Im März 2023 kommt es in den USA zum größten Bankenkollaps seit der Finanzkrise von 2008. Steigende Inflationsraten, verursacht durch die hohen Energiepreise infolge des Ukraine-Kriegs, und anhaltende Lieferkettenprobleme zwingen die US-Notenbank zu dramatischen Leitzinserhöhungen. Daraufhin...

The anticipation of a future bailout of distressed firms worsens ex ante adverse selection, causing a market freeze at present and inviting government intervention ("bailout trap"). When firms of heterogenous qualities raise financing, high-quality firms are willing to bear adverse selection...

Andreas Fuster is an Associate Professor of Finance and SFI Senior Chair at Swiss Finance Institute @ EPFL and a Research Fellow at the CEPR (Centre for Economic Policy Research). His main research interests are in empirical finance (household finance, real estate finance, banking),...

We document that the dominant component of overall and residual wage inequality is within plant-occupations and, combining within-occupation task information from labor force surveys with linked plant-worker data for Germany, establish three interrelated facts: (1) larger plants and exporters...

We propose a simple explanation for the long-run decline in the startup rate. It was caused by a slowdown in labor supply growth since the late 1970s, largely pre-determined by demographics. This channel explains roughly two-thirds of the decline and why incumbent firm survival and average...

We use comprehensive micro data in the French manufacturing sector between 1995 and 2017 to document the effects of automation technologies on employment, sales, prices, wages, and the labor share. Causal effects are estimated with event studies and a shift-share IV design...

Corporate bond markets proved remarkably resilient against a sharp contraction caused by the 2020 Covid-19 pandemic. We document three important findings: (1) bond issuance increased immediately when the contraction hit, whereas, in contrast, syndicated loan issuance was low; (2) Federal Reserve...

Der 18. IWH/IAB-Workshop zur Arbeitsmarktpolitik diskutiert die Auswirkungen von Demografie und Transformationsprozessen auf Betriebe und Erwerbspersonen sowie geeignete politische Maßnahmen, um negativen Folgen dieser Entwicklungen auf das Arbeitskräfteangebot entgegenzuwirken. Topics: -...

The workshop provides a platform to discuss new developments in the field of empirical and applied macroeconomic modelling and aims at bringing together academic researchers and practitioners. We invite applied and theoretical papers in the field of environmental macroeconomics. Papers using...