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We use a detailed micro dataset on product availability to construct a direct high-frequency measure of consumer product shortages during the 2020-2021 pandemic. We document a widespread multi-fold rise in shortages in nearly all sectors early in the pandemic. Over time, the composition of...
Persistent link: https://www.econbiz.de/10012629429
Understanding the nature and magnitude of resource reallocation, particularly as it relates to productivity growth, is important both because it affects how we model and interpret aggregate productivity dynamics, and also because market structure and institutions may affect the reallocation's...
Persistent link: https://www.econbiz.de/10012469591
-digit German export industries studied here, the data are consistent with this implication. Prices on shipments to Japan …
Persistent link: https://www.econbiz.de/10012474013
This paper examines the broader effects of the US financial crisis on global lending to retail customers. In particular we examine retail bank lending in Germany using a unique data set of German savings banks during the period 2006 through 2008 for which we have the universe of loan...
Persistent link: https://www.econbiz.de/10012461690
claim, we find a significant export wage premium for high-skilled workers in German manufacturing and an export wage … discount for lower skilled workers, using matched employer-employee data. Estimates suggest that the export wage premium to …
Persistent link: https://www.econbiz.de/10012462668
This paper examines the decision to enter the export market by German firms. While exports have played an important … role in recent German business cycle movements, little is known about the export supply response of German firms. This … paper presents a dynamic model of the export decision by a profit-maximizing firm. Using a panel of German manufacturing …
Persistent link: https://www.econbiz.de/10012472269
Recent research on business investment decisions suggests that real investment in plant and equipment is quite sensitive to changes in the user cost of capital, pointing to the possibility that long-run changes in tax policy may have a significant impact on an economy's capital stock. Indeed,...
Persistent link: https://www.econbiz.de/10012471638
Conventional wisdom has it that global financial markets were as well integrated in the 1890s as in the 1990s, but that it took several post-war decades to regenerate the connections that existed before 1914. This view has emerged from a variety of tests for world financial capital market...
Persistent link: https://www.econbiz.de/10012471649
We show how uncertainty shapes the asset allocation, composition, productivity, and value of capital-intensive firms. We do so using detailed, near-universal data on shipping firms' new orders, secondary-market transactions, and demolition of ships. Firms curtail both the acquisition and...
Persistent link: https://www.econbiz.de/10012585455
We argue that the input-output network of investment goods across sectors is an important propagation mechanism for understanding business cycles. First, we show that the empirical network is dominated by a few "investment hubs" that produce the majority of investment goods, are highly volatile,...
Persistent link: https://www.econbiz.de/10012480451