Macroeconomics (Prof. Dinger)

Julian Meyer (Department of Macroeconomics) presented the research paper "From Environmental Gains to Social Pains: ESG Dimensions and Crowdfunding Outcomes", written by Prof. Valeriya Dinger (Department of Macroeconomics), Prof. Peter Grundke (Department of Banking and Finance), Julian Hüßing (Department of Banking and Finance) and himself, at the 4th International Conference on Alternative Finance Research (ICAFR) in Kristiansand/Norway. The paper was extremely well received by the expert audience and received the "Best PhD Candidate Paper Award".

Vera Baye (Department of Macroeconomics) received the "Best Poster Award" at the Bundesbank Workshop for Young Scientists on Applied Economics for her poster on the paper "Monetary Policy and Real Estate Price Distortions: How Bank Lending Amplifies Housing Market Imbalances". The paper is a joint research project with Prof. Valeriya Dinger and was met with great interest by the participants.

Prof. Dr. Valeriya Dinger, Prof. Dr. Peter Grundke, Valerii Amosov, Julian Hüßing and Julian Meyer have published a joint research paper entitled "Textual analysis and sustainability scores: A feasibility study" in the "Zeitschrift für Bankrecht und Bankwirtschaft".

Link to the article:  www.zbb-online.com/heft-2-2025/zbb-2025-136-textuelle-analysen-und-nachhaltigkeitsscores-eine-machbarkeitsstudie/

The feasibility study focuses on the question of the extent to which the sustainability of companies can be automatically derived from publicly accessible texts in terms of taxonomy conformity - i.e. the conformity of economic activities with the requirements of the EU Taxonomy Regulation. The natural language processing (NLP) model ClimateBERT, which specializes in climate issues, is used for this purpose. In a first step, the semantic similarity between text passages of the EU Taxonomy Regulation and over 4,000 media reports from DAX companies is analyzed. The results show a significant positive correlation between the semantic similarity and the reported taxonomy conformity. In a second step, an exemplary application of the developed models to three small and medium-sized enterprises (SMEs) is carried out. This analysis shows the potential, but also the challenges of the methodology - especially with regard to the limited data availability and quality for SMEs.

The two young scientists Vera Baye (Department of Macroeconomics) and Gerrit Wittke (Department of Banking and Finance) have been selected to participate in the 8th Lindau Nobel Meeting in Economic Sciences. This event provides a unique platform for interdisciplinary dialog between Nobel Laureates and selected young scholars from around the world to exchange ideas and address some of the most pressing questions in economic research today.

As Academic Partner of the Lindau Meetings, Osnabrück University was able to nominate two young scientists whose applications were comprehensively reviewed by a scientific committee appointed by the Board of Trustees of the Lindau Nobel Laureate Meetings. Among other things, particular attention was paid to the academic achievements of the applicants.

Prof. Dr. Valeriya Dinger, Prof. Dr. Peter Grundke and Kai Rohde have published a joint research paper entitled "On the risk commonality of US tech firms: relevance and determinants" in the journal "Technological Forecasting and Social Change". The research project by Prof. Dr. Valeriya Dinger, Prof. Dr. Peter Grundke and Kai Rohde focuses on the identification of systemic risks in US tech companies: Are these higher than for other US companies? Which subgroup of tech companies exhibits particularly high systemic risks and what are the reasons for systemic risks among tech companies? The study focuses on technology companies in the broader sense. These companies support the digital transformation of the economy in various ways, for example by providing hardware, communication technology or cloud solutions, as payment service providers or as "classic" platform providers such as Amazon. Tech companies serve as data (service) intermediaries and provide critical infrastructure for the functionality of economic processes (similar to banks). These companies can therefore harbor potentially systemically relevant risks. A key finding of the paper is that tech companies already have significantly higher levels of systemic risk than non-tech companies, but these are even lower than for financial companies. However, hardly any company-specific indicators can be found that show a high association with the level of systemic risk.

The recent research paper "Banks of a Feather: The Informational Advantage of Being Alike" by Peter Bednarek (Deutsche Bundesbank), Valeriya Dinger (Osnabrück University), Alison Schultz (Tax Justice Network) and Natalja Westernhagen (Deutsche Bundesbank), has been accepted for publication in the Journal of Money and Credit.

The recent research paper "The Real Effects of Distressed Bank Mergers" by Valeriya Dinger (Osnabrück University), Christian Schmidt (University of Mannheim) and Erik Theissen (University of Mannheim), has been accepted for publication in the journal Corporate Finance.

The current research paper "Investment incentives of rent control and gentrification - Evidence from German micro data" by Vera Baye and Prof. Dr. Valeriya Dinger has been accepted for publication in Real Estate Economics, the journal of the American Real Estate and Urban Economics Association (AREUEA).

The paper empirically shows that the effectiveness of the German rent cap introduced in 2015 is limited in terms of the affordability of rental housing. As one reason for this, the authors identify a causal negative effect of the rent freeze on the yield of rental properties subject to regulation. In addition, they examine the spillover effects between regulated properties and properties in the affected markets that were exempt from regulation and identify rising yields for the exempt properties. The study thus emphasizes that regulation contributed to gentrification by shifting the supply of rental housing away from the regulated segment.

The recent research paper "Identifying the Depreciation Rate of Durables from Marginal Spending Responses" by Valeriya Dinger, Jin Cao, Cao Cui, Martin B. Holm and Shulong Kang, has been accepted for publication in the Journal of Money, Credit and Banking.

The current research paper "Bank Bailouts and Economic Growth: Evidence from Cross-Country, Cross-Industry Data" by Prof. Dr. Valeriya Dinger (Osnabrück University), Jun.-Prof. Dr. Daniel te Kaat (University of Groningen) and Lisardo Erman (Osnabrück University), has been accepted for publication in the Journal of Financial Stability.

The current research paper "Investment incentives of rent controls and gentrification - Evidence from German micro data" by Vera Baye and Prof. Dr. Valeriya Dinger has been published as an NBP Working Paper by the Polish central bank Narodowy Bank Polski and is available at the following link:  https://www.nbp.pl/publikacje/materialy_i_studia/342_en.pdf.

The current research paper "Financial Globalization and Bank Lending: The Limit of Domestic Monetary Policy" by Prof. Dr. Valeriya Dinger, Osnabrück University, and Dr. Jin Cao, Norges Bank, has been accepted for publication in the Journal of Financial and Quantitative Analysis (ranked 4th best-ranked finance journal worldwide).

In a joint  publication recently published in the Zeitschrift für Bankrecht und Bankwirtschaft, the Banking/Financing and Macroeconomics departments investigated whether the events at Wirecard in the first half of 2020 led to contagion effects on the financial markets. However, we found no evidence of this, neither for other technology companies nor for companies with a similar business model to Wirecard. We were also unable to identify any auditor-specific contagion effects.

The study "Capital Flows, Real Estate, and Local Cycles: Evidence from German Cities, Banks, and Firms" by Peter Bednarek (Deutsche Bundesbank, PhD student at the Department of Macroeconomics) and Daniel te Kaat (University of Groningen, former PhD student and now lecturer at the Department of Macroeconomics) together with Alessandro Rebucci and Chang Ma has been accepted for publication in the Review of Financial Studies.

The Department of Macroeconomics congratulates on this excellent achievement!

The recent research paper "The interaction between macroprudential and monetary policies: The cases of Norway and Sweden" by Valeriya Dinger, Jin Cao, Anna Grodecka-Messi, Ragnar Juelsrud and Xin Zhang has been accepted for publication in the Review of International Economics.

The current research paper "Cross-Border Capital Flows and Bank Risk-Taking" by Prof. Dr. Valeriya Dinger and Jun.-Prof. Dr. Daniel te Kaat, University of Groningen, has been accepted for publication in the Journal of Banking and Finance.

A  newspaper article published in the Börsenzeitung (25.05.2019) cites a recent research paper by Prof. Dr. Valeriya Dinger, Lisardo Erman and Dr. Daniel te Kaat (Macroeconomics department) on the effects of bank bailouts on economic growth.

In addition to the persistently low interest rate environment and increasing regulation, advancing digitalization is a dominant topic for banks and savings banks. On 14.06.2018, representatives from regional institutions met at a round table with fintech representatives and members of the "Digital Society - Innovation - Regulation" profile line at Osnabrück University to discuss the challenges and effects of digitalization, especially for smaller regional banks and...

 Regional banks and fintechs discussed the effects of digitalization in the financial sector at a round table as part of the "Digital Society - Innovation - Regulation" research profile line : Read more

New article in VoxEU on financial market globalization and the limits of the effectiveness of monetary policy.

 VoxEU article: Read more