This paper estimates the causal effect of financial constraints on the short-term performance of Finnish SMEs using survey data from 2016-2024 and propensity score matching (PSM). We examine six outcomes: turnover, employment, investment, profitability, solvency, and innovation, and report...

A key challenge for the post-COVID-19 global economy is whether the disproportionate impact of the crisis on informal workers, who form the majority of the world’s workforce, will be acknowledged or whether harmful and negative stereotypes will persist. Today, despite the role of these...

Directed acyclic graphs (DAGs) provide a transparent framework for encoding causal structures and identifying causal effects. This paper demonstrates how DAGs help specify local projections (LPs) for estimating causal impulse responses. Examples illustrate how graphical rules can be used to...

Numerous empirical studies indicate that social media use is correlated with, and sometimes might be causing, mental harms like addiction, anxiety and depression, or lowering of cognitive abilities. In 2023, the European Parliament called on the European Commission to introduce new rules to...

Die vorliegende Studie geht der Frage nach, inwieweit an angelsächsischen Vorbildern orientierte Organizing-Konzepte, die seit Mitte der 2000er Jahre zunehmend Eingang in die gewerkschaftliche Praxis gefunden haben, zu einer Stabilisierung des Tarifsystems beitragen können. Die Erwartung dabei...

The prominence of Energy Performance Contracting (EPC) has grown particularly dramatically in recent years, prompting countries to enact policies aimed at fostering wider EPC adoption and backing up the growth of Energy Service Companies (ESCOs). However, the effectiveness of these overarching...

How do import tariffs affect employment? We develop an empirical strategy to identify the effects of tariffs using difference-in-differences, comparing anti-dumping (AD) investigations resulting in dumping tariffs to those not resulting in dumping tariffs. We find that an AD tariff decreases...

The global transition toward renewable energy is vital for achieving climate goals and strengthening energy security. The primary objective of the study is to examine the impact of different stances of monetary policy, namely price-based, quantity-based, and outcome-based monetary policy, on...

Using information from the ECB's Bank Lending Survey, we examine how the implementation of borrower-based macroprudential measures (BBMs) between 2009-Q1 and 2023-Q3 affected mortgage lending standards in a sample of 15 euro area countries. We find that banks generally tightened credit standards...

This paper presents a novel model comparison to examine the challenges posed by changes in carbon-intensive energy prices for monetary policy. The employed environmental monetary models have a detailed multi-sector structure. The comparison assesses the effects of both a temporary and a...

This paper analyzes heterogeneity in post-pandemic labor market adjustment across industries, contrasting healthcare and social assistance with leisure and hospitality. Using CPS monthly microdata (2015-2023), JOLTS separations, and LEHD Jobto-Job flows, we estimate sector-specific...

This paper examines the interaction between quantitative easing (QE) and the securities lending facility (SLF) using a detailed dataset on Riksbank QE purchases, Swedish DMO SLF transactions and OTC repo deals. A theoretical model further shows how excess demand for assets and search frictions...

We provide new evidence on the effects of fiscal consolidation measures on output, unemployment, income inequality and consumer price inflation. To identify causal impacts, we use a narrative-based instrumental variable strategy drawing on historical records of exogenous fiscal changes motivated...

We examine the impact of monetary and non-monetary incentives, individually and combined, on residential electricity consumption. A field experiment in Switzerland provided all participants with access to a custom-developed app offering feedback on electricity use and energy-saving tips. In...

Mehmood et al. (2023) estimate the effect of Ramadan fasting hours on judicial decisions using case-level data from Pakistan and India. Using exogenous variation in fasting intensity due to the Islamic lunar calendar and latitude, the authors find that Muslim judges are significantly more likely...

Die Studie analysiert die langfristigen Auswirkungen vorübergehender Unterbrechungen eines Beschäftigungsverhältnisses mit anschließender Wiedereinstellung durch denselben Arbeitgeber ("Temporäre Layoffs"). Betrachtet werden reguläre Beschäftigungsaufnahmen aus Arbeitslosigkeit in...

Many instrumental variables applications specify a single Bernoulli treatment. But instruments may change outcomes through multiple pathways or by varying treatment intensity. Lottery instruments that boost charter school enrollment, for instance, may affect outcomes by lengthening time enrolled...