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Political Budget Cycles Revisited: Testing the Signalling Process
No full textA widespread view in the ‘political budget cycles’ literature is that incumbent politicians seek to influence voters’ perceptions of their competence and/or preferences by using the composition of the fiscal budget as a signalling tool. However, little is known about whether voters actually receive and perceive the signal in that way. To empirically assess the relevance of the signalling channel at the municipal level, we conducted a survey among 2,000 representative German citizens in 2018. Only a small fraction of voters feel well-informed about the fiscal budget signal and use the information it contains to decide whether to vote for the incumbent politician. Persons paying more attention to the signal sent by local politicians live in smaller municipalities, are more satisfied with their economic situation, are more educated, and do not feel that they are being electorally manipulated. Our analysis raises doubt about the relevance of budget composition as a signalling mechanism for voters at the local level
Cross-reactive MHC class I T cell epitopes may dictate heterologous immune responses between respiratory viruses and food allergens
No full textRespiratory virus infections play a major role in asthma, while there is a close correlation between asthma and food allergy. We hypothesized that T cell-mediated heterologous immunity may induce asthma symptoms among sensitized individuals and used two independent in silico pipelines for the identification of cross-reactive virus- and food allergen- derived T cell epitopes, considering individual peptide sequence similarity, MHC binding affinity and immunogenicity. We assessed the proteomes of human rhinovirus (RV1b), respiratory syncytial virus (RSVA2) and influenza-strains contained in the seasonal quadrivalent influenza vaccine 2019/2020 (QIV 2019/2020), as well as SARS-CoV-2 for human HLA alleles, in addition to more than 200 most common food allergen protein sequences. All resulting allergen-derived peptide candidates were subjected to an elaborate scoring system considering multiple criteria, including clinical relevance. In both bioinformatics approaches, we found that shortlisted peptide pairs that are potentially binding to MHC class II molecules scored up to 10 × lower compared to MHC class I candidate epitopes. For MHC class I food allergen epitopes, several potentially cross-reactive peptides from shrimp, kiwi, apple, soybean and chicken were identified. The shortlisted set of peptide pairs may be implicated in heterologous immune responses and translated to peptide immunization strategies with immunomodulatory properties.Gefördert durch den Open-Access-Publikationsfonds der UB Marburg
The impact of market innovations on the evolution of norms: the sustainability case
No full textThat institutions matter is widely accepted among economists and so are social norms as an important category of informal institutions. Social norms matter in many economic situations, but in particular for markets. The economic literature has studied the interrelation between markets and social norms in both directions – how social norms affect markets and how markets affect social norms. Starting from these two perspectives, we add to the literature, by suggesting a new link between product markets and the evolution of social norms: we analyze how the evolution of a social norm may be affected by a product innovation which adds to the variation of products with respect to their level of norm compliance. We derive necessary and sufficient conditions for a) a positive impact of the innovation on the level of norm adoption and b) for multiplicity of norm equilibria. Finally we discuss policy implications
Resilience of Gynecological and Obstetric Inpatient Care in Central Germany in Times of Repetitive Socioeconomic Shocks—An Epidemiological Study Assessing Standardized Health Services Indicators and Economic Status According to the aG-DRG Catalog
No full textSequential socioeconomic shocks, including the COVID-19 pandemic, economic recession, or energy and refugee crises in the face of violent conflicts, have led to the failure of healthcare systems in Europe. Against this background, the aim of this study was to evaluate the resilience of regional gynecological and obstetric inpatient care using the example of a regional core medical provider in central Germany. Base data were retrieved from Marburg University Hospital and underwent standardized calculation and descriptive statistical assessment pursuant to the aG-DRG catalog. The data illustrate a decline in the average length of patient stays and average case complexity in combination with increasing patient turnover for the six-year observation period of 2017–2022. Core profitability of the departments of gynecology and obstetrics deteriorated in the year of 2022. The results suggest weakened resilience of gynecological and obstetrics inpatient care in the setting of a regional core medical provider in central Germany and indicate how it may have failed in core economic profitability. This is consistent with predictions about the lack of resilience of health systems and the critical economic situation of German hospitals in the face of ongoing socioeconomic shocks that collaterally endanger women’s health care.Gefördert durch den Open-Access-Publikationsfonds der UB Marburg
Optimal Unconventional Monetary Policy in the Face of Shadow Banking
No full textUsing a DSGE framework, we discuss the optimal design of monetary policy
for an economy where both retail banks and shadow banks serve as financial
intermediaries. We get the following results. During crises times, a standard
Taylor rule fails to reach sufficient stimulus. Direct asset purchases prove to
be the most e¤ective unconventional tool. When maximizing welfare, central
banks should shy away from interventions in the funding process between retail and shadow banks. Liquidity facilities are the welfare-maximizing unconventional policy tool. The effectiveness of unconventional measures increases in the size of the shadow banking sector. However, the optimal response to shocks is sensitive to the resource costs of the implementation which may di¤er across central banks. Hence, optimal unconventional monetary policy is country-specific
Efficacy of a computer based discontinuation strategy to reduce PPI prescriptions: a multicenter cluster-randomized controlled trial
No full textDeprescribing of inappropriate long-term proton pump inhibitors (PPI) is challenging and there is a lack of useful methods for general practitioners to tackle this. The objective of this randomized controlled trial was to evaluate the effectiveness of the electronic decision aid tool arriba-PPI on reduction of long-term PPI intake. Participants (64.5 ± 12.9 years; 54.4% women) with a PPI intake of at least 6 months were randomized to receive either consultation with arriba-PPI from their general practitioner (n = 1256) or treatment as usual (n = 1131). PPI prescriptions were monitored 6 months before, 6 and 12 months after study initiation. In 49.2% of the consultations with arriba-PPI, the general practitioners and their patients made the decision to reduce or discontinue PPI intake. At 6 months, there was a significant reduction by 22.3% (95% CI 18.55 to 25.98; p < 0.0001) of defined daily doses (DDD) of PPI. A reduction of 3.3% (95% CI − 7.18 to + 0.62) was observed in the control group. At 12 months, the reduction of DDD-PPI remained stable in intervention patients (+ 3.5%, 95% CI − 0.99 to + 8.03), whereas control patients showed a reduction of DDD-PPI (− 10.2%, 95% CI − 6.01 to − 14.33). Consultation with arriba-PPI led to reduced prescription rates of PPI in primary care practices. Arriba-PPI can be a helpful tool for general practitioners to start a conversation with their patients about risks of long-term PPI intake, reduction or deprescribing unnecessary PPI medication.Gefördert durch den Open-Access-Publikationsfonds der UB Marburg
Bacterial vesicles block viral replication in macrophages via TLR4‑TRIF‑axis
No full textGram-negative bacteria naturally secrete nano-sized outer membrane vesicles (OMVs), which are important mediators of communication and pathogenesis. OMV uptake by host cells activates TLR signalling via transported PAMPs. As important resident immune cells, alveolar macrophages are located at the air-tissue interface where they comprise the first line of defence against inhaled microorganisms and particles. To date, little is known about the interplay between alveolar macrophages and OMVs from pathogenic bacteria. The immune response to OMVs and underlying mechanisms are still elusive. Here, we investigated the response of primary human macrophages to bacterial vesicles (Legionella pneumophila, Klebsiella pneumoniae, Escherichia coli, Salmonella enterica, Streptococcus pneumoniae) and observed comparable NF-κB activation across all tested vesicles. In contrast, we describe differential type I IFN signalling with prolonged STAT1 phosphorylation and strong Mx1 induction, blocking influenza A virus replication only for Klebsiella, E.coli and Salmonella OMVs. OMV-induced antiviral effects were less pronounced for endotoxin-free Clear coli OMVs and Polymyxin-treated OMVs. LPS stimulation could not mimic this antiviral status, while TRIF knockout abrogated it. Importantly, supernatant from OMV-treated macrophages induced an antiviral response in alveolar epithelial cells (AEC), suggesting OMV-induced intercellular communication. Finally, results were validated in an ex vivo infection model with primary human lung tissue. In conclusion, Klebsiella, E.coli and Salmonella OMVs induce antiviral immunity in macrophages via TLR4-TRIF-signaling to reduce viral replication in macrophages, AECs and lung tissue. These gram-negative bacteria induce antiviral immunity in the lung through OMVs, with a potential decisive and tremendous impact on bacterial and viral coinfection outcome.Gefördert durch den Open-Access-Publikationsfonds der UB Marburg
Nachhaltiges Investitionsverhalten: Drei Aufsätze zu Sustainable Finance
No full textAchieving the low-carbon transition and the broader sustainable development goals requires a large amount of investment. Investors are decision-makers who play an important role in determining the direction and level of capital flows and are therefore key to mobilising the investment needed for the low-carbon transition and sustainable development. For instance, investors can predominately decide on whether their investment capital is used to achieve low-carbon and sustainable development goals or whether it is invested in coal-fired power plants or companies with sub-optimal Environmental, Social and Governance practices.
The three essays in this cumulative dissertation focus on investor behaviour towards sustainability in the energy market and the retail investment market. Together, they provide a timely examination of investor behaviour towards sustainable investments and contribute to the latest debates and challenges in sustainable finance.
The collected essays examine investment behaviour and decisions in a controlled environment with climate policy or information interventions. Chapter 2 contains the paper entitled Regulated Correlations - Climate Policy and Investment Risks, co-authored with Dr. Oliver Schenker. We examine the mechanisms of climate policy instruments that shape the regulated covariance structure between electricity generation assets and thus affect the investment decisions of risk-averse investors. Chapter 3 encloses the essay entitled Does an Ecolabel Suffice on its Own? Evidence from a Discrete Choice Experiment on Investor Preferences and the Effect of Informational Messages and Visual Framing, co-authored with Dr. Marco Nilgen. We examine how specific information content influences potential retail investors' preferences for funds with a standardised EU ecolabel. Chapter 4 contains my single-author essay entitled A Tale of Financial Advice with Sustainability Preferences and Fees: Do Retail Investors Take the Advice? This is a study on how financial advice incongruent with retail investors’ sustainability preferences affects their investment decisions.Der Übergang zu einer kohlenstoffarmen Wirtschaft und die Verwirklichung der Ziele der nachhaltigen Entwicklung erfordern ein hohes Maß an Investitionen. Investoren sind Entscheidungsträger, die eine wichtige Rolle bei der Bestimmung der Richtung und des Umfangs von Kapitalströmen spielen und somit eine Schlüsselrolle bei der Mobilisierung von Investitionen einnehmen, die für einen kohlenstoffarmen Übergang und eine nachhaltige Entwicklung erforderlich sind. Beispielsweise können Investoren entscheidend mitbestimmen, ob ihr Investitionskapital für kohlenstoffarme und nachhaltige Entwicklungsziele eingesetzt wird oder ob es in Kohlekraftwerke oder Unternehmen mit suboptimalen Umwelt-, Sozial- und Governance-Praktiken fließt.
Die drei Aufsätze dieser kumulativen Dissertation befassen sich mit dem Verhalten von Investoren in Bezug auf Nachhaltigkeit auf dem Energiemarkt und dem Markt für Privatanleger. Zusammen stellen sie eine aktuelle Untersuchung des Anlegerverhaltens in Bezug auf nachhaltige Investitionen dar und leisten einen Beitrag zu den aktuellen Debatten und Herausforderungen im Bereich Sustainable Finance.
Die gesammelten Aufsätze untersuchen das Investitionsverhalten und die Investitionsentscheidungen in einem kontrollierten Umfeld mit klimapolitischen oder informativen Interventionen. Kapitel 2 enthält den gemeinsam mit Dr. Oliver Schenker verfassten Beitrag Regulated Correlations - Climate Policy and Investment Risks. Wir untersuchen die Mechanismen klimapolitischer Instrumente, die die regulierte Kovarianzstruktur zwischen Kraftwerken prägen und damit die Investitionsentscheidungen risikoaverser Investoren beeinflussen. Kapitel 3 enthält den Aufsatz Does an Ecolabel Suffice on its Own? Evidence from a Discrete Choice Experiment on Investor Preferences and the Effect of Informational Messages and Visual Framing, der gemeinsam mit Dr. Marco Nilgen verfasst wurde. Wir untersuchen, wie der spezifische Informationsgehalt die Präferenzen potenzieller Kleinanleger für Fonds mit einem standardisierten EU-Umweltzeichen beeinflusst. Kapitel 4 enthält meinen Aufsatz mit dem Titel A Tale of Financial Advice with Sustainability Preferences and Fees: Do Retail Investors Take the Advice? Es handelt sich um eine Studie darüber, wie Finanzberatung, die nicht mit den Nachhaltigkeitspräferenzen von Kleinanlegern übereinstimmt, deren Anlageentscheidungen beeinflusst
Policy Competition, Imitation and Coordination Under Uncertainty
No full textThe paper analyzes under what circumstances policymakers experiment with policies with uncertain outcomes, when they prefer to imitate policies initiated in other countries, and when they prefer to coordinate policies internationally. Policymakers have private costs of active policies and compete internationally in a yardstick competition which gives rise to a potential distortion between what citizens want and what policymakers do. I find that policymakers’ policies as well as regime choice deviate from what citizens want but that an increase in uncertainty about policy outcomes decreases this distortion
German emigration via Bremen in the Weimar Republic (1920-1932)
No full textThis paper analyzes the oversea emigration of German passengers via the port of Bremen in the period of the Weimar Republic (1920–1932). We use a novel micro-dataset of digitalized passengers lists including about 181,000 emigrants as an estimation of the outflow of Germans from the German Reich. The descriptive analysis shows that the dataset is overall representative compared to official statistics except for the years 1924 and 1929 in which the data loss is huge. Furthermore, we deduce the skill level of the emigrating working population on the basis of information about occupations in the dataset. We find that male migrants had higher skills than female migrants and that South American countries attracted a relatively better skill distribution than the United States although the latter represented the main destination country for emigrants of any skill level in absolute numbers