Macro Finance

Schwerpunkt der Forschungsarbeit in der Abteilung Macro Finance ist die Analyse der Auswirkungen staatlicher Eingriffe in die Wirtschaft durch Steuer-, Transfer- und Schuldenpolitik. Es sollen theoretisch fundierte quantitative Modelle entwickelt werden, in deren Kern zahlreiche Entscheidungen auf Haushalts- und Individualebene – etwa zu Konsum, Ersparnisbildung, Arbeitsangebot und Ausbildung – abgebildet werden, die durch Finanzinstitutionen bzw. finanzwirtschaftliche Friktionen beeinflusst werden. Ein Schwerpunkt liegt auf den Effizienz- und Verteilungswirkungen von Finanzmarktinstitutionen, -reformen und auf Umverteilung zielenden wirtschaftspolitischen Maßnahmen.

Forschungsprojekte

Kategorie Projekt Forscher/innen Projektdauer Keywords Projekt ID Publication Count
Macro Finance

Fiscal Institutions & Debt in Europe

Besart Avdiu, Patrick Blank, Matthias Goldmann, Eren Gürer, Johannes Kasinger, Alexander Ludwig, Farah Tohme, Alfons J. Weichenrieder 2020 Public debt, federalism in Europe, fiscal policy 153102 1
Macro Finance

Economic & Monetary Union at a Crossroad

Sandra Eckert, Vincent R. Lindner, Christian May, Daniel Mertens, Andreas Nölke, Matthias Thiemann, Claudius Wagemann 2020 "Economic and Monetary Union, monetary system, reform, political economy, bail-in, non-performing loans, fiscal policies, Eurobonds, fiscal transfers, trade imbalances, Euroexit, 153101 0
Macro Finance

German Real Estate Prices and Rents Across Space and Time

Leo Kaas, Georgi Kocharkov, Philipp Marek, Nicolas Syrichas 2019 Housing markets, rental markets, residential segregation, homeownership 21529 0
Macro Finance

Trends in Inequality: Sources and Policy (TRISP)

Fabian Becker, Nicola Fuchs-Schündeln, Zhao Jin, Chiara Lacava, Alexander Ludwig, Irina Popova, Paul Reimers, Hitoshi Tsujiyama 2018 21593 1
Macro Finance

Macroeconomic Experience and Precautionary Savings

Baptiste Massenot, Giang Nghiem, Nathanael Vellekoop 2018 Macroeconomic experience, Reinforcement learning, Precautionary savings 21525 0
Macro Finance, Money and Finance

On the Interactions Between Monetary Policy, Distributions and General Equilibrium

Alexander Ludwig, Jochen Mankart, Jorge Alejandro Quintana, Mirko Wiederholt 2017 Monetary policy; general equilibrium; distribution; heterogeneous agents; New Keynesian models 21523 0
Macro Finance

Optimal Taxation and Education Subsidies

Fabian Becker, Alexander Ludwig 2016 Education subsidies; progressive income taxes; macroeconomic model; optimal Ramsey policy; welfare 21527 1
Macro Finance

Solving Nonlinear Expectations Models by Approximating the Stochastic Equilibrium System: Application to Global Solution Methods

Michael P. Evers, Markus Kontny 2016 Solving stochastic dynamic equilibrium models; Global solution methods; Uncertainty in econcomic modelling; Risk decomposition of the solution 21521 0
Financial Intermediation, Macro Finance

Stability through Deliberation: Finance and Public Law

Matthias Goldmann, Grygoriy Pustovit 2016 21193 1
Financial Markets, Macro Finance, Systemic Risk Lab

Quantitative Easing and Financial (In)Stability

Jan Pieter Krahnen, Jun E. Li, Xu Liu, Loriana Pelizzon, Mihaela-Simina Puscasu, Christian Schlag, Sascha Steffen, Matthias Thiemann 2016 21480 1
Financial Markets, Macro Finance

Macroeconomic Bond Risks in the Presence of the Zero Lower Bound

Nicole Branger, Liu Liu, Christian Schlag, Ivan Shaliastovich, Dongho Song 2016 Macrofinance, bond pricing, market expectations, inflation, growth 21630 1
Macro Finance, Household Finance

Tax Treatment and Inequality in Labor Market Behavior

Nicola Fuchs-Schündeln, Hannah Paule-Paludkiewicz, Paul Reimers 2016 21670 1
Macro Finance, Household Finance

Financial Frictions and Inequality

Alexander Ludwig, Alexander Monge-Naranjo, Ctirad Slavik, Faisal Sohail 2016 21670 1
Macro Finance, Financial Intermediation, Law and Finance, Financial Markets, Experiment Center

Capital Requirements and Financial Stability: Experimental Evidence

Paul Gortner, Baptiste Massenot 2016 21650 1
Macro Finance, Household Finance

Inequality and Assortative Matching

Nicola Fuchs-Schündeln, Zhao Jin, Alexander Ludwig 2016 21670 1
Macro Finance

Secular Stagnation? Growth, Asset Returns and Welfare in the Next Decades

Raphael Abiry, Christian Geppert, Alexander Ludwig 2016 Demographic change; asset returns; secular stagnation; growth; welfare; equity premium 21520 1
Macro Finance

The Welfare Effects of Social Security with Individual and Aggregate Risk: A Macroeconomic Analysis

Christopher Busch, Christian Geppert, Nils Grevenbrock, Daniel Harenberg, Alexander Ludwig 2015 21592 1
Macro Finance

Organizational Structure, Technological Change and Rising Wage Inequality in Germany: an Empirical Study Using Linked Employer-Employee Data

Markus Gangl, Fabian Ochsenfeld 2015 21290 1
Macro Finance, Systemic Risk Lab

Sovereign, Bank and Insurance Credit Spread: Connectedness and System Networks

Monica Billio, Lorenzo Frattarolo, Mila Getmansky Sherman, Dale F. Gray, Andrew Lo, Robert Merton, Loriana Pelizzon, Michael Schmidt 2014 12124 0
Macro Finance, Experiment Center

Fragility of Credit Markets

Sascha Baghestanian, Baptiste Massenot 2014 Experimental Loan Markets, Gambler's Fallacy, House Money Effect, Break Even Effect 11528 1
Macro Finance

New Fiscal Institutions for Europe?

Shafik Hebous, Alfons J. Weichenrieder 2014 Fiscal institutions, Fiscal Union, Fiscal capacity, Asymmetric shocks, Fiscal federalism in Europe 11531 1
Macro Finance

Do Basel III and the Dodd-Frank Act Reflect the Academic Debate on Macro-Prudential Regulation

Mohamed Aldegwy, Suramya Shukla, Matthias Thiemann 2014 11530 1
Macro Finance

Preference Evolution and Asset Prices

Giuliano Curatola, Ilya Dergunov 2014 11527 1
Macro Finance, Systemic Risk Lab

Risk Cascades in Banking Networks and the Measurement of Systemic Risk

Iñaki Aldasoro, Ester Faia, Anne-Caroline Hüser 2014 liquidity hoarding, contagion channels, global games 11591 1
Macro Finance

Subjective Survival Beliefs and Savings Decisions

Alexander Ludwig 2014 Subjective expecations; survival beliefs; non-linear probability weighting functions; dynamic inconsistency 21528 1
Macro Finance, Household Finance

Housing Wealth Across Cultures, Institutional Environments, and Life Cycles

Enzo Cerletti, Ester Faia, Michael Haliassos, Spyridon Palligkinis 2014 housing investment, status utility, bequest, portfolio decisions, borrowing constraints 11524 0
Macro Finance

Debt Market Imperfections and Macroeconomic Implications

Giuliano Curatola, Ester Faia, Henning Hesse, Christian Hirsch, Sören Karau, Jan Pieter Krahnen, Valeria Patella, Christian Wilde 2012 11191 1

Aktuelles Forschungsteam

Forscher Position
Blank, Patrick Research Assistant
Busch, Christopher External Researcher, Research Affiliate
Eckert, Sandra External Researcher
Faia, Ester External Researcher
Fuchs-Schündeln, Nicola External Researcher
Gioffré, Alessandro External Researcher, Research Affiliate
Goldmann, Matthias Junior Researcher
Grevenbrock, Nils External Researcher, Research Affiliate
Haan, Peter External Researcher, SAFE Fellow
Kaas, Leo External Researcher, SAFE Fellow
Kind, Thilo Junior Researcher
Lindner, Vincent R. Research Assistant
Ludwig, Alexander Senior Researcher, SAFE Fellow
Massenot, Baptiste Research Affiliate, External Researcher
May, Christian External Researcher
Mertens, Daniel External Researcher
Nölke, Andreas Senior Researcher, SAFE Fellow
Thiemann, Matthias External Researcher
Tohme, Farah Research Assistant
Weichenrieder, Alfons J. Senior Researcher, SAFE Fellow
Wiederholt, Mirko External Researcher, SAFE Fellow

Publikationen

Publiziert Titel Forscher/innen Programmbereich Keywords Publiziert
2019

Idiosyncratic Risk, Aggregate Risk, and the Welfare Effects of Social Security

Daniel Harenberg, Alexander Ludwig International Economic Review Household Finance, Macro Finance social security, idiosyncratic risk, aggregate risk, welfare 2019
2017

Bank Networks: Contagion, Systemic Risk and Prudential Policy

Iñaki Aldasoro, Domenico Delli Gatti, Ester Faia Journal of Economic Behavior and Organization Macro Finance Banking networks; Systemic risk; Contagion, Fire sales, Prudential regulation 2017
2016

Systemic Loops and Liquidity Regulation

Iñaki Aldasoro, Ester Faia Journal of Financial Stability Macro Finance Bank runs, Liquidity scarcity, Interconnections, Contagion, Phase-in 2016
2018

Mercantilist Dualization: The Introduction of the Euro, Redistribution of Industry Rents, and Wage Inequality in Germany, 1993–2008

Fabian Ochsenfeld Socio-Economic Review Macro Finance distribution, manufacturing, causal mechanisms, political economy, Germany, Europe 2018
2017

Quantifying the Disincentive Effects of Joint Taxation on Married Women’s Labor Supply

Alexander Bick, Nicola Fuchs-Schündeln American Economic Review: Papers & Proceedings Macro Finance Tax Law, Fiscal Policies, Behavior of Economic Agents, Household 2017
2017

Portfolio Choice and Asset Prices when Preferences are Interdependent

Giuliano Curatola Journal of Economic Behavior & Organization Macro Finance Asset pricing; General equilibrium; heterogeneous investors; interdependent preferences; portfolio choice 2017
2016

Toward a Mutualization of European Unemployment Insurance? On Limiting the Downsides of a Fiscal Transfer System for the Eurozone

Shafik Hebous, Alfons J. Weichenrieder CESifo Economic Studies Macro Finance EMU, Eurozone, European unemployment insurance, fiscal transfers 2016
2016

Von mikro- zu makroprudenzieller Regulierung

Mohamed Aldegwy, Matthias Thiemann Die Innenwelt der Ökonomie: Wissen, Macht und Performativität in der Wirtschaftswissenschaft (Springer) Macro Finance Banking Regulation, Systemic Risk, Formalism, Equilibrium Thinking, Discourse, Citation Network Analysis 2016
2016

A Decentralization Theorem of Taxation

Vilen Lipatov, Alfons J. Weichenrieder CESifo Economic Studies Macro Finance fiscal federalism, taxing rights, decentralization theorem 2016
2016

On the Optimal Provision of Social Insurance: Progressive Taxation versus Education Subsidies in General Equilibrium

Dirk Krueger, Alexander Ludwig Journal of Monetary Economics, Vol 77, pp. 72-98 Macro Finance Progressive Taxation, Education Subsidy, Transitional Dynamics 2016
2015

A Tractable Analysis of Contagious Equilibria

Gabriele Camera, Alessandro Gioffré Journal of Mathematical Economics Macro Finance Cooperation, Social norms, Grim trigger, Random matching 2015
2015

The road from micro-prudential to macro-prudential regulation

Ester Faia, Isabel Schnabel Financial Regulation: A Transatlantic Perspective (Cambridge University Press) Macro Finance 2015
2015

Loss aversion, habit formation and the term structures of equity and interest rates

Giuliano Curatola Journal of Economic Dynamics and Control Financial Markets, Macro Finance Loss-aversion, Habit formation, Yield curve, Dividend strips, General equilibrium 2015
2014

Aging in Europe: Reforms, International Diversification, and Behavioral Reactions

Axel Börsch-Supan, Alexander Ludwig American Economic Review Papers and Proceedings Macro Finance 2014
2014

Biased Bayesian Learning with an Application to the Risk-Free Rate Puzzle

Alexander Ludwig, Alexander Zimper Journal of Economic Dynamics and Control Macro Finance Ambiguity, Non-additive probability measures, Bayesian learning, Truncated normal distribution, Risk-free rate puzzle 2014
2016

A Life-Cycle Model with Ambiguous Survival Beliefs

Max Groneck, Alexander Ludwig, Alexander Zimper Journal of Economic Theory Household Finance, Macro Finance Cumulative prospect theory, Choquet expected utility, Dynamic inconsistency, Life-cycle hypothesis, Saving puzzles 2016
2014

Euro Membership and Fiscal Reaction Functions

Alfons J. Weichenrieder, Jochen Zimmer International Tax and Public Finance Macro Finance debt sustainability, fiscal reaction function, euro area 2014
2014

Systemic Risk in an Interconnected Banking System with Endogenous Asset Markets

Marcel Bluhm, Jan Pieter Krahnen Journal of Financial Stability Systemic Risk Lab, Macro Finance systemic risk, systemic risk charge, macroprudential supervision, Shapley value, financial network 2014
2014

Exit Strategies

Ignazio Angeloni, Ester Faia, Roland C. Winkler European Economic Review Macro Finance exit strategies, debt consolidation, ?fiscal policy, ?fiscal multipliers, monetary policy, bank runs 2014
2014

Mutual Excitation in Eurozone Sovereign CDS

Yacine Aït-Sahalia, Roger J. A. Laeven, Loriana Pelizzon Journal of Econometrics Systemic Risk Lab, Financial Markets, Macro Finance CDS, Sovereign risk, Systemic risk, Jumps, Feedback, Hawkes processes, Mutually exciting processes, Impulse-response 2014
2015

Input-Output-Based Measures of Systemic Importance

Iñaki Aldasoro, Ignazio Angeloni Quantitative Finance Systemic Risk Lab, Macro Finance banks, input-output, systemic risk, too-interconnected-to-fail, networks, interbank markets 2015
2014

Optimal Policy and Taylor Rule Cross-Checking Under Parameter Uncertainty

Dirk Bursian, Markus Roth The B.E. Journal of Macroeconomics Macro Finance Optimal monetary policy, parameter uncertainty, Taylor rule 2014
2015

Monetary Policy and Risk Taking

Ignazio Angeloni, Ester Faia, Marco Lo Duca Journal of Economic Dynamics and Control Macro Finance bank runs, risk taking, monetary policy 2015
2015

Trust Me! I am a European Central Banker

Dirk Bursian, Sven Fürth Journal of Money, Credit and Banking Macro Finance, Systemic Risk Lab Central Banking, European Central Bank, Financial Crisis, Fiscal Crisis, Trust 2015
2017

Aging and Pension Reform: Extending the Retirement Age and Human Capital Formation

Axel Börsch-Supan, Alexander Ludwig, Edgar Vogel Journal of Pension Economics & Finance Household Finance, Macro Finance population aging, human capital, welfare, pension reform, retirement age, open economy 2017
2015

The Output Effect of Fiscal Consolidation Plans

Carlo Ambrogio Favero, Francesco Giavazzi, Andreas Müller Journal of International Economics Macro Finance fiscal adjustment, confidence, investment 2015
2015

Trust in Government and Fiscal Adjustments

Dirk Bursian, Alfons J. Weichenrieder, Jochen Zimmer International Tax and Public Finance Macro Finance, Systemic Risk Lab trust, debt sustainability, fiscal reaction function, euro area, EU 2015
2015

Social Security in an Analytically Tractable Overlapping Generations Model with Aggregate and Idiosyncratic Risk

Daniel Harenberg, Alexander Ludwig International Tax and Public Finance Household Finance, Macro Finance social security, idiosyncratic risk, aggregate risk, welfare, insurance, crowding out 2015
2015

Too Interconnected to Fail: A Survey of the Interbank Networks Literature

Anne-Caroline Hüser Journal of Network Theory in Finance Macro Finance Interbank networks, systemic risk, contagion, banking, macro-prudential policy 2015
2016

Informal Sector and Economic Growth: The Credit Supply Channel

Baptiste Massenot, Stéphane Straub Economic Inquiry Macro Finance 2016

Working Papers

Titel Forscher/innen Nr. Programmbereich Jahr Keywords Publiziert

Financing Costs and the Efficiency of Public-Private Partnerships

Besart Avdiu, Alfons J. Weichenrieder 295 Macro Finance 2020 Public-Private Partnerships, Infrastructure, Financing Costs, Default. 202011

Evaluating the Effectiveness of Policies Against a Pandemic

Christian Alemán, Christopher Busch, Alexander Ludwig, Raül Santaeulàlia-Llopis 294 Macro Finance 2020 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3714697 202010

The Long-Term Distributional and Welfare Effects of Covid-19 School Closures

Nicola Fuchs-Schündeln, Dirk Krueger, Alexander Ludwig, Irina Popova 290 Macro Finance 2020 Covid-19, school closures, inequality, intergenerational persistence 202009

Back to the Future: A Sovereign Debt Standstill Mechanism IMF Article VIII, Section 2 (b)

Daniel Munevar, Grygoriy Pustovit 282 Macro Finance 2020 sovereign debt standstill, sovereign debt restructuring, sovereign debt litigation, holdout litigation, vulture creditors 202006

Does Monetary Policy Impact International Market Co-Movements?

Massimiliano Caporin, Loriana Pelizzon, Alberto Plazzi 276 Financial Markets, Macro Finance 2020 202005

Collateral Eligibility of Corporate Debt in the Eurosystem

Loriana Pelizzon, Max Riedel, Zorka Simon, Marti Subrahmanyam 275 Financial Markets, Macro Finance, Systemic Risk Lab 2020 202004

Higher-Order Income Risk over the Business Cycle: A Parametric Approach

Christopher Busch, Alexander Ludwig 274 Macro Finance 2020 Labor Income Risk, Business Cycle, GMM Estimation, Skewness, Persistent and Transitory Income Shocks, Risk Attitudes, Life-Cycle Model 202003

Risk Pooling, Leverage, and the Business Cycle

Pietro Dindo, Andrea Modena, Loriana Pelizzon 271 Financial Markets, Macro Finance 0 202309

Rigid Wages and Contracts: Time- versus State-Dependent Wages in the Netherlands

Anderson Grajales-Olarte, Burak Uras, Nathanael Vellekoop 258 Macro Finance 2019 Wage rigidity, microdata, time dependency, state dependency, flexible-hour contracts 201909

Depressed Demand

Baptiste Massenot, Giang Nghiem 257 Macro Finance 2019 201908

Leverage and Bubbles: Experimental Evidence

Paul Gortner, Baptiste Massenot 239 Macro Finance, Experiment Center 2018 201812

Can Households See into the Future? Survey Evidence from the Netherlands

Baptiste Massenot, Yuri Pettinicchi 233 Macro Finance 2018 201807

Asset Pricing in OLG Economies With Borrowing Constraints and Idiosyncratic Income Risk

Daniel Harenberg 229 Macro Finance 2018 equity premium; idiosyncratic risk; aggregate risk; lifecycle 201809

Central Bank-Driven Mispricing

Loriana Pelizzon, Marti Subrahmanyam, Davide Tomio, Jun Uno 226 Financial Markets, Macro Finance, Systemic Risk Lab 2018 Central Bank Interventions, Liquidity, Sovereign Bonds, Futures Contracts, Arbitrage 201808

Endogenous Retirement Behavior of Heterogeneous Households Under Pension Reforms

Axel Börsch-Supan, Duarte Nuno Leite, Alexander Ludwig 221 Macro Finance 2018 Population aging, pension reform, social security, life-cycle behavior, labor supply, retirement age, welfare 201804

Effects of Government Spending on Employment: Evidence from Winners and Runners-up in Procurement Auctions

Klaus Gugler, Michael Weichselbaumer, Christine Zulehner 213 Macro Finance 2018 labor demand, labor hoarding, construction procurement, first-price auctions, recent economic crisis, regression discontinuity design 201805

Incentive Effects from Write-down CoCo Bonds: An Empirical Analysis

Henning Hesse 212 Macro Finance 2018 CoCo bonds, contingent capital, endogenous risk, capital structure, incentives, monitoring 201805

Pro-rich Inflation in Europe: Implications for the Measurement of Inequality

Eren Gürer, Alfons J. Weichenrieder 209 Macro Finance 2018 Inequality, Gini, EU countries, income dependent inflation 201805

The Impact of Monetary Policy Interventions on the Insurance Industry

Loriana Pelizzon, Matteo Sottocornola 204 Macro Finance, Financial Markets, Systemic Risk Lab 2018 Event study, monetary policy surprise, unconventional monetary policy, conventional monetary policy, insurance industry 201804

Optimal Taxes on Capital in the OLG Model with Uninsurable Idiosyncratic Income Risk

Dirk Krueger, Alexander Ludwig 201 Macro Finance 2018 Idiosyncratic Risk, Taxation of Capital, Overlapping Generations, Precautionary Saving, Pecuniary Externality 201802

Cognition, Optimism and the Formation of Age-Dependent Survival Beliefs

Nils Grevenbrock, Max Groneck, Alexander Ludwig, Alexander Zimper 200 Macro Finance 2018 Subjective Survival Beliefs, Probability Weighting Function, Conrmatory Bias, Cognition, Optimism, Pessimism 201802

The Macroeconomic Effects of Asset Purchases Revisited

Henning Hesse, Boris Hofmann, James Weber 198 Macro Finance 2018 unconventional monetary policy, asset purchases, monetary transmission 201802

Pain of Paying in a Business Cycle Model

Baptiste Massenot 194 Macro Finance 2018 201812

Can Firms See into the Future? Survey Evidence from Germany

Baptiste Massenot, Yuri Pettinicchi 187 Macro Finance 2017 Expectation formation; Expectation error; Learning; Extrapolation; Experience 201711

United in Diversity? The Relationship between Monetary Policy and Banking Supervision in the Banking Union

Matthias Goldmann 178 Financial Intermediation, Macro Finance 2018 Banking Union, Monetary Policy, Financial Stability, Single Supervisory Mechanism, Democratic Legitimacy 201801

Who Saves More, the Naive or the Sophisticated Agent?

Max Groneck, Alexander Ludwig, Alexander Zimper 169 Macro Finance, Household Finance 2017 Survival beliefs; Ambiguity; Choquet expected utility; Dynamic inconsistency 201703

Secular Stagnation? Growth, Asset Returns and Welfare in the Next Decades: First Results

Raphael Abiry, Christian Geppert, Alexander Ludwig 145 Macro Finance 2016 secular stagnation; demographic change; overlapping generations; natural rate; equity premium; growth; welfare; human capital 201601

How Economics Got it Wrong: Formalism, Equilibrium Modelling and Pseudo-Optimization in Banking Regulatory Studies

Mohamed Aldegwy, Matthias Thiemann 138 Macro Finance 2016 Sociology of Finance, Optimal Regulation, Dynamic and Reliable Regulation, Banking Regulation, Financial Crisis 201601

Understanding the Shift from Micro to Macro-Prudential Thinking: A Discursive Network Analysis

Mohamed Aldegwy, Edin Ibrocevic, Matthias Thiemann 136 Macro Finance 2016 Banking Regulation, Systemic Risk, Formalism, Equilibrium Thinking, Discourse, Citation Network Analysis 201601

Preference Evolution and the Dynamics of Capital Markets

Giuliano Curatola 128 Macro Finance 2016 Asset pricing, general equilibrium, heterogeneous investors, interdependent preferences, portfolio choice 201601

Aggregate and Distributional Effects of Increasing Taxes on Top Income Earners

Bettina Brüggemann, Jinhyuk Yoo 113 Macro Finance 2015 Top Income Taxation, Heterogeneous Agents, Incomplete Markets, Income and Wealth Inequality 201501

On Deficits and Symmetries in a Fiscal Capacity

Shafik Hebous, Alfons J. Weichenrieder 112 Macro Finance 2015 fiscal union, asymmetric shocks, federal transfers, optimum currency area 201501

Are Tax Havens Good? Implications of the Crackdown on Secrecy

Alfons J. Weichenrieder, Fangying Xu 111 Macro Finance 2015 Tax haven, secrecy, tax information exchange, China, India 201501

On the Optimal Provision of Social Insurance

Dirk Krueger, Alexander Ludwig 110 Macro Finance 2015 Progressive Taxation, Education Subsidy, Transitional Dynamics 201501

Informal Sector and Economic Development: The Credit Supply Channel

Baptiste Massenot, Stéphane Straub 106 Macro Finance 2015 - 201501

A Decentralization Theorem of Taxation

Vilen Lipatov, Alfons J. Weichenrieder 105 Macro Finance 2015 fiscal federalism, taxing rights, decentralization theorem 201501

Credit Cycles: Experimental Evidence

Baptiste Massenot 104 Macro Finance, Experiment Center 2015 - 201501

Multiplex Interbank Networks and Systemic Importance: An Application to European Data

Iñaki Aldasoro, Iván Alves 102 Macro Finance 2015 interbank networks, systemic importance, multiplex networks 201501

Revisiting the Narrative Approach of Estimating Tax Multipliers

Shafik Hebous, Tom Zimmermann 93 Macro Finance 2015 Narrative Approach, Fiscal Stabilization, Tax Multiplier, Weak Instruments 201501

Optimal Carbon Abatement in a Stochastic Equilibrium Model with Climate Change

Christoph Hambel, Holger Kraft, Eduardo S. Schwartz 92 Systemic Risk Lab, Macro Finance 2015 Climate change economics, Carbon abatement, GDP growth 201501

Too Interconnected to Fail: A Survey of the Interbank Networks Literature

Anne-Caroline Hüser 91 Macro Finance 2015 Interbank networks, systemic risk, contagion, banking, macro-prudential policy 201501

Fiscal Stimulus and Labor Market Flexibility

Pinar Topal 90 Macro Finance 2015 fiscal policy, labour economics, labour market policies, threshold vector auto-regressive models, panel VAR, non-linear VAR, impulse analysis 201501

Does Exchange of Information between Tax Authorities Influence Multinationals’ Use of Tax Havens?

Julia Braun, Alfons J. Weichenrieder 89 Macro Finance 2015 Tax havens, tax information exchange agreements, location decisions, international taxation 201501

Cross-Border Resolution of Global Banks

Ester Faia, Beatrice Weder di Mauro 88 Macro Finance 2015 single point of entry, multiple point of entry, strategic interaction of regulators, financial spillover, financial retrenchment 201501

Bank Networks: Contagion, Systemic Risk and Prudential Policy

Iñaki Aldasoro, Domenico Delli Gatti, Ester Faia 87 Macro Finance 2015 banking networks, centrality metrics, systemic risk 201501

Aging and Pension Reform: Extending the Retirement Age and Human Capital Formation

Axel Börsch-Supan, Alexander Ludwig, Edgar Vogel 82 Household Finance, Macro Finance 2015 population aging, human capital, welfare, pension reform, retirement age, open economy 201501

Saving Europe?: The Unpleasant Arithmetic of Fiscal Austerity in Integrated Economies

Enrique G. Mendoza, Linda L. Tesar, Jing Zhang 80 Macro Finance 2014 European debt crisis, tax competition, capacity utilization, fiscal austerity 201401

The Time for Austerity: Estimating the Average Treatment Effect of Fiscal Policy

Òscar Jordà, Alan M. Taylor 79 Macro Finance 2014 fiscal multipliers, booms, slumps, output fluctuations, allocation bias, matching, Rubin Causal Model, average treatment effect, propensity score, inverse probability weighting, regression adjustment, local projection, identification 201401

Austerity

Harris Dellas, Dirk Niepelt 78 Macro Finance 2014 Austerity, credit rationing, default, incomplete information, investment, growth, pooling equilibrium, separating equilibrium 201401

Does Austerity Pay Off?

Benjamin Born, Gernot J. Müller, Johannes Pfeifer 77 Macro Finance 2014 Fiscal policy, austerity, sovereign risk, yield spreads, confidence, panel VAR, local projections, fiscal stress 201401

The Output Effect of Fiscal Consolidation Plans

Carlo Ambrogio Favero, Francesco Giavazzi, Andreas Müller 76 Macro Finance 2014 fiscal adjustment, confidence, investment 201401

A Life-Cycle Model with Ambiguous Survival Beliefs

Max Groneck, Alexander Ludwig, Alexander Zimper 73 Household Finance, Macro Finance 2014 Cumulative prospect theory, Choquet expected utility, Dynamic inconsistency, Life-cycle hypothesis, Saving puzzles 201401

Endogenous Grids in Higher Dimensions: Delaunay Interpolation and Hybrid Methods

Alexander Ludwig, Matthias Schön 72 Household Finance, Macro Finance 2014 Dynamic Models, Numerical Solution, Method of Endogenous Gridpoints, Delaunay Interpolation 201401

Social Security in an Analytically Tractable Overlapping Generations Model with Aggregate and Idiosyncratic Risk

Daniel Harenberg, Alexander Ludwig 71 Household Finance, Macro Finance 2014 social security, idiosyncratic risk, aggregate risk, welfare, insurance, crowding out 201401

Control Thyself: Self-Control Failure and Household Wealth

Nina Biljanovska, Spyridon Palligkinis 69 Household Finance, Macro Finance 2014 Self-Control, Household Wealth, Household Finance 201401

Vertical Fiscal Imbalances and the Accumulation of Government Debt

Iñaki Aldasoro, Mike Seiferling 61 Macro Finance 2014 fiscal decentralization, vertical fiscal imbalances, panel data, public debt, GFSY 201401

Idiosyncratic Risk, Aggregate Risk, and the Welfare Effects of Social Security

Daniel Harenberg, Alexander Ludwig 59 Household Finance, Macro Finance 2014 social security, idiosyncratic risk, aggregate risk, welfare 201401

Mutual Excitation in Eurozone Sovereign CDS

Yacine Aït-Sahalia, Roger J. A. Laeven, Loriana Pelizzon 51 Systemic Risk Lab, Financial Markets, Macro Finance 2014 CDS, Sovereign risk, Systemic risk, Jumps, Feedback, Hawkes processes, Mutually exciting processes, Impulse-response 201401

Exit Strategies

Ignazio Angeloni, Ester Faia, Roland C. Winkler 50 Macro Finance 2014 exit strategies, debt consolidation, ?fiscal policy, ?fiscal multipliers, monetary policy, bank runs 201401

An Experiment on Retail Payments Systems

Stefania Bortolotti, Gabriele Camera, Marco Casari 49 Macro Finance 2014 money, coordination, pricing, transactions 201401

Systemic Risk in an Interconnected Banking System with Endogenous Asset Markets

Marcel Bluhm, Jan Pieter Krahnen 48 Systemic Risk Lab, Macro Finance 2014 systemic risk, systemic risk charge, macroprudential supervision, Shapley value, financial network 201401

Monetary Policy Implementation in an Interbank Network: Effects on Systemic Risk

Marcel Bluhm, Ester Faia, Jan Pieter Krahnen 46 Systemic Risk Lab, Macro Finance 2014 Network formation, contagion, central banks' interventions 201401

Two Monetary Models with Alternating Markets

Gabriele Camera, YiLi Chien 33 Macro Finance 2013 cash-in-advance, matching, microfoundations, money, inflation 201301

Trust Me! I am a European Central Banker

Dirk Bursian, Sven Fürth 31 Macro Finance, Systemic Risk Lab 2013 Central Banking, European Central Bank, Financial Crisis, Fiscal Crisis, Trust 201301

Optimal Policy and Taylor Rule Cross-Checking Under Parameter Uncertainty

Dirk Bursian, Markus Roth 30 Macro Finance 2013 Optimal monetary policy, parameter uncertainty, Taylor rule 201301

Input-Output-Based Measures of Systemic Importance

Iñaki Aldasoro, Ignazio Angeloni 29 Systemic Risk Lab, Macro Finance 2013 banks, input-output, systemic risk, too-interconnected-to-fail, networks, interbank markets 201301

Trust in Government and Fiscal Adjustments

Dirk Bursian, Alfons J. Weichenrieder, Jochen Zimmer 22 Macro Finance, Systemic Risk Lab 2013 trust, debt sustainability, fiscal reaction function, euro area, EU 201301

Euro Membership and Fiscal Reaction Functions

Alfons J. Weichenrieder, Jochen Zimmer 18 Macro Finance 2013 debt sustainability, fiscal reaction function, euro area 201301

Trust in the Monetary Authority

Dirk Bursian, Ester Faia 14 Macro Finance 2013 trust evolutionary games, risk perception, monetary transmission mechanism 201301

Endogenous Banks’ Networks, Cascades and Systemic Risk

Marcel Bluhm, Ester Faia, Jan Pieter Krahnen 12 Systemic Risk Lab, Macro Finance 2013 network formation, tâtonnement, contagion 201301

Monetary Policy and Risk Taking

Ignazio Angeloni, Ester Faia, Marco Lo Duca 8 Macro Finance 2013 bank runs, risk taking, monetary policy 201301

Bank and Sovereign Debt Risk Connection

Matthieu Darracq Pariès, Ester Faia, Diego Rodriguez Palenzuela 7 Systemic Risk Lab, Macro Finance 2013 liquidity risk, sovereign risk, capital regulations 201301

Policy Papers

Jahr Titel Forscher/innen Programmbereich Keywords Jahr
November 2020

Inflation, Inflationsmessung und Zentralbankpolitik

Eren Gürer, Alfons J. Weichenrieder Macro Finance Inflation, Zentralbankpolitik, Inflationsmessung, Geldpolitik, EZB 2020-11
June 2020

Bank capital and the European recovery from the COVID-19 crisis

Moritz Schularick, Sascha Steffen, Tobias Tröger Law and Finance, Macro Finance bank capital, financial stablity, COVID-19 2020-06
April 2020

Corona-Bonds und ihre Alternativen

Marcel Thum, Alfons J. Weichenrieder Macro Finance Corona Bonds, Corona-Krise, Transferzahlungen 2020-04
April 2020

Emerging Evidence of a Silver Lining: A Ridge Walk to Avoid an Economic Catastrophe in Italy and Spain

Christopher Busch, Alexander Ludwig, Raül Santaeulàlia-Llopis Macro Finance Coronavirus, pandemic economics, lockdown costs 2020-04
March 2020

Capital in the Corona Crisis

Leo Kaas Macro Finance corona crisis, capital liquidations, emergency loans 2020-03
August 2019

Fiscal-Financial Vulnerabilities

Ludger Schuknecht Macro Finance fiscal financial vulnerabilities, fiscal variables, public finance 2019-08
July 2019

Der Neo-Fisher-Effekt: Die historische Alternative zur Nullzinspolitik

Bertram Schefold Policy Center, Macro Finance Inflation, Geldpolitik, Europäische Zentralbank, Zinsen 2019-07
January 2019

Grunderwerbsteuer: Eine Steuer für das 21. Jahrhundert?

Kunka Petkova, Alfons J. Weichenrieder Macro Finance Grunderwerbsteuer, Reformvorschläge, Freibetrag, Steuergestaltung, Share Deals 2019-01
June 2018

Stabiles Geld – eine Illusion? Alternative Währungssysteme – Hayeks Fundamentalkritik – Unabhängigkeit der Notenbanken

Otmar Issing Macro Finance Geldpolitik, Zentralbanken, Unabhängigkeit, Währungswettbewerb, Kryptowährungen, Hayek 2018-06
February 2018

Deutschland und Europa

Otmar Issing Macro Finance Europäische Währungsunion, Fiskalunion, ESM, Europäischer Währungsfonds 2018-02
January 2018

Digitalization and Taxation: Beware Ad hoc Measures

Alfons J. Weichenrieder Macro Finance Digitalization, taxation 2018-01
January 2018

Monetary Policy and Prudential Supervision – From Functional Separation to a Holistic Approach?

Matthias Goldmann Macro Finance Monetary policy, financial stability, financial supervision 2018-01
November 2017

Reformpläne bei der Grunderwerbsteuer

Kunka Petkova, Alfons J. Weichenrieder Macro Finance Grunderwerbsteuer, Reformvorschläge, Freibetrag, Steuergestaltung, Share Deals 2017-11
August 2017

Karlsruhe Refers the QE Case to Luxembourg: Summer of Love

Matthias Goldmann Macro Finance ECB, Quantitative Easing, OMT, Monetary Policy, ECJ, BVerfG 2017-08
October 2016

Central Banks – From Overburdening to Decline?

Otmar Issing Macro Finance Central Banking, ECB, Monetary Policy 2016-10
June 2016

Kurzkommentar zum Volksentscheid im Vereinigten Königreich am 23. Juni 2016

Helmut Siekmann Macro Finance Brexit, Europäische Union, Vereinigtes Königreich 2016-06
June 2016

Panama & Co: Implikationen für die Steuerpolitik

Alfons J. Weichenrieder Macro Finance Steuerhinterziehung, Steuervermeidung, Steueroasen, Briefkastenfirmen, Panama Papers 2016-06
May 2016

Demographischer Wandel: Kapitalrenditen, Löhne und Verteilungswirkungen

Alexander Ludwig Macro Finance Demographischer Wandel, Migration, säkulare Stagnation, Kapitalrenditen, Ungleichheit 2016-05
April 2016

Euro Area Shadow Banking Activities in a Low-Interest-Rate Environment: A Flow-of-Funds Perspective

Günter Beck, Hans-Helmut Kotz Financial Intermediation, Macro Finance Non-bank financial intermediation, shadow banking, financial stability, systemic risk, financial regulation, low interest rate environment 2016-04
April 2016

Lost in Translation? ECB’s Monetary Impulses and Financial Intermediaries’ Responses

Günter Beck, Hans-Helmut Kotz, Natalia Zabelina Financial Intermediation, Macro Finance Non-bank financial intermediation, interest-rate channel, credit channel, risk-taking channel of monetary policy, market-based financial intermediation, monetary transmission mechanism, waterbed effect 2016-04
April 2016

Mere criticism of the ECB is no solution

Marcel Fratzscher, Reint Gropp, Hans-Helmut Kotz, Jan Pieter Krahnen, Christian Odendahl, Beatrice Weder di Mauro, Guntram B. Wolff Macro Finance eurozone, crisis, monetary policy 2016-04
February 2015

Greece: Threatening Recovery

Alfons J. Weichenrieder Macro Finance Financial Assistance, Conditionality 2015-02
April 2015

The Legal Framework for the European System of Central Banks

Helmut Siekmann Macro Finance economic and monetary union, euro, monetary policy, economic policy 2015-04
May 2015

Stellungnahme zu den Plänen einer Erbschaftsteuerreform

Alfons J. Weichenrieder Macro Finance Steuerpolitik, Erbschaftsteuer, Schenkungsteuer 2015-05
July 2015

Drei Thesen zur Griechenlandkrise

Jan Pieter Krahnen Macro Finance Währungsunion, Fiskalunion, Politische Union 2015-07
July 2015

Three Theses on the Greek Crisis

Jan Pieter Krahnen Macro Finance Monetary Union, Fiscal Union, Political Union 2015-07
June 2015

Escalating Crisis in the Eurozone: The Case for Conditional Debt Relief for Greece

Reinhard H. Schmidt Macro Finance Greek crisis, structural reforms, debt sustainability 2015-06
July 2015

Ein ESM Programm ist nicht zu rechtfertigen

Alfons J. Weichenrieder Macro Finance Vertrag über die Arbeitsweise der EU (AEUV), ESM, Währungsunion 2015-07
July 2015

Towards a Fiscal Union? On the Acceptability of a Fiscal Transfer System in the Eurozone

Shafik Hebous, Alfons J. Weichenrieder Macro Finance EMU, Eurozone, European unemployment insurance, fiscal transfers 2015-07
September 2015

Euro Area Macro-Financial Stability: A Flow-of-Funds Perspective

Günter Beck, Hans-Helmut Kotz, Natalia Zabelina Financial Intermediation, Macro Finance Bank and non-bank financial intermediation, shadow banking, financial stability, systemic risk, financial regulation 2015-09
September 2015

Did Emergency Liquidity Assistance (ELA) of the ECB Delay the Bankruptcy of Greek Banks?

Martin Götz, Rainer Haselmann, Jan Pieter Krahnen, Sascha Steffen Financial Intermediation, Macro Finance emergency liquidity assistance (ELA), economic and monetary union, banking supervision, Greece 2015-09
September 2015

Waren die ELA-Notkredite der EZB für griechische Banken eine Konkursverschleppung?

Martin Götz, Rainer Haselmann, Jan Pieter Krahnen, Sascha Steffen Financial Intermediation, Macro Finance emergency liquidity assistance (ELA), Währungsunion, Bankenaufsicht, Griechenland 2015-09
May 2014

Europa und die Instabilität des Rechts

Helmut Siekmann Macro Finance Europarecht, Rechtsdurchsetzung, EZB 2014-05
June 2014

Im Schatten der Lowflation

Alfons J. Weichenrieder Macro Finance Deflation, Zentralbanken, Quantitative Lockerung 2014-06
June 2014

Monetary Policy and Balance Sheet Adjustment

Otmar Issing Macro Finance recession, monetary policy, balance sheet adjustment 2014-06
June 2014

Forward Guidance: A New Challenge for Central Banks

Otmar Issing Macro Finance central bank communication, monetary policy, forward guidance 2014-06
June 2014

Der makroprudenzielle Komplex: der Prozess, das Schloss, das Urteil

Hermann Remsperger Macro Finance makroprudenzielle Regulierung, Finanzstabilität, Europäische Zentralbank 2014-06
September 2014

National Strategic Framework for Research and Innovation 2014 - 2020

Michael Haliassos Macro Finance Greece, growth, innovation 2014-09
October 2014

Keine Institutionenkonkurrenz auf nationaler Ebene schaffen: das „doppelte AIDA“-Modell

Jan Pieter Krahnen Macro Finance Bankenaufsicht, Bankenabwicklung, Bundesbank, Bafin 2014-10
October 2014

What Do We Know about the Tax Planning of German-Based Multinational Firms?

Shafik Hebous, Alfons J. Weichenrieder Macro Finance taxation, foreign direct investment, multinational firms 2014-10
March 2014

The Fiscal Compact and Government Debt: One Law, Multiple Statistics

Iñaki Aldasoro, Ester Faia Macro Finance government debt, statistics, Fiscal Compact 2014-03
November 2014

PPPs: Umgehung von Defizitregeln oder höhere Effizienz im Staatssektor?

Alfons J. Weichenrieder Macro Finance Schuldenbremse, Defizitregeln, Private Public Partnership (PPP) 2014-11
February 2015

Austerity and Growth – Concepts for Europe

Alfons J. Weichenrieder Macro Finance Fiscal Consolidation, Sovereign Debt, Growth 2015-02
February 2015

Die letzte Waffe - Helicopter Money?

Otmar Issing Macro Finance Quantitative Easing, European Central Bank, Geldpolitik 2015-02
February 2012

Zwei Makrooekonomen gewinnen den Nobelpreis

Volker Wieland, Maik Wolters Macro Finance makroökonomische Konjunkturforschung, vektorautoregressive Modelle, monetäre Makroökonomik 2012-02
February 2012

Macroeconomic Model Comparisons and Forecast Competition

Volker Wieland, Maik Wolters Macro Finance macroeconomic models, financial models, forecasting 2012-02
April 2013

What Happened in Cyprus

Athanasios Orphanides Macro Finance financial crisis, troika, Cyprus 2013-04
January 2013

Salary Cuts and Competitiveness

Michael Haliassos Macro Finance Greek economic crisis, productivity, structural reforms 2013-01
March 2008

Ensuring Financial Stability: Financial Structure and the Impact of Monetary Policy and Asset Prices

Katrin Assenmacher-Wesche, Stefan Gerlach Macro Finance asset prices, monetary policy, panel VAR 2008-03
June 2013

The European Central Bank’s Outright Monetary Transactions and the Federal Constitutional Court of Germany

Helmut Siekmann, Volker Wieland Macro Finance ECB, OMT, monetary policy, fiscal policy 2013-06
September 2013

Challenges for Monetary Policy

Otmar Issing Macro Finance ECB, OMT, central banking 2013-09
February 2014

Politically Acceptable Debt Restructuring in the Euro Zone: Is it Really Better than the Redemption Fund?

Ester Faia Macro Finance public debt, debt restructuring 2014-02
February 2014

Energiewende, Butterberge und das Kiwi-in-Grönland-Problem

Alfons J. Weichenrieder Macro Finance Erneuerbare-Energien-Gesetz, Energiewende, Steuergelder 2014-02
March 2014

Transcript of a Hearing before Members of the House of Lords (UK) in Frankfurt on Genuine Economic and Monetary Union and its Implication for the UK

Otmar Issing, Jan Pieter Krahnen Macro Finance Monetary Union, European Central Bank, Outright Monetary Transactions, UK 2014-03
March 2011

Das Prinzip der Selbstbindung

Alfons J. Weichenrieder Macro Finance Schuldenbremse, Haushaltspolitik, Staatsverschuldung 2011-03
February 2012

Next Hike End of 2014: FOMC Matches Historical Responses to Member’s Forecasts and Risks Repeating Earlier Mistakes

Volker Wieland Macro Finance federal funds rate, interest rates, inflation forecasts 2012-02
February 2011

Europas Staaten brauchen Stresstests

Stefan Gerlach Macro Finance Stabilitäts- und Wachstumspakt, Fiskalpolitik 2011-02
January 2011

Notenbanker müssen zunehmend Finanzmarkterfahrung haben

Stefan Gerlach Macro Finance Ernennungspraxis von Zentralbankern, Finanzfachkenntnis, moderne Notenbanker 2011-01
July 2009

Dem Druck standhalten

Volker Wieland Macro Finance Geldpolitik, EZB 2009-07
March 2008

Can Monetary Policy Really be Used to Stabilise Asset Prices?

Stefan Gerlach Macro Finance monetary policy, asset prices 2008-03
September 2009

Eurozone Stimulus: A Myth, Some Facts, and Estimates

Volker Wieland Macro Finance fiscal stimulus packages 2009-09
May 2009

"Neue" Regeln für die Notenbanken?

Volker Wieland Macro Finance Geldpolitik, Taylor-Regel 2009-05
September 2011

Law and Economics of the Monetary Union

Helmut Siekmann Macro Finance Euro, sovereign debt crisis, legal foundations 2011-09
September 2011

Eurobonds zur Bewältigung der europäischen Krise? Wegweisung zu einer modernen Entwicklungsunion

Hans-Helmut Kotz, Jan Pieter Krahnen, Christian Leuz, Helmut Siekmann Macro Finance Eurobonds, Staatsschuldenkrise, Europäische Union 2011-09
October 2010

Strengthening the Institutional Underpinnings of the Euro

Stefan Gerlach Macro Finance Stability and Growth Pact, fiscal policy, public debt 2010-10
October 2010

Inflation Targeting Matters in Asia

Stefan Gerlach, Peter Tillmann Macro Finance inflation targeting 2010-10
October 2010

Inflation Targeting: In Asien besonders erfolgreich

Stefan Gerlach, Peter Tillmann Macro Finance inflation targeting 2010-10
August 2010

Makroprudentielle Politik zur Stabilisierung der Finanzmärkte

Stefan Gerlach Macro Finance makroprudentielle Instrumente, Regulierung 2010-08
May 2011

Liquidity Management and the Reform of the International Monetary System

Volker Wieland Macro Finance international monetary system, reserve currencies, liquidity 2011-05
June 2011

Getting Greece Back on Track: How?

Michael Haliassos, Dimitri Vayanos Macro Finance financial crisis, structural reforms, productivity 2011-06
January 2010

A Credible Stability and Growth Pact: Raising the Bar for Budgetary Transparency

Stefan Gerlach Macro Finance public debt, ECB 2010-01
May 2010

How to be a good European...

Volker Wieland Macro Finance Schuldenkrise 2010-05
April 2010

G20 and Macroprudential Policy

Stefan Gerlach Macro Finance At the upcoming G20 meetings the issue what can be done to avoid a repetition of the current deep financial crisis will again be debated. Much attention and criticism will be directed to central banks. That is unavoidable: central banks must never again p 2010-04
December 2010

EU Economic Governance

Stefan Gerlach Macro Finance Stability and Growth Pact, Excessive Imbalance Procedure, national fiscal frameworks 2010-12
March 2009

The Fiscal Stimulus Debate "Bone-Headed" and "Neanderthal"?

Volker Wieland Macro Finance fiscal policy, new Keynesian macroeconomic models 2009-03
March 2010

Zur Stärkung der Deutschen Bundesbank

Stefan Gerlach, Emilie Yoo Macro Finance Die zum Ende April 2010 frei werdenden zwei Vorstandsposten in der Deutschen Bundesbank haben bereits Anfang des Jahres eine lebhafte Debatte über mögliche Kandidaten ausgelöst. Die Diskussion über eine weitaus wesentlichere Frage, nämlich welche fachlich 2010-03
October 2009

Asset Prices and Monetary Policy: Some Skeptical Observations

Stefan Gerlach Macro Finance monetary policy, macroecomomic fluctuations, regulation 2009-10
September 2010

Banking and Sovereign Risk in the Euro Area

Stefan Gerlach, Alexander Schulz, Guntram B. Wolff Macro Finance sovereign bond markets, banking, liquidity, EMU 2010-09
June 2010

The Greek Sovereign Debt Crisis and ECB Policy

Stefan Gerlach Macro Finance public debt, ECB 2010-06
June 2010

Are the Golden Years of Central Banking Over? Monetary Policy after the Crisis

Stefan Gerlach Macro Finance monetary policy, public debt, central banks 2010-06
April 2009

The Risk of Deflation

Stefan Gerlach Macro Finance deflation, monetary policy, fiscal policy 2009-04
March 2010

Future Development of Global Imbalances

Stefan Gerlach Macro Finance current account balances, international monetary system, G20 2010-03
December 2011

Verschwenderische Südeuropäer?

Michael Haliassos Macro Finance Staatsschuldenkrise, Europäische Währungsunion, Arbeitsproduktivität 2011-12
December 2011

Prodigal Italy Greece Spain?

Michael Haliassos Macro Finance http://safe-frankfurt.de/policy-publications/administrator/components/com_jresearch/files/publications/Haliassos_Prodigal_Italy_Greece_Spain.pdf 2011-12
December 2011

Ordnungspolitik gegen Systemrisiken

Hermann Remsperger Macro Finance systemisches Risiko, Geldpolitik 2011-12
December 2011

Der Weg in die Knechtschaft

Otmar Issing Macro Finance Freiheit, soziale Marktwirtschaft, Basisdemokratie 2011-12
December 2011

Europa - wohin

Bertram Schefold Macro Finance Europäische Währungsunion, Strukturanpassungen, Europäische Integration 2011-12
October 2011

Rechtsbrüche im Euroraum

Helmut Siekmann Macro Finance Europäische Währungsunion, Währungsrecht, Europarecht 2011-10
August 2011

Geldpolitik vor der Krise

Stefan Gerlach, Laura Moretti Macro Finance Geldpolitik, reale Zinssätze, Finanzkrise 2011-08
August 2011

Monetary Policy Before the Crisis

Stefan Gerlach, Laura Moretti Macro Finance monetary policy, real interest rates, financial crisis 2011-08
August 2011

Ein makroprudenzielles Mandat für die Bundesbank

Hermann Remsperger Macro Finance makroprudenzielle Regulierung, Finanzstabilität, Bundesbank 2011-08
June 2011

Reforms or Bankruptcy?

Michael Haliassos Macro Finance Greek economic crisis, public debt, structural reforms 2011-06
November 2012

Gender Balance in the ECB's Executive Board

Laura Moretti Macro Finance gender equality, ECB Executive Board 2012-11
August 2012

Nationality and the ECB's Executive Board

Laura Moretti Macro Finance European Monetary Union, institutional design 2012-08
September 2012

Die Notenbanken und das liebe Geld: Von Zinsen, Inflation und konjunktureller Überhitzung

Volker Wieland Macro Finance Zentralbanken, Inflationssteuerung, Geldpolitik 2012-09
May 2012

On the Potential Threats from a Greek Eurozone Exit

Ester Faia Macro Finance European Monetary Union, TARGET balances, inflation 2012-05
May 2012

Central Bank Independence: Does the Governor's Passport Matter?

Laura Moretti Macro Finance central bank independence, central bank governor 2012-05
April 2012

Finanzstabilität im Bundestag

Hermann Remsperger Macro Finance Finanzstabilitätsgesetz; makroprudenzielle Regulierung; Zentralbank 2012-04
February 2012

Support Mechanisms Pose Fundamental Legal Questions

Helmut Siekmann Macro Finance sovereign debt crisis, ESM, EFSF, new fiscal compact 2012-02
April 2013

Zentralbankpolitik: Überforderung statt Langeweile?

Hermann Remsperger Macro Finance makroprudenzielle Regulierung; Zentralbank; Bankenaufsicht 2013-04
January 2013

Löhne kürzen schadet der Wettbewerbsfähigkeit

Michael Haliassos Macro Finance Griechenland, strukturelle Reformen, Arbeitsproduktivität 2013-01
June 2012

The Greek Crisis Two Years On: Policy Options and Resolution Prospects

Lucas Papademos Macro Finance Greece; fiscal adjustment; European Monetary Union 2012-06
May 2012

Central Banks – Paradise Lost?

Otmar Issing Macro Finance central bank mandate, financial stability 2012-05
May 2012

Systemic Risks and Central Banks

Hermann Remsperger Macro Finance macroprudential regulation, monetary policy, Financial Stability Act 2012-05
September 2012

Grosser Beifall von allen Seiten

Otmar Issing Macro Finance Europäische Währungsunion, politische Union, Eurobonds 2012-09
April 2012

Der Weg aus der Krise

Otmar Issing Macro Finance Währungsunion, Fiskalunion, Eurobonds 2012-04
August 2012

The Problem with Envisaging an Exit

Laura Moretti Macro Finance 2012-08
August 2012

Jeder muss sich selbst helfen

Otmar Issing Macro Finance Europäische Währungsunion, politische Union 2012-08
November 2011

Moral Hazard will Result from ECB Bond Buying

Otmar Issing Macro Finance lender of last resort, ECB, sovereign debt 2011-11