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.
Publikationen
| 2019 |
Idiosyncratic Risk, Aggregate Risk, and the Welfare Effects of Social Security |
Daniel Harenberg, Alexander Ludwig International Economic Review | Household Finance, Macro and 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 and 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 and 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 and 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 and 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 and 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 and 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 and 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 and 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 and Finance | Progressive Taxation, Education Subsidy, Transitional Dynamics | 2016 |
| 2015 |
A Tractable Analysis of Contagious Equilibria |
Gabriele Camera, Alessandro Gioffré Journal of Mathematical Economics | Macro and 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 and 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 and 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 and 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 and 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 and 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 and 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 and 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 and 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 and 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 and 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 and 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 and 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 and 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 and 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 and 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 and 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 and 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 and 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 and Finance | 2016 |
Working Papers
Does Monetary Policy Impact International Market Co-Movements? |
Massimiliano Caporin, Loriana Pelizzon, Alberto Plazzi | 276 | Financial Markets, Macro and Finance | 2020 | 202005 | |
Collateral Eligibility of Corporate Debt in the Eurosystem |
Loriana Pelizzon, Max Riedel, Zorka Simon, Marti Subrahmanyam | 275 | Financial Markets, Macro and Finance, Systemic Risk Lab | 2020 | 202004 | |
Higher-Order Income Risk over the Business Cycle: A Parametric Approach |
Christopher Busch, Alexander Ludwig | 274 | Macro and Finance | 2017 | Labor Income Risk, Business Cycle, GMM Estimation, Skewness, Persistent and Transitory Income Shocks, Risk Attitudes, Life-Cycle Model | 201711 |
Risk Pooling, Leverage, and the Business Cycle |
Pietro Dindo, Andrea Modena, Loriana Pelizzon | 271 | Financial Markets, Macro and Finance | 0 | 202005 | |
Rigid Wages and Contracts: Time- versus State-Dependent Wages in the Netherlands |
Anderson Grajales-Olarte, Burak Uras, Nathanael Vellekoop | 258 | Macro and Finance | 2019 | Wage rigidity, microdata, time dependency, state dependency, flexible-hour contracts | 201909 |
Depressed Demand |
Baptiste Massenot, Giang Nghiem | 257 | Macro and Finance | 2019 | 201908 | |
Leverage and Bubbles: Experimental Evidence |
Paul Gortner, Baptiste Massenot | 239 | Macro and Finance, Experiment Center | 2018 | 201812 | |
Can Households See into the Future? Survey Evidence from the Netherlands |
Baptiste Massenot, Yuri Pettinicchi | 233 | Macro and Finance | 2018 | 201807 | |
Asset Pricing in OLG Economies With Borrowing Constraints and Idiosyncratic Income Risk |
Daniel Harenberg | 229 | Macro and 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 and 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 and 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 and 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 and 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 and 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 and 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 and 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 and 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 and Finance | 2018 | unconventional monetary policy, asset purchases, monetary transmission | 201802 |
Pain of Paying in a Business Cycle Model |
Baptiste Massenot | 194 | Macro and Finance | 2018 | 201812 | |
Can Firms See into the Future? Survey Evidence from Germany |
Baptiste Massenot, Yuri Pettinicchi | 187 | Macro and 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 and 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 and 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 and 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 and 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 and 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 and 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 and 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 and 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 and Finance | 2015 | Tax haven, secrecy, tax information exchange, China, India | 201501 |
On the Optimal Provision of Social Insurance |
Dirk Krueger, Alexander Ludwig | 110 | Macro and Finance | 2015 | Progressive Taxation, Education Subsidy, Transitional Dynamics | 201501 |
Informal Sector and Economic Development: The Credit Supply Channel |
Baptiste Massenot, Stéphane Straub | 106 | Macro and Finance | 2015 | - | 201501 |
A Decentralization Theorem of Taxation |
Vilen Lipatov, Alfons J. Weichenrieder | 105 | Macro and Finance | 2015 | fiscal federalism, taxing rights, decentralization theorem | 201501 |
Credit Cycles: Experimental Evidence |
Baptiste Massenot | 104 | Macro and Finance, Experiment Center | 2015 | - | 201501 |
Multiplex Interbank Networks and Systemic Importance: An Application to European Data |
Iñaki Aldasoro, Iván Alves | 102 | Macro and Finance | 2015 | interbank networks, systemic importance, multiplex networks | 201501 |
Revisiting the Narrative Approach of Estimating Tax Multipliers |
Shafik Hebous, Tom Zimmermann | 93 | Macro and 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 and 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 and Finance | 2015 | Interbank networks, systemic risk, contagion, banking, macro-prudential policy | 201501 |
Fiscal Stimulus and Labor Market Flexibility |
Pinar Topal | 90 | Macro and 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 and 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 and 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 and 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 and 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 and 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 and 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 and 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 and 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 and 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 and 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 and 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 and 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 and Finance | 2014 | Self-Control, Household Wealth, Household Finance | 201401 |
Vertical Fiscal Imbalances and the Accumulation of Government Debt |
Iñaki Aldasoro, Mike Seiferling | 61 | Macro and 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 and 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 and 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 and 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 and 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 and 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 and Finance | 2014 | Network formation, contagion, central banks' interventions | 201401 |
Two Monetary Models with Alternating Markets |
Gabriele Camera, YiLi Chien | 33 | Macro and Finance | 2013 | cash-in-advance, matching, microfoundations, money, inflation | 201301 |
Trust Me! I am a European Central Banker |
Dirk Bursian, Sven Fürth | 31 | Macro and 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 and 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 and 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 and 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 and Finance | 2013 | debt sustainability, fiscal reaction function, euro area | 201301 |
Trust in the Monetary Authority |
Dirk Bursian, Ester Faia | 14 | Macro and 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 and Finance | 2013 | network formation, tâtonnement, contagion | 201301 |
Monetary Policy and Risk Taking |
Ignazio Angeloni, Ester Faia, Marco Lo Duca | 8 | Macro and 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 and Finance | 2013 | liquidity risk, sovereign risk, capital regulations | 201301 |
Policy Papers
| April 2020 |
Corona-Bonds und ihre Alternativen |
Marcel Thum, Alfons J. Weichenrieder | Macro and 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 and Finance | Coronavirus, pandemic economics, lockdown costs | 2020-04 |
| March 2020 |
Capital in the Corona Crisis |
Leo Kaas | Macro and Finance | corona crisis, capital liquidations, emergency loans | 2020-03 |
| August 2019 |
Fiscal-Financial Vulnerabilities |
Ludger Schuknecht | Macro and 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 and Finance | Inflation, Geldpolitik, Europäische Zentralbank, Zinsen | 2019-07 |
| January 2019 |
Grunderwerbsteuer: Eine Steuer für das 21. Jahrhundert? |
Kunka Petkova, Alfons J. Weichenrieder | Macro and 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 and Finance | Geldpolitik, Zentralbanken, Unabhängigkeit, Währungswettbewerb, Kryptowährungen, Hayek | 2018-06 |
| February 2018 |
Deutschland und Europa |
Otmar Issing | Macro and Finance | Europäische Währungsunion, Fiskalunion, ESM, Europäischer Währungsfonds | 2018-02 |
| January 2018 |
Digitalization and Taxation: Beware Ad hoc Measures |
Alfons J. Weichenrieder | Macro and Finance | Digitalization, taxation | 2018-01 |
| January 2018 |
Monetary Policy and Prudential Supervision – From Functional Separation to a Holistic Approach? |
Matthias Goldmann | Macro and Finance | Monetary policy, financial stability, financial supervision | 2018-01 |
| November 2017 |
Reformpläne bei der Grunderwerbsteuer |
Kunka Petkova, Alfons J. Weichenrieder | Macro and Finance | Grunderwerbsteuer, Reformvorschläge, Freibetrag, Steuergestaltung, Share Deals | 2017-11 |
| August 2017 |
Karlsruhe Refers the QE Case to Luxembourg: Summer of Love |
Matthias Goldmann | Macro and Finance | ECB, Quantitative Easing, OMT, Monetary Policy, ECJ, BVerfG | 2017-08 |
| October 2016 |
Central Banks – From Overburdening to Decline? |
Otmar Issing | Macro and Finance | Central Banking, ECB, Monetary Policy | 2016-10 |
| June 2016 |
Kurzkommentar zum Volksentscheid im Vereinigten Königreich am 23. Juni 2016 |
Helmut Siekmann | Macro and Finance | Brexit, Europäische Union, Vereinigtes Königreich | 2016-06 |
| June 2016 |
Panama & Co: Implikationen für die Steuerpolitik |
Alfons J. Weichenrieder | Macro and Finance | Steuerhinterziehung, Steuervermeidung, Steueroasen, Briefkastenfirmen, Panama Papers | 2016-06 |
| May 2016 |
Demographischer Wandel: Kapitalrenditen, Löhne und Verteilungswirkungen |
Alexander Ludwig | Macro and 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 and 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 and 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 and Finance | eurozone, crisis, monetary policy | 2016-04 |
| February 2015 |
Greece: Threatening Recovery |
Alfons J. Weichenrieder | Macro and Finance | Financial Assistance, Conditionality | 2015-02 |
| April 2015 |
The Legal Framework for the European System of Central Banks |
Helmut Siekmann | Macro and Finance | economic and monetary union, euro, monetary policy, economic policy | 2015-04 |
| May 2015 |
Stellungnahme zu den Plänen einer Erbschaftsteuerreform |
Alfons J. Weichenrieder | Macro and Finance | Steuerpolitik, Erbschaftsteuer, Schenkungsteuer | 2015-05 |
| July 2015 |
Drei Thesen zur Griechenlandkrise |
Jan Pieter Krahnen | Macro and Finance | Währungsunion, Fiskalunion, Politische Union | 2015-07 |
| July 2015 |
Three Theses on the Greek Crisis |
Jan Pieter Krahnen | Macro and 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 and Finance | Greek crisis, structural reforms, debt sustainability | 2015-06 |
| July 2015 |
Ein ESM Programm ist nicht zu rechtfertigen |
Alfons J. Weichenrieder | Macro and 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 and 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 and 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 and 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 and Finance | emergency liquidity assistance (ELA), Währungsunion, Bankenaufsicht, Griechenland | 2015-09 |
| May 2014 |
Europa und die Instabilität des Rechts |
Helmut Siekmann | Macro and Finance | Europarecht, Rechtsdurchsetzung, EZB | 2014-05 |
| June 2014 |
Im Schatten der Lowflation |
Alfons J. Weichenrieder | Macro and Finance | Deflation, Zentralbanken, Quantitative Lockerung | 2014-06 |
| June 2014 |
Monetary Policy and Balance Sheet Adjustment |
Otmar Issing | Macro and Finance | recession, monetary policy, balance sheet adjustment | 2014-06 |
| June 2014 |
Forward Guidance: A New Challenge for Central Banks |
Otmar Issing | Macro and Finance | central bank communication, monetary policy, forward guidance | 2014-06 |
| June 2014 |
Der makroprudenzielle Komplex: der Prozess, das Schloss, das Urteil |
Hermann Remsperger | Macro and Finance | makroprudenzielle Regulierung, Finanzstabilität, Europäische Zentralbank | 2014-06 |
| September 2014 |
National Strategic Framework for Research and Innovation 2014 - 2020 |
Michael Haliassos | Macro and Finance | Greece, growth, innovation | 2014-09 |
| October 2014 |
Keine Institutionenkonkurrenz auf nationaler Ebene schaffen: das „doppelte AIDA“-Modell |
Jan Pieter Krahnen | Macro and 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 and 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 and Finance | government debt, statistics, Fiscal Compact | 2014-03 |
| November 2014 |
PPPs: Umgehung von Defizitregeln oder höhere Effizienz im Staatssektor? |
Alfons J. Weichenrieder | Macro and Finance | Schuldenbremse, Defizitregeln, Private Public Partnership (PPP) | 2014-11 |
| February 2015 |
Austerity and Growth – Concepts for Europe |
Alfons J. Weichenrieder | Macro and Finance | Fiscal Consolidation, Sovereign Debt, Growth | 2015-02 |
| February 2015 |
Die letzte Waffe - Helicopter Money? |
Otmar Issing | Macro and Finance | Quantitative Easing, European Central Bank, Geldpolitik | 2015-02 |
| February 2012 |
Zwei Makrooekonomen gewinnen den Nobelpreis |
Volker Wieland, Maik Wolters | Macro and Finance | makroökonomische Konjunkturforschung, vektorautoregressive Modelle, monetäre Makroökonomik | 2012-02 |
| February 2012 |
Macroeconomic Model Comparisons and Forecast Competition |
Volker Wieland, Maik Wolters | Macro and Finance | macroeconomic models, financial models, forecasting | 2012-02 |
| April 2013 |
What Happened in Cyprus |
Athanasios Orphanides | Macro and Finance | financial crisis, troika, Cyprus | 2013-04 |
| January 2013 |
Salary Cuts and Competitiveness |
Michael Haliassos | Macro and 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 and 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 and Finance | ECB, OMT, monetary policy, fiscal policy | 2013-06 |
| September 2013 |
Challenges for Monetary Policy |
Otmar Issing | Macro and 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 and Finance | public debt, debt restructuring | 2014-02 |
| February 2014 |
Energiewende, Butterberge und das Kiwi-in-Grönland-Problem |
Alfons J. Weichenrieder | Macro and 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 and Finance | Monetary Union, European Central Bank, Outright Monetary Transactions, UK | 2014-03 |
| March 2011 |
Das Prinzip der Selbstbindung |
Alfons J. Weichenrieder | Macro and 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 and Finance | federal funds rate, interest rates, inflation forecasts | 2012-02 |
| February 2011 |
Europas Staaten brauchen Stresstests |
Stefan Gerlach | Macro and Finance | Stabilitäts- und Wachstumspakt, Fiskalpolitik | 2011-02 |
| January 2011 |
Notenbanker müssen zunehmend Finanzmarkterfahrung haben |
Stefan Gerlach | Macro and Finance | Ernennungspraxis von Zentralbankern, Finanzfachkenntnis, moderne Notenbanker | 2011-01 |
| July 2009 |
Dem Druck standhalten |
Volker Wieland | Macro and Finance | Geldpolitik, EZB | 2009-07 |
| March 2008 |
Can Monetary Policy Really be Used to Stabilise Asset Prices? |
Stefan Gerlach | Macro and Finance | monetary policy, asset prices | 2008-03 |
| September 2009 |
Eurozone Stimulus: A Myth, Some Facts, and Estimates |
Volker Wieland | Macro and Finance | fiscal stimulus packages | 2009-09 |
| May 2009 |
"Neue" Regeln für die Notenbanken? |
Volker Wieland | Macro and Finance | Geldpolitik, Taylor-Regel | 2009-05 |
| September 2011 |
Law and Economics of the Monetary Union |
Helmut Siekmann | Macro and 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 and Finance | Eurobonds, Staatsschuldenkrise, Europäische Union | 2011-09 |
| October 2010 |
Strengthening the Institutional Underpinnings of the Euro |
Stefan Gerlach | Macro and Finance | Stability and Growth Pact, fiscal policy, public debt | 2010-10 |
| October 2010 |
Inflation Targeting Matters in Asia |
Stefan Gerlach, Peter Tillmann | Macro and Finance | inflation targeting | 2010-10 |
| October 2010 |
Inflation Targeting: In Asien besonders erfolgreich |
Stefan Gerlach, Peter Tillmann | Macro and Finance | inflation targeting | 2010-10 |
| August 2010 |
Makroprudentielle Politik zur Stabilisierung der Finanzmärkte |
Stefan Gerlach | Macro and Finance | makroprudentielle Instrumente, Regulierung | 2010-08 |
| May 2011 |
Liquidity Management and the Reform of the International Monetary System |
Volker Wieland | Macro and Finance | international monetary system, reserve currencies, liquidity | 2011-05 |
| June 2011 |
Getting Greece Back on Track: How? |
Michael Haliassos, Dimitri Vayanos | Macro and 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 and Finance | public debt, ECB | 2010-01 |
| May 2010 |
How to be a good European... |
Volker Wieland | Macro and Finance | Schuldenkrise | 2010-05 |
| April 2010 |
G20 and Macroprudential Policy |
Stefan Gerlach | Macro and 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 and 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 and Finance | fiscal policy, new Keynesian macroeconomic models | 2009-03 |
| March 2010 |
Zur Stärkung der Deutschen Bundesbank |
Stefan Gerlach, Emilie Yoo | Macro and 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 and 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 and Finance | sovereign bond markets, banking, liquidity, EMU | 2010-09 |
| June 2010 |
The Greek Sovereign Debt Crisis and ECB Policy |
Stefan Gerlach | Macro and Finance | public debt, ECB | 2010-06 |
| June 2010 |
Are the Golden Years of Central Banking Over? Monetary Policy after the Crisis |
Stefan Gerlach | Macro and Finance | monetary policy, public debt, central banks | 2010-06 |
| April 2009 |
The Risk of Deflation |
Stefan Gerlach | Macro and Finance | deflation, monetary policy, fiscal policy | 2009-04 |
| March 2010 |
Future Development of Global Imbalances |
Stefan Gerlach | Macro and Finance | current account balances, international monetary system, G20 | 2010-03 |
| December 2011 |
Verschwenderische Südeuropäer? |
Michael Haliassos | Macro and Finance | Staatsschuldenkrise, Europäische Währungsunion, Arbeitsproduktivität | 2011-12 |
| December 2011 |
Prodigal Italy Greece Spain? |
Michael Haliassos | Macro and 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 and Finance | systemisches Risiko, Geldpolitik | 2011-12 |
| December 2011 |
Der Weg in die Knechtschaft |
Otmar Issing | Macro and Finance | Freiheit, soziale Marktwirtschaft, Basisdemokratie | 2011-12 |
| December 2011 |
Europa - wohin |
Bertram Schefold | Macro and Finance | Europäische Währungsunion, Strukturanpassungen, Europäische Integration | 2011-12 |
| October 2011 |
Rechtsbrüche im Euroraum |
Helmut Siekmann | Macro and Finance | Europäische Währungsunion, Währungsrecht, Europarecht | 2011-10 |
| August 2011 |
Geldpolitik vor der Krise |
Stefan Gerlach, Laura Moretti | Macro and Finance | Geldpolitik, reale Zinssätze, Finanzkrise | 2011-08 |
| August 2011 |
Monetary Policy Before the Crisis |
Stefan Gerlach, Laura Moretti | Macro and Finance | monetary policy, real interest rates, financial crisis | 2011-08 |
| August 2011 |
Ein makroprudenzielles Mandat für die Bundesbank |
Hermann Remsperger | Macro and Finance | makroprudenzielle Regulierung, Finanzstabilität, Bundesbank | 2011-08 |
| June 2011 |
Reforms or Bankruptcy? |
Michael Haliassos | Macro and Finance | Greek economic crisis, public debt, structural reforms | 2011-06 |
| November 2012 |
Gender Balance in the ECB's Executive Board |
Laura Moretti | Macro and Finance | gender equality, ECB Executive Board | 2012-11 |
| August 2012 |
Nationality and the ECB's Executive Board |
Laura Moretti | Macro and 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 and Finance | Zentralbanken, Inflationssteuerung, Geldpolitik | 2012-09 |
| May 2012 |
On the Potential Threats from a Greek Eurozone Exit |
Ester Faia | Macro and Finance | European Monetary Union, TARGET balances, inflation | 2012-05 |
| May 2012 |
Central Bank Independence: Does the Governor's Passport Matter? |
Laura Moretti | Macro and Finance | central bank independence, central bank governor | 2012-05 |
| April 2012 |
Finanzstabilität im Bundestag |
Hermann Remsperger | Macro and Finance | Finanzstabilitätsgesetz; makroprudenzielle Regulierung; Zentralbank | 2012-04 |
| February 2012 |
Support Mechanisms Pose Fundamental Legal Questions |
Helmut Siekmann | Macro and Finance | sovereign debt crisis, ESM, EFSF, new fiscal compact | 2012-02 |
| April 2013 |
Zentralbankpolitik: Überforderung statt Langeweile? |
Hermann Remsperger | Macro and Finance | makroprudenzielle Regulierung; Zentralbank; Bankenaufsicht | 2013-04 |
| January 2013 |
Löhne kürzen schadet der Wettbewerbsfähigkeit |
Michael Haliassos | Macro and Finance | Griechenland, strukturelle Reformen, Arbeitsproduktivität | 2013-01 |
| June 2012 |
The Greek Crisis Two Years On: Policy Options and Resolution Prospects |
Lucas Papademos | Macro and Finance | Greece; fiscal adjustment; European Monetary Union | 2012-06 |
| May 2012 |
Central Banks – Paradise Lost? |
Otmar Issing | Macro and Finance | central bank mandate, financial stability | 2012-05 |
| May 2012 |
Systemic Risks and Central Banks |
Hermann Remsperger | Macro and Finance | macroprudential regulation, monetary policy, Financial Stability Act | 2012-05 |
| September 2012 |
Grosser Beifall von allen Seiten |
Otmar Issing | Macro and Finance | Europäische Währungsunion, politische Union, Eurobonds | 2012-09 |
| April 2012 |
Der Weg aus der Krise |
Otmar Issing | Macro and Finance | Währungsunion, Fiskalunion, Eurobonds | 2012-04 |
| August 2012 |
The Problem with Envisaging an Exit |
Laura Moretti | Macro and Finance | 2012-08 | |
| August 2012 |
Jeder muss sich selbst helfen |
Otmar Issing | Macro and Finance | Europäische Währungsunion, politische Union | 2012-08 |
| November 2011 |
Moral Hazard will Result from ECB Bond Buying |
Otmar Issing | Macro and Finance | lender of last resort, ECB, sovereign debt | 2011-11 |
Forschungsprojekte
| Publication Count | ||||||
|---|---|---|---|---|---|---|
| Macro and Finance | Fiscal Institutions & Debt in Europe |
Patrick Blank, Matthias Goldmann, Eren Gürer, Johannes Kasinger, Alexander Ludwig, Alfons J. Weichenrieder | 2020 | Public debt, federalism in Europe, fiscal policy | 153102 | 0 |
| Macro and 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 and 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 and 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 and Finance | Macroeconomic Experience and Precautionary Savings |
Baptiste Massenot, Giang Nghiem, Nathanael Vellekoop | 2018 | Macroeconomic experience, Reinforcement learning, Precautionary savings | 21525 | 0 |
| Macro and 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 and 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 and 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 and Finance | Stability through Deliberation: Finance and Public Law |
Matthias Goldmann, Grygoriy Pustovit | 2016 | 21193 | 1 | |
| Macro and Finance | Preparedness for Retirement and Old Age Poverty in Germany |
Raphael Abiry, Patricia Gallego Granados, Johannes Geyer, Nils Grevenbrock, Peter Haan, Osman Küçükşen, Alexander Ludwig, Holger Lüthen | 2016 | old age poverty, preparedness for retirement, pension reform | 21522 | 0 |
| Financial Markets, Macro and 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 and 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 and Finance, Household Finance | Tax Treatment and Inequality in Labor Market Behavior |
Nicola Fuchs-Schündeln, Hannah Paule-Paludkiewicz, Paul Reimers | 2016 | 21670 | 1 | |
| Macro and Finance, Household Finance | Financial Frictions and Inequality |
Alexander Ludwig, Alexander Monge-Naranjo, Ctirad Slavik, Faisal Sohail | 2016 | 21670 | 1 | |
| Macro and Finance, Financial Markets, Experiment Center | Bailouts and Financial Stability: Experimental Evidence |
Paul Gortner, Baptiste Massenot | 2016 | 21650 | 1 | |
| Macro and 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 and Finance, Household Finance | Inequality and Assortative Matching |
Nicola Fuchs-Schündeln, Zhao Jin, Alexander Ludwig | 2016 | 21670 | 1 | |
| Macro and 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 and 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 and 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 and 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 and 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 and 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 and 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 and Finance | Preference Evolution and Asset Prices |
Giuliano Curatola, Ilya Dergunov | 2014 | 11527 | 1 | |
| Macro and 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 and Finance | Subjective Survival Beliefs and Savings Decisions |
Alexander Ludwig | 2014 | Subjective expecations; survival beliefs; non-linear probability weighting functions; dynamic inconsistency | 21528 | 1 |
| Macro and 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 and Finance | Macroeconomic Modeling after the Financial Crisis: Including Models with Financial Frictions and Forecasting & Policy Evaluation Tools into the Macroeconomic Model Database |
Klodiana Istrefi, Meguy Kuété Ngouging, Sebastian Schmidt, Fabio Verona, Volker Wieland, Maik Wolters, Jinhyuk Yoo | 2013 | Macroeconomic Modeling, Financial Crisis, Financial Frictions, Macroeconomic forecasting, Macroeconomic policy evaluation, Monetary policy | 11522 | 1 |
| Macro and 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 |
|---|---|
| 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 |
| Lindner, Vincent R. | Research Assistant |
| Liu, Xu | Research Assistant |
| Ludwig, Alexander | Senior Researcher, SAFE Fellow |
| Massenot, Baptiste | Research Affiliate, External Researcher |
| May, Christian | External Researcher |
| Nölke, Andreas | Senior Researcher, SAFE Fellow |
| Thiemann, Matthias | External Researcher |
| Weichenrieder, Alfons J. | Senior Researcher, SAFE Fellow |
| Wiederholt, Mirko | External Researcher, SAFE Fellow |