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  1. Labour shortages and wage growth
    Autor*in: Frohm, Erik
    Erschienen: [2021]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    Tight labour markets are usually accompanied by mounting wage pressures. Yet, in the past decade, wage growth has remained subdued despite the appearance of widespread labour shortages. This paper re-examines labour market conditions since 2007... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 534
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    Tight labour markets are usually accompanied by mounting wage pressures. Yet, in the past decade, wage growth has remained subdued despite the appearance of widespread labour shortages. This paper re-examines labour market conditions since 2007 through the lens of a novel indicator, relative labour shortages (RLS), based on data from a large representative business survey in Sweden. Four main results emerge from the analysis: (1), the time-series average of RLS suggested much weaker labour market conditions during the 2013−2019 recovery from the Great Recession and during the Covid-19 pandemic in 2020 than qualitative surveys or the vacancy-unemployment ratio. (2), the reason is that RLS contains a time-varying intensive margin of labour shortages not recorded in most surveys, which has been trending downwards since the Great Recession. (3), fixed-effects regressions with several aggregate-, sector, region and establishment-level controls confirm that RLS is strongly and positively correlated with annual wage growth at the establishmentlevel. (4), sector-level wage Phillips curves show that the subdued level of RLS can help explain the sluggish wage growth in Sweden since the Great Recession.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289947626
    Weitere Identifier:
    hdl: 10419/237715
    Schriftenreihe: Working paper series / European Central Bank ; no 2576 (July 2021)
    Schlagworte: Wage inflation; labour markets; survey data
    Umfang: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  2. Diverging beliefs on climate change and climate policy in Germany
    the role of political orientations
    Autor*in: Knollenborg, Leonard; Sommer, Stephan
    Erschienen: 2021
    Verlag:  RWI - Leibniz-Institut für Wirtschaftsforschung, Essen, Germany

    Using longitudinal data from two household surveys in 2017 and 2019, we analyze the determinants of climate skepticism in Germany. We find that nearly 20% of respondents state that they do not believe in climate change and more than 30% are doubtful... mehr

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    DS 10
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    Using longitudinal data from two household surveys in 2017 and 2019, we analyze the determinants of climate skepticism in Germany. We find that nearly 20% of respondents state that they do not believe in climate change and more than 30% are doubtful that climate change is mainly caused by human action. Both percentages have increased over time. Moreover, we detect that political orientation is a crucial determinant for climate skepticism, as respondents inclined to Germany’s right-wing populist party AfD are substantially more climate-skeptical and object to climate policies more frequently. One reason for the deviating beliefs may be rooted in the different trust in science, even if we can rule out that the lack of knowledge is a major factor. Consequently, our findings indicate a clear division in society on climate-related issues, one that would widen if the measures taken to combat climate change involved distributional consequences for AfD voters, as they already feel particularly burdened by energy costs. Anhand von Längsschnittdaten aus zwei Haushaltsbefragungen aus den Jahren 2017 und 2019 analysieren wir die Determinanten der Klimaskepsis in Deutschland. Unsere Ergebnisse zeigen, dass fast 20 % der Befragten angeben, nicht an den Klimawandel zu glauben und mehr als 30 % bezweifeln, dass der Klimawandel hauptsächlich durch menschliches Handeln verursacht wird. Beide Anteile haben im Laufe der Zeit zugenommen. Darüber hinaus stellen wir fest, dass die politische Orientierung eine entscheidende Determinante für Klimaskepsis ist, denn Befragte, die der rechtspopulistischen Partei AfD zugeneigt sind, sind wesentlich klimaskeptischer und lehnen die Klimapolitik häufiger ab. Ein Grund für die abweichenden Überzeugungen könnte in dem unterschiedlichen Vertrauen in die Wissenschaft liegen. Unsere Ergebnisse deuten also auf eine deutliche Spaltung der Gesellschaft in Klimafragen hin, die sich noch verstärken würde, wenn die Maßnahmen zur Bekämpfung des Klimawandels mit Verteilungskonsequenzen für AfD-Wähler, da sie sich durch Energiekosten ohnehin schon besonders belastet fühlen.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9783969730539
    Weitere Identifier:
    hdl: 10419/268253
    Schriftenreihe: Ruhr economic papers ; #909
    Schlagworte: Climate change mitigation; support; environmental policy; attitudes; survey data
    Umfang: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  3. Monetary policy shocks and firms' bank loan expectations
    Autor*in: Ferrando, Annalisa; Grazzini, Caterina Forti
    Erschienen: [2023]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    We provide new evidence on how ECB's monetary policy decisions affect firms' bank loan expectations in the euro area. We use firm-level data derived from the ECB Survey on the Access to Finance of Enterprises for the period 2009 to 2022 and identify... mehr

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    DS 534
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    We provide new evidence on how ECB's monetary policy decisions affect firms' bank loan expectations in the euro area. We use firm-level data derived from the ECB Survey on the Access to Finance of Enterprises for the period 2009 to 2022 and identify the impact of monetary policy by comparing the responses of firms interviewed shortly before and after monetary policy shocks. Our results are as follows. First, we find that firms' bank loan expectations react to monetary policy, with a contractionary shock leading to a downward revision of expectations. Second, we show that firms' response depends on the size and the sign of the shock, with only large and contractionary shocks having a significant negative effect on expectations. Third, we observe that the different components of central bank communication (i.e. the pure monetary policy shock and the central bank information shock) have different impacts on firms' beliefs. Fourth, we find that conventional and unconventional QE shocks have opposite effects on expectations, with the impact of QE policies mainly being driven by the central bank information component of the related announcements. Finally, we document that the response to monetary policy differs along firms' structural characteristics.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289961233
    Weitere Identifier:
    hdl: 10419/278670
    Schriftenreihe: Working paper series / European Central Bank ; no 2838
    Schlagworte: Monetary policy; firms' expectations; survey data
    Umfang: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  4. Institutional trust in the time of corona
    evidence from countermeasures in Germany
    Autor*in: Stojetz, Wolfgang; Ferguson, Neil T. N.; Baliki, Ghassan; Fenzl, Sarah; Justino, Patricia; Brück, Tilman
    Erschienen: March 2024
    Verlag:  United Nations University World Institute for Development Economics Research, Helsinki, Finland

    We study how the stringency of policy measures to counter the COVID-19 pandemic affects individuals' trust in formal institutions. Drawing on micro-level panel data from Germany spanning an 18-month period from the onset of the pandemic, we show... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 248
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    keine Fernleihe

     

    We study how the stringency of policy measures to counter the COVID-19 pandemic affects individuals' trust in formal institutions. Drawing on micro-level panel data from Germany spanning an 18-month period from the onset of the pandemic, we show that, on average, there is a pronounced negative relationship between the stringency level of COVID-19 countermeasures and trust in institutions. We present empirical evidence to argue that the underlying mechanism is a perceived illegitimate attack on civil liberties, reducing trust in the judiciary in particular. This effect is concentrated in the period from October 2020, six months into the pandemic, when stringency measures in Germany started to increase again. For the early stage of the pandemic, we present evidence for competing, positive impacts of stringency responses on trust in government, consistent with other studies of pandemic onset, resulting in no significant net impact on institutional trust in that stage. In consequence, our findings suggest that hard lockdown measures beyond the initial stage of a pandemic are highly detrimental for institutional trust.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789292674724
    Weitere Identifier:
    Schriftenreihe: WIDER working paper ; 2024, 14
    Schlagworte: COVID-19; coronavirus; pandemic; crisis; survey data; trust; institutions
    Umfang: 1 Online-Ressource (circa 41 Seiten), Illustrationen