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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

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/10014358858

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

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

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/10014358405

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

Risk Exposure and Acquisition of Macroeconomic Information

Roth, Christopher; Settele, Sonja; Wohlfart, Johannes - 2020

We conduct an experiment with a representative sample from the US to study households' demand for macroeconomic information. Respondents who learn of a higher personal exposure to unemployment risk during recessions increase their demand for an expert forecast about the likelihood of a...

Persistent link: https://www.econbiz.de/10012314921

Uncertainty and Information Acquisition: Evidence from Firms and Households

Mikosch, Heiner; Roth, Christopher; Sarferaz, Samad; … - 2021

We leverage the small open economy Switzerland as a testing ground for basic premises of macroeconomic models of endogenous information acquisition, using tailored surveys of firms and households. First, we show that firms perceive a greater exposure to exchange rate movements than households,...

Persistent link: https://www.econbiz.de/10012799762

The Effects of Monetary Policy: Theory with Measured Expectations

Roth, Christopher; Wiederholt, Mirko; Wohlfart, Johannes - 2023

We study the effects of monetary policy on aggregate consumption combining a heterogeneous agent model with measured expectations under different policy counterfactuals. We express the consumption of non-hand-to-mouth households as a function of expectations only and elicit all expectations...

Persistent link: https://www.econbiz.de/10014290126

How Do Expectations About the Macroeconomy Affect Personal Expectations and Behavior?

Roth, Christopher; Wohlfart, Johannes - 2018

Using a representative online panel from the US, we examine how individuals’ macroeconomic expectations causally affect their personal economic prospects and their behavior. To exogenously vary respondents’ expectations we provide them with different professional forecasts about the...

Persistent link: https://www.econbiz.de/10011887414