We identify monetary policy shocks by exploiting variation in the central bank's information set. To be specific, we use differences between nowcasts of the output gap and inflation with final, revised estimates of these series to isolate movements in the policy rate unrelated to economic...

We identify monetary policy shocks by exploiting variation in the central bank’s information set. To be specific, we use differences between nowcasts of the output gap and inflation with final, revised estimates of these series to isolate movements in the policy rate unrelated to economic...

This paper analyzes the implications of the recent rise in bank concentration for the transmission of monetary policy. First, I use branch-level data on deposit and loan rates to evaluate the monetary policy pass-through conditional on the level of local bank concentration and bank...

This paper examines the pass-through of cost-push shocks to customers at a granular level. Using unique firm-level survey data, we document five facts about pass-through across firms, sectors, and over time. We highlight a new channel relevant for pass-through: beliefs about the expected...

The recent surge in inflation led many unions and firms to alter their bargaining and wage-setting policies. Using novel German firm-level survey data, we document the extent of state dependence in wage setting across firms and workers during periods of high and low inflation. We find state...

Die Unternehmen in Deutschland sind seit 2021 mit starken Kostenanstiegen konfrontiert. Dieser Artikel untersucht die Weitergabe der Preiserhöhungen durch die Unternehmen an ihre Kunden. Basierend auf der Konjunkturumfrage des ifo Instituts zeigt sich eine unvollständige Preisweitergabe. Im...