Research

1. Refereed Journals

von Kalckreuth, Ulf, Tobias Schmidt, Helmut Stix (2014), Using cash to monitor liquidity – implications for payments, currency demand and withdrawal behavior, Journal of Money, Credit and Banking, Vol 46(8), 1753-1786.

von Kalckreuth, Ulf, Tobias Schmidt, Helmut Stix (2014), Choosing and using payment instruments: evidence from German microdata, Empirical Economics, Vol 46(3), 1019-1055.

von Kalckreuth, Ulf and Guntram Wolff (2011), Identifying discretionary fiscal policy with real-time data, Journal of Money, Credit and Banking, Vol. 43(6), 1271-1285.

von Kalckreuth, Ulf  (2011), Panel estimation of state dependent adjustment when the target is unobserved, Empirical Economics, Vol. 40(1), 205-235.

von Fürstenberg, George and Ulf von Kalckreuth, Dependence on external finance by manufacturing sector: Examining the measure and its properties. Économie internationale, Vol. 111(1), 2007, p. 55-80, accepted version, pdf 188 kB

von Kalckreuth, Ulf and Gerhard Ziebarth, Globalisation, accumulation and inequality - the case of Germany. Zeitschrift für Wirtschaftspolitik, Vol. 56(2), 2007, 231-251, accepted version, pdf 416 kB

von Kalckreuth, Ulf, Financial constraints and capacity adjustment - Evidence from a large panel of survey data. Economica, Vol. 73, issue 292, 2006, 691-724, accepted version pdf, 217 KB

von Fürstenberg, George and Ulf von Kalckreuth - Dependence on external finance - an inherent industry characteristic? Open Economies Review Vol. 17(4), 2006, 541-559

von Kalckreuth, Ulf and Manfred Krtscha, Stable solutions to homogeneous difference-differential equations with constant coefficients: Analytical instruments and an application to monetary policy. Applications of Mathematics, Vol. 49(4), 2004, 373-386.

von Kalckreuth, Ulf, Exploring the role of uncertainty for corporate investment decisions in Germany. Swiss Journal of Economics, Vol. 139(2), 2003, 173-206.

Jean-Bernard Chatelain, Ignacio Hernando, Andrea Generale, Ulf von Kalckreuth and Philip Vermeulen, New findings on firm investment and monetary transmission in the Euro area. Oxford Review of Economic Policy, Vol. 19(1), 2003, 1-11.

von Kalckreuth, Ulf and Juergen Schroeder, Monetary transmission in the New Economy: Service life of capital, transmission channels and the speed of adjustment. Jahrbuch für Wirtschaftswissenschaften (Review of Economics) 53, December 2002, 125-141.

2. Books

von Kalckreuth, Ulf, Financing Constraints and the Adjustment Dynamics of Enterprises. Habilitationsschrift zur Erlangung der Lehrbefugnis an der Universität Mannheim, unpublished, May 2008. Habilitation webpage

von Kalckreuth, Ulf, Wachstum und soziale Integration in dualistischen Volkswirtschaften. (Growth and social integration in dualistic economies), Berlin et al, Peter Lang, 1998, ISBN 3-631-34323-X

3. Book Chapters

von Kalckreuth, Ulf, and Gerhard Ziebarth, Wachstum tut not! Selbstalimentation und funktionale Einkommensverteilung im Wachstumsgleichgewicht einer offenen Volkswirtschaft. In: Makram El-Shagi and Gerhard Rübel (eds.): Aspekte der internationalen Ökonomie. Festschrift für Jürgen Schröder zum 65. Geburtstag. Deutscher Universitäts-Verlag, Wiesbaden, 2005

von Kalckreuth, Ulf, Financial constraints and real activity. A non-structural approach using UK survey data, BIS Papers No. 20, „Investigating the relationship between the financial and the real economy“, Bank for International Settlements, April 2005, 64-81

Chatelain, Jean-Bernard, Ignacio Hernando, Andrea Generale, Philip Vermeulen, and Ulf von Kalckreuth, Firm investment and monetary policy transmission in the euro area. In: Ignazio Angeloni, Anil Kashyap, Benoit Mojon (eds.), Monetary Policy Transmission in the Euro Area, Cambridge, Cambridge University Press, 2003, 133-161.

von Kalckreuth, Ulf, Investment and monetay transmission in Germany: A microeconometric approach. In: Ignazio Angeloni, Anil Kashyap, Benoit Mojon (eds.), Monetary policy transmission in the Euro Area, Cambridge, Cambridge University Press, 2003, 173-186.

von Kalckreuth, Ulf, Discussion of ‘The impact of uncertainty on investment plans’, by Paul Butzen, Catherine Fuss and Philip Vermeulen. In: Jan Smets, Catherine Fuss, Paul Butzen (eds.), Firms' investment and finance decisions: Theory and empirical methodology, Cheltenham, Edward Elgar, 2003, 245-252.

4. Not Refereed Journals

von Kalckreuth, Ulf (2014), A Research Data and Service Centre (RDSC) at the Deutsche Bundesbank:  a draft concept. IFC-Bulletin No 37, Irving-Fisher Committee on Central Bank Statistics, 2014; also published in Banco de Portugal, Supplement to the Statistical Bulletin 3/2013 – Papers presented at the Workshop on integrated management of micro databases.

von Kalckreuth, Ulf, Der finanzielle Akzelerator in der monetären Transmission (The financial accelerator in monetary transmission).Wirtschaftsdienst, Vol. 82 (9), September 2002, 555-560.

5. Selected Working Papers and Work in Progress

von Kalckreuth, Ulf, Martin Eisele, Julia Le Blanc, Tobias Schmidt, Junyi Zhu: The PHF: a comprehensive panel survey on household finances and wealth in Germany. Deutsche Bundesbank Discussion Paper No. 13/2012.

von Kalckreuth, Ulf and Leonid Silbermann (2010), Bubbles and incentives: A post-mortem Examination of the Neuer Markt in Germany, Deutsche Bundesbank Discussion Paper Series 1, No. 15/2010.

von Kalckreuth, Ulf, Financing constraints, firm level adjustment of capital and aggregate implications. Deutsche Bundesbank Discussion Paper Series 1, No. 11/2008.

von Kalckreuth, Ulf, Panel estimation of state dependent adjustment when the target is unobserved. Deutsche Bundesbank Discussion Paper Series 1, No. 09/2008.

von Kalckreuth, Ulf and Guntram B. Wolff, Testing the contemporary fiscal policy discretion with real time data. Deutsche Bundesbank Discussion Paper Series 1, No. 24/2007, pdf, 349 kB

von Kalckreuth, Ulf, Wrecking behaviour and the overpricing of distressed companies, revised version, January 2006, pdf, 240 kB Replaces earlier version published under the name of “A wreckers theory of financial distress” as Deutsche Bundesbank Discussion Paper No 40/2005.

von Kalckreuth, Ulf, and Emma Murphy, Financial constraints and capacity adjustment in the United Kingdom: Are small firms really different? Evidence from a large panel of survey data. Discussion paper of the Economic Research Centre of the Deutsche Bundesbank No 01/05, pdf, 442 KB , also published as Bank of England Working Paper 260, May 2005, pdf, 421KB

von Kalckreuth, Ulf, Financial constraints for investors and the speed of adaptation: Are innovators special? Discussion Paper of the Economic Research Centre of the Deutsche Bundesbank, No. 20/04, pdf, 721 KB

Breitung, Jörg, Robert S. Chirinko and Ulf von Kalckreuth, A vectorautoregressive investment model (VIM) and monetary policy transmission: Panel evidence from German firms. Discussion Paper of the Economic Research Centre of the Deutsche Bundesbank, No. 6/03. pdf, 195 KB

Chirinko, Robert S. and Ulf von Kalckreuth, On the German monetary transmission mechanism: Interest rate and credit channels for investment spending. CESifo Working Paper No. 838, January 2003. pdf, 416 KB

Chirinko, Robert S. and Ulf von Kalckreuth, Further evidence on the relationship between firm investment and financial status, Discussion Paper of the Economic Research Centre of the Deutsche Bundesbank, No. 28/02, November 2002. pdf, 167 KB

von Kalckreuth, Ulf and Juergen Schroeder, Monetary transmission in the New Economy: Serveice life of capital, transmission channels and the speed of adjustment. Discussion Paper of the Economic Research Centre of the Deutsche Bundesbank, No. 16/02, July 2002. pdf, 303 KB

von Kalckreuth, Ulf, and Manfred Krtscha, Stable solutions to homogeneous difference-differential equations with constant coefficients: Analytical instruments and an application to monetary policy. Institut für Volkswirtschaftslehre und Statistik, Discussion Paper 608-2002, April 2002. pdf, 102 KB

Chatelain, Jean-Bernard, Ignacio Hernando, Andrea Generale, Philip Vermeulen, and Ulf von Kalckreuth, Firm investment and monetary transmission in the Euro area. Discussion Paper 20/01, Economic Research Centre of the Deutsche Bundesbank (also as ECB Working Paper 112, December 2001). pdf, 325 KB

von Kalckreuth, Ulf, Monetary transmission in Germany: New perspectives on financial constraints and investment spending. Discussion Paper 19/01, Economic Research Centre of the Deutsche Bundesbank (also as ECB Working Paper 109, December 2001). pdf, 624 KB

von Kalckreuth, Ulf, Ethnic dualism and communication costs - Explaining segmentation and wage inertia. Institut für Volkswirtschaftslehre und Statistik. Universität Mannheim, Discussion Paper No. 593-2000, November 2000. pdf, 183 KB

von Kalckreuth, Ulf, Exploring the role of uncertainty for corporate investment decisions in Germany. Discussion Paper 5/00, September 2000, Economic Research Centre of the Deutsche Bundesbank. pdf, 1.2 MB

von Kalckreuth, Ulf, Social learning in dualistic societies: Segregation, growth and distribution. Institut für Volkswirtschaftslehre und Statistik. Universität Mannheim, Discussion Paper No. 571-99, January 2000. pdf, 192 KB

von Kalckreuth, Ulf, Social interactions - Is there really an identification problem? Institut für Volkswirtschaftslehre und Statistik Universität Mannheim, Discussion Paper No. 567-99, November 1999. pdf, 237 KB

5. Presentations (until October 2008)

October 2008, Discussion of “The Impact of Low Income Homeowners on the Volatility of House Prices”, by Peter Westerheide, Conference “What Drives Asset and Housing Markets?“, Deutsche Bundesbank and ZEW, Mannheim, October 20-21, 2008.

August 2008, “Panel Estimation of State Dependent Variables when the Target is Unobserved. Moment Conditions and an Application to Survey Data”. Econometric Society, European Meeting (ESEM), Milano, 27-31 August.

January 2008, “Financing Constraints, Micro Adjustment of Factor Use and Aggregate Implications”, Annual Meeting of the North American Economics and Finance Association 2008, New Orleans, 4-6 January.

October 2007, “Moment Conditions for Estimating State Dependent Adjustment with Unobserved Targets: Methods and an Application on Investment Survey Data”, CES-Ifo Conference on “Survey Data in Economics - Methodology and Applications”, Munich, 19-20 October.

October 2007, “Moment Conditions for Estimating State Dependent Adjustment with Unobserved Targets: Methods and an Application on Investment Survey Data”, Verein für Socialpolitik, Annual Meeting 2007, Munich, 09-12 October.

July 2007, “Financing Constraints, Micro Adjustment of Factor Use and Aggregate Implications” 3rd Kleistvilla Workshop on “Financial Structure of Financial and Non-Financial Firms: Determinants and Consequences”, Potsdam, 9 July

April 2007, “Financing Constraints, Micro Adjustment of Factor Use and Aggregate Implications”, Deutsche Bundesbank / Banque de France Spring Conference 207 “Microdata Analysis and Macroeconomic Implications”, Eltville, Germany, 27-28 April

March 2007, “Dependence on External Finance by Manufacturing Sector: Examining the Measure and its Properties” International Conference on “Opening and Innovation on Financial Emerging Markets” Beijing, 27-28. March

August 2006, “Wrecking behaviour and the overpricing of distressed companies”, Econometric Society, European Meeting, Vienna, 24-28 August

May 2006, “Financial constraints for investors and the speed of adaptation: Are innovators special?”, ECB Workshop on Corporate Finance and Monetary Policy, Frankfurt, ECB, 15-16 May.

April 2006, “Financing constraints and state dependent adjustment dynamics. A new estimation routine using micro-level survey data” Conference in Honour of George von Fürstenberg, Economics Dept., Indiana University, Bloomington, 28-29 April 2006

April 2006, “Wrecking behaviour and the overpricing of distressed companies” Joint Lunchtime Seminar of the ECB, the Center for Financial Studies and the Deutsche Bundesbank, Frankfurt, 18 April

January 2006, “X-raying Rajan and Zingales’ black box: Dependence on external finance as industry characteristic?” Annual Meeting of the North American Economics and Finance Association, Boston, 6-8. January 2006 (Jointly with George von Fürstenberg).

October 2005, “Financial constraints for investors and the speed of adaptation: Are innovators special?”, Ifo Conference on Survey Data in Economics - Methodology and Applications, CESifo Conference Centre, Munich, 15-15 October 2005

September 2005, “Financial constraints for investors and the speed of adaptation: Are innovators special?” Verein für Socialpolitik, Annual Meeting 2005, Bonn, 27-29. September 2005

September 2005 Discussion of “How important is equity finance for R&D activity? Evidence from German SME” by E. Müller and V. Zimmermann, 2nd ZEW Conference on the Economics of Innovation and Patenting, Mannheim, 19-20 September

June 2005, “Wachstum tut not”. Symposion on ‘Aspekte der Internationalen Ökonomie’, Eltville, Germany, 18 June 2005

May 2005, “A ‘wreckers theory’ of financial distress” Discussion of Campbell et al., “In search of distress risk” Seventh Bundesbank Spring Conference: Macroeconomic risk and policy responses. Berlin, 27-28 May 2005

September 2004, “Continuous excercises of real options in a panel of FDI objects in the OECD 23 countries – A discussion”, Bundesbank Workshop on FDI Research in Frankfurt, 8 September 2004.

August 2004, “Financial constraints and real activity in the UK – A non-structural approach using UK Survey Data”, 19th Meeting of the European Economic Association in Madrid, August 20-24 2004

August 2004, “Financial constraints for investors and the speed of adaptation: Are innovators special? Centre for European Integration Studies Summer School, Bonn 29.07.04-07.08.04

June 2004, “Financial constraints and capacity adjustment in the United Kingdom: Are small firms really different?”, 21st Symposium on Banking and Monetary Economics in Nice, June 10-11 2004

May 2004: “Financing constraints for innovators in Britain and Germany”, 6th Bundesbank Spring Conference on “Financing Innovation”, Eltville, 30 April and 1 May 2004

December 2003: “Financial constraints and real activity in the UK – A non-structural approach using UK Survey Data”, CESifo Conference on “Academic Use of Ifo Survey Data” in Munich.

October 2003: “A Vectorautoregressive Investment Model (VIM) and Monetary Policy Transmission: Panel Evidence from German Firms”, Verein für Socialpolitik, Annual Meeting 2003, Zurich (presented by co-author)

October 2003: “Financial constraints and real activity in the UK – A non-structural approach using UK Survey Data”, 2003 BIS Autumn Central Bank Economists’ Meeting, Basel

September 2003: “A Vectorautoregressive Investment Model (VIM) and Monetary Policy Transmission: Panel Evidence from German Firms”. Cambridge University, Money, Macro and Finance Research Group, 35th Annual Conference, Cambridge.

June 2003: “A vectorautoregressive investment model (VIM) and monetary policy transmission: Panel evidence from German firms”. 2003 Econometric Society North American Summer Meeting in Evanston, Illinois (presented by co-author).

April 2003: “A vectorautoregressive investment model (VIM) and monetary policy transmission: Panel evidence from German firms”. Annual Meeting of the Royal Economic Society in Warwick, UK.

March 2003: “New findings on firm investment and monetary transmission in the Euro area”. CEPR / ZEI Conference on “Empirical Macro Models of the Euro Economy: Sectoral Performance” in Bonn.

January 2003: “Firm investment and monetary transmission in the Euro area”. Annual Meeting of the American Economic Society in Washington, DC.

August 2002: “Firm investment and monetary transmission in the Euro area”. Econometric Society, European Meeting in Venice (presented by co-author).

July 2002: ““Firm investment and monetary transmission in the Euro area” 10th International Conference on Panel Data, Berlin (presented by co-author).

May 2002: “The impact of uncertainty on investment plans. A discussion” Conference on “New Views on Firm's Investment and Finance Decisions”, National Bank of Belgium, Brussels.

March 2002: "Monetary transmission in Germany: New perspectives on financial constraints and investment spending", Annual Meeting of the Royal Economic Society in Warwick, UK.

January 2002: “Exploring the role of uncertainty for corporate investment decisions in Germany”. Annual Meeting of the American Economic Society in Atlanta, USA.

December 2001: Monetary transmission in Germany: New perspectives on financial constraints and investment spending”, ECB Conference on “Monetary Policy Transmission in the Euro Area”, Frankfurt

March 2001: “Exploring the role of uncertainty for corporate investment decisions in Germany”, Conference at the City University of London on “New Developments in Investment Economics: Where Is the Research Agenda Leading?”, London.

March 2001: “Exploring the role of uncertainty for corporate investment decisions in Germany” Annual Meeting of the Royal Economic Society in Durham, UK

March 2000: “Exploring the role of uncertainty for corporate investment decisions in Germany”, International Atlantic Society Conference in Munich

Sept. 1999:Social interactions - Is there really an identification problem?” Annual Meeting 1999, Verein für Socialpolitik, Mainz

April 1999, “Social learning in dualistic societies: Segregation, growth and distribution”, Passau Workshop on International Relations, University of Passau

 

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