What is the impact of granular credit risk on banks and on the economy? We provide the first causal identification of single-name counterparty exposure risk in bank portfolios by applying a new empirical approach on an administrative matched bank-firm dataset from Norway. Exploiting the fat...

The objective of the workshop is to bring together researchers that work on the intersection of international economics and financial markets. Both empirical and theoretical contributions to the workshop are very welcome. Topics include, but are not limited to: - Exchange Rate - Sovereign Debt...

Andreas Fuster is an Associate Professor of Finance and SFI Senior Chair at Swiss Finance Institute @ EPFL and a Research Fellow at the CEPR (Centre for Economic Policy Research). His main research interests are in empirical finance (household finance, real estate finance, banking),...

We document that the dominant component of overall and residual wage inequality is within plant-occupations and, combining within-occupation task information from labor force surveys with linked plant-worker data for Germany, establish three interrelated facts: (1) larger plants and exporters...

We propose a simple explanation for the long-run decline in the startup rate. It was caused by a slowdown in labor supply growth since the late 1970s, largely pre-determined by demographics. This channel explains roughly two-thirds of the decline and why incumbent firm survival and average...

The Economic Science Association (ESA) is a professional organization devoted to economics as an observational science, using controlled experiments to learn about economic behavior. One day before the 2022 North American Economic Science Association (ESA) conference in Santa Barbara, CA...

We use comprehensive micro data in the French manufacturing sector between 1995 and 2017 to document the effects of automation technologies on employment, sales, prices, wages, and the labor share. Causal effects are estimated with event studies and a shift-share IV design...

Am 29.09.2022 hat die Projektgruppe Gemeinschaftsdiagnose der führenden deutschen Wirtschaftsforschungsinstitute ihr Herbstgutachten über die Entwicklung der Weltwirtschaft und der deutschen Wirtschaft vorgelegt. Mit dem Titel „Energiekrise: Inflation, Rezession, Wohlstandsverlust“...

We provide evidence for a causal link between the US economy and the global financial cycle. Using a unique intraday dataset, we show that US macroeconomic news releases have large and significant effects on global risky asset prices. Stock price indexes of 27 countries, the VIX, and commodity...

Corporate bond markets proved remarkably resilient against a sharp contraction caused by the 2020 Covid-19 pandemic. We document three important findings: (1) bond issuance increased immediately when the contraction hit, whereas, in contrast, syndicated loan issuance was low; (2) Federal Reserve...