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Swiss Journal of Economics and Statistics最新文献

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Responses of Swiss interest rates and stock prices to ECB policy surprises 瑞士利率和股价对欧洲央行意外政策的反应
Swiss Journal of Economics and Statistics Pub Date : 2023-11-14 DOI: 10.1186/s41937-023-00117-8
Diego M. Hager, Thomas Nitschka
{"title":"Responses of Swiss interest rates and stock prices to ECB policy surprises","authors":"Diego M. Hager, Thomas Nitschka","doi":"10.1186/s41937-023-00117-8","DOIUrl":"https://doi.org/10.1186/s41937-023-00117-8","url":null,"abstract":"Abstract We employ local projections to analyse the responses of Swiss asset prices to scheduled policy decisions of the European Central Bank (ECB) as a case study of ECB policy spillovers to European countries outside the euro area. Focusing on ECB policy shocks that are related to different policy instruments of the ECB, our empirical results leave the impression that surprises related to the ECB target policy rate and to the ECB’s longer-term forward guidance or its asset purchases tend to move Swiss interest rates and stock prices in the same direction. Shocks explicitly designed to capture pure ECB monetary policy and information effect shocks are weakly associated with movements in Swiss asset prices on average.","PeriodicalId":36872,"journal":{"name":"Swiss Journal of Economics and Statistics","volume":"43 32","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134953617","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Monitoring consumption Switzerland: data, background, and use cases. 监测瑞士的消费情况：数据、背景和使用案例。
Swiss Journal of Economics and Statistics Pub Date : 2023-01-01 Epub Date: 2023-03-20 DOI: 10.1186/s41937-023-00108-9
Martin Brown, Matthias R Fengler, Jonas Huwyler, Winfried Koeniger, Rafael Lalive, Robert Rohrkemper
{"title":"Monitoring consumption Switzerland: data, background, and use cases.","authors":"Martin Brown, Matthias R Fengler, Jonas Huwyler, Winfried Koeniger, Rafael Lalive, Robert Rohrkemper","doi":"10.1186/s41937-023-00108-9","DOIUrl":"10.1186/s41937-023-00108-9","url":null,"abstract":"<p><p>Monitoring Consumption Switzerland is a public-private partnership between the University of St. Gallen and the payment companies Worldline and SIX that processes and publishes payment data on transactions in Switzerland processed by Wordline/SIX in real time. This paper provides background information on this novel source of data and presents their attributes, aggregation and granularity, and their interpretability. The paper presents several use cases that show the strengths of the data, and it alerts future users of the data to possible challenges. The paper also discusses the project's impact and provides an outlook.</p>","PeriodicalId":36872,"journal":{"name":"Swiss Journal of Economics and Statistics","volume":"159 1","pages":"4"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10026794/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"9198368","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Covid-19 outbreak and beyond: a retrospect on the information content of short-time workers for GDP now- and forecasting. Covid-19 爆发及其后：短工信息含量对现在和预测 GDP 的回溯。
Swiss Journal of Economics and Statistics Pub Date : 2023-01-01 Epub Date: 2023-01-31 DOI: 10.1186/s41937-023-00106-x
Sylvia Kaufmann
{"title":"Covid-19 outbreak and beyond: a retrospect on the information content of short-time workers for GDP now- and forecasting.","authors":"Sylvia Kaufmann","doi":"10.1186/s41937-023-00106-x","DOIUrl":"10.1186/s41937-023-00106-x","url":null,"abstract":"<p><p>We document whether a simple, univariate model for quarterly GDP growth is able to deliver forecasts of yearly GDP growth in a crisis period like the Covid-19 pandemic, which may serve cross-checking forecasts obtained from elaborate and expert models used by forecasting institutions. We include shocks to the log number of short-time workers as timely available current-quarter indicator. Yearly GDP growth forecasts serve cross-checking, in particular at the outbreak of the pandemic.</p>","PeriodicalId":36872,"journal":{"name":"Swiss Journal of Economics and Statistics","volume":"159 1","pages":"2"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9887556/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"9231267","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Economics and economists during the COVID-19 pandemic: a personal view. COVID-19 大流行期间的经济学和经济学家：个人观点。
Swiss Journal of Economics and Statistics Pub Date : 2022-01-01 Epub Date: 2022-11-08 DOI: 10.1186/s41937-022-00097-1
Monika Bütler
{"title":"Economics and economists during the COVID-19 pandemic: a personal view.","authors":"Monika Bütler","doi":"10.1186/s41937-022-00097-1","DOIUrl":"10.1186/s41937-022-00097-1","url":null,"abstract":"<p><p>As was true for many others, my professional life was turned upside down in the early days of the pandemic. The crisis touched almost every field in economics: international supply chains broke down, economic activity was heavily constrained either by non-pharmaceutical measures to fight the pandemic or by voluntary action, and the labour market experienced unprecedented levels of short-time work and huge (temporary) lay-offs. Governments struggled to provide cash and find ways to compensate affected people and businesses. Financial markets tumbled and monetary policy faced new challenges on top of an already tense situation.</p>","PeriodicalId":36872,"journal":{"name":"Swiss Journal of Economics and Statistics","volume":" ","pages":"18"},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9643970/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"40485816","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Do COVID-19 containment measures work? Evidence from Switzerland. COVID-19 的遏制措施有效吗？瑞士的证据。
Swiss Journal of Economics and Statistics Pub Date : 2022-01-01 Epub Date: 2022-02-05 DOI: 10.1186/s41937-022-00083-7
Regina Pleninger, Sina Streicher, Jan-Egbert Sturm
{"title":"Do COVID-19 containment measures work? Evidence from Switzerland.","authors":"Regina Pleninger, Sina Streicher, Jan-Egbert Sturm","doi":"10.1186/s41937-022-00083-7","DOIUrl":"10.1186/s41937-022-00083-7","url":null,"abstract":"<p><p>We study the interplay of non-pharmaceutical containment measures, human behavior, and the spread of COVID-19 in Switzerland. First, we collect sub-national data and construct indices that capture the stringency of containment measures at the cantonal level. Second, we use a vector autoregressive model to analyze feedback effects between our variables of interest via structural impulse responses. Our results suggest that increases in the stringency of containment measures lead to a significant reduction in weekly infections as well as debit card transactions, which serve as a proxy for behavioral changes in the population. Furthermore, analyzing different policy measures individually shows that business closures, recommendations to work from home, and restrictions on gatherings have been particularly effective in containing the spread of COVID-19 in Switzerland. Finally, our findings indicate a sizeable voluntary reduction in debit card transactions in response to a positive infection shock.</p>","PeriodicalId":36872,"journal":{"name":"Swiss Journal of Economics and Statistics","volume":" ","pages":"5"},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8817781/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"39916073","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Gender effects of the COVID-19 pandemic in the Swiss labor market. COVID-19 大流行对瑞士劳动力市场的性别影响。
Swiss Journal of Economics and Statistics Pub Date : 2022-01-01 Epub Date: 2022-12-08 DOI: 10.1186/s41937-022-00099-z
Corinne Dubois, Luisa Lambertini, Yu Wu
{"title":"Gender effects of the COVID-19 pandemic in the Swiss labor market.","authors":"Corinne Dubois, Luisa Lambertini, Yu Wu","doi":"10.1186/s41937-022-00099-z","DOIUrl":"10.1186/s41937-022-00099-z","url":null,"abstract":"<p><p>We study the impact of the pandemic on gender gaps in labor market outcomes in Switzerland. Using the Swiss Labor Force Survey data, we document a significant increase in the gender gap in labor market participation. We find no evidence of a worsening of the unemployment gender gap during the pandemic, but we find that women were more likely to uptake short-time work (STW). Unlike the USA, the presence of children in the household did not worsen labor gender gaps. Sector and occupation, however, play an important role in explaining gender gaps. In particular, we document substantial heterogeneity in the effect of the pandemic on participation, STW, hours worked, and wage outcomes depending on the availability of telework in the respondent's occupation.</p>","PeriodicalId":36872,"journal":{"name":"Swiss Journal of Economics and Statistics","volume":"158 1","pages":"23"},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9734706/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"10750763","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
COVID-19 and (gender) inequality in income: the impact of discretionary policy measures in Austria. COVID-19 和（性别）收入不平等：奥地利酌情政策措施的影响。
Swiss Journal of Economics and Statistics Pub Date : 2022-01-01 Epub Date: 2022-02-05 DOI: 10.1186/s41937-022-00084-6
Michael Christl, Silvia De Poli, Dénes Kucsera, Hanno Lorenz
{"title":"COVID-19 and (gender) inequality in income: the impact of discretionary policy measures in Austria.","authors":"Michael Christl, Silvia De Poli, Dénes Kucsera, Hanno Lorenz","doi":"10.1186/s41937-022-00084-6","DOIUrl":"10.1186/s41937-022-00084-6","url":null,"abstract":"<p><p>This paper analyzes the impact of the COVID-19 crisis on household income in Austria, using detailed administrative labor market data, in combination with micro-simulation techniques that enable specific labor market transitions to be modeled. We find that discretionary fiscal policy measures in Austria are key to counteracting the inequality- and poverty-enhancing effect of COVID-19. Additionally, we find that females tend to experience a greater loss in terms of market income. The Austrian tax-benefit system, however, reduces this gender differences. Disposable income has dropped by around 1% for both males and females. By comparison, males profit mainly from short-time work scheme, while females profit especially from other discretionary policy measures, such as the one-off payment for children.</p>","PeriodicalId":36872,"journal":{"name":"Swiss Journal of Economics and Statistics","volume":" ","pages":"4"},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8817162/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"39916072","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The effects of COVID-19 vaccines on economic activity. COVID-19疫苗对经济活动的影响。
Swiss Journal of Economics and Statistics Pub Date : 2022-01-01 Epub Date: 2022-01-12 DOI: 10.1186/s41937-021-00082-0
Pragyan Deb, Davide Furceri, Daniel Jimenez, Siddharth Kothari, Jonathan D Ostry, Nour Tawk
{"title":"The effects of COVID-19 vaccines on economic activity.","authors":"Pragyan Deb,&nbsp;Davide Furceri,&nbsp;Daniel Jimenez,&nbsp;Siddharth Kothari,&nbsp;Jonathan D Ostry,&nbsp;Nour Tawk","doi":"10.1186/s41937-021-00082-0","DOIUrl":"10.1186/s41937-021-00082-0","url":null,"abstract":"<p><p>This paper empirically examines the economic effects of COVID-19 vaccine rollouts using a cross-country daily database of vaccinations and high-frequency indicators of economic activity-nitrogen dioxide (NO<sub>2</sub>) emissions, carbon monoxide (CO) emissions, and Google mobility indices-for a sample of 46 countries over the period December 16, 2020 to June 20, 2021. Using surprises in vaccines administered, we find that an unexpected increase in vaccination per capita is associated with a significant increase in economic activity. We also find evidence for nonlinear effects of vaccines, with the marginal economic benefits being larger when vaccination rates are higher. Country-specific conditions play an important role, with lower economic gains if strict containment measures are in place or if the country is experiencing a severe outbreak. Finally, the results provide evidence of spillovers across borders, highlighting the importance of equitable access to vaccines across nations.</p>","PeriodicalId":36872,"journal":{"name":"Swiss Journal of Economics and Statistics","volume":" ","pages":"3"},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8753340/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"39825527","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 34
What matters in the annuitization decision? 在年金化决策中，什么是重要的?
Swiss Journal of Economics and Statistics Pub Date : 2022-01-01 Epub Date: 2022-06-21 DOI: 10.1186/s41937-022-00094-4
Mohamad Hassan Abou Daya, Carole Bernard
{"title":"What matters in the annuitization decision?","authors":"Mohamad Hassan Abou Daya,&nbsp;Carole Bernard","doi":"10.1186/s41937-022-00094-4","DOIUrl":"https://doi.org/10.1186/s41937-022-00094-4","url":null,"abstract":"<p><p>We perform a simultaneous test for several rational and behavioral factors known to affect the uptake of life annuities in a sample of Americans. We also investigate whether analysts' short-term stock market expectations affect the decision to annuitize retirement wealth. We find that facing such expectations without trusting them lowers the purchase of annuities. Moreover, we find that individuals who trusted financial analysts' expectations were less likely to purchase annuities. We attribute these findings to the availability heuristic and present bias, respectively. Finally, we discuss the mediating role of annuity antipathy. Our results provide guidance for policy-makers and annuity providers and offer venues for future research.</p>","PeriodicalId":36872,"journal":{"name":"Swiss Journal of Economics and Statistics","volume":" ","pages":"14"},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9209840/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"40399237","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Firms' participation in the Swiss COVID-19 loan programme. 企业参与瑞士 COVID-19 贷款计划的情况。
Swiss Journal of Economics and Statistics Pub Date : 2021-01-01 Epub Date: 2021-05-04 DOI: 10.1186/s41937-021-00070-4
Lucas Marc Fuhrer, Marc-Antoine Ramelet, Jörn Tenhofen
{"title":"Firms' participation in the Swiss COVID-19 loan programme.","authors":"Lucas Marc Fuhrer, Marc-Antoine Ramelet, Jörn Tenhofen","doi":"10.1186/s41937-021-00070-4","DOIUrl":"10.1186/s41937-021-00070-4","url":null,"abstract":"<p><p>This paper analyses the determinants of firm participation in the Swiss COVID-19 loan programme, which aims to bridge firms' liquidity shortfalls that have resulted from the pandemic. State-guaranteed COVID-19 loans are widely used by Swiss firms, with 20% of all firms participating, resulting in a sizeable programme of 2.4% of GDP. We use a comprehensive dataset to study the determinants of firm participation. Our results can be summarised as follows. First, participation was largely driven by the exposure of a firm to lockdown restrictions and to the intensity of the virus in the specific region. Second, we show that firms associated with lower liquidity ratios had a significantly higher probability of participating in the programme. Third, we find no clear evidence that firm indebtedness affected participation in the programme and no evidence that pre-existing potential \"zombie firms\" participated more strongly in the loan programme. Fourth, we show that the programme reached younger and smaller firms, which could be financially more vulnerable as they are less likely to obtain outside finance during a crisis. Overall, we conclude that given its objective, the programme appears to be successful.</p>","PeriodicalId":36872,"journal":{"name":"Swiss Journal of Economics and Statistics","volume":"157 1","pages":"2"},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8094977/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"38964702","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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