This paper exploits big data on online activity from the job exchange of the German Federal Employment Agency and its internal placement-software to generate measures for search activity of employers and job seekers and-as a novel feature-for placement activity of employment agencies. In...

Using a large panel of official bilateral loan data for 111 borrowing countries and 78 lending countries between 1980 and 2020, this paper shows that international government borrowing from bilateral sources is acyclical with respect to the economic cycle of the borrower, but procyclical with...

This paper examines the sensitivity of firms´ R&D expenditures to being externally financial constrained to undertake innovation projects, considering that being constrained is endogenous. It focuses on devising a model that enable us to explore the combined impact of liquidity constraints,...

In times of crisis, cash and liquidity play an essential role. This paper analyzes the working capital measures over the course of a business cycle. We examine (1) how companies behave in economic downturns regarding their working capital components and (2) whether firms with higher financial...

Reforming the debt brake (Schuldenbremse) is often understood to require constitutional change. Frequently overlooked, however, is that a crucial part of the debt brake is governed by ordinary law, namely the cyclical component (Konjunkturkomponente). By allowing for more or less net borrowing...

This paper investigates the impact of fiscal consolidation in different states on domestic government debt in South Africa. The government budget constraint theoretical framework and Markov-switching dynamic regression (MSDR) from 1979 to 2022. The contribution of this paper is to examine fiscal...

Der Beitrag diskutiert den verfassungsrechtlichen Rahmen für eine Reform der Konjunkturkomponente der grundgesetzlichen Schuldenbremse. Diese Komponente ermöglicht es, konjunkturelle Entwicklungen bei der Bestimmung der zulässigen Höhe der Staatsverschuldung zu berücksichtigen. Bei ihrer...

The impact of the crisis in the Greek economy was not uniform among the regions, threatening socioeconomic cohesion. In this paper, we explore the concept of the income multiplier in a multi-regional input-output setting, in the context of the Greek recession, showing empirical evidence for the...

This paper aims to investigate the effects of various fiscal policy measures for small and open economies by analysing the implications of fiscal shocks in the Baltic countries based on data for the period from 1995 to 2018. For this purpose, we have chosen structural VAR estimation methods...

Governments can issue public debt for both good and bad reasons. The former include intertemporal tax smoothing, fiscal stimulus, and asset management. In contrast, the bad reasons, which generate higher indebtedness, are mainly associated with political cycles, rent capture, intergenerational...