This paper examines inference on social interactions models in the presence of missing data on outcomes. In these models, missing data on outcomes imply an incomplete data problem on both the endogenous variable and the regressors. However, getting a sharp estimate of the partially identified...

This paper proposes long-run estimates of ex ante real interest rates in Switzerland and other developed economies, and it describes their relative evolution. Our results highlight the decline in-and convergence of-global real interest rates that has unfolded over the last three decades for all...

This paper studies the causes of movements in inflation and output in Switzerland over 160 years between 1855 and 2015. Aggregate supply and demand shocks are identified in a structural VAR, and their evolution and effect on prices and output are discussed. Shocks to the Swiss economy have...

Using a representative sample of European firms, we study whether financing constraints affect employers' investments in employee training and physical capital differently. We measure financing constraints with an index that combines survey and balance sheet data. We instrument this index with...

This paper develops a model of Tiebout sorting with decentrally determined progressive income taxation and a built-in fiscal equalization scheme that redistributes money from richer to poorer regions. Both aspects are central to policy makers: the progressivity for equity reasons and the fiscal...

This paper analyzes efficiency and profitability in the Swiss banking sector over the period 1997-2019. We find strong evidence for scale economies: for most banks in the sample, efficiency and profitability increase with bank size. Using an instrumental variables strategy for a subset of...

The funding ratio is a financial indicator to measure the viability of pension funds. The paper analyzes how Swiss occupational pension funds' technical discount rate and asset allocation are related to the funding ratio. The paper shows that funds with weaker funding ratios apply higher rates...

We perform a simultaneous test for several rational and behavioral factors known to affect the uptake of life annuities in a sample of Americans. We also investigate whether analysts' short-term stock market expectations affect the decision to annuitize retirement wealth. We find that facing...

This paper examines the incidence of firm bankruptcies and start-ups in Switzerland based on unique register data. We propose to assess the frequency of bankruptcies over time using the concept of excess mortality. During the COVID-19 crisis in 2020 and the first half of 2021, bankruptcy rates...

We analyze the association that pharmaceutical innovation had with premature mortality from all diseases in Switzerland during the period 1996-2018, and its association with hospital utilization for all diseases in Switzerland during the period 2002-2019. The analysis is performed by...