We explore the role of social capital in the spread of the recent COVID-19 pan­demic in independent analyses for Austria, Germany, Italy, the Netherlands, Swe­den, Switzerland and the UK. We exploit within-country variation in social capital and COVID-19 cases to show that high-social-capital...

Klimabezogene Risiken aus der Transition zu einem CO2-armen Wirtschaftssystem können potentielle Verwundbarkeiten des Finanzsystems offenlegen. Wir entwickeln und beschreiben in diesem Artikel ein Instrumentarium zur Analyse dieser Risiken und wenden es auf das deutsche Finanzsystem an. Die...

This paper presents the methodology applied in the Deutsche Bundesbank's climate transition stress test for the German financial system, see Deutsche Bundesbank (2023). It discusses the construction of the transition scenarios underlying the analysis, including a long-run orderly scenario and a...

Climate-related risks arising from the transition to a low-carbon economy may expose potential vulnerabilities in the financial system. In this article, we develop and describe a set of tools for analysing these risks and apply them to the German financial system. The use of longterm, consistent...

I investigate how households and firms adjust their inflation expectations when experiencing an increase in their energy prices. I use monthly panel survey data in combination with a difference-in-difference approach to show that households increase their inflation expectations when they...

I investigate how households and firms adjust their inflation expectations when experiencing an increase in their energy prices. I use monthly panel survey data in combination with a difference-in-difference approach to show that households increase their inflation expectations when they...

Mobility of high income individuals across borders puts pressure on governments to lower taxes. A central tenet of the underlying theoretical and empirical models is that mobile individuals react to tax differentials through migration, and in turn immobile households vote for lower taxes in the...