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The cross-section of firms over the business cycle : new facts and a DSGE exploration

Bachmann, Ruediger; Bayer, Christian - 2009

Using a German firm-level data set, this paper is the first to jointly study the cyclical properties of the cross-sections of firm-level real value added and Solow residual innovations, as well as capital and employment adjustment. We find two new business cycle facts: 1) The cross-sectional...

Persistent link: https://www.econbiz.de/10003888063

Firm-specific productivity risk over the business cycle : facts and aggregate implications

Bachmann, Ruediger; Bayer, Christian - 2009

question in the context of a heterogeneous-firm RBC model with persistent firm-level productivity shocks and lumpy capital …

Persistent link: https://www.econbiz.de/10003898815

Productivity and the product scope of multi-product firms : a test of Feenstra-Ma

Raff, Horst; Wagner, Joachim - 2012 - This version: December 7, 2012

firms always have a higher market share, there is no monotonic relationship between firms' productivity level and their … effect". Therefore, the incentive to add more products weakens as productivity rises. This leads to Lemma 3 in Feenstra and … evidence is in line with the results from the theoretical model. -- multi-product firms ; productivity ; optimal product scope …

Persistent link: https://www.econbiz.de/10009672241

A re-examination of the link between real exchange rates and real interest rate differentials

Hoffmann, Mathias; MacDonald, Ronald - 2003

The real exchange rate - real interest rate (RERI) relationship is central to most open economy macroeconomic models. However, empirical support for the relationship, especially when cointegrationbased methods are used, is rather weak. In this paper we reinvestigate the RERI relationship using...

Persistent link: https://www.econbiz.de/10011506475

Does short-time work save jobs? : a business cycle analysis

Balleer, Almut; Gehrke, Britta; Lechthaler, Wolfgang; … - 2014

In the Great Recession most OECD countries used short-time work (publicly subsidized working time reductions) to counteract a steep increase in unemployment. We show that short-time work can actually save jobs. However, there is an important distinction to be made: While the rule-based component...

Persistent link: https://www.econbiz.de/10010249718

Tax cuts starve the beast! : evidence from Germany

Fuest, Clemens; Neumeier, Florian; Stöhlker, Daniel - 2019

The 'starving the beast' hypothesis claims that tax cuts lead to lower public spending, rather than higher debt levels and higher taxes in the future. This paper uses the institutional setting of German fiscal federalism to its advantage in order to explore how fiscal policy reacts to exogenous...

Persistent link: https://www.econbiz.de/10012157329

Short-time work and precautionary savings

Dengler, Thomas; Gehrke, Britta - 2022

In the Covid-19 crisis, most OECD countries have used short-time work (subsidized working time reductions) to preserve employment relationships. This paper studies whether short-time work can save jobs through stabilizing aggregate demand in recessions. First, we show that the consumption risk...

Persistent link: https://www.econbiz.de/10013332143

Institutionalized bailouts and fiscal policy : the consequences of soft budget constraints

Fink, Alexander; Stratmann, Thomas - 2009

States have soft budget constraints when they can expect a bailout by the federal government in the event of a financial crisis. This gives rise to incentives for unsound state fiscal policy. We test whether states with softer budget constraints have higher debt and deficits, receive more...

Persistent link: https://www.econbiz.de/10003897291

Manipulating fiscal forecasts : evidence from the German States

Kauder, Björn; Potrafke, Niklas; Schinke, Christoph - 2017

We examine whether German state governments manipulated fiscal forecasts before elections. Our data set includes three fiscal measures over the period 1980-2014. The results do not show that electoral motives influenced fiscal forecasts in West German states. By contrast, East German state...

Persistent link: https://www.econbiz.de/10011597259

The effects of monetary policy surprises and fiscal sustainability regimes in the Euro Area

Afonso, António; Alves, José; Ionta, Serena - 2023

We study the effect of monetary surprise shocks on real output and the price level, conditioned on different fiscal sustainability regimes in the period 2001Q4-2021Q4. First, we estimate time-varying fiscal sustainability coefficients based on Bohn's (1998) approach through Schlicht's (2003)...

Persistent link: https://www.econbiz.de/10014313459

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