1. Discussion and Working Paper // 2017

    Drivers of Energy Efficiency in German Manufacturing: A Firm-level Stochastic Frontier Analysis

    Increasing energy efficiency is one of the main goals in current German energy and climate policies. We study the determinants of energy efficiency in the German manufacturing sector based on official firm-level…

  2. Discussion and Working Paper // 2017

    Cutting Out the Middleman – The ECB as Corporate Bond Investor

    The European Central Bank’s Corporate Sector Purchase Programme (CSPP), launched in June 2016, increased the supply and lowered the cost of capital for eligible, i.e., investment grade, Eurozone firms through…

  3. Discussion and Working Paper // 2017

    Forecasting the distributions of hourly electricity spot prices - Accounting for serial correlation patterns and non-normality of price distributions

    We present a stochastic modelling approach to describe the dynamics of hourly electricity prices. The suggested methodology is a stepwise combination of several mathematical operations to adequately characterize…