Ruediger Bachmann
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View article: Identifying Monetary Policy Shocks Using the Central Bank's Information Set
Identifying Monetary Policy Shocks Using the Central Bank's Information Set Open
We identify monetary policy shocks by exploiting variation in the central bank's information set.To be specific, we use differences between nowcasts of the output gap and inflation with final, revised estimates of these series to isolate m…
View article: A Temporary VAT Cut as Unconventional Fiscal Policy
A Temporary VAT Cut as Unconventional Fiscal Policy Open
We exploit the unexpected announcement of an immediate, temporary VAT cut in Germany in the second half of 2020 as a natural experiment to study the spending response to unconventional fiscal policy.We use survey and scanner data on househ…
View article: Uncertainty and Change: Survey Evidence of Firms’ Subjective Beliefs
Uncertainty and Change: Survey Evidence of Firms’ Subjective Beliefs Open
This paper studies how managers plan under uncertainty.In a new survey panel on German manufacturing firms, we show that uncertainty reflects change: Planning incorporates higher subjective uncertainty about future sales growth when the fi…
View article: Firms and Collective Reputation: a Study of the Volkswagen Emissions Scandal
Firms and Collective Reputation: a Study of the Volkswagen Emissions Scandal Open
This paper uses the 2015 Volkswagen (VW) emissions scandal as a natural experiment to provide evidence that collective reputation externalities are economically significant.Using a combination of difference-in-differences and demand estima…
View article: What Drives Aggregate Investment
What Drives Aggregate Investment Open
Using firm-level survey data for the West German manufacturing sector, this paper revisits the technology-driven business cycle hypothesis for the case of aggregate investment. We construct a survey-based measure of technology shocks to ga…