According to the expectations channel, a fiscal consolidation may give rise to less contractionary, or even expansionary effects on consumption, despite a decline in current disposable income. Intuitively, people may accumulate a stock of savings in anticipation of the consolidation and may...

We examine the transmission of global macro-financial uncertainty to economic activity depending on the current state of the banking sector. Previous literature suggests that credit supply and uncertainty shocks are important drivers of economic activity, but the distinction between the two is...

We study the effects of macroeconomic shocks on several measures of economic inequality obtained from U.S. survey data. To identify aggregate supply, aggregate demand, and monetary policy shocks, we estimate structural vector autoregressions and impose sign and zero restrictions on impulse...

We investigate how oil supply shocks are transmitted to U.S. economic activity, consumer prices, and interest rates. Using a structural VAR approach with a combination of sign and zero restrictions, we distinguish between supply and demand channels in the transmission of exogenous changes in...

In our experimental setting, participants face the decision to invest into two assets which are subject to correlated information. While fundamental states and signals about fundamental states are correlated, success and default of the investment projects is determined separately. Nevertheless,...

We study the revision of survey expectations in response to macroeconomic shocks, which we identify in vector autoregressive models with sign restrictions. We find that survey respondents distinguish between movements along the Phillips curve and shifts of the Phillips curve, depending on the...

We use survey data to study how consumers assess the macroeconomic effects of structural oil market shocks on the U.S. economy using vector autoregressive models. To structurally decompose oil price changes, we impose sign restrictions on impulse responses. We find that the survey respondents'...

Deutschland hat sich in den vergangenen Jahren gegenüber der Zuwanderung ausländischer Fachkräfte trotz Widerständen langsam geöffnet. Einen wichtigen Anteil an dieser Entwicklung hatten die Politik der Europäischen Union auf dem Gebiet der Arbeitsmigration wie auch der zunehmende...

Das Positionspapier greift die Fragestellungen auf, die von den Mitgliedern des Arbeitskreises im Zusammenhang mit den "Räumlichen Auswirkungen internationaler Migration" als fundamentale Herausforderungen für Wissenschaft, Praxis und Politik erachtet werden. Zunächst wird das mit der...

Der vorliegende Beitrag präsentiert eine Darstellung der ökonomischen Wirkungsmechanismen der COVID-19-Pandemie und stellt diese den Spezifika der liechtensteinischen Volkswirtschaft gegenüber. Dabei werden einerseits die zu erwartenden kurzfristigen wirtschaftlichen Effekte der Pandemie in...