Abstract: This paper studies how fiscal policy announcements shape firms' expectations. Combining high-frequency business survey data with a novel dataset of COVID-19 fiscal support announcements in Switzerland, we show that policy announcements causally improve firms' business expectations, particularly regarding future demand and output. Announcements also reduce perceived financial constraints and expected firm exit, while increasing uncertainty about future business conditions. The effects vary by sector, policy instrument, government level, and the clarity of the announcement. The findings highlight the importance of fiscal policy communication as a channel through which governments can influence expectations and support economic activity. 

Abstract: This paper constructs the first Distributional National Accounts (DINA) for Switzerland, covering 2003–2022, by linking individual-level income and wealth tax data with national accounts. The Swiss DINA provide a comprehensive measure of income and wealth inequality, capturing all components of national income rather than relying solely on tax statistics. They allow us to assess how economic growth has been distributed, who bears the burden of income, wealth, corporate, and consumption taxes, and how progressive the overall tax system is. The individual-level data enable analysis of the joint distribution of income and wealth, as well as differences by gender and age. Exploiting Switzerland’s fiscal decentralization, we examine the distributional effects of local tax competition and evaluate how the wealth tax—about 12\% of personal tax revenue—shapes overall progressivity. Our approach combines detailed tax records, survey data, and national accounts, with full tax coverage eliminating the need to impute non-filers. 

Abstract: This paper examines whether managers' lived inflation experiences influence how firms form price expectations following monetary policy shocks. Combining Swiss firm-level survey data with information on managers' characteristics and high-frequency monetary policy surprises, I show that managers with different inflation histories interpret the same policy shock differently. Managers with little inflation experience respond in line with textbook predictions, whereas managers with greater inflation experience react more consistently with a cost-channel interpretation. The results highlight managerial experience as a novel determinant of firm expectations and monetary policy transmission. 

Abstract: coming soon

Abstract: The Swiss COVID-19 fiscal policy dataset includes detailed information on all fiscal support policies adopted in Switzerland in response to the COVID-19 pandemic. Covering the period from February 2020 to February 2021, the dataset includes both quantitative and textual information about nine types of fiscal policy instruments announced by local governments in one of Switzerland’s 26 cantons (regional jurisdictions) or at the national level. The data has been hand-coded and primarily collected from official sources, including government decrees, minutes from ministerial meetings, and press releases. The dataset contains 1330 policy observations, with data coded into up to 23 variables. It allows for the analysis of differences in COVID-19 fiscal support measures across regions, their timing, the political decision-makers, the types of policies, and further characteristics. This data offers valuable insights for answering research questions related to fiscal policy and its links to various social and economic phenomena.