Schätzwerte mittelfristiger Gleichgewichtszinsen mit der Methode nach Laubach und Williams (2003) werden inzwischen vielfach in der Diskussion um die Geld- und Fiskalpolitik zitiert. Unter anderem wurden sie von Summers (2014a) als Evidenz für eine säkulare Stagnation angeführt und von...

Schätzwerte mittelfristiger Gleichgewichtszinsen mit der Methode nach Laubach und Williams 2003) werden inzwischen vielfach in der Diskussion um die Geld- und Fiskalpolitik zitiert. Unter anderem wurden sie von Summers (2014a) als Evidenz für eine säkulare Stagnation angeführt und von Yellen...

The current debate on monetary and fiscal policy is heavily influenced by estimates of the equilibrium real interest rate. In particular, this concerns estimates derived from a simple aggregate demand and Phillips curve model with time-varying components as proposed by Laubach and Williams...

This paper uses a large survey (SOEP) to update and deepen our knowledge about the labor market performance of immigrants in Germany. It documents that immigrant workers initially earn on average 20 percent less than native workers with otherwise identical characteristics. The gap is smaller for...

Exceptionally high rainfall in the Indian state of Kerala caused major flooding in 2018. This paper estimates the short-run causal impact of the disaster on the economy, using a difference-in-difference approach. Monthly nighttime light intensity, a proxy for aggregate economic activity,...

This paper estimates how strongly COVID-19 containment policies have impacted aggregate economic activity. We use a difference-in-differences methodology to estimate how containment zones of different severity across India impacted district-level nighttime light intensity, as well as household...

Evening-hour luminosity observed using satellites is a good proxy for economic activity. The strengths of measuring economic activity using nightlight measurements include that the data capture informal activity, are available in near real-time, are cheap to obtain, and can be used to conduct...

This paper analyzes whether fiscal policy in South Asia amplifies or smooths business cycle fluctuations. The paper estimates several econometric models to explore the cyclicality of government spending and tax buoyancy. The findings show that fiscal policy is procyclical in most countries. In...

This paper presents a new dataset of comparable employment indicators for South Asian countries, constructed from more than 60 primary data sources from 2001 to 2017. The main contribution of the paper is to curate the information provided by individual respondents to censuses and surveys, in a...

This paper estimates how COVID-19 lockdown policies impacted economic activity. Using a difference-in-differences methodology, we establish the divergence of district-level nighttime light intensity, mobility and migration, as well as household-level income and consumption, across different...