Layer 1 — Overview Research Question
This paper investigates the fiscal multiplier of infrastructure investment, specifically by incorporating firm-level investment decisions — a dimension absent from …
Rüdiger Bachmann · Christian Bayer · Heiko Stüber · Felix Wellschmied
Layer 1 — Summary When employers face a trade-off between growing large and paying low wages — that is, when they have monopsony power — some productive employers will decide to acquire fewer …
PublishedQuarterly Journal of Economics19 Feb 2026
The paper shows that the macroeconomic impact of climate change is an order of magnitude larger than what standard country-level panel estimates suggest. The key identification innovation is to …