Winfried Koeniger
Title
Prof. Dr.
Last Name
Koeniger
First name
Winfried
Email
winfried.koeniger@unisg.ch
Phone
+41 71 224 23 09
7 results
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Item type:Publication, Household balance sheets and the transmission of
monetary policy; Ramelet, Marc-AntoineType:presentation - Some of the metrics are blocked by yourconsent settings
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Item type:Publication, The Transmission of Monetary Policy to the Cost of Hedging - An Options Order Book Perspective(2023-08-30); ; Stephan MingerType:presentation - Some of the metrics are blocked by yourconsent settings
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Item type:Publication, Consumption Expenditures in Austria & Germany: New Evidence based on Transactional Data(2024-10); ; Lehmann, JonasWe analyze the novel transactional card expenditure data for Germany and Austria provided by Fable Data. We describe key features of the data in terms of the coverage of expenditure items, payment channels, and the distribution of expenditures across regions and time. We highlight strengths and limitations of the data by comparing them to more consolidated lower-frequency information from external data sources. We find very similar expenditure patterns in Germany and Austria. We illustrate the advantages of the granular, higher frequency information across expenditure items and locations by analyzing how consumption expenditures evolved during the COVID-19 crisis and beyond.Type:working paper - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Assessimg the Effects of Unconventional Fiscal Policy: Evidence from a Temporary VAT Rate Cut Using Credit Card Data(2024); We use novel transaction-level card expenditure data to estimate the effect of the temporary value-added tax (VAT) rate cut during 2020 in Germany, the largest euro area country in terms of GDP and population. Card expenditures in Austria serve as a comparison because spending and card-usage patterns of Austrian and German households were similar, and no analogous VAT cut was implemented in Austria. As predicted by consumption theory, we find that the temporary VAT cut increased expenditures more for durable goods, with a stronger effect towards the end of the cut. The annualized growth rate of expenditures for durables increased by 6 percentage points (pp) during the VAT cut, with a particularly strong increase of up to 11 pp for consumer electronics. The expenditure growth rate for semi-durables and non-durables did not change significantly during the cut, both economically and statistically. The estimates imply a consumption multiplier of 0.2 and a fall of fiscal revenues that is two thirds of the tax-revenue reduction in a counterfactual with constant expenditures.Type:working paper