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: 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.