Inflation and Growth: New Evidence From a Dynamic Panel Threshold Analysis

We introduce a dynamic panel threshold model to shed new light on the impact of inflation on long-term economic growth. The empirical analysis is based on a large panel-data set including 124 countries during the period from 1950 to 2004. For industrialized countries, our results confirm the inflation targets of about 2% set by many central banks. For non-industrialized countries, we estimate that inflation hampers growth if it exceeds 17%. Below this threshold, however, the impact of inflation on growth remains insignificant. Therefore, our results do not support growth-enhancing effects of inflation in developing countries.Inflation Thresholds, Inflation and Growth, Dynamic Panel Threshold Model

Herding of Institutional Traders

This paper sheds new light on herding of institutional investors by using a unique and superior database that identifies every transaction of financial institutions. First, the analysis reveals herding behavior of institutions. Second, the replica- tion of the analysis with low-frequent and anonymous transaction data, on which the bulk of literature is based, indicates an overestimation of herding by previous studies. Third, our results suggest that herding by large financial institutions is not intentional but results from sharing the same preference and investment style. Fourth, a panel analysis shows that herding on the sell side in stocks is positively related to past returns and past volatility while herding on the buy side is nega- tively related to past returns. In contrast to the literature, this indicates that large financial institutions do not show positive feedback strategies.Investor Behavior, Institutional Trading, Stock Prices

Short-Term Herding of Institutional Traders

This paper employs a new and comprehensive data set to investigate short-term herding behavior of institutional investors. Using data of all transactions made by financial institutions in the German stock market, we show that herding behavior occurs on a daily basis. However, in contrast to longer-term herding measures obtained from quarterly data, results based on daily data do not indicate that short-term herding tends to be more pronounced in small capitalized stocks or in times of market stress. Moreover, we find that herding measures based on anony- mous transactions can lead to misleading results about the behavior of institutional investors during the recent financial crisis

new evidence from a dynamic panel threshold analysis

We introduce a dynamic panel threshold model to shed new light on the impact of inflation on long-term economic growth. The empirical analysis is based on a large panel-data set including 124 countries during the period from 1950 to 2004. For industrialized countries, our results confirm the inflation targets of about 2% set by many central banks. For non-industrialized countries, we estimate that inflation hampers growth if it exceeds 17%. Below this threshold, however, the impact of inflation on growth remains insignificant. Therefore, our results do not support growth-enhancing effects of inflation in developing countries

Inflation and Growth

We introduce a dynamic panel threshold model to shed new light on the impact of inflation on long-term economic growth. The empirical analysis is based on a large panel-data set including 124 countries during the period from 1950 to 2004. For industrialized countries, our results confirm the inflation targets of about 2% set by many central banks. For non-industrialized countries, we estimate that inflation hampers growth if it exceeds 17%. Below this threshold, however, the impact of inflation on growth remains insignificant. Therefore, our results do not support growth-enhancing effects of inflation in developing countries

new evidence from daily data

This paper sheds new light on herding of institutional investors by using a unique database that identifies every transaction made by financial institutions in the German stock market. First, the analysis reveals that herding behavior of insti- tutions occurs daily. Second, replication of the analysis with low-frequency and anonymous transaction data indicates that previous studies overestimate herding. Third, our results suggest that herding by large financial institutions mainly re- sults from shared preference and investment styles. Fourth, a panel analysis shows that herding on the sell side in stocks is positively related to past returns and past volatility, whereas herding on the buy side is negatively related to these variables. Hence, large financial institutions do not demonstrate positive feedback strategies

Euregio Mobility in der beruflichen Bildung. Über die Grenze gehen & denken

Wie kann berufliche Bildung in europäischen Grenzregionen auf- und ausgebaut werden? Am Beispiel von sechs berufsbildenden Schulen in der Euregio Rhein-Waal berichten die Autor:innen über Potenziale und Herausforderungen grenzüberschreitender Berufsbildung. Die Forschenden begleiteten Austausche in drei Tandempartnerschaften aus jeweils einer berufsbildenden Schule in Deutschland und den Niederlanden (ROC). Teil des Projekts waren die Bildungsgänge Einzelhandel, Erzieher/-in sowie Gartenbau. Im Mittelpunkt des Projektberichts stehen die Struktur der Tandempartnerschaften, die eine niedrigschwellige Partizipation sichert, sowie der Austausch der Lehrenden. Auch der Einsatz digitaler Tools wird mit Blick auf die Covid-19-Pademie analysiert. Insgesamt liefert die Publikation neue Perspektiven auf die Möglichkeiten grenzüberschreitender Bildungsprojekte und Argumente für eine breite Mobilitätspalette, mit der Lehrende und Lernende als Multiplikatoren im europäischen Raum wirken können. (DIPF/Orig.

Development of the Dutch Structure for Integrated Children's Palliative Care

Children’s palliative care (CPC) is gaining attention worldwide, facilitated by the exchange of knowledge during regular specialised congresses. This article describes the developments in the Netherlands over the past 15 years. The Foundation for Children’s Palliative Expertise (PAL) was established as a nationwide initiative committed to improving palliative care for children countrywide. This led to the development of the first hospital-based CPC team in 2012, which expanded to a total of seven teams adjacent to children’s university hospitals. Regional networks for CPC were developed in parallel to these teams from 2014 onwards. The networks are a collaboration of professionals from different disciplines and organisations, from hospital to homecare, and have covered the aspects of CPC nationally from 2019 onwards. They are connected through the Dutch Knowledge Centre for CPC. This centre was established in 2018 by the PAL Foundation in collaboration with the Dutch Association for Pediatrics. In 2013, the first evidence-based guideline, ‘palliative care for children’, provided access to knowledge for parents and healthcare providers, and in 2017, a format for an individual palliative care plan was established. Within the Knowledge Centre for CPC, a physician’s support centre for dilemma’s regarding the end of life of children was set up. The efforts to have children’s palliative care embedded in the regular Dutch health care insurance are ongoing

Noble gases confirm plume related mantle degassing beneath Southern Africa

Southern Africa is characterised by unusually elevated topography and abnormal heat flow. This can be explained by thermal perturbation of the mantle, but the origin of this is unclear. Geophysics has not detected a thermal anomaly in the upper mantle and there is no geochemical evidence of an asthenosphere mantle contribution to the Cenozoic volcanic record of the region. Here we show that natural CO2 seeps along the Ntlakwe-Bongwan fault within KwaZulu-Natal, South Africa, have C-He isotope systematics that support an origin from degassing mantle melts. Neon isotopes indicate that the melts originate from a deep mantle source that is similar to the mantle plume beneath Réunion, rather than the convecting upper mantle or sub-continental lithosphere. This confirms the existence of the Quathlamba mantle plume and importantly provides the first evidence in support of upwelling deep mantle beneath Southern Africa, helping to explain the regions elevation and abnormal heat flow