Conditional on a contractionary monetary policy shock, the labor share of value added is expected to decrease in the basic New Keynesian model. By providing firm-level evidence, we are first to validate this proposition. Using local projections and high dimensional fixed effects, we show that a one standard deviation contractionary monetary policy shock decreases firms' labor share by 0.4 percent, ...
Deutschlands Wohneigentumsquote ist im internationalen Vergleich niedrig – nicht einmal die Hälfte aller Haushalte lebt in den eigenen vier Wänden. Gerade Haushalte mit geringeren Einkommen bilden selten Immobilienvermögen, obwohl es seit rund 60 Jahren Sparprämien gibt, die an diese Gruppen gerichtet sind. Die Wohnungsbauprämie hat in den vergangenen Jahrzehnten allerdings erheblich an Bedeutung verloren, ...
Using a wide variety of business cycle dating and filtering techniques, this paper documents the cyclical behavior of the post-tax income distribution in the US. First, all incomes are cyclical and co-move with the business cycle. Second, lower and higher income individuals experience significantly larger fluctuations across the business cycle than middle-income individuals. Third, these fluctuations ...
This article studies housing rents in St. Petersburg from 1880 to 1917, covering an eventful period of Russian and world history. Digitizing over 5000 rental advertisements, we construct a state-of-the-art index – the first pre-war and pre-Soviet market data index for any Russian city. In 1915, a rent control and tenant protection policy was introduced in response to soaring prices following the outbreak ...
Seit Jahrzehnten investiert nur jeder vierte bis fünfte Haushalt in Deutschland in Aktien. Mit den drei Börsengängen der Deutschen Telekom 1996 bis 2000 wurden die Deutschen in Aktienlaune versetzt. Der Kurssturz kurz nach dem zweiten Börsengang, gefolgt von Korruptionsskandalen, beendete aber die gute Aktienstimmung. Die vorliegende Studie auf Basis von SOEP-Daten zeigt, dass die Ereignisse rund um ...
The long-run U-shaped patterns of economic inequality are standardly explained by basic economic trends (Piketty’s r>g), taxation policies, or “great levelers,” like catastrophes. This paper argues that housing policy, in particular rent control, is a neglected explanatory factor in understanding overall inequality. We hypothesize that rent control could decrease overall housing wealth, lower incomes ...
What are the long-term economic effects of a more equal distribution of wealth? We exploit variation in historical inheritance rules for land traversing political, linguistic, geological, and religious borders in Germany. In some German areas, inherited land was to be shared or divided equally among children, while in others land was ruled to be indivisible. Using a geographic regression discontinuity ...
This paper studies the effects of labor market outcomes on firms’ loan demand and on credit intermediation. In a first step, I investigate how wages in the production sector affect bank net worth and the process of financial intermediation in partial equilibrium. Second, the role of the identified channels are studied in general equilibrium using a new- Keynesian DSGE-model with financial frictions and ...