This paper empirically investigates the relevance of liquidity constraints and excess sensitivity in intertemporal household consumption. Using a pseudo panel that has been constructed on rich German consumption survey data, we estimate the consumption responses to permanent and transitory...

Die Corona-Krise stellt eine größere Herausforderung als die globale Finanz- und Wirtschaftskrise im Jahr 2008/2009 dar. Der zur Eindämmung der Ausbreitung des Virus notwendige Lockdown bedroht auch die Gewinnsituation von erfolgreichen und finanziell soliden Unternehmen fast aller Branchen....

The Corona crisis has clearly become an economic challenge for Europe. The spread of the virus represents both a negative supply shock and a negative demand shock across the economy at large. Securing the liquidity of companies is of top priority. Employment and household income can be...

The idea of higher wealth taxes to finance the mounting public debt in the wake of the financial crises is gaining ground in several OECD countries. We evaluate the revenue and distributional effects of a one-time capital levy on personal net wealth that is currently on the German political...