According to the expectations channel, a fiscal consolidation may give rise to less contractionary, or even expansionary effects on consumption, despite a decline in current disposable income. Intuitively, people may accumulate a stock of savings in anticipation of the consolidation and may...

We study the effects of macroeconomic shocks on several measures of economic inequality obtained from U.S. survey data. To identify aggregate supply, aggregate demand, and monetary policy shocks, we estimate structural vector autoregressions and impose sign and zero restrictions on impulse...

We study the revision of macroeconomic expectations due to aggregate demand, aggregate supply and monetary policy shocks. Using zero and sign restrictions, the macroeconomic shocks are identified in a vector autoregressive model in which we include survey data that measure macroeconomic...

We study the revision of survey expectations in response to macroeconomic shocks, which we identify in vector autoregressive models with sign restrictions. We find that survey respondents distinguish between movements along the Phillips curve and shifts of the Phillips curve, depending on the...

We use survey data to study how consumers assess the macroeconomic effects of structural oil market shocks on the U.S. economy using vector autoregressive models. To structurally decompose oil price changes, we impose sign restrictions on impulse responses. We find that the survey respondents'...

Der vorliegende Wachstumsmonitor bündelt 71 Indikatoren, welche die langfristige Wachstumsentwicklung der liechtensteinischen Volkswirtschaft aus verschiedenen Blickwinkeln abbilden. Im Vergleich zur letzten Ausgabe des Wachstumsmonitors, in dem eine insgesamt positive Wachstumsentwicklung...

Using granular customs data, we construct a counterfactual of the evolution of Swiss goods exports under the premise that the minimum exchange rate policy would have been continued. We study the dynamic adjustment of aggregate and sectoral goods exports due to the exchange rate shock in January...

Der vorliegende Wachstumsmonitor 2022 bündelt 75 Indikatoren, welche die langfristige Wachstumsentwicklung der liechtensteinischen Volkswirtschaft aus verschiedenen Blickwinkeln abbilden. In den letzten Jahren hat sich das langfristige Wachstum in Liechtenstein tendenziell weiter verlangsamt,...

The outcome of the referendum on the UK's membership of the European Union in June 2016 was largely unanticipated by politicians and pundits alike. Even after the "Leave" vote, the uncertainty surrounding the withdrawal process might have affected the UK economy. We draw on an official list of...

Nachdem in der Studie «Stützungsmassnahmen für die Wirtschaft in Liechtenstein und Vergleichsstaaten während der Corona-Krise: Analyse aus volkswirtschaftlicher Perspektive» (BRUNHART UND GEIGER [2020]) die unmittelbare wirtschaftspolitische Reaktion auf den Ausbruch der Pandemie evaluiert...