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Biased Expectations and Labor Market Outcomes: Evidence from German Survey Data and Implications for the East-West Wage Gap

Balleer, Almut; Duernecker, Georg; Forstner, Susanne; … - 2023

income in East Germany. The bias difference in labor market expectations explains part of the East-West German wage gap. …

Persistent link: https://www.econbiz.de/10014290246

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/10010333423

The Diffusion of Technological Progress in ICT

Elstner, Steffen; Grimme, Christian; Kecht, Valentin; … - 2020

We study whether technology gains in sectors related to Information and Communications Technology (ICT) increase productivity in the rest of the economy. To separate exogenous gains in ICT from other technological progress, we use the relative price of ICT goods and services in a structural VAR...

Persistent link: https://www.econbiz.de/10012425696

Wage Bargaining and Labor Market Policy with Biased Expectations

Balleer, Almut; Duernecker, Georg; Forstner, Susanne; … - 2023

of biased expectations for wage bargaining, vacancy creation, worker flows and labor market policies. Importantly, we … relationship between workers' job separation expectations and wages. Instead, a wage setting process with less frequent wage … the difference between firms' and workers' biases matters for the bargained wage but not the size of biases. …

Persistent link: https://www.econbiz.de/10014290251

Uncertainty and the Cost of Bank vs. Bond Finance

Grimme, Christian - 2019

How does uncertainty affect the costs of raising finance in the bond market and via bank loans? Empirically, this paper finds that heightened uncertainty is accompanied by an increase in corporate bond yields and a decrease in bank lending rates. This finding can be explained with a model that...

Persistent link: https://www.econbiz.de/10012018147

Time-varying business volatility, price setting, and the real effects of monetary policy

Bachmann, Rüdiger; Born, Benjamin; Elstner, Steffen; … - 2013

Does time-varying business volatility affect the price setting of firms and thus the transmission of monetary policy into the real economy? To address this question, we estimate from the firm-level micro data of the German IFO Business Climate Survey the impact of idiosyncratic volatility on the...

Persistent link: https://www.econbiz.de/10010317285

Demand or Supply? Price Adjustment during the Covid-19 Pandemic

Balleer, Almut; Link, Sebastian; Menkhoff, Manuel; … - 2020

We study price-setting behavior in German firm-level survey data to infer the relative importance of supply and demand during the Covid-19 pandemic. Supply and demand forces coexist, but demand shortages dominate in the short run. A reported negative impact of Covid-19 on current business is...

Persistent link: https://www.econbiz.de/10012269464

Increasing Business Uncertainty and Credit Conditions in Times of Low and High Uncertainty: Evidence from Firm-Level Survey Data

Grimme, Christian; Henzel, Steffen - 2020

We demonstrate that the impact of increases in uncertainty on bank credit conditions depends on the level of uncertainty. Using firm-level survey data, we document that a surge in business-specific uncertainty is particularly damaging when this uncertainty is low: low levels nearly triple the...

Persistent link: https://www.econbiz.de/10012425697

The Impact of Aggregate Uncertainty on Firm-Level Uncertainty

Easaw, Joshy; Grimme, Christian - 2021

We analyse the extent to which firm-level uncertainty is affected by aggregate uncertainty. Firm-level uncertainty is constructed from a large and monthly panel dataset of manufacturing firms. We find that aggregate uncertainty has a positive and robust impact on firm-level uncertainty. This...

Persistent link: https://www.econbiz.de/10012581997

State-Dependent or Time-Dependent Pricing? New Evidence from a Monthly Firm-Level Survey: 1980-2017

Dixon, Huw D.; Grimme, Christian - 2019

We take a monthly panel of German firms over the period 1980–2017 to examine the relative importance of time and state dependence in the decisions of firms to raise, lower or leave their price constant. In addition, we seek to estimate the relative importance of macroeconomic factors and...

Persistent link: https://www.econbiz.de/10012141043