance linked financing instruments. It argues that the carrots and sticks of sustainability-linked bonds should not use key performance indicators which are solely tied to outcomes. Instead, they should be based...

Globally, more than 130 million people are estimated to be in food crisis. These humanitarian disasters are associated with severe impacts on livelihoods that can reverse years of development gains. The existing outlooks of crisis-affected populations rely on expert assessment of evidence and...

Recent advances in food insecurity classification have made analytical approaches to predict and inform response to food crises possible. This paper develops a predictive, statistical framework to identify drivers of food insecurity risk with simulation capabilities for scenario analyses, risk...

This paper introduces a Spatial Vector Autoregressive Moving Average (SVARMA) model in which multiple cross-sectional time series are modeled as multivariate, possibly fat-tailed, spatial autoregressive ARMA processes. The estimation requires specifying the cross-sectional spillover channels...

This paper discusses both the relevance of economic and social rights (ESRs) for environmental, social, and governance (ESG) investing in the sovereign debt asset class and how to start incorporating these rights into the investment process in a practical way. Many in the investment industry...

Climate change and environmental risks are increasingly recognized as a concern for financial authorities, yet empirical evidence of the damage for bank balance sheets is relatively scant. This paper provides preliminary estimates of the aggregate impact of physical risks from climate and...

This paper estimates rates of return on wealth across gross wealth groups by matching individual-level survey data with macroeconomic return data for Germany. Using machine learning for more detailed financial asset categories, we find that the average nominal rate of return on gross assets for...