Bernd Sussmuth | Universität Leipzig (original) (raw)

Papers by Bernd Sussmuth

Research paper thumbnail of The exchange rate susceptibility of European core industries, 1995-2010

The World Economy, Aug 4, 2017

Research paper thumbnail of The Quantity Theory of Money: An Assessment of Its Real Linchpin Prediction

SSRN Electronic Journal, 2010

This study approaches the Quantity Theory of Money at a conceptual level, asking how it can be mo... more This study approaches the Quantity Theory of Money at a conceptual level, asking how it can be most reasonably interpreted and quantitatively assessed. The resulting approach is straightforward. Unlike studies relying on other methods we find evidence of its linchpin prediction that is not limited to periods of high inflation.

Research paper thumbnail of Towards a European economics of economics: Monitoring a decade of top research and providing some explanation

Research paper thumbnail of Effizienz Und Produktivität Von Wirtschaftswissenschaftlichen Fakultäten In Deutschland: Eine Analyse Anhand Von Wissenschaftlichen Publikationsaktivitäten An …

Seminarberichte der Gesellschaft für …, 2004

... Deutschland: Eine Analyse anhand von wissenschaftlichen Publikationsaktivitäten an Hochschule... more ... Deutschland: Eine Analyse anhand von wissenschaftlichen Publikationsaktivitäten an Hochschulen Martin Steininger Lehrstuhl für Volkswirtschaftslehre, Technische Universität München Bernd Süssmuth Lehrstuhl für Volkswirtschaftslehre, Universität Bamberg Kurzfassung: ...

Research paper thumbnail of Subsidies and Interacting Crop Market Dynamics

Journal of applied nonlinear dynamics, Sep 1, 2022

Research paper thumbnail of Elfenbeinligen und ihre Erfassung: Ein Kommentar und eine neuerliche Messung der Publikationstatigkeit der Wirtschaftsforschungsinstitute im deutschsprachigen Raum: 1989-2003*

Perspektiven der Wirtschaftspolitik, 2005

Research paper thumbnail of Business Cycles and Comovement in Mediterranean Economies : A National and Areawide Perspective

Emerging Markets Finance and Trade

Research paper thumbnail of Determinants of Digital Piracy: A Re-examination of Results

Jahrbücher für Nationalökonomie und Statistik

SummaryThis paper empirically investigates determinants of digital piracy in Germany for several ... more SummaryThis paper empirically investigates determinants of digital piracy in Germany for several types of digitized products. To this end we rely on a survey comprising behavior and attitudes at the individual level. The sample matches some demographic characteristics of the German population with high-speed internet access with regard to gender and age composition. It also maps the share of foreign nationals in Germany. Self-selection in the drawing of our sample is assessed by a control experiment. In contrast to existing studies, we sharply discriminate between frequency and extent of pirating digital media. We find no significant gender difference in the propensity to pirate. However, male individuals are prone to pirate at a significantly larger scale.We attribute this finding to male individuals acting more frequently as hubs in the social prestige enhancing distribution of pirated media. It is particularly important in the light of the recent development of the distribution p...

Research paper thumbnail of A Market’s Reward Scheme, Media Attention, and the Transitory Success of Managerial Change

Jahrbücher für Nationalökonomie und Statistik

SummaryAgainst the background of growing media interest in professional soccer, this paper propos... more SummaryAgainst the background of growing media interest in professional soccer, this paper proposes a moral hazard model with costly state verification to explain how rule changes affecting the reward scheme of team performance impact on the success of managerial change. As has been shown recently based on four decades of data from the German soccer premiership by Wagner (2010), the incentive change in professional soccer leagues enacted by the FIFA in 1995/96 rendered the drastic measure of firing a coach a more efficient instrument in the clubs’ striving for success. In contrast to existing approaches, our model by accommodating the role of media interest is able to jointly explain (i) the impact of introducing an asymmetric reward scheme, (ii) of managerial turnover and (iii) of the perceived degree of ambition of a club on the athletic output of the team. It is shown that the rule change induces a higher agency cost, which is temporarily economized by clubs that change their man...

Research paper thumbnail of Cyclical asset returns in the consumption and investment goods sector

Review of Economic Dynamics

Research paper thumbnail of Beauty in the classroom: are German students less blinded? Putative pedagogical productivity due to professors' pulchritude: peculiar or pervasive?

Http Dx Doi Org 10 1080 00036840500390296, Feb 1, 2006

Given that instructional student ratings measure differences in pedagogical productivity, this st... more Given that instructional student ratings measure differences in pedagogical productivity, this study examines whether perceived attractiveness of German university teachers impact on these differences. Apart from some refinements and adjustments to idiosyncracies of the German system of higher learning, the quantitative analysis widely follows the strategy of the seminal work by Hamermesh and Parker (2005), based on US data. In

Research paper thumbnail of Inflation and Wealth Distribution

Cesifo Working Paper Series, 2003

Page 1. INFLATION AND WEALTH DISTRIBUTION BURKHARD HEER BERND SÜSSMUTH CESIFO WORKING PAPER NO. 8... more Page 1. INFLATION AND WEALTH DISTRIBUTION BURKHARD HEER BERND SÜSSMUTH CESIFO WORKING PAPER NO. 835 CATEGORY 6: MONETARY POLICY AND INTERNATIONAL FINANCE JANUARY 2003 An electronic ...

Research paper thumbnail of Wie nachhaltig prägen uns politische Systeme? Evidenz aus der zweiten Dekade des Wiedervereinigungsprozesses

Research paper thumbnail of Fiscal Autonomy and Fiscal Sustainability: Subnational Taxation and Public Indebtedness in Contemporary Spain

Cesifo Working Paper Series, 2014

Research paper thumbnail of Publications académiques dans les revues internationales d'économie : existe-t-il une dimension régionale ?

Economies Et Societes, 2003

Research paper thumbnail of Public Education, Accountability, and Yardstick Competition in a Federal System

The B.E. Journal of Economic Analysis & Policy, 2015

Against the backdrop of a growing national and international accountability movement in education... more Against the backdrop of a growing national and international accountability movement in education outcomes, this study sets up a simple model of yardstick competition with incumbent-disciplining effects through voters comparing performance measures of public education both across nations and federal states. It implies a potential strategic dilemma where a single top-performance state can block reform measures that could benefit low-performance states more than would do for itself. The linchpin predictions of the model are tested by analyzing announcement effects of student achievement tests on vote and popularity (VP) functions of German national and state government incumbents.

Research paper thumbnail of The savings-inflation puzzle

Http Dx Doi Org 10 1080 13504850701206510, Mar 20, 2009

We find that inflation did not unanimously decrease savings in the US during the postwar period. ... more We find that inflation did not unanimously decrease savings in the US during the postwar period. This result is puzzling as it contradicts the implications of most monetary general equilibrium models.

Research paper thumbnail of Total Instructional Time Exposure and Student Achievement: An Extreme Bounds Analysis Based on German State-Level Variation

Using pooled data on instructional time and student performance by subject, our study finds evide... more Using pooled data on instructional time and student performance by subject, our study finds evidence for the school inputs-student achievement relationship for German states. This finding is robust both to the inclusion of state fixed effects and in an extensive extreme bounds analysis. It stands in contrast to the majority of related studies. We argue that this is due to an error-in-variables problem and implied misinterpretation of existing studies that disregard the fact of learning being a cumulative process by relying on rather poor proxies for instructional time. Highschool ninth graders from the OECD Programme of International Student Assessment (PISA-E) tests' bottom percentiles bene.t most from extra-instructional time measured in cumulated form from first up to ninth grade. Besides total instructional time exposure, we identify eight further social environment and institutional variables with robust impact on student performance. In contrast to instructional time hardly any of these factors can be affected by policy in the short run.

Research paper thumbnail of The Quantity Theory of Money and Friedmanian Monetary Policy: An Empirical Investigation

We introduce an approach for the empirical study of the quantity theory of money (QTM) that is no... more We introduce an approach for the empirical study of the quantity theory of money (QTM) that is novel both with respect to the specific steps taken as well as the general methodology employed. Empirical studies of the QTM have focused directly on the relationship between the rate of change of the money stock and inflation. We believe that this is an inferior starting point for several reasons and focus instead on the Cambridge form of the QTM. We find that the coefficient k fluctuates strongly in the short run, but has a low and steady rate of change in the long run, which makes the QTM a useful instrument for the long-run control of inflation. An important finding that contradicts all of the previous literature is that the QTM holds for low inflation as well as for high inflation. We discuss how our findings relate to monetarism generally and propose an adaption of McCallum's rule for a Friedmanian monetary policy.

Research paper thumbnail of Endogenously-Timed Herding And The Synchronization Of Investment Cycles

This paper combines the recent game theoretic approach of endogenous timing of entry to herding m... more This paper combines the recent game theoretic approach of endogenous timing of entry to herding models with a macroeconomic model of investment cycles. The integrated description embodies the qualitative results of the myopic herding model in a medium run investment objective of smoothing the capital stock adjustment process. It features a completely disaggregated structure and bears the potential to synchronize individual cyclic investing behaviors. This synchronization via nonlinear feedback from the aggregate activity can serve as an explanation of the inexistent cancelling of heterogeneous sectoral quasi-cycles. The model o®ers an explanatory base for the constitution of the observed strong cyclicality of the aggregate investment series by a multitude of di®erent periodicities and phases on the individual level. Finally, based on recent¯ndings of the herding literature, the stabilization potential of third parties' information revelation is conjectured.

Research paper thumbnail of The exchange rate susceptibility of European core industries, 1995-2010

The World Economy, Aug 4, 2017

Research paper thumbnail of The Quantity Theory of Money: An Assessment of Its Real Linchpin Prediction

SSRN Electronic Journal, 2010

This study approaches the Quantity Theory of Money at a conceptual level, asking how it can be mo... more This study approaches the Quantity Theory of Money at a conceptual level, asking how it can be most reasonably interpreted and quantitatively assessed. The resulting approach is straightforward. Unlike studies relying on other methods we find evidence of its linchpin prediction that is not limited to periods of high inflation.

Research paper thumbnail of Towards a European economics of economics: Monitoring a decade of top research and providing some explanation

Research paper thumbnail of Effizienz Und Produktivität Von Wirtschaftswissenschaftlichen Fakultäten In Deutschland: Eine Analyse Anhand Von Wissenschaftlichen Publikationsaktivitäten An …

Seminarberichte der Gesellschaft für …, 2004

... Deutschland: Eine Analyse anhand von wissenschaftlichen Publikationsaktivitäten an Hochschule... more ... Deutschland: Eine Analyse anhand von wissenschaftlichen Publikationsaktivitäten an Hochschulen Martin Steininger Lehrstuhl für Volkswirtschaftslehre, Technische Universität München Bernd Süssmuth Lehrstuhl für Volkswirtschaftslehre, Universität Bamberg Kurzfassung: ...

Research paper thumbnail of Subsidies and Interacting Crop Market Dynamics

Journal of applied nonlinear dynamics, Sep 1, 2022

Research paper thumbnail of Elfenbeinligen und ihre Erfassung: Ein Kommentar und eine neuerliche Messung der Publikationstatigkeit der Wirtschaftsforschungsinstitute im deutschsprachigen Raum: 1989-2003*

Perspektiven der Wirtschaftspolitik, 2005

Research paper thumbnail of Business Cycles and Comovement in Mediterranean Economies : A National and Areawide Perspective

Emerging Markets Finance and Trade

Research paper thumbnail of Determinants of Digital Piracy: A Re-examination of Results

Jahrbücher für Nationalökonomie und Statistik

SummaryThis paper empirically investigates determinants of digital piracy in Germany for several ... more SummaryThis paper empirically investigates determinants of digital piracy in Germany for several types of digitized products. To this end we rely on a survey comprising behavior and attitudes at the individual level. The sample matches some demographic characteristics of the German population with high-speed internet access with regard to gender and age composition. It also maps the share of foreign nationals in Germany. Self-selection in the drawing of our sample is assessed by a control experiment. In contrast to existing studies, we sharply discriminate between frequency and extent of pirating digital media. We find no significant gender difference in the propensity to pirate. However, male individuals are prone to pirate at a significantly larger scale.We attribute this finding to male individuals acting more frequently as hubs in the social prestige enhancing distribution of pirated media. It is particularly important in the light of the recent development of the distribution p...

Research paper thumbnail of A Market’s Reward Scheme, Media Attention, and the Transitory Success of Managerial Change

Jahrbücher für Nationalökonomie und Statistik

SummaryAgainst the background of growing media interest in professional soccer, this paper propos... more SummaryAgainst the background of growing media interest in professional soccer, this paper proposes a moral hazard model with costly state verification to explain how rule changes affecting the reward scheme of team performance impact on the success of managerial change. As has been shown recently based on four decades of data from the German soccer premiership by Wagner (2010), the incentive change in professional soccer leagues enacted by the FIFA in 1995/96 rendered the drastic measure of firing a coach a more efficient instrument in the clubs’ striving for success. In contrast to existing approaches, our model by accommodating the role of media interest is able to jointly explain (i) the impact of introducing an asymmetric reward scheme, (ii) of managerial turnover and (iii) of the perceived degree of ambition of a club on the athletic output of the team. It is shown that the rule change induces a higher agency cost, which is temporarily economized by clubs that change their man...

Research paper thumbnail of Cyclical asset returns in the consumption and investment goods sector

Review of Economic Dynamics

Research paper thumbnail of Beauty in the classroom: are German students less blinded? Putative pedagogical productivity due to professors' pulchritude: peculiar or pervasive?

Http Dx Doi Org 10 1080 00036840500390296, Feb 1, 2006

Given that instructional student ratings measure differences in pedagogical productivity, this st... more Given that instructional student ratings measure differences in pedagogical productivity, this study examines whether perceived attractiveness of German university teachers impact on these differences. Apart from some refinements and adjustments to idiosyncracies of the German system of higher learning, the quantitative analysis widely follows the strategy of the seminal work by Hamermesh and Parker (2005), based on US data. In

Research paper thumbnail of Inflation and Wealth Distribution

Cesifo Working Paper Series, 2003

Page 1. INFLATION AND WEALTH DISTRIBUTION BURKHARD HEER BERND SÜSSMUTH CESIFO WORKING PAPER NO. 8... more Page 1. INFLATION AND WEALTH DISTRIBUTION BURKHARD HEER BERND SÜSSMUTH CESIFO WORKING PAPER NO. 835 CATEGORY 6: MONETARY POLICY AND INTERNATIONAL FINANCE JANUARY 2003 An electronic ...

Research paper thumbnail of Wie nachhaltig prägen uns politische Systeme? Evidenz aus der zweiten Dekade des Wiedervereinigungsprozesses

Research paper thumbnail of Fiscal Autonomy and Fiscal Sustainability: Subnational Taxation and Public Indebtedness in Contemporary Spain

Cesifo Working Paper Series, 2014

Research paper thumbnail of Publications académiques dans les revues internationales d'économie : existe-t-il une dimension régionale ?

Economies Et Societes, 2003

Research paper thumbnail of Public Education, Accountability, and Yardstick Competition in a Federal System

The B.E. Journal of Economic Analysis & Policy, 2015

Against the backdrop of a growing national and international accountability movement in education... more Against the backdrop of a growing national and international accountability movement in education outcomes, this study sets up a simple model of yardstick competition with incumbent-disciplining effects through voters comparing performance measures of public education both across nations and federal states. It implies a potential strategic dilemma where a single top-performance state can block reform measures that could benefit low-performance states more than would do for itself. The linchpin predictions of the model are tested by analyzing announcement effects of student achievement tests on vote and popularity (VP) functions of German national and state government incumbents.

Research paper thumbnail of The savings-inflation puzzle

Http Dx Doi Org 10 1080 13504850701206510, Mar 20, 2009

We find that inflation did not unanimously decrease savings in the US during the postwar period. ... more We find that inflation did not unanimously decrease savings in the US during the postwar period. This result is puzzling as it contradicts the implications of most monetary general equilibrium models.

Research paper thumbnail of Total Instructional Time Exposure and Student Achievement: An Extreme Bounds Analysis Based on German State-Level Variation

Using pooled data on instructional time and student performance by subject, our study finds evide... more Using pooled data on instructional time and student performance by subject, our study finds evidence for the school inputs-student achievement relationship for German states. This finding is robust both to the inclusion of state fixed effects and in an extensive extreme bounds analysis. It stands in contrast to the majority of related studies. We argue that this is due to an error-in-variables problem and implied misinterpretation of existing studies that disregard the fact of learning being a cumulative process by relying on rather poor proxies for instructional time. Highschool ninth graders from the OECD Programme of International Student Assessment (PISA-E) tests' bottom percentiles bene.t most from extra-instructional time measured in cumulated form from first up to ninth grade. Besides total instructional time exposure, we identify eight further social environment and institutional variables with robust impact on student performance. In contrast to instructional time hardly any of these factors can be affected by policy in the short run.

Research paper thumbnail of The Quantity Theory of Money and Friedmanian Monetary Policy: An Empirical Investigation

We introduce an approach for the empirical study of the quantity theory of money (QTM) that is no... more We introduce an approach for the empirical study of the quantity theory of money (QTM) that is novel both with respect to the specific steps taken as well as the general methodology employed. Empirical studies of the QTM have focused directly on the relationship between the rate of change of the money stock and inflation. We believe that this is an inferior starting point for several reasons and focus instead on the Cambridge form of the QTM. We find that the coefficient k fluctuates strongly in the short run, but has a low and steady rate of change in the long run, which makes the QTM a useful instrument for the long-run control of inflation. An important finding that contradicts all of the previous literature is that the QTM holds for low inflation as well as for high inflation. We discuss how our findings relate to monetarism generally and propose an adaption of McCallum's rule for a Friedmanian monetary policy.

Research paper thumbnail of Endogenously-Timed Herding And The Synchronization Of Investment Cycles

This paper combines the recent game theoretic approach of endogenous timing of entry to herding m... more This paper combines the recent game theoretic approach of endogenous timing of entry to herding models with a macroeconomic model of investment cycles. The integrated description embodies the qualitative results of the myopic herding model in a medium run investment objective of smoothing the capital stock adjustment process. It features a completely disaggregated structure and bears the potential to synchronize individual cyclic investing behaviors. This synchronization via nonlinear feedback from the aggregate activity can serve as an explanation of the inexistent cancelling of heterogeneous sectoral quasi-cycles. The model o®ers an explanatory base for the constitution of the observed strong cyclicality of the aggregate investment series by a multitude of di®erent periodicities and phases on the individual level. Finally, based on recent¯ndings of the herding literature, the stabilization potential of third parties' information revelation is conjectured.