We construct a narrative instrument for government investment from official records in Germany. Using structural vector autoregressions, we document a significant crowding-in of private investment and an output multiplier of roughly 2. Then, we match a New Keynesian dynamic stochastic general...

The article documents the construction of a narrative instrument for government investment, used in the paper 'An Estimation and Decomposition of the Government Investment Multiplier'.

The slight slowdown of consumer price inflation in Germany in November does not yet constitute the beginning of lower inflation rates. Even though energy prices are dragging inflation, producer prices have drastically increased in the past year. Our estimates indicate that inflation rates will...

The environment for investment in housing construction has changed drastically. Rising interest rates and construction costs are leading to a signifi cant decline in investment activity. This will exacerbate the shortage on the housing market, as refugees from Ukraine also require housing on a...

Debates on industrial policy surged in the wake of the current crises. Policymakers, however, should not lapse into conserving old structures which too often prove obsolete. Instead, key industries with high-quality jobs and future growth prospects must be identifi ed. These are...

One key question that arises when assessing a supply-side theory is to what extent a firm that is not yet present in the market but has capabilities to repurpose its production capacity constitutes a competitive constraint to firms operating in the focal market. The main challenge for...

The paper analyses the development of the East German housing market after the reunification of the former German Democratic Republic and the Federal Republic of Germany in 1990. We analyse the dynamics of the East German housing market within the framework of the wellknown stockflow model,...

Institutions are common predictors of voter turnout. Most research in this field focuses on cross-country comparisons of voting systems, like the impact of compulsory voting or registration systems. Fewer efforts have been devoted to understand the role of local institutions and their impact on...