infonet-economy

There is an emerging consensus that inequality is adversely related to growth. However, the empirical literature on the links between inequality and growth does not align with this simple narrative, especially because the channels through which inequality may affect growth remain poorly understood.

Meynhardt, Timo; Carstens, Tim & Jung, Tino: Trendumfrage: Start-ups in der Pandemie. March 2021.

Hongler, Peter & Stark, Johanna:
Normative Theories and Research in Taxation.

17 March 2021.

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We provide empirical evidence on the heterogeneous transmission of monetary policy to the housing market across and within countries. We use household-level data from Germany, Italy and Switzerland together with the respective monetary policy shocks identified from high-frequency data. We find that the pass-through of monetary policy shocks to rates of newly originated (fixed-rate)...

Mikosch, Heiner; Neuwirth, Stefan

Bolli, Thomas; Rageth, Ladina; Renold, Ursula

Hongler, Peter
(2021)
Das Leistungsfähigkeitsprinzip im Vielsteuersystem
IFF Working Paper No 2021-3.

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This paper documents the change in banks' interest rate setting behaviour in a negative-rate environment. In a positive-rate environment, the pricing of mortgages and deposits follows the dynamics of capital market rates for comparable maturities. When capital market rates fall below zero, the dynamic of mortgage and deposit rates changes. Because deposit rates tend to be sticky at...