Work in Progress:

„Aggregate Lending Standards and Inequality,“ with Hannah Seidl, March 2024. Draft available upon request.

Abstract: We study the effects of movements in aggregate lending standards on macroeconomic aggregates and inequality in a New Keynesian model with heterogeneous households and housing. We show that a looser loan-to-value (LTV) ratio stimulates housing demand, nondurable consumption, and output. We highlight that LTV shocks are mainly transmitted to macroeconomic aggregates through general equilibrium effects in the form of higher house prices and labor income. We also show that looser LTV limits redistribute housing wealth from the top 10% to the bottom 50% indicating an overall decrease of inequality.

„Inequality, Home Production, and Monetary Policy.“

„Balancing Work and Life: Working from Home, Wages, and Part-time Work in the UK,“ with Alberto Polo and May Rostom.

Publications:

„Missing Growth Measurement in Germany,“ with Sven Schreiber, German Economic Review, vol. 23, no. 3, pp. 493-527, 2022.

Abstract: Using detailed establishment-level micro data, this paper analyzes for the German case the hypothesis by Aghion et al. (2019), stating that officially published figures for real output growth would be systematically understated. The effect rests on overstated inflation estimates due to imputed prices for disappearing goods and services varieties, where measurable plant entry and exit dynamics play a crucial rule. Our main results regarding understated real output growth lie in the range of 0.39 to 0.54 average annual percentage points for 1998–2016, which is quite closely in line with existing findings for France, the USA, and Japan (in different periods). We also find that services sectors appear most affected, and that the effect in East Germany is somewhat larger. We investigate different market share proxies, provide additional robustness analysis and also discuss limitations of the approach.