Research

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The Effect of Unconventional Fiscal Policy on Consumption – New Evidence based on Transactional Data
We use novel transaction-level card expenditure data to estimate the effect of the temporary value-added tax (VAT) cut in Germany 2020. …
Winfried Koeniger, Peter Kress
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Consumption Expenditures in Austria & Germany: new evidence based on transactional data
We analyze the novel transactional card expenditure data for Germany and Austria provided by Fable Data. We describe key features of …
Winfried Koeniger, Peter Kress, Jonas Lehmann
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Differences in Euro-Area Household Finances and their Relevance for Monetary-Policy Transmission
This paper quantifies mechanisms through which heterogeneity in household finances affects the transmission of monetary policy, …
Thomas Hintermaier, Winfried Koeniger
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The Heterogeneous Response of Real Estate Prices during the Covid-19 Pandemic
We estimate the transmission of the pandemic shock in 2020 to the residential and commercial real estate market by causal machine …
Sandro Heiniger, Winfried Koeniger, Michael Lechner
Cite DOI Alternative URL Policy Brief (EN)
Monitoring Consumption Switzerland: Data, Background, and Use Cases
Monitoring Consumption Switzerland is a public–private partnership between the University of St. Gallen and the payment companies …
Martin Brown, Matthias R Fengler, Jonas Huwyler, Winfried Koeniger, Rafael Lalive, Robert Rohrkemper
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Tax Incentives and Mortgage Amortization
Janosch Brenzel-Weiss, Winfried Koeniger, Arnau Valladares-Esteban
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Opportunity and Inequality across Generations
We analyze how intergenerational mobility and inequality would change relative to the status quo if dynasties had access to optimal …
Winfried Koeniger, Carlo Zanella
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On the Transmission of Monetary Policy to the Housing Market
We provide empirical evidence on the heterogeneous transmission of monetary policy to the housing market across and within countries. …
Winfried Koeniger, Benedikt Lennartz, Marc-Antoine Ramelet
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Buffer‐Stock Saving And Households' Response To Income Shocks
We exploit information on the joint dynamics of household labor income, consumption, and wealth in the Italian Survey of Household …
Giulio Fella, Serafin Frache, Winfried Koeniger
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Household Debt and Crises of Confidence
This paper develops a notion of consumer confidence within a dynamic competitive equilibrium framework. In any situation where multiple …
Thomas Hintermaier, Winfried Koeniger
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Human Capital and Optimal Redistribution
We characterize optimal redistribution in a dynastic economy with observable human capital and hidden ability. We show that the wedge …
Winfried Koeniger, Julien Prat
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Debt Portfolios and Homestead Exemptions
This paper investigates the economic relevance of the large differences in homestead exemptions across US states. We build a structural …
Thomas Hintermaier, Winfried Koeniger
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Hidden Insurance in a Moral-Hazard Economy
We analyze the general equilibrium of an economy in which a competitive industry produces nonexclusive insurance services. The …
Giuseppe Bertola, Winfried Koeniger
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On the Validity of the First-Order Approach with Moral Hazard and Hidden Assets
With moral hazard and anonymous asset trade, first-order conditions need not characterize effort and portfolio choices. The standard …
Giuseppe Bertola, Winfried Koeniger
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On the Evolution of the US Consumer Wealth Distribution
We use all available waves of the Survey of Consumer Finances to document the evolution of the wealth distribution in the US since the …
Thomas Hintermaier, Winfried Koeniger
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The Method of Endogenous Gridpoints with Occasionally Binding Constraints among Endogenous Variables
We show how the method of endogenous gridpoints can be extended to solve models with occasionally binding constraints among endogenous …
Thomas Hintermaier, Winfried Koeniger
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Redistributive Taxation and Personal Bankruptcy in U.S. States
Personal bankruptcy regulation and redistributive taxes and transfers vary considerably across U.S. states and over time. Our …
Charles Grant, Winfried Koeniger
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Consumption Smoothing and Income Redistribution
We show theoretically that income redistribution benefits borrowing-constrained individuals more than is implied by standard …
Giuseppe Bertola, Winfried Koeniger
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On the Role of Market Insurance in a Dynamic Model
Durables like cars or houses are a substantial component in the balance sheets of households. These durables are exposed to risk and …
Helge Braun, Winfried Koeniger
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Feature: Employment Protection Legislation
Employment protection legislation (EPL) is an important labour market policy whose strictness differs greatly across OECD countries. …
Pierre Cahuc, Winfried Koeniger
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Employment Protection, Product Market Regulation and Firm Selection
Why are firm and job turnover rates so similar across OECD countries? We argue that this may be due to the joint regulation of product …
Winfried Koeniger, Julien Prat
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Labor Market Institutions and Wage Inequality
The authors investigate how labor market institutions such as unemployment insurance, unions, firing regulations, and minimum wages …
Winfried Koeniger, Marco Leonardi, Luca Nunziata
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Openness, Wage Floors and Technology Change
This paper argues that the effect of openness to trade on process innovations and skill premia importantly depends on the structure of …
Koeniger Winfried
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Capital Deepening and Wage Differentials: Germany versus US
In flexible labour markets, capital increases the productivity of skilled workers more than that of unskilled workers, and in the US …
Winfried Koeniger, Marco Leonardi
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Uncertainty and Debt-Maturity in Emerging Markets
Although a lot has been written on the link between debt maturity and financial crises, it remains puzzling why the private sector in …
Bussiere Matthieu, Fratzscher Marcel, Koeniger Winfried
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On the Use of Substitutability as a Measure of Competition
In the recent macro literature the effect of competition has been analyzed by comparing economies with the same market structure but …
Koeniger Winfried, Licandro Omar
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Dealer Pricing Of Consumer Credit
Price discrimination incentives may induce dealers to bear the financial cost of their customers’ credit purchases. We focus on …
Giuseppe Bertola, Stefan Hochguertel, Winfried Koeniger
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Dismissal Costs and Innovation
Empirical evidence suggests that dismissal costs are negatively associated with R&D intensity across countries but positively …
Winfried Koeniger
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Labor Income Risk and Car Insurance in the UK
Microeconomic theory shows that only under certain conditions higher background risk increases the propensity to insure against …
Winfried Koeniger
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