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

Bachmann, Ruediger; 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/10009767295

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/10013239562

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

The Diffusion of Technological Progress in ICT

Elstner, Steffen; Grimme, Christian; Kecht, Valentin; … - 2021

Persistent link: https://www.econbiz.de/10013314751

Manpower Constraints and Corporate Policies

D'Acunto, Francesco; Weber, Michael; Yang, Shuyao - 2020

Manpower constraints are the pervasive lack of specialized high- and low-skill workers, irrespective of the wage firms …

Persistent link: https://www.econbiz.de/10012425604

Finance, Talent Allocation, and Growth

D'Acunto, Francesco; Frésard, Laurent - 2018

The growing finance wage premium is related to a modest net reallocation of skilled workers from non-finance sectors … into finance in a broad sample of 24 countries over 35 years. The reallocation is higher when the finance wage premium … workers. Yet, the growing finance wage premium is unrelated to sectoral or aggregate growth, to countries’ innovative capacity …

Persistent link: https://www.econbiz.de/10011815776

Manpower Constraints and Corporate Policies

D'Acunto, Francesco; Weber, Michael; Yang, Shuyao - 2021

Manpower constraints are the pervasive lack of specialized high- and low-skill workers, irrespective of the wage firms …

Persistent link: https://www.econbiz.de/10013314951

The Effect of Unconventional Fiscal Policy on Consumption Expenditure

D'Acunto, Francesco; Hoang, Daniel; Weber, Michael - 2016

Unconventional fiscal policy uses announcements of future increases in consumption taxes to generate inflation expectations and accelerate consumption expenditure. It is budget neutral and time consistent. We exploit a unique natural experiment for an empirical test of the effectiveness of...

Persistent link: https://www.econbiz.de/10011555501

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

Unconventional Fiscal Policy, Inflation Expectations, and Consumption Expenditure

D'Acunto, Francesco; Hoang, Daniel; Weber, Michael - 2016

Unconventional fiscal policies incentivize households to accelerate consumption by generating future consumer price ination, and offer an alternative to unconventional monetary policy (Correia et al. (2013)). We use a natural experiment to study the causal effect of unconventional fiscal...

Persistent link: https://www.econbiz.de/10011451411