After a long period of loose monetary policy triggered by the Great Recession, some central banks are signaling that they will raise their policy rates soon. Previous research, for example, Bernanke and Kuttner (2005) and Ozdagli (2014), has shown that asset prices react more strongly to...

After a long period of loose monetary policy triggered by the Great Recession, some central banks are signaling that they will raise their policy rates soon. Previous research, for example, Bernanke and Kuttner (2005) and Ozdagli (2014), has shown that asset prices react more strongly to...

Interest rate surprises around FOMC announcements reveal both the surprise in the monetary policy stance (the pure policy shock) and interest rate movements driven by exogenous information about the economy from the central bank (the information shock). In order to disentangle the effects of...

This paper aims to identify the effect of monetary policy shocks on stock prices through the lens of Mundell and Fleming's “Impossible Trinity” theory. Our identification strategy seeks to solve the simultaneity and omitted variable problems inherent in studies that focus on the effect of...

The trade war between the United States and China has a significant impact on high-yield spreads, long-term interest rates, and stock prices. However, the 10-year-minus-2-year Treasury yield spread, whose inversion generated significant media chatter about a looming recession, does not seem to...

In this paper we exploit the unusual introduction of random inspections to firms in Bhutan to examine the impact of enforcement efforts on hires, employment levels, and hours worked, paid employment and earnings

In 2005, the unemployment benefits for long-term unemployed were reduced in Germany. We investigate the effect of this reform on the transition probability from unemployment to employment using a large German administrative spell data set (SIAB 1975 - 2010). We estimate that the daily transition...

In 2005, the unemployment compensation for long-term unemployed was reduced in Germany. We examine how this reform affected the transition probability to employment. Additionally, we inspect how this effect varies over unemployment duration. We estimate proportional hazard models using German...

Auf europäischer Ebene steht aktuell die Neuabgrenzung der Fördergebiete für die EU-Strukturfonds der Förderperiode 2014 bis 2020 zur Debatte. Ob eine Region förderfähig ist, hängt von der regionalen Wirtschaftskraft im Vergleich zum EU-Durchschnitt ab. Bei Bemessung anhand aktuell...