Macro Finance
The research in the department Macro Finance focuses on the analysis of the effects of government interventions in the economy through tax, transfer and debt policies. The aim is to develop theoretically sound quantitative models that reflect numerous decisions at the household and individual level – for instance on consumption, savings, labor supply, and education – that are influenced by financial institutions or financial frictions. One focus is on the efficiency and distributional effects of financial market institutions, reforms and economic policy measures aimed at redistribution.
Publications
| 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
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 |
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 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 |
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 |
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 |
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 |
Two Monetary Models with Alternating Markets |
Gabriele Camera, YiLi Chien | 33 | Macro Finance | 2013 | cash-in-advance, matching, microfoundations, money, inflation | 201301 |
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 |
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 |
An Experiment on Retail Payments Systems |
Stefania Bortolotti, Gabriele Camera, Marco Casari | 49 | Macro Finance | 2014 | money, coordination, pricing, transactions | 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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
The Output Effect of Fiscal Consolidation Plans |
Carlo Ambrogio Favero, Francesco Giavazzi, Andreas Müller | 76 | Macro Finance | 2014 | fiscal adjustment, confidence, investment | 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 |
Austerity |
Harris Dellas, Dirk Niepelt | 78 | Macro Finance | 2014 | Austerity, credit rationing, default, incomplete information, investment, growth, pooling equilibrium, separating equilibrium | 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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
Credit Cycles: Experimental Evidence |
Baptiste Massenot | 104 | Macro Finance, Experiment Center | 2015 | - | 201501 |
A Decentralization Theorem of Taxation |
Vilen Lipatov, Alfons J. Weichenrieder | 105 | Macro Finance | 2015 | fiscal federalism, taxing rights, decentralization theorem | 201501 |
On the Optimal Provision of Social Insurance |
Dirk Krueger, Alexander Ludwig | 110 | Macro Finance | 2015 | Progressive Taxation, Education Subsidy, Transitional Dynamics | 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 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 |
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 |
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 |
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 |
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 |
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 |
Informal Sector and Economic Development: The Credit Supply Channel |
Baptiste Massenot, Stéphane Straub | 106 | Macro Finance | 2015 | - | 201501 |
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 |
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 |
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 |
Pain of Paying in a Business Cycle Model |
Baptiste Massenot | 194 | Macro Finance | 2018 | 201812 | |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
Can Households See into the Future? Survey Evidence from the Netherlands |
Baptiste Massenot, Yuri Pettinicchi | 233 | Macro Finance | 2018 | 201807 | |
Leverage and Bubbles: Experimental Evidence |
Paul Gortner, Baptiste Massenot | 239 | Macro Finance, Experiment Center | 2018 | 201812 | |
Depressed Demand |
Baptiste Massenot, Giang Nghiem | 257 | Macro Finance | 2019 | 201908 | |
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 |
Risk Pooling, Leverage, and the Business Cycle |
Pietro Dindo, Andrea Modena, Loriana Pelizzon | 271 | Financial Markets, Macro Finance | 0 | 202303 | |
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 |
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 | |
Does Monetary Policy Impact International Market Co-Movements? |
Massimiliano Caporin, Loriana Pelizzon, Alberto Plazzi | 276 | Financial Markets, Macro Finance | 2020 | 202005 | |
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 |
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 |
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 |
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 |
Policy Papers
| 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 |
Research Projects
| 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 |
Current Research Team
| Researcher | 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 |