Publications
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The effect of self-financed property buyers on local house prices
CEPR Discussion Paper Series (2020)
This paper tests the hypothesis whether self-financed property buyers, such as insurance and pension funds, have a larger effect on local house prices than bank-financed property buyers, such as homeowners. Self-financed property buyers of new residential housing are not dependent on mortgage credit and operate independently of the macro-prudential environment. This is not so for bank-financed property buyers. We examine the response of Swiss house prices to new housing investments by self- and bank-financed property buyers at the municipality level between 2008 and 2015: a period when interest rates were at the zero lower bound and macro-prudential regulation became more restrictive. Despite being a small investor class for new residential housing, self-financed property buyers have a disproportionate effect on local house prices.
The determinants and consequences of the labour market integration of refugees in Switzerland
Inequality and Globalization (2016)
Europe has witnessed a massive increase in the number of asylum-seeking refugees in the year 2015. At the end of the same year, 111’276 people resided in Swiss territory under asylum status. The presence of these newcomers in Switzerland has induced a debate about their impact on the host economy, specifically about their labour market chances and the resulting impact on the Swiss exchequer. Since no analysis exists that looks at the determinants of labour market integration and fiscal consequences of refugees in Switzerland, this master thesis aims at closing this gap in the literature. Through the use of confidential data from the State Secretariat for Migration (SEM) and a logit regression model, the thesis analyses the importance of personal characteristics for a successful labour market integration of Asylum-Seekers (AS), Temporarily Admitted Refugees (TAR) and Recognised Refugees (RR). With the use of a dataset created by the author and a panel data model, cantonal level factors are assessed for their relevance. Data from the Federal Statistical Office (FSO) and a static accounting model are considered to calculate the fiscal impact of AS and TAR in Switzerland. The thesis highlights that the individual and his/her characteristics matter for their success in the labour market and cantonal factors are of less importance. Due to the low employment rates and wages earned, AS and TAR in Switzerland strain the Swiss exchequer by costing 805 Million CHF annually, or 0.13% of GDP. However, were the labour market characteristics of TAR similar to natives, the fiscal deficit could be meaningfully reduced.
How do restaurant reviews differ across price segments?
June 21, 2019
Restaurant visitors have a critical tongue. The degree of criticism, however, depends on the expectations that visitors have for a gastronomic experience. This means, expectations are an increasing function of the restaurant's price category. This paper argues that restaurant reviewers tend to "show off" their culinary capital in written restaurant reviews for the most prestigious establishments, i.e. fine dining, but take a moderate approach when reviewing commonplace restaurants. Review texts are more extensive for fine dining establishments as compared to mid range restaurants or cheap eats. Fine dining reviewers are more negative in their written review text at both ends of the numerical review scale, i.e. for terrible and excellent experiences. Word clustering increases and linguistic diversity decreases with the restaurant's price category. Central elements in excellent reviews of fine dining establishments are the interplay between food and wine, the food itself in mid range restaurants and quality/price considerations in cheap eats.
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Rethinking beef
May 3, 2019
Beef meat consumption is high in Switzerland and has been growing in the last years. International trade has contributed to this unfavourable trend. A high beef consumption is having severe adverse effects on human and planetary health. This paper argues that the price of beef needs to be increased through import tariffs on beef imports and taxation on domestically produced beef. Only a higher price of beef will more likely trigger a shift to animal-based proteins. Direct consumption of animal-based proteins needs to be advertised and incentivised and technological advancements that aim at producing alternative meat forms should be subsidised.
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Food planning and obesity
February 19, 2019
The share of obese individuals in the US has reached an alarming level. In 2016, one out of three was classified as obese. The emerging dominance of large supermarket chains with extensive product selections and targeted selling strategies has played an indispensable role. The aim of this paper is therefore to elaborate on the relationship between food planning, measured by the frequency of shopping list use and assumed to alleviate impulsive buying, and obesity. At question is whether individuals from different socioeconomic backgrounds are equally affected. The paper finds for a representative US sample of 15,661 individuals that members from households with household income below the poverty guidelines ("Poor") who never shop with a grocery list are 11.5% more likely to be obese as compared to poor individuals who almost always shop with a list. No relationship between food planning and obesity is found for individuals from low- or high-income households. However, the paper argues that food planning should be incentivised regardless of socioeconomic status. Through food planning, poor households should be rewarded with a bonus that is additional to financial assistance in food acquisitions and wealthier households should be reminded in times of abundance of the necessity of acquisitions.
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