Characteristics of exporting and non-exporting firms in Austria

In this study we provide detailed evidence on the importance and performance of exporters compared to non-exporters in Austrian manufacturing, based on firm level data. The results are in line with those found in other studies pointing towards the exceptional role of exporting firms with respect to various size and performance measures. We provide both descriptive as well as econometric evidence on these ‘export premia’ along these lines and further present a brief comparison with results found for other countries. Our findings however also suggest the existence of quite large differences across industries with respect to the export premia which deserves further attention.export premium, heterogenous firms, trade

Austrian Exporters: A Firm-Level Analysis

exports, firm heterogeneity, export premium, Austrian manufacturing firms

Essays on financial frictions in macroeconomics

This dissertation consists of two chapters. In the first chapter, I study the dynamics of corporate debt maturity over the business cycle, and how the debt maturity structure of a firm matters for its investment decisions. I find that in the data, the corporate debt maturity structure is pro-cyclical, especially for small firms. Moreover, larger firms use more long-term debt in general. I construct a quantitative model to explain these findings. The main results are twofold: First, maturity dynamics can be explained by a trade-off between default incentives, which favor short-term debt, and roll-over costs, which favor long-term debt. Second, long-term debt can lead to substantial under-investment. In the second chapter, I study bank capital regulation in a model with endogenous bank runs. The model economy has both retail and shadow banks. Financial instability arises, because retail banks will occasionally run on shadow banks. The regulator faces a trade-off between reducing financial instability and ensuring that financial intermediation is efficient. I find that a dynamic capital requirement on retail banks is an effective policy instrument to reduce the frequency of bank runs, because it allows retail banks to build up a buffer during normal times that they can use to increase leverage capacity during a bank run. The cost of imposing a capital requirement is however high, if banks cannot issue external equity

Labour mobility and knowledge spillovers across industries

Diese Arbeit analysiert die Verbindung zwischen Produktivität und Arbeitsmarktmobilität. Die darin getestete Hypothese besagt, dass technologisches Wissen durch die Bewegungen von Fachkräften in der Form von Humankapital über Industrien verbreitet wird. Das Wissen diffundiert daraufhin im neuen Umfeld und führt zu Produktivitätssteigerungen. Basierend auf neuesten theoretischen Erkenntnissen, die empirisch bestätigt wurden, wird ein endogenes Wachstumsmodell entwickelt, das die Produktivität von Arbeit im Hinblick auf Wissensakkumulation erklärt. Sodann bestätigen die Ergebnisse der empirischen Analyse die wichtige Rolle des Humankapitals als eine Quelle für Wissenstransfers. Da Arbeitsmarktbewegungen eng mit Input-Output Verbindungen von Industrien verknüpft ist, deutet dieses Ergebnis darauf hin, dass die in der Literatur geschätzten Produktivitätseffekte von Spillover Effekten aus Renten in Wirklichkeit zum Teil durch Wissenstransfer entstehen. Aufgrund der Heterogenität der Produktionsindustrien wird das Modell danach erweitert und mit separaten Koeffizienten für Hoch-, Mittel- und Niedrigtechnologiesektoren geschätzt. Die Resultate bestätigen die Annahme, dass Industrien mit einem niedrigen technologischen Niveau auch niedrigere Wissenstransfers erzeugen als Industrien mit einem höheren technologischen Level. Diese Arbeit ist ein erster Schritt zur Schätzung der Produktivitätseffekte aus Wissenstransfers im Hinblick auf Arbeitsmarktmobilität und soll deren Bedeutung für wirtschaftliches Wachstum hervorheben.This paper addresses the link between productivity and labour mobility. The hypothesis tested in the paper is that technology is transmitted across industries through the movement of skilled workers embodying human capital. The embodied knowledge is then diffused within the new environment creating spillovers and leading to productivity improvements. Based on recent theoretical findings that were confirmed by empirical evidence, a theoretical endogenous growth model is developed that explains labour productivity with respect to knowledge acquisition. The empirical analysis confirms the importance of human capital transferred across industries as a source for knowledge spillovers. Due to the fact that labour mobility is closely linked to input-output relations, this finding provides evidence suggesting that part of the estimated productivity effects of rent spillovers are in fact due to labour mobility. Given the heterogeneity of the manufacturing sector, including both traditional and high technology sectors, the model was then extended and re-estimated with separate coefficients for high, medium and low technology industries. The results confirm the assumption that industries with a low technological level create lower knowledge spillovers to other sectors than medium and high technology industries. The paper is meant to be a first step in the direction of estimating knowledge spillovers through labour mobility and should point out the importance of the mobility of human capital that goes hand in hand with the diffusion of knowledge into other industries for economic growth

Deleted in malignant brain tumors 1 (DMBT1) elicits increased VEGF and decreased IL-6 production in type II lung epithelial cells

Background: Deleted in malignant brain tumors 1 (DMBT1) is an innate defence protein expressed in the lungs of preterm infants and adults. Recent studies showed that DMBT1 is important in angiogenesis and can bind to different growth factors including VEGF. We aimed at examining relationships between VEGF and IL-6 levels to DMBT1 expression in the lungs of preterm and term infants and in lung epithelial cells in vitro. Methods: We examined by ELISA VEGF levels in 120 tracheal aspirates of 57 preterm and term infants and tested for correlation with different perinatal factors as well as with DMBT1 levels. To examine the effect of DMBT1 on VEGF and IL-6 expression we compared type II lung epithelial A549 cells stably transfected with a DMBT1 expression plasmid (DMBT1+ cells) to A549 cells stably transfected with an empty expression plasmid (DMBT1- cells). The concentrations of VEGF and IL-6 were determined via ELISA in the supernatant of the unstimulated cells and after stimulation with LPS, TNFα and Phorbol-12-myristate-13-acetate (PMA). Results: The VEGF levels in the tracheal aspirates of preterm and term infants were significantly correlated with DMBT1 levels (p = 0.0032), the postnatal age (p = 0.0073) and the presence of neonatal infection/sepsis (p = 0.0002). Unstimulated DMBT1+ A549 cells showed significantly higher VEGF expression (p = 0.0017) than DMBT1- cells. Significantly elevated VEGF levels were also confirmed for DMBT1+ cells after stimulation with TNFα (p = 0.0008), LPS (p = 0.0232) and PMA (p = 0.0025). The IL-6 levels were comparable in DMBT1+ versus DMBT1- cells without stimulation (p = 0.6028), but they were significantly reduced in DMBT1+ cells after stimulation with TNFα (p = 0.0003), LPS (p = 0.0088) and PMA (p = 0.0039). Conclusions: The data indicate that DMBT1 promotes VEGF and suppresses IL-6 production in alveolar tissues, which could point to DMBT1 having a possible role in the transition from inflammation to regeneration and being a potentially useful clinical marker

Nabelvenenkatheter- und periphere zentrale katheterassoziierte Komplikationen bei Frühgeborenen mit einem Geburtsgewicht < 1250 g : Ergebnisse einer Umfrage in Österreich und Deutschland

Background and objective Umbilical venous catheters (UVC) and peripherally inserted central catheters (PICC) are commonly used in preterm infants but have been associated with a number of serious complications. We performed a survey in Austria and Germany to assess the use of UVCs and PICCs in preterm infants with a birth weight < 1250 g and associated rates of catheter-related adverse events. Methods Electronic survey of participating centers of the NeoVitaA trial. Main outcome parameter was the reported rates of UVC- and PICC-associated complications (infection, thrombosis, emboli, organ injury, arrhythmia, dislocation, miscellaneous). Results In total, 20 neonatal intensive care units (NICU) providing maximal intensive care in Austria and Germany (level I) were contacted, with a senior neonatologist response rate of 12/20 (60%). The reported rates for UVC with a dwell time of 1–10 days were bacterial infection: 4.2 ± 3.4% (range 0–10%); thrombosis: 7.3 ± 7.1% (0–20%); emboli: 0.9 ± 2.0% (0–5%); organ injury: 1.1 ± 1.9% (0–5%); cardiac arrhythmia: 2.2 ± 2.5% (0–5%); and dislocation: 5.4 ± 8.7% (0–30%); and for PICCs with a dwell time of 1–14 days bacterial infection: 15.0 ± 3.4% (range 2.5–30%); thrombosis; 4.3 ± 3.5% (0–10%); emboli: 0.8 ± 1.6% (0–5%); organ injury: 1.5 ± 2.3% (0–5%); cardiac arrhythmia: 1.5 ± 2.3% (0–5%), and dislocation: 8.5 ± 4.6% (0–30%). Conclusion The catheter-related complication rates reported in this survey differed between UVCs and PICCs and were higher than those reported in the literature. To generate more reliable data on this clinically important issue, we plan to perform a large prospective multicenter randomized controlled trial investigating the non-inferiority of a prolonged UVC dwell time (up to 10 days) against the early change (up to 5 days) to a PICC.Hintergrund und Ziel Nabelvenenkatheter („umbilical venous catheters“ [UVC]) und periphere zentrale Venenkatheter (PICC) werden häufig bei Frühgeborenen eingesetzt, sind jedoch mit einer Reihe von schwerwiegenden Komplikationen verbunden. In Österreich und Deutschland wurde eine Umfrage durchgeführt, um die Verwendung von UVC und PICC bei Frühgeborenen mit einem Geburtsgewicht < 1250 g und die damit verbundenen Raten von katheterbedingten unerwünschten Ereignissen zu bewerten. Methoden Elektronische Befragung der teilnehmenden Zentren der NeoVitaA-Studie. Hauptergebnisparameter waren die gemeldeten Raten von UVC- und PICC-assoziierten Komplikationen (Infektion, Thrombose, Embolie, Organverletzung, Arrhythmie, Dislokation, Sonstiges). Ergebnisse Insgesamt wurden 20 neonatale Intensivstationen (NICU) mit maximaler Intensivpflege in Österreich und Deutschland (Level I) kontaktiert, wobei 12/20 (60 %) von leitenden Neonatologen beantwortet wurden. Die gemeldeten Raten für UVC mit einer Verweildauer von 1 bis 10 Tagen waren bakterielle Infektionen: 4,2 ± 3,4 % (Bereich: 0–10 %); Thrombose: 7,3 ± 7,1 % (0–20 %); Embolie: 0,9 ± 2,0 % (0–5 %); Organverletzung: 1,1 ± 1,9 % (0–5 %); Herzrhythmusstörungen: 2,2 ± 2,5 % (0–5 %); und Dislokation: 5,4 ± 8,7% (0–30 %); und bei PICC mit einer Verweildauer von 1 bis 14 Tagen bakterielle Infektionen: 15,0 ± 3,4 % (Bereich: 2,5–30 %); Thrombose: 4,3 ± 3,5 % (0–10 %); Embolie: 0,8 ± 1,6 % (0–5 %); Organverletzung: 1,5 ± 2,3 % (0–5 %); Herzrhythmusstörungen: 1,5 ± 2,3 % (0–5 %) und Verrenkungen: 8,5 ± 4,6 % (0–30 %). Schlussfolgerung Die in dieser Umfrage berichteten katheterbedingten Komplikationsraten unterschieden sich zwischen UVC und PICC und waren höher als die in der Literatur berichteten. Um zuverlässigere Daten zu diesem klinisch wichtigen Thema zu erhalten, ist eine große prospektive, multizentrische, randomisierte, kontrollierte Studie geplant, in der die Nichtunterlegenheit einer verlängerten UVC-Verweildauer (bis zu 10 Tage) gegenüber dem frühen Wechsel (bis zu 5 Tage) zu einem PICC untersucht werden soll

Black carbon aerosol reductions during COVID-19 confinement quantified by aircraft measurements over Europe

The abrupt reduction in human activities during the first lockdown of the COVID-19 pandemic created unprecedented atmospheric conditions. To quantify the changes in lower tropospheric air pollution, we conducted the BLUESKY aircraft campaign and measured vertical profiles of black carbon (BC) aerosol particles over western and southern Europe in May and June 2020. We compared the results to similar measurements of the EMeRGe EU campaign performed in July 2017 and found that the BC mass concentrations (MBC) were reduced by about 48%. For BC particle number concentrations, we found comparable reductions. Based on ECHAM/MESSy Atmospheric Chemistry (EMAC) chemistry-transport model simulations, we found differences in meteorological conditions and flight patterns responsible for about 7% of the MBC reductions. Accordingly 41% of MBC reductions can be attributed to reduced anthropogenic emissions. Our results reflect the strong and immediate positive effect of changes in human activities on air quality and the atmospheric role of BC aerosols as a major air pollutant in the Anthropocene

Black carbon aerosol reductions during COVID-19 confinement quantified by aircraft measurements over Europe

The abrupt reduction in human activities during the first lockdown of the COVID-19 pandemic created unprecedented atmospheric conditions. To quantify the changes in lower tropospheric air pollution, we conducted the BLUESKY aircraft campaign and measured vertical profiles of black carbon (BC) aerosol particles over Western and Southern Europe in May and June 2020. We compared the results to similar measurements of the EMeRGe EU cam�paign performed in July 2017 and found that the BC mass concentrations (MBC) were reduced by about 47%. For BC particle number concentrations, we found comparable reductions

Numerical simulation of the impact of COVID-19 lockdown on tropospheric composition and aerosol radiative forcing in Europe

Aerosols influence the Earth\u27s energy balance directly by modifying the radiation transfer and indirectly by altering the cloud microphysics. Anthropogenic aerosol emissions dropped considerably when the global COVID-19 pandemic resulted in severe restraints on mobility, production, and public life in spring 2020. We assess the effects of these reduced emissions on direct and indirect aerosol radiative forcing over Europe, excluding contributions from contrails. We simulate the atmospheric composition with the ECHAM5/MESSy Atmospheric Chemistry (EMAC) model in a baseline (business-as-usual) and a reduced emission scenario. The model results are compared to aircraft observations from the BLUESKY aircraft campaign performed in May–June 2020 over Europe. The model agrees well with most of the observations, except for sulfur dioxide, particulate sulfate, and nitrate in the upper troposphere, likely due to a biased representation of stratospheric aerosol chemistry and missing information about volcanic eruptions. The comparison with a baseline scenario shows that the largest relative differences for tracers and aerosols are found in the upper troposphere, around the aircraft cruise altitude, due to the reduced aircraft emissions, while the largest absolute changes are present at the surface. We also find an increase in all-sky shortwave radiation of 0.21 ± 0.05 W m⁻² at the surface in Europe for May 2020, solely attributable to the direct aerosol effect, which is dominated by decreased aerosol scattering of sunlight, followed by reduced aerosol absorption caused by lower concentrations of inorganic and black carbon aerosols in the troposphere. A further increase in shortwave radiation from aerosol indirect effects was found to be much smaller than its variability. Impacts on ice crystal concentrations, cloud droplet number concentrations, and effective crystal radii are found to be negligible

Overview: On the transport and transformation of pollutants in the outflow of major population centres – observational data from the EMeRGe European intensive operational period in summer 2017

Megacities and other major population centres (MPCs) worldwide are major sources of air pollution, both locally as well as downwind. The overall assessment and prediction of the impact of MPC pollution on tropospheric chemistry are challenging. The present work provides an overview of the highlights of a major new contribution to the understanding of this issue based on the data and analysis of the EMeRGe (Effect of Megacities on the transport and transformation of pollutants on the Regional to Global scales) international project. EMeRGe focuses on atmospheric chemistry, dynamics, and transport of local and regional pollution originating in MPCs. Airborne measurements, taking advantage of the long range capabilities of the High Altitude and LOng Range Research Aircraft (HALO, https://www.halo-spp.de, last access: 22 March 2022), are a central part of the project. The synergistic use and consistent interpretation of observational data sets of different spatial and temporal resolution (e.g. from ground-based networks, airborne campaigns, and satellite measurements) supported by modelling within EMeRGe provide unique insight to test the current understanding of MPC pollution outflows. In order to obtain an adequate set of measurements at different spatial scales, two field experiments were positioned in time and space to contrast situations when the photochemical transformation of plumes emerging from MPCs is large. These experiments were conducted in summer 2017 over Europe and in the inter-monsoon period over Asia in spring 2018. The intensive observational periods (IOPs) involved HALO airborne measurements of ozone and its precursors, volatile organic compounds, aerosol particles, and related species as well as coordinated ground-based ancillary observations at different sites. Perfluorocarbon (PFC) tracer releases and model forecasts supported the flight planning, the identification of pollution plumes, and the analysis of chemical transformations during transport. This paper describes the experimental deployment and scientific questions of the IOP in Europe. The MPC targets – London (United Kingdom; UK), the Benelux/Ruhr area (Belgium, the Netherlands, Luxembourg and Germany), Paris (France), Rome and the Po Valley (Italy), and Madrid and Barcelona (Spain) – were investigated during seven HALO research flights with an aircraft base in Germany for a total of 53 flight hours. An in-flight comparison of HALO with the collaborating UK-airborne platform Facility for Airborne Atmospheric Measurements (FAAM) took place to assure accuracy and comparability of the instrumentation on board. Overall, EMeRGe unites measurements of near- and far-field emissions and hence deals with complex air masses of local and distant sources. Regional transport of several European MPC outflows was successfully identified and measured. Chemical processing of the MPC emissions was inferred from airborne observations of primary and secondary pollutants and the ratios between species having different chemical lifetimes. Photochemical processing of aerosol and secondary formation or organic acids was evident during the transport of MPC plumes. Urban plumes mix efficiently with natural sources as mineral dust and with biomass burning emissions from vegetation and forest fires. This confirms the importance of wildland fire emissions in Europe and indicates an important but discontinuous contribution to the European emission budget that might be of relevance in the design of efficient mitigation strategies. The present work provides an overview of the most salient results in the European context, with these being addressed in more detail within additional dedicated EMeRGe studies. The deployment and results obtained in Asia will be the subject of separate publications