Winfried Koeniger is professor of economics at the University of St.Gallen, Switzerland. He received his PhD in economics in June 2001 at the European University Institute (Florence, Italy). His research is on macroeconomics with a particular focus on consumption and labor markets. He has analyzed the effects of labor market institutions on economic performance emphasizing interactions between the structure of labor markets, financial markets and product markets. Moreover, he works on quantitative models with heterogeneous agents to understand consumption and saving patterns.

Winfried Koeniger worked at IZA as a Research Associate from September 2001 until August 2007. He continues to be associated with IZA as a Research Fellow.



IZA Discussion Paper No. 10311
Giulio Fella, Serafin Frache, Winfried Koeniger

We use the Italian Survey of Household Income and Wealth, a rather unique dataset with a long time dimension of panel information on consumption, income and wealth, to structurally estimate a buffer-stock saving model. We exploit the information contained in the joint dynamics of income, consumption and wealth to quantify...

IZA Discussion Paper No. 9409

We show that the size of collateralized household debt determines an economy's vulnerability to crises of confidence. The house price feeds back on itself by contributing to a liquidity effect, which operates through the value of housing in a collateral constraint. Over a specific range of debt levels this liquidity...

IZA Discussion Paper No. 8666
revised version published in: Review of Economic Dynamics, 2018, 27, 1-26.

We characterize optimal redistribution in a dynastic family model with human capital. We show how a government can improve the trade-off between equality and incentives by changing the amount of observable human capital. We provide an intuitive decomposition for the wedge between human-capital investment in the laissez faire and the...

IZA Discussion Paper No. 7806
revised version published in: RAND Journal of Economics, 2015, 46 (4), 777-790

We consider an economy where individuals privately choose effort and trade competitively priced securities that pay off with effort-determined probability. We show that if insurance against a negative shock is sufficiently incomplete, then standard functional form restrictions ensure that individual objective functions are optimized by an effort and insurance combination...

IZA Discussion Paper No. 5653
revised version published in: American Economic Journal: Macroeconomics, 2016, 8 (4), 103-141

We provide a model with endogenous portfolios of secured and unsecured household debt. Secured debt is collateralized by owner-occupied housing whereas unsecured debt can be discharged according to bankruptcy regulations. We show that the calibrated model matches important quantitative characteristics of observed wealth and debt portfolios for prime-age consumers in...

IZA Discussion Paper No. 5201

We characterize how public insurance schemes are constrained by hidden financial transactions. When non-exclusive private insurance entails increasing unit transaction costs, public transfers are only partly offset by hidden private transactions, and can influence consumption allocation. We show that efficient transfer schemes should take into account the impact of insurance...

IZA Discussion Paper No. 2065
revised version published in: Economic Policy, 2007, 22 (49), 71-116

Capital deepening may affect the evolution of the wage differential between skilled and unskilled workers differently in countries with different labor market institutions. If labor market institutions raise the relative wage of unskilled workers in Germany, firms have incentives to invest relatively more into capital equipment complementary to unskilled workers....

IZA Discussion Paper No. 1960
revised version published in: Economic Journal, 2007, 117 (521), F302 - F332

This paper analyzes the effect of labor and product market regulation in a dynamic stochastic equilibrium with search frictions. Modeling multiple-worker firms allows us to distinguish between the exit-and-entry (extensive) margin, and the hiring-and-firing (intensive) margin. We characterize analytically how both margins depend on regulation before we calibrate the model...

IZA Discussion Paper No. 1805
revised version published in: Journal of Law and Economics, 2009, 52 (3), 445-467

Both personal bankruptcy and redistributive taxes can insure households' consumption risk and both vary considerably across US states. We derive sufficient conditions under which more redistributive taxation makes bankruptcy exemptions less attractive both for the intratemporal insurance and for inter-temporal consumption smoothing. Exploiting data variation over time for 18 US...

IZA Discussion Paper No. 1291
revised version published in: Industrial and Labor Relations Review, 2007, 60 (3), 340-356

In this paper we investigate the importance of labor market institutions such as unemployment insurance, unions, firing regulation and minimum wages for the evolution of wage inequality across countries. We derive a simple log-linear equation of the wage differential as a function of the institutional parameters, total factor productivity, final...