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The economic policy response to COVID-19 lockdowns included a variety of measures. Their effects on non-financial firms, however, remain unclear. To shed light on the effect of transfers, we investigate the effect of German emergency aid transfers (November-December aid), a program designed for...
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The UK economy has experienced significant macroeconomic adjustments following the 2016 referendum on its withdrawal from the European Union. This paper develops and estimates a small open economy model with tradable and non-tradable sectors to characterise these adjustments. We demonstrate that...
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consensus on whether this new privacy regulation is beneficial or detrimental to innovation. This study provides empirical … evidence on the impact of the GDPR on innovation activities in firms. Exploiting panel data from the German innovation survey …, a difference-in-difference analysis shows that the GDPR stimulated additional innovation activity while shifting the …
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In this paper we study the macroeconomic effects of large exchange rate appreciations. Using a sample of 128 countries from 1960-2008, we identify large nominal and real appreciations shocks and study their macroeconomic effects in a dummy-augmented panel autoregressive model. Our results show...
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