Five SAFE professors have secured funds for a second three-year period for their research projects under the “Financial Market Imperfections and Macroeconomic Performance” priority program of Deutsche Forschungsgemeinschaft (DFG). The central purpose of this program is to advance research in Germany at the intersection of macroeconomics and financial economics. In particular, the program aims at contributing to a better understanding of the way various financial market imperfections affect financial market stability, macroeconomic volatility and long-run economic growth.
The five related projects are:
Debt Market Imperfections and Macroeconomic Implications
Coordinators: Ester Faia, Jan Pieter Krahnen
Implications of Financial Market Imperfections for Wealth and Debt Accumulation in the Household Sector
Coordinator: Michael Haliassos
Real Effects of a Bank Liquidity Shock on Bank Lending Decisions and Corporate Investments
Coordinators: Rainer Haselmann, Beatrice Weder di Mauro
The Welfare Effects of Social Security with Individual and Aggregate Risk: A Macroeconomic Analysis
Coordinator: Alexander Ludwig
