University of Mannheim

Inaugural Berkeley Haas Sustainable Business Research Prize Awarded to Paper on Biodiversity Risk

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Monday, January 29, 2024
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A team of researchers who developed tools for investors, academics, and businesses to measure economic risks from the loss of the planet’s biodiversity has won the inaugural Berkeley Haas Sustainable Business Research Prize.

Key Points: 
  • A team of researchers who developed tools for investors, academics, and businesses to measure economic risks from the loss of the planet’s biodiversity has won the inaugural Berkeley Haas Sustainable Business Research Prize.
  • Giglio says he and his co-authors are honored to receive the inaugural prize and hope it will encourage further research and practical change.
  • “Rewarding research with direct implications for business and policy is another way that Berkeley Haas can help stem the multiple environmental crises we are facing.”
    The winning paper noted that humans rely on biodiversity to thrive.
  • As the top public business school, Berkeley Haas is committed to addressing sustainability challenges by preparing its students to lead the transition to a sustainable and inclusive economy through designing and implementing new business models, policies, and solutions.

Hawkish or dovish central bankers: do different flocks matter for fiscal shocks?

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Wednesday, January 3, 2024
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This column presents evidence on the role that US monetary policy plays in how fiscal spending affects the economy.

Key Points: 
  • This column presents evidence on the role that US monetary policy plays in how fiscal spending affects the economy.
  • A dovish Federal Open Market Committee (FOMC) delays policy rate increases, while a hawkish FOMC tightens monetary policy more promptly, following increased fiscal spending.

U.S. - China Trade War: Why Trump Tariffs Backfired – New EPoS Research Reveals

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Tuesday, June 13, 2023
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In contrast, only 68 percent of China’s retaliatory tariffs were shouldered by Chinese importers, U.S. exporters paid the other 32 percent.

Key Points: 
  • In contrast, only 68 percent of China’s retaliatory tariffs were shouldered by Chinese importers, U.S. exporters paid the other 32 percent.
  • These are findings of the Discussion Paper “Who Pays for the Tariffs and Why?
  • A Tale of Two Countries” published by EPoS economic research center at the Universities of Bonn and Mannheim.
  • Access the full paper at: https://www.crctr224.de/en/research-output/discussion-papers/archive/202...
    EPoS is a cooperation of the universities Bonn and Mannheim, funded by the German Research Foundation (Deutsche Forschungsgemeinschaft, DFG).

Financial stability and macroprudential regulation under diagnostic expectations

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Saturday, November 26, 2022
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In this article, we examine the joint implications of external financing frictions and cognitive misperceptions for the stability of the financial system and the appropriate conduct of macroprudential regulation.

Key Points: 
  • In this article, we examine the joint implications of external financing frictions and cognitive misperceptions for the stability of the financial system and the appropriate conduct of macroprudential regulation.
  • [2]
    Relative to the rational benchmark, diagnostic expectations and their interactions with financing frictions exacerbate instability in financial markets and economic activity.
  • Financial implications of financing frictions and diagnostic expectations (1/2)

    Notes: The chart illustrates interactions between fluctuations in financial net worth (i.e.

  • Blue ink indicates additional effects over a world with rational expectations that stem from diagnostic expectations.
  • First, diagnostic expectations intensify a positive interaction between fluctuations in financial net worth and fluctuations in asset prices (Chart 1).
  • Financial implications of financing frictions and diagnostic expectations (2/2)

    Notes: The chart reports stationary density functions of the aggregate capitalisation of financial intermediaries under rational and diagnostic expectations.

  • Relative to the rational framework, under diagnostic expectations, appropriate macroprudential restrictions on new credit to the nonfinancial sector are tighter, even when the regulator is subject to the same expectations as the private sector.
  • These results naturally reveal disagreements among potential regulators with differing degrees of diagnostic expectations about the appropriate regulation.
  • We examine the joint implications of external financing frictions and diagnostic cognitive misperceptions about economic fundamentals or asset prices for the stability of the financial system and the appropriate conduct of macroprudential regulation.
  • The key result is that diagnostic expectations exacerbate financial instability relative to the benchmark of rational expectations.
  • This finding calls for tighter macroprudential regulation even when the regulator is also subject to misperceptions.

ACTFL Celebrates Achievement in Language Education

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Sunday, November 20, 2022
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ALEXANDRIA, Va., Nov. 19, 2022 /PRNewswire/ -- ACTFL is pleased to announce the 2022 recipients of the ACTFL Professional Awards , an annual program in recognition of outstanding contributions to the field of language education.

Key Points: 
  • ALEXANDRIA, Va., Nov. 19, 2022 /PRNewswire/ -- ACTFL is pleased to announce the 2022 recipients of the ACTFL Professional Awards , an annual program in recognition of outstanding contributions to the field of language education.
  • These awards were presented in Boston on Saturday, November 19, as part of the ACTFL 2022 Annual Convention & World Languages Expo.
  • Providing vision, leadership and support for quality teaching and learning of languages, ACTFL is anindividual membership organization of more than 13,000 language educatorsand administrators from elementary through graduate education, as well asgovernment and industry.
  • Since its founding in 1967, ACTFL has become synonymous with innovation, quality, and reliability in meeting the changing needs of language educators and their learners.

Tax thy neighbour: local corporate taxes and consumer prices across German regions

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Friday, November 11, 2022
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The G20 tax accord addresses the above concerns by implementing a 15% lower bound on corporate tax rates across OECD Member countries, which will lead to tax rises in some countries.

Key Points: 
  • The G20 tax accord addresses the above concerns by implementing a 15% lower bound on corporate tax rates across OECD Member countries, which will lead to tax rises in some countries.
  • [2] However, besides affecting shareholders and workers, corporate taxes may have additional distributive implications by affecting consumer prices, a rarely analysed issue (Baker et al., 2020).
  • Firms may use their market power to shield their after-tax profit margins from increases in corporate taxes.
  • These models predict that firms set prices such that they take into account corporate taxes; in particular, that firms raise prices in response to corporate tax hikes, including on products they export across regions.
  • The ultimate effects on consumer prices crucially depend on how much of a given change in producer prices local retailers would pass on in each region.
  • (2022), we provide empirical estimates of the pass-through of local corporate taxes to consumer prices across regions in Germany.
  • The German institutional setting helps the empirical identification of the response of retail prices to changes in corporate taxes of producers.
  • Geographical variation in local corporate tax rates

    Notes: Both graphs show local tax scaling factors across municipalities.

  • Increasing the local corporate tax by one percentage point raises retail prices of locally produced products by 0.4% relative to those originating in other municipalities.
  • Because we relate local tax changes to price changes outside the production municipality, the estimated effect is not contaminated by local shocks that may drive prices and tax rates.
  • The significant price effects documented here show that firms, by charging higher prices to consumers all over Germany, export the effects of local corporate taxes to other regions.
  • Understanding how consumer prices respond to corporate tax changes may increase our general understanding of what determines product-level prices and inflation.

Philadelphia Ballet Announces Juliano Nunes as Resident Choreographer for 2021/2022 and 2022/2023 Seasons

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Thursday, February 3, 2022
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PHILADELPHIA, Feb. 2, 2022 /PRNewswire/ -- Philadelphia Ballet is pleased to announce that Juliano Nunes has been named the company's Resident Choreographer for its upcoming 2021/2022 and 2022/2023 seasons.

Key Points: 
  • PHILADELPHIA, Feb. 2, 2022 /PRNewswire/ -- Philadelphia Ballet is pleased to announce that Juliano Nunes has been named the company's Resident Choreographer for its upcoming 2021/2022 and 2022/2023 seasons.
  • A place where I feel home, a place that embraced me since the beginning of my journey," said Juliano Nunes, Resident Choreographer.
  • Philadelphia Ballet Resident Choreographer Juliano Nunes is generously supported ngel's Angels: Madeleine Plonsker, Myriam Castillo, and Jennifer Malherbe.
  • The School of Philadelphia Ballet offers the highest caliber dance education of any program in the Greater Philadelphia area.

EXEL Industries expands Board of Directors to bolster commitment to CSR and sustainability

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Thursday, October 14, 2021
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On the 28th of September, 2021, the EXEL Industries Group Board of Directors approved the plan to enlarge the Board of Directors.

Key Points: 
  • On the 28th of September, 2021, the EXEL Industries Group Board of Directors approved the plan to enlarge the Board of Directors.
  • Therefore, the Board of Directors wishes to welcome two new Directors who will help accelerate our progress on these matters.
  • Patrick Ballu, Chairman of the Board of Directors, said: I am delighted to welcome Ella and Sonia to our Board of Directors, which will now include 43% women.
  • The EXEL Industries group is a listed family-owned company, founded and managed by Patrick Ballu and his family since 1952.