Mitarbeiter

Dr. Ulf von Kalckreuth

• Deutsche Bundesbank
• Central Office, Economics Department
• Wilhelm Epstein Str. 14
• 60431 Frankfurt am Main
•  
• +49 69 9566-2217
• Ulf von Kalckreuth

Research Interests

• Survey statistics and econometric work with micro data, specifically issues related to household finance, corporate finance, firm investment and financing constraints.
• The distribution of income and wealth.
• Topics in International Economics, Macro and Finance.

Selected Publications and Working Papers

1. Refereed journals

• von Kalckreuth, U. and G. Wolff, Identifying discretionary fiscal policy with real-time data. Journal of Money, Credit and Banking, 2011, forthcoming.
• von Kalckreuth, U., Panel estimation of state dependent adjustment when the target is unobserved. Empirical Economics, Vol. 40(1), 2011, 205-235.
• von Fürstenberg, G. and U. von Kalckreuth, Dependence on external finance by manufacturing sector: Examining the measure and its properties. Economie internationale. Vol. 111(1), 2007, 55-80.
• von Kalckreuth, U. and G. Ziebarth, Globalisation, Accumulation and Inequality – the Case of Germany. Zeitschrift für Wirtschaftspolitik, Vol. 56(29), 2007, 231-251.
• von Kalckreuth, U., Financial constraints and capacity adjustment - Evidence from a large panel of survey data. Economica, Vol. 73, issue 292, 2006, 691-724.
• von Fürstenberg, G. and U. von Kalckreuth, Dependence on external finance – an inherent industry characteristic? Open Economies Review, Vol. 17(4), 2006, 541-559.
• von Kalckreuth, U. and M. Krtscha, Stable solutions to homogeneous difference-differential equations with constant coefficients: Analytical instruments and an application to monetary policy. Applications of Mathematics, Vol. 49(4), 2004, 373-386.
• von Kalckreuth, U., Exploring the role of uncertainty for corporate investment decisions in Germany. Schweizerische Zeitschrift für Volkswirtschaft und Statistik (Swiss Journal of Economics), Vol. 139(2), 2003, 173-206.
• Chatelain, J.-B., I. Hernando, A. Generale, U. von Kalckreuth and P. Vermeulen, New findings on firm investment and monetary transmission in the Euro area. Oxford Review of Economic Policy, Vol. 19(1), 2003, 1-11.
• von Kalckreuth, U. and J. Schroeder, Monetary transmission in the new economy: Service life of capital, transmission channels and the speed of adjustment. Jahrbuch für Wirtschaftswissenschaften (Review of Economics), 53, December 2002, 125-141.

2. Not refereed journals

• Kalckreuth, U., Der finanzielle Akzelerator in der monetären Transmission (The financial accelerator in monetary transmission). Wirtschaftsdienst, Vol. 82 (9), September 2002, 555-560.

3. Books

• von Kalckreuth, U., Financing Constraints and the Adjustment Dynamics of Enterprises. Habilitationsschrift zur Erlangung der Lehrbefugnis an der Universität Mannheim, May 2008.
• von Kalckreuth, U., Wachstum und soziale Integration in dualistischen Volkswirtschaften, (Growth and Social Integration in Dualistic Economies). Berlin; Bern; New York; Paris; Wien: Peter Lang, 1998, ISBN 3-631-34323-X.

4. Book chapters

• von Kalckreuth, U., Financial constraints and real activity. A non-structural approach using UK survey data. BIS Papers No. 20, „Investigating the Relationship between the Financial and the Real Economy“, Bank for International Settlements, April 2005, 64-81.
• von Kalckreuth, U. and G. Ziebarth, Wachstum tut not! In: G. Rübel and M. El-Shagi (eds.), Aspekte der Internationalen Ökonomie, Festschrift für Jürgen Schröder zum 65. Geburtstag Deutscher Universitätsverlag, 2005.
• Chatelain, J.-B., I. Hernando, A. Generale, P. Vermeulen and U. von Kalckreuth, Firm investment and monetary policy transmission in the euro area. In: I. Angeloni, A. Kashyap, B. Mojon (eds.), Monetary Policy Transmission in the Euro Area, Cambridge, Cambridge University Press, 2003, 133-161.
• von Kalckreuth, U., Investment and monetary transmission in Germany: A microeconometric approach. In: I. Angeloni, A. Kashyap, B. Mojon (eds.), Monetary Policy Transmission in the Euro Area, Cambridge, Cambridge University Press, 2003, 173-186.
• von Kalckreuth, U., Discussion of ‘The impact of uncertainty on investment plans’, by P. Butzen, C. Fuss and P. Vermeulen. In: J. Smets, C. Fuss, P. Butzen (eds.), Firms' Investment and Finance Decisions: Theory and Empirical Methodology. Cheltenham, Edward Elgar, 2003, 245-252.

5. Selected working papers

• von Kalckreuth, U. and L. Silbermann, Bubbles and incentives: A post-mortem Examination of the Neuer Markt in Germany, Deutsche Bundesbank Discussion Paper, Series 1: Economics Studies, No. 15/2010.
• von Kalckreuth, U., T. Schmidt and H. Stix, Choosing and Using Payment Instruments: Evidence from German Microdata, Deutsche Bundesbank Discussion Paper, Series 1: Economic Studies, No. 36/2009; also published as ECB Working Paper, No. 1144.
• von Kalckreuth, U., Financing constraints, firm level adjustment of capital and aggregate implications, Deutsche Bundesbank Discussion Paper, Series 1: Economic Studies, No. 11/2008.
• von Kalckreuth, U., Panel estimation of state dependent adjustment when the target is unobserved, Deutsche Bundesbank Discussion Paper, Series 1: Economic Studies, No. 09/2008.
• von Kalckreuth, U. and G. B. Wolff, Testing for contemporary fiscal policy discretion with real time data, Deutsche Bundesbank Discussion Paper, Series 1: Economic Studies, No. 24/2007.
• von Kalckreuth, U., A "wreckers theory" of financial distress, Deutsche Bundesbank Discussion Paper, Series 1: Economic Studies, No 40/2005.
• von Kalckreuth, U. and E. Murphy, Financial constraints and capacity adjustment in the United Kingdom - Evidence from a large panel of survey data, Deutsche Bundesbank Discussion Paper, Series 1: Studies of the Economic Research Centre, No. 01/2005; also published as Bank of England Working Paper, No. 260.
• von Kalckreuth, U., Financial constraints for investors and the speed of adaptation: Are innovators special?, Deutsche Bundesbank Discussion Paper, Series 1: Studies of the Economic Research Centre, No. 20/2004.
• Breitung, J., R. S. Chirinko and U. von Kalckreuth, A vectorautoregressive investment model (VIM) and monetary policy transmission: Panel evidence from German firms,  Discussion Paper 06/03, Economic Research Centre of the Deutsche Bundesbank.
• Chirinko, R.S. and U. von Kalckreuth, On the German monetary transmission mechanism: Interest rate and credit channels for investment spending, CESifo Working Paper, No. 838.
• Chirinko, R.S. and U. von Kalckreuth, Further evidence on the relationship between firm investment and financial status, Discussion Paper 28/02, Economic Research Centre of the Deutsche Bundesbank.