Macro Finance

Research in the department Macro Finance focuses on the role of financial processes for macroeconomic phenomena. For example, shocks in the real economy influence market prices of goods and services. We investigate which factors affect price formation and how these market prices feed back to future economic activities, e.g. consumption and investment. Furthermore, we ask how policy or regulatory measures, such as pension policy, monetary policy, public debt policy, or the transition towards a more sustainable energy system affect the financial sector. We pay particular attention to the influence of the financial architecture and its actors (banks, stock exchanges, central banks, sovereigns) on economic activity and distribution. Therefore, there are close links in SAFE's research agenda between Macro Finance and the areas financial markets (especially asset pricing and market microstructure) and banking (especially in issues of transmission and the emergence of systemic risk). Thus, research efforts at SAFE are also devoted to linking macroeconomic and, in a narrow sense, financial economic problems and approaches in order to make a fundamental contribution to methodological development.  


Publications

Author/sTitleProgram AreaTypePublishedKeywords
Alfons J. WeichenriederRussia Today – The Russian Invasion of Ukraine and Russia’s Public Finances
Policy Letter No. 96
Macro Finance Policy Paper2022Ukraine, Russia, Invasion, Public Finance, Energy Embargo
Alessandro Di Nola, Leo Kaas, Haomin WangRescue Policies for Small Businesses in the COVID-19 Recession
SAFE Working Paper No. 343
Macro Finance SAFE Working Paper2022
Matthias GoldmannContesting Austerity in the 1970s and 1980s - When Human Rights Went Missing
Contingency in International Law: On the Possibility of Different Legal Histories
Financial Intermediation, Macro Finance Published Paper2021
Matthias Goldmann, Ingo Venzke, Armin von BogdandyGemeinwohl im Völkerrecht. Eine Theorie internationaler öffentlicher Gewalt
Normative Ordnungen (Suhrkamp)
Financial Intermediation, Law and Finance, Macro Finance Published Paper2021
Sandra Eckert, Vincent R. Lindner, Andreas NölkePolitical Science Research on the Reasons for the (non) Adoption and (non) Implementation of EMU Reform Proposals: The State of the Art
SAFE Working Paper No. 339
Macro Finance SAFE Working Paper2022
Andreas NölkeFor a Plurality of Economic and Social Models! Against a Monolithic Euro State!
Key Controversies in European Integration (Bloomsbury Publishing)
Macro Finance Published Paper2021
Andreas NölkeIn Search of Institutional Complementarities: Comparative Capitalism and Economic Policy Reform
Journal of Economic Policy Reform
Macro Finance Published Paper2021
Andreas NölkeThe Deformation of the Core by Dependency Relations: The Case of Germany in Europe
Dependent Capitalisms in Contemporary Latin America and Europe. International Political Economy Series (Springer)
Macro Finance Published Paper2021
Sandra EckertThe European Green Deal and the EU’s Regulatory Power in Times of Crisis
The JCMS Annual Review of the European Union in 2020
Macro Finance Published Paper2021
Vincent R. LindnerSolidarity without Conditionality. Comparing the EU Covid-19 Safety Nets SURE, Pandemic Crisis Support, and European Guarantee Fund
SAFE Working Paper No. 333
Macro Finance SAFE Working Paper2022
Nina Biljanovska, Spyridon PalligkinisControl Thyself: Self-Control Failure and Household Wealth
Journal of Banking & Finance
Household Finance, Macro Finance Published Paper2018Self-Control, Household Wealth, Household Finance
Alexander Ludwig, Matthias SchönEndogenous Grids in Higher Dimensions: Delaunay Interpolation and Hybrid Methods
Computational Economics (Springer)
Household Finance, Macro Finance Published Paper2018Dynamic Models, Numerical Solution, Method of Endogenous Gridpoints, Delaunay Interpolation
Shafik Hebous, Tom ZimmermannRevisiting the Narrative Approach of Estimating Tax Multipliers
The Scandinavian Journal of Economics
Macro Finance Published Paper2018Narrative Approach, Fiscal Stabilization, Tax Multiplier, Weak Instruments
Iñaki Aldasoro, Iván AlvesMultiplex Interbank Networks and Systemic Importance: An Application to European Data
Journal of Financial Stability
Macro Finance Published Paper2018interbank networks, systemic importance, multiplex networks
Baptiste Massenot, Yuri PettinicchiCan Firms See into the Future? Survey Evidence from Germany
Journal of Economic Behavior & Organization
Macro Finance Published Paper2018Expectation formation; Expectation error; Learning; Extrapolation; Experience
Dirk Krueger, Alexander Ludwig, Sergio VillalvazoOptimal Taxes on Capital in the OLG Model with Uninsurable Idiosyncratic Income Risk
Journal of Public Economics
Macro Finance Published Paper2021Idiosyncratic riskTaxation of capitalOverlapping generationsPrecautionary savingPecuniary externalities
Hoang Ha Nguyen Thi, Alfons J. WeichenriederC and S Corporation Banks: Did Trump’s Tax Reform Lead to Differential Effects?
SAFE Working Paper No. 328
Macro Finance SAFE Working Paper2021Tax Cuts and Jobs Act, corporate taxation, S corporations, C corporations, banks
Otmar IssingCentral Banks – independent or almighty?
Policy Letter No. 92
Macro Finance Policy Paper2021Central banks
Alexandre Corhay, Thilo Kind, Howard Kung, Gonzalo MoralesDiscount Rates, Debt Maturity, and the Fiscal Theory
SAFE Working Paper No. 323
Macro Finance SAFE Working Paper2021Term structure of interest rates, Fiscal theory of the price level, Bond risk premia, Government debt, DSGE models, Nonlinear solution methods
Dmitry Kuvshinov, Niklas Kaspar ZimmermannThe Big Bang: Stock Market Capitalization in the Long Run
forthcoming in Journal of Financial Economics
Macro Finance Published Paper2022Stock market capitalizationEquity issuanceCorporate profitsWealth-to-income ratiosLong-run trends
Johannes Kasinger, Lukas Nöh, Alfons J. WeichenriederZinsänderungsrisiken und langfristige Zinsbindung vor dem Hintergrund der hessischen Zinsswaps
Perspektiven der Wirtschaftspolitik
Macro Finance Published Paper2019
Kunka Petkova, Alfons J. WeichenriederThe Relevance of Depreciation Allowances as a Fiscal Policy Instrument: A Hybrid Approach to CCCTB?
Empirica
Macro Finance Published Paper2020
Andreas NölkeCapitalist Diversity in Europe
The Routledge Handbook of Critical European Studies (Routledge Taylor & Francis Group)
Macro Finance Published Paper2021
Vincent R. LindnerConflict or Cooperation? Explaining the European Commission’s and Social Partners’ Preferences for Low-Level Social Dialogue
forthcoming in The Role of Social Partners in Managing Europe’s Great Recession Crisis Corporatism or Corporatism in Crisis? (Routledge Taylor & Francis Group)
Macro Finance Published Paper2021
Kardelen Günaydin, Daniel MertensPolitisiertes Sparen und die Europäische Zentralbank. Zur Politischen Ökonomie der Geldpolitischen Debatte in Deutschland
Macro Finance Published Paper2020
Christoph Hambel, Holger Kraft, Eduardo S. SchwartzOptimal Carbon Abatement in a Stochastic Equilibrium Model with Climate Change
European Economic Review
Macro Finance, Systemic Risk Lab Published Paper2020
Sandra Eckert, Vincent R. Lindner, Andreas NölkeEMU reform proposals and their (non) implementation: An overview
White Paper No. 78
Macro Finance Policy Paper2020Economic and Monetary Union; Banking Union; Capital Markets Union; Financial Integration; Economic Governance; Fiscal Solidarity; Eurozone; Policy Analysis
Besart Avdiu, Alfons J. WeichenriederFinancing Costs and the Efficiency of Public-Private Partnerships
SAFE Working Paper No. 295
Macro Finance SAFE Working Paper2020Public-Private Partnerships, Infrastructure, Financing Costs, Default.
Eren Gürer, Alfons J. WeichenriederInflation, Inflationsmessung und Zentralbankpolitik
Policy Letter No. 89
Macro Finance Policy Paper2020Inflation, Zentralbankpolitik, Inflationsmessung, Geldpolitik, EZB
Christian Alemán, Christopher Busch, Alexander Ludwig, Raül Santaeulàlia-LlopisEvaluating the Effectiveness of Policies Against a Pandemic
SAFE Working Paper No. 294
Macro Finance SAFE Working Paper2020https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3714697
Nicola Fuchs-Schündeln, Dirk Krueger, Alexander Ludwig, Irina PopovaThe Long-Term Distributional and Welfare Effects of Covid-19 School Closures
SAFE Working Paper No. 290
Macro Finance SAFE Working Paper2020Covid-19, school closures, inequality, intergenerational persistence
Moritz Schularick, Sascha Steffen, Tobias TrögerBank capital and the European recovery from the COVID-19 crisis
White Paper No. 69
Law and Finance, Macro Finance Policy Paper2020bank capital, financial stablity, COVID-19
Daniel Munevar, Grygoriy PustovitBack to the Future: A Sovereign Debt Standstill Mechanism IMF Article VIII, Section 2 (b)
SAFE Working Paper No. 282
Macro Finance SAFE Working Paper2020sovereign debt standstill, sovereign debt restructuring, sovereign debt litigation, holdout litigation, vulture creditors
Massimiliano Caporin, Loriana Pelizzon, Alberto PlazziDoes Monetary Policy Impact Sovereign Credit Risk Comovement?
SAFE Working Paper No. 276
Financial Markets, Macro Finance SAFE Working Paper2020
Loriana Pelizzon, Max Riedel, Zorka Simon, Marti SubrahmanyamCollateral Eligibility of Corporate Debt in the Eurosystem
SAFE Working Paper No. 275
Financial Markets, Macro Finance, Systemic Risk Lab SAFE Working Paper2020
Marcel Thum, Alfons J. WeichenriederCorona-Bonds und ihre Alternativen
Policy Letter No. 83
Macro Finance Policy Paper2020Corona Bonds, Corona-Krise, Transferzahlungen
Christopher Busch, Alexander Ludwig, Raül Santaeulàlia-LlopisEmerging Evidence of a Silver Lining: A Ridge Walk to Avoid an Economic Catastrophe in Italy and Spain
White Paper No. 67
Macro Finance Policy Paper2020Coronavirus, pandemic economics, lockdown costs
Leo KaasCapital in the Corona Crisis
Policy Letter No. 80
Macro Finance Policy Paper2020corona crisis, capital liquidations, emergency loans
Pietro Dindo, Andrea Modena, Loriana PelizzonRisk Pooling, Leverage, and the Business Cycle
SAFE Working Paper No. 271
Financial Markets, Macro Finance SAFE Working Paper2020Amplification, business cycle, efficiency, dampening, restricted market participation, risk pooling
Stine Louise Daetz, Marti Subrahmanyam, Dragon Yongjun Tang, Sarah Qian WangCan Central Banks Boost Corporate Investment? Evidence from the ECB Liquidity Injections
Financial Markets, Macro Finance Thirdparty Related Work2019
Anderson Grajales-Olarte, Burak Uras, Nathanael VellekoopRigid Wages and Contracts: Time- versus State-Dependent Wages in the Netherlands
SAFE Working Paper No. 258
Macro Finance SAFE Working Paper2019Wage rigidity, microdata, time dependency, state dependency, flexible-hour contracts
Ludger SchuknechtFiscal-Financial Vulnerabilities
White Paper No. 62
Macro Finance Policy Paper2019fiscal financial vulnerabilities, fiscal variables, public finance
Bertram SchefoldDer Neo-Fisher-Effekt: Die historische Alternative zur Nullzinspolitik
Policy Letter No. 74
Macro Finance Policy Paper2019Inflation, Geldpolitik, Europäische Zentralbank, Zinsen
Puriya Abbassi, Michael SchmidtFinancial Stability Effect of Yield-Oriented Investment Behaviour
Financial Markets, Macro Finance Thirdparty Working Paper2019Portfolio allocation, fixed income, yield reversals, financial stress, financial stability
Margherita Borella, Mariacristina De Nardi, Fang YangThe Lost Ones: The Opportunities and Outcomes of Non-College-Educated Americans born in the 1960s
Macro Finance Thirdparty Working Paper2019
Nicole Branger, Christian Schlag, Ivan Shaliastovich, Dongho SongMacroeconomic Bond Risks and the Zero Lower Bound
Financial Markets, Macro Finance Thirdparty Related Work2016Macro-Finance Term Structure Models, Zero Lower Bound, Shadow Rates, Shadow Risk Premia
Matthias Max Nagel, Matthias ThiemannShifting Frames of the Expert Debate: Quantitative Easing, International Macro-Finance and the Potential Impact of Post-Keynesian Scholarship
Financial Markets, Macro Finance Thirdparty Working Paper2019
Zhiwu Hong, LinLin NiuAn Arbitrage-Free Yield Net Model with Application to the Euro Debt Crisis
Financial Markets, Macro Finance Thirdparty Working Paper2019
Tina Koziol, Jesper Riedler, Joeri SchasfoortEuro Area Quantitative Easing in a Portfolio Balance Model with Heterogeneous Agents and Assets
Financial Markets, Macro Finance Thirdparty Working Paper2019
LinLin NiuSparse-Group Independent Component Analysis with Application to Yield Curve Prediction
Computational Statistics & Data Analysis
Macro Finance Thirdparty Related Work2019
Christopher Busch, Alexander LudwigHigher-Order Income Risk over the Business Cycle: A Parametric Approach
SAFE Working Paper No. 274
Macro Finance SAFE Working Paper2020Labor Income Risk, Business Cycle, GMM Estimation, Skewness, Persistent and Transitory Income Shocks, Risk Attitudes, Life-Cycle Model
Alexander Bick, Bettina Brüggemann, Nicola Fuchs-Schündeln, Hannah Paule-PaludkiewiczLong-term Changes in Married Couples’ Labor Supply and Taxes: Evidence from the US and Europe Since the 1980s
Macro Finance Thirdparty Working Paper2018
Allan Davids, Co-Pierre GeorgThe Cape of Good Homes: Exchange Rate Depreciations, Foreign Demand and House Prices
Financial Markets, Macro Finance Thirdparty Working Paper2019foreign housing demand, exchange rates, house prices
Mucai Lin, LinLin NiuEcho over the Great Wall: Spillover Effects of QE Announcements on Chinese Yield Curve
Financial Markets, Macro Finance Thirdparty Working Paper2019
Kunka Petkova, Alfons J. WeichenriederGrunderwerbsteuer: Eine Steuer für das 21. Jahrhundert?
White Paper No. 58
Macro Finance Policy Paper2019Grunderwerbsteuer, Reformvorschläge, Freibetrag, Steuergestaltung, Share Deals
Paul Gortner, Baptiste MassenotLeverage and Bubbles: Experimental Evidence
SAFE Working Paper No. 239
Macro Finance, Experiment Center SAFE Working Paper2018
LinLin Niu, Loriana Pelizzon, Marti Subrahmanyam, Reiko Tobe, Davide Tomio, Jun UnoScarcity and Spotlight Effects on Liquidity and Yield: Quantitative Easing in Japan
Financial Markets, Macro Finance, Systemic Risk Lab Thirdparty Working Paper2018
Daniel Harenberg, Alexander LudwigIdiosyncratic Risk, Aggregate Risk, and the Welfare Effects of Social Security
International Economic Review
Household Finance, Macro Finance Published Paper2019social security, idiosyncratic risk, aggregate risk, welfare
Daniel HarenbergAsset Pricing in OLG Economies With Borrowing Constraints and Idiosyncratic Income Risk
SAFE Working Paper No. 229
Macro Finance SAFE Working Paper2018equity premium; idiosyncratic risk; aggregate risk; lifecycle
Axel Börsch-Supan, Duarte Nuno Leite, Alexander LudwigEndogenous Retirement Behavior of Heterogeneous Households Under Pension Reforms
SAFE Working Paper No. 221
Macro Finance SAFE Working Paper2018Population aging, pension reform, social security, life-cycle behavior, labor supply, retirement age, welfare
Baptiste Massenot, Giang NghiemDepressed Demand
SAFE Working Paper No. 257
Macro Finance SAFE Working Paper2019
Otmar IssingStabiles Geld – eine Illusion? Alternative Währungssysteme – Hayeks Fundamentalkritik – Unabhängigkeit der Notenbanken
White Paper No. 52
Macro Finance Policy Paper2018Geldpolitik, Zentralbanken, Unabhängigkeit, Währungswettbewerb, Kryptowährungen, Hayek
Eren Gürer, Alfons J. WeichenriederPro-rich Inflation in Europe: Implications for the Measurement of Inequality
SAFE Working Paper No. 209
Macro Finance SAFE Working Paper2018Inequality, Gini, EU countries, income dependent inflation
Klaus Gugler, Michael Weichselbaumer, Christine ZulehnerEffects of Government Spending on Employment: Evidence from Winners and Runners-up in Procurement Auctions
SAFE Working Paper No. 213
Macro Finance SAFE Working Paper2018labor demand, labor hoarding, construction procurement, first-price auctions, recent economic crisis, regression discontinuity design
Dirk Krueger, Alexander LudwigOptimal Taxes on Capital in the OLG Model with Uninsurable Idiosyncratic Income Risk
SAFE Working Paper No. 201
Macro Finance SAFE Working Paper2018Idiosyncratic Risk, Taxation of Capital, Overlapping Generations, Precautionary Saving, Pecuniary Externality
Nils Grevenbrock, Max Groneck, Alexander Ludwig, Alexander ZimperCognition, Optimism and the Formation of Age-Dependent Survival Beliefs
SAFE Working Paper No. 200
Macro Finance SAFE Working Paper2018Subjective Survival Beliefs, Probability Weighting Function, Conrmatory Bias, Cognition, Optimism, Pessimism
Iñaki Aldasoro, Domenico Delli Gatti, Ester FaiaBank Networks: Contagion, Systemic Risk and Prudential Policy
Journal of Economic Behavior and Organization
Macro Finance Published Paper2017Banking networks; Systemic risk; Contagion, Fire sales, Prudential regulation
Iñaki Aldasoro, Ester FaiaSystemic Loops and Liquidity Regulation
Journal of Financial Stability
Macro Finance Published Paper2016Bank runs, Liquidity scarcity, Interconnections, Contagion, Phase-in
Baptiste MassenotPain of Paying in a Business Cycle Model
SAFE Working Paper No. 194
Macro Finance SAFE Working Paper2018
Otmar IssingDeutschland und Europa
Policy Letter No. 66
Macro Finance Policy Paper2018Europäische Währungsunion, Fiskalunion, ESM, Europäischer Währungsfonds
Loriana Pelizzon, Matteo SottocornolaThe Impact of Monetary Policy Interventions on the Insurance Industry
SAFE Working Paper No. 204
Financial Markets, Macro Finance, Systemic Risk Lab SAFE Working Paper2018Event study, monetary policy surprise, unconventional monetary policy, conventional monetary policy, insurance industry
Alfons J. WeichenriederDigitalization and Taxation: Beware Ad hoc Measures
Policy Letter No. 64
Macro Finance Policy Paper2018Digitalization, taxation
Matthias GoldmannMonetary Policy and Prudential Supervision – From Functional Separation to a Holistic Approach?
Policy Letter No. 63
Macro Finance Policy Paper2018Monetary policy, financial stability, financial supervision
Kunka Petkova, Alfons J. WeichenriederReformpläne bei der Grunderwerbsteuer
Policy Letter No. 61
Macro Finance Policy Paper2017Grunderwerbsteuer, Reformvorschläge, Freibetrag, Steuergestaltung, Share Deals
Baptiste Massenot, Yuri PettinicchiCan Firms See into the Future? Survey Evidence from Germany
SAFE Working Paper No. 187
Macro Finance SAFE Working Paper2017Expectation formation; Expectation error; Learning; Extrapolation; Experience
Baptiste Massenot, Yuri PettinicchiCan Households See into the Future? Survey Evidence from the Netherlands
SAFE Working Paper No. 233
Macro Finance SAFE Working Paper2018
Fabian OchsenfeldMercantilist Dualization: The Introduction of the Euro, Redistribution of Industry Rents, and Wage Inequality in Germany, 1993–2008
Socio-Economic Review
Macro Finance Published Paper2018distribution, manufacturing, causal mechanisms, political economy, Germany, Europe
Alexander Bick, Nicola Fuchs-SchündelnQuantifying the Disincentive Effects of Joint Taxation on Married Women’s Labor Supply
American Economic Review: Papers & Proceedings
Macro Finance Published Paper2017Tax Law, Fiscal Policies, Behavior of Economic Agents, Household
Henning Hesse, Boris Hofmann, James WeberThe Macroeconomic Effects of Asset Purchases Revisited
SAFE Working Paper No. 198
Macro Finance SAFE Working Paper2018unconventional monetary policy, asset purchases, monetary transmission
Henning HesseIncentive Effects from Write-down CoCo Bonds: An Empirical Analysis
SAFE Working Paper No. 212
Macro Finance SAFE Working Paper2018CoCo bonds, contingent capital, endogenous risk, capital structure, incentives, monitoring
Loriana Pelizzon, Marti Subrahmanyam, Davide Tomio, Jun UnoCentral Bank-Driven Mispricing
SAFE Working Paper No. 226
Financial Markets, Macro Finance, Systemic Risk Lab SAFE Working Paper2018Central Bank Interventions, Liquidity, Sovereign Bonds, Futures Contracts, Arbitrage
Viral Acharya, Diane Pierret, Sascha SteffenLender of Last Resort, Buyer of Last Resort, and a Fear of Fire Sales in the Sovereign Bond Market
Financial Markets, Macro Finance Thirdparty Working Paper2018
Matthias GoldmannKarlsruhe Refers the QE Case to Luxembourg: Summer of Love
Policy Letter No. 58
Macro Finance Policy Paper2017ECB, Quantitative Easing, OMT, Monetary Policy, ECJ, BVerfG
Matthias GoldmannUnited in Diversity? The Relationship between Monetary Policy and Banking Supervision in the Banking Union
SAFE Working Paper No. 178
Financial Intermediation, Macro Finance SAFE Working Paper2018Banking Union, Monetary Policy, Financial Stability, Single Supervisory Mechanism, Democratic Legitimacy
Giuliano CuratolaPortfolio Choice and Asset Prices when Preferences are Interdependent
Journal of Economic Behavior & Organization
Macro Finance Published Paper2017Asset pricing; General equilibrium; heterogeneous investors; interdependent preferences; portfolio choice
Max Groneck, Alexander Ludwig, Alexander ZimperWho Saves More, the Naive or the Sophisticated Agent?
SAFE Working Paper No. 169
Household Finance, Macro Finance SAFE Working Paper2017Survival beliefs; Ambiguity; Choquet expected utility; Dynamic inconsistency
Otmar IssingCentral Banks – From Overburdening to Decline?
White Paper No. 42
Macro Finance Policy Paper2016Central Banking, ECB, Monetary Policy
Raphael Abiry, Christian Geppert, Alexander LudwigSecular Stagnation? Growth, Asset Returns and Welfare in the Next Decades: First Results
SAFE Working Paper No. 145
Macro Finance SAFE Working Paper2016secular stagnation; demographic change; overlapping generations; natural rate; equity premium; growth; welfare; human capital
Helmut SiekmannKurzkommentar zum Volksentscheid im Vereinigten Königreich am 23. Juni 2016
Policy Letter No. 53
Macro Finance Policy Paper2016Brexit, Europäische Union, Vereinigtes Königreich
Shafik Hebous, Alfons J. WeichenriederToward a Mutualization of European Unemployment Insurance? On Limiting the Downsides of a Fiscal Transfer System for the Eurozone
CESifo Economic Studies
Macro Finance Published Paper2016EMU, Eurozone, European unemployment insurance, fiscal transfers
Mohamed Aldegwy, Matthias ThiemannVon mikro- zu makroprudenzieller Regulierung
Die Innenwelt der Ökonomie: Wissen, Macht und Performativität in der Wirtschaftswissenschaft (Springer)
Macro Finance Published Paper2016Banking Regulation, Systemic Risk, Formalism, Equilibrium Thinking, Discourse, Citation Network Analysis
Alfons J. WeichenriederPanama & Co: Implikationen für die Steuerpolitik
Policy Letter No. 52
Macro Finance Policy Paper2016Steuerhinterziehung, Steuervermeidung, Steueroasen, Briefkastenfirmen, Panama Papers
Mohamed Aldegwy, Matthias ThiemannHow Economics Got it Wrong: Formalism, Equilibrium Modelling and Pseudo-Optimization in Banking Regulatory Studies
SAFE Working Paper No. 138
Macro Finance SAFE Working Paper2016Sociology of Finance, Optimal Regulation, Dynamic and Reliable Regulation, Banking Regulation, Financial Crisis
Alexander LudwigDemographischer Wandel: Kapitalrenditen, Löhne und Verteilungswirkungen
White Paper No. 38
Macro Finance Policy Paper2016Demographischer Wandel, Migration, säkulare Stagnation, Kapitalrenditen, Ungleichheit
Mohamed Aldegwy, Edin Ibrocevic, Matthias ThiemannUnderstanding the Shift from Micro to Macro-Prudential Thinking: A Discursive Network Analysis
SAFE Working Paper No. 136
Macro Finance SAFE Working Paper2016Banking Regulation, Systemic Risk, Formalism, Equilibrium Thinking, Discourse, Citation Network Analysis
Günter Beck, Hans-Helmut KotzEuro Area Shadow Banking Activities in a Low-Interest-Rate Environment: A Flow-of-Funds Perspective
White Paper No. 37
Financial Intermediation, Macro Finance Policy Paper2016Non-bank financial intermediation, shadow banking, financial stability, systemic risk, financial regulation, low interest rate environment
Günter Beck, Hans-Helmut Kotz, Natalia ZabelinaLost in Translation? ECB’s Monetary Impulses and Financial Intermediaries’ Responses
White Paper No. 36
Financial Intermediation, Macro Finance Policy Paper2016Non-bank financial intermediation, interest-rate channel, credit channel, risk-taking channel of monetary policy, market-based financial intermediation, monetary transmission mechanism, waterbed effect
Vilen Lipatov, Alfons J. WeichenriederA Decentralization Theorem of Taxation
CESifo Economic Studies
Macro Finance Published Paper2016fiscal federalism, taxing rights, decentralization theorem
Marcel Fratzscher, Reint Gropp, Hans-Helmut Kotz, Jan Pieter Krahnen, Christian Odendahl, Beatrice Weder di Mauro, Guntram B. WolffMere criticism of the ECB is no solution
Policy Letter No. 51
Macro Finance Policy Paper2016eurozone, crisis, monetary policy
Giuliano CuratolaPreference Evolution and the Dynamics of Capital Markets
SAFE Working Paper No. 128
Macro Finance SAFE Working Paper2016Asset pricing, general equilibrium, heterogeneous investors, interdependent preferences, portfolio choice
On the Optimal Provision of Social Insurance: Progressive Taxation versus Education Subsidies in General Equilibrium
Journal of Monetary Economics, Vol 77, pp. 72-98
Macro Finance Published Paper2016Progressive Taxation, Education Subsidy, Transitional Dynamics
Dirk Krueger, Philipp Krüger, Alexander LudwigOn the Optimal Provision of Social Insurance
SAFE Working Paper No. 110
Macro Finance SAFE Working Paper2015Progressive Taxation, Education Subsidy, Transitional Dynamics
Ester Faia, Andreas Hackethal, Michael Haliassos, Katja LangenbucherFinancial Regulation: A Transatlantic Perspective
Cambridge University Press
Household Finance, Macro Finance Published Paper2015banking union, microprudential regulation, macroprudential regulation, investor protection, borrower protection
Gabriele Camera, Alessandro GioffréA Tractable Analysis of Contagious Equilibria
Journal of Mathematical Economics
Macro Finance Published Paper2015Cooperation, Social norms, Grim trigger, Random matching
Baptiste Massenot, Stéphane StraubInformal Sector and Economic Development: The Credit Supply Channel
SAFE Working Paper No. 106
Macro Finance SAFE Working Paper2015-
Ester Faia, Isabel SchnabelThe road from micro-prudential to macro-prudential regulation
Financial Regulation: A Transatlantic Perspective (Cambridge University Press)
Macro Finance Published Paper2015
Alfons J. WeichenriederGreece: Threatening Recovery
Policy Letter No. 37
Macro Finance Policy Paper2015Financial Assistance, Conditionality
Iñaki Aldasoro, Domenico Delli Gatti, Ester FaiaBank Networks: Contagion, Systemic Risk and Prudential Policy
SAFE Working Paper No. 87
Macro Finance SAFE Working Paper2015banking networks, centrality metrics, systemic risk
Ester Faia, Beatrice Weder di MauroCross-Border Resolution of Global Banks
SAFE Working Paper No. 88
Macro Finance SAFE Working Paper2015single point of entry, multiple point of entry, strategic interaction of regulators, financial spillover, financial retrenchment
Julia Braun, Alfons J. WeichenriederDoes Exchange of Information between Tax Authorities Influence Multinationals’ Use of Tax Havens?
SAFE Working Paper No. 89
Macro Finance SAFE Working Paper2015Tax havens, tax information exchange agreements, location decisions, international taxation
Pinar TopalFiscal Stimulus and Labor Market Flexibility
SAFE Working Paper No. 90
Macro Finance SAFE Working Paper2015fiscal policy, labour economics, labour market policies, threshold vector auto-regressive models, panel VAR, non-linear VAR, impulse analysis
Giuliano CuratolaLoss aversion, habit formation and the term structures of equity and interest rates
Journal of Economic Dynamics and Control
Financial Markets, Macro Finance Published Paper2015Loss-aversion, Habit formation, Yield curve, Dividend strips, General equilibrium
Christoph Hambel, Holger Kraft, Eduardo S. SchwartzOptimal Carbon Abatement in a Stochastic Equilibrium Model with Climate Change
SAFE Working Paper No. 92
Macro Finance, Systemic Risk Lab SAFE Working Paper2015Climate change economics, Carbon abatement, GDP growth
Shafik Hebous, Tom ZimmermannRevisiting the Narrative Approach of Estimating Tax Multipliers
SAFE Working Paper No. 93
Macro Finance SAFE Working Paper2015Narrative Approach, Fiscal Stabilization, Tax Multiplier, Weak Instruments
Axel Börsch-Supan, Alexander LudwigAging in Europe: Reforms, International Diversification, and Behavioral Reactions
American Economic Review Papers and Proceedings
Macro Finance Published Paper2014
Alexander Ludwig, Alexander ZimperBiased Bayesian Learning with an Application to the Risk-Free Rate Puzzle
Journal of Economic Dynamics and Control
Macro Finance Published Paper2014Ambiguity, Non-additive probability measures, Bayesian learning, Truncated normal distribution, Risk-free rate puzzle
Helmut SiekmannThe Legal Framework for the European System of Central Banks
White Paper No. 26
Macro Finance Policy Paper2015economic and monetary union, euro, monetary policy, economic policy
Alfons J. WeichenriederStellungnahme zu den Plänen einer Erbschaftsteuerreform
Policy Letter No. 39
Macro Finance Policy Paper2015Steuerpolitik, Erbschaftsteuer, Schenkungsteuer
Iñaki Aldasoro, Iván AlvesMultiplex Interbank Networks and Systemic Importance: An Application to European Data
SAFE Working Paper No. 102
Macro Finance SAFE Working Paper2015interbank networks, systemic importance, multiplex networks
Sascha Baghestanian, Baptiste MassenotCredit Cycles: Experimental Evidence
SAFE Working Paper No. 104
Macro Finance, Experiment Center SAFE Working Paper2015-
Vilen Lipatov, Alfons J. WeichenriederA Decentralization Theorem of Taxation
SAFE Working Paper No. 105
Macro Finance SAFE Working Paper2015fiscal federalism, taxing rights, decentralization theorem
Jan Pieter KrahnenDrei Thesen zur Griechenlandkrise
Policy Letter No. 41
Macro Finance Policy Paper2015Währungsunion, Fiskalunion, Politische Union
Jan Pieter KrahnenThree Theses on the Greek Crisis
Policy Letter No. 42
Macro Finance Policy Paper2015Monetary Union, Fiscal Union, Political Union
Reinhard H. SchmidtEscalating Crisis in the Eurozone: The Case for Conditional Debt Relief for Greece
Policy Letter No. 43
Macro Finance Policy Paper2015Greek crisis, structural reforms, debt sustainability
Alfons J. WeichenriederEin ESM Programm ist nicht zu rechtfertigen
Policy Letter No. 44
Macro Finance Policy Paper2015Vertrag über die Arbeitsweise der EU (AEUV), ESM, Währungsunion
Alfons J. Weichenrieder, Fangying XuAre Tax Havens Good? Implications of the Crackdown on Secrecy
SAFE Working Paper No. 111
Macro Finance SAFE Working Paper2015Tax haven, secrecy, tax information exchange, China, India
Shafik Hebous, Alfons J. WeichenriederTowards a Fiscal Union? On the Acceptability of a Fiscal Transfer System in the Eurozone
White Paper No. 28
Macro Finance Policy Paper2015EMU, Eurozone, European unemployment insurance, fiscal transfers
Bettina Brüggemann, Jinhyuk YooAggregate and Distributional Effects of Increasing Taxes on Top Income Earners
SAFE Working Paper No. 113
Macro Finance SAFE Working Paper2015Top Income Taxation, Heterogeneous Agents, Incomplete Markets, Income and Wealth Inequality
Günter Beck, Hans-Helmut Kotz, Natalia ZabelinaEuro Area Macro-Financial Stability: A Flow-of-Funds Perspective
White Paper No. 29
Financial Intermediation, Macro Finance Policy Paper2015Bank and non-bank financial intermediation, shadow banking, financial stability, systemic risk, financial regulation
Martin Götz, Rainer Haselmann, Jan Pieter Krahnen, Sascha SteffenDid Emergency Liquidity Assistance (ELA) of the ECB Delay the Bankruptcy of Greek Banks?
Policy Letter No. 46
Financial Intermediation, Macro Finance Policy Paper2015emergency liquidity assistance (ELA), economic and monetary union, banking supervision, Greece
Martin Götz, Rainer Haselmann, Jan Pieter Krahnen, Sascha SteffenWaren die ELA-Notkredite der EZB für griechische Banken eine Konkursverschleppung?
Policy Letter No. 47
Financial Intermediation, Macro Finance Policy Paper2015emergency liquidity assistance (ELA), Währungsunion, Bankenaufsicht, Griechenland
Helmut SiekmannEuropa und die Instabilität des Rechts
Press Article, 2014
Macro Finance Policy Paper2014Europarecht, Rechtsdurchsetzung, EZB
Alfons J. WeichenriederIm Schatten der Lowflation
Policy Letter No. 28
Macro Finance Policy Paper2014Deflation, Zentralbanken, Quantitative Lockerung
Otmar IssingMonetary Policy and Balance Sheet Adjustment
White Paper No. 15
Macro Finance Policy Paper2014recession, monetary policy, balance sheet adjustment
Otmar IssingForward Guidance: A New Challenge for Central Banks
White Paper No. 16
Macro Finance Policy Paper2014central bank communication, monetary policy, forward guidance
Hermann RemspergerDer makroprudenzielle Komplex: der Prozess, das Schloss, das Urteil
White Paper No. 17
Macro Finance Policy Paper2014makroprudenzielle Regulierung, Finanzstabilität, Europäische Zentralbank
Nina Biljanovska, Spyridon PalligkinisControl Thyself: Self-Control Failure and Household Wealth
SAFE Working Paper No. 69
Household Finance, Macro Finance SAFE Working Paper2014Self-Control, Household Wealth, Household Finance
Alexander Ludwig, Matthias SchönEndogenous Grids in Higher Dimensions: Delaunay Interpolation and Hybrid Methods
SAFE Working Paper No. 72
Household Finance, Macro Finance SAFE Working Paper2014Dynamic Models, Numerical Solution, Method of Endogenous Gridpoints, Delaunay Interpolation
Max Groneck, Alexander Ludwig, Alexander ZimperA Life-Cycle Model with Ambiguous Survival Beliefs
SAFE Working Paper No. 73
Household Finance, Macro Finance SAFE Working Paper2014Cumulative prospect theory, Choquet expected utility, Dynamic inconsistency, Life-cycle hypothesis, Saving puzzles
Michael HaliassosNational Strategic Framework for Research and Innovation 2014 - 2020
White Paper No. 21
Macro Finance Policy Paper2014Greece, growth, innovation
Jan Pieter KrahnenKeine Institutionenkonkurrenz auf nationaler Ebene schaffen: das „doppelte AIDA“-Modell
Policy Letter No. 30
Macro Finance Policy Paper2014Bankenaufsicht, Bankenabwicklung, Bundesbank, Bafin
Shafik Hebous, Alfons J. WeichenriederWhat Do We Know about the Tax Planning of German-Based Multinational Firms?
White Paper No. 22
Macro Finance Policy Paper2014taxation, foreign direct investment, multinational firms
Iñaki Aldasoro, Ester FaiaThe Fiscal Compact and Government Debt: One Law, Multiple Statistics
Policy Letter No. 22
Macro Finance Policy Paper2014government debt, statistics, Fiscal Compact
Alfons J. WeichenriederPPPs: Umgehung von Defizitregeln oder höhere Effizienz im Staatssektor?
Policy Letter No. 36
Macro Finance Policy Paper2014Schuldenbremse, Defizitregeln, Private Public Partnership (PPP)
Benjamin Born, Gernot J. Müller, Johannes PfeiferDoes Austerity Pay Off?
SAFE Working Paper No. 77
Macro Finance SAFE Working Paper2014Fiscal policy, austerity, sovereign risk, yield spreads, confidence, panel VAR, local projections, fiscal stress
Harris Dellas, Dirk NiepeltAusterity
SAFE Working Paper No. 78
Macro Finance SAFE Working Paper2014Austerity, credit rationing, default, incomplete information, investment, growth, pooling equilibrium, separating equilibrium
Òscar Jordà, Alan M. TaylorThe Time for Austerity: Estimating the Average Treatment Effect of Fiscal Policy
SAFE Working Paper No. 79
Macro Finance SAFE Working Paper2014fiscal multipliers, booms, slumps, output fluctuations, allocation bias, matching, Rubin Causal Model, average treatment effect, propensity score, inverse probability weighting, regression adjustment, local projection, identification
Enrique G. Mendoza, Linda L. Tesar, Jing ZhangSaving Europe?: The Unpleasant Arithmetic of Fiscal Austerity in Integrated Economies
SAFE Working Paper No. 80
Macro Finance SAFE Working Paper2014European debt crisis, tax competition, capacity utilization, fiscal austerity
Alfons J. WeichenriederAusterity and Growth – Concepts for Europe
SAFE Policy Letter Collection No. 1, 2015
Macro Finance Policy Paper2015Fiscal Consolidation, Sovereign Debt, Growth
Otmar IssingDie letzte Waffe - Helicopter Money?
Press Article, 2015
Macro Finance Policy Paper2015Quantitative Easing, European Central Bank, Geldpolitik
Volker Wieland, Maik WoltersZwei Makrooekonomen gewinnen den Nobelpreis
Policy Letter No. 04, 2012
Macro Finance Policy Paper2012makroökonomische Konjunkturforschung, vektorautoregressive Modelle, monetäre Makroökonomik
Volker Wieland, Maik WoltersMacroeconomic Model Comparisons and Forecast Competition
Policy Letter No. 03, 2012
Macro Finance Policy Paper2012macroeconomic models, financial models, forecasting
Athanasios OrphanidesWhat Happened in Cyprus
Policy Letter No. 6
Macro Finance Policy Paper2013financial crisis, troika, Cyprus
Michael HaliassosSalary Cuts and Competitiveness
Policy Letter No. 1
Macro Finance Policy Paper2013Greek economic crisis, productivity, structural reforms
Katrin Assenmacher-Wesche, Stefan GerlachEnsuring Financial Stability: Financial Structure and the Impact of Monetary Policy and Asset Prices
White Paper No. 4, 2008
Macro Finance Policy Paper2008asset prices, monetary policy, panel VAR
Helmut Siekmann, Volker WielandThe European Central Bank’s Outright Monetary Transactions and the Federal Constitutional Court of Germany
White Paper No. 4
Macro Finance Policy Paper2013ECB, OMT, monetary policy, fiscal policy
Otmar IssingChallenges for Monetary Policy
White Paper No. 7
Macro Finance Policy Paper2013ECB, OMT, central banking
Ester FaiaPolitically Acceptable Debt Restructuring in the Euro Zone: Is it Really Better than the Redemption Fund?
Policy Letter No. 19
Macro Finance Policy Paper2014public debt, debt restructuring
Alfons J. WeichenriederEnergiewende, Butterberge und das Kiwi-in-Grönland-Problem
Policy Letter No. 20
Macro Finance Policy Paper2014Erneuerbare-Energien-Gesetz, Energiewende, Steuergelder
Otmar Issing, Jan Pieter KrahnenTranscript 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
Policy Letter No. 21
Macro Finance Policy Paper2014Monetary Union, European Central Bank, Outright Monetary Transactions, UK
Alfons J. WeichenriederDas Prinzip der Selbstbindung
Press Article No. 3, 2011
Macro Finance Policy Paper2011Schuldenbremse, Haushaltspolitik, Staatsverschuldung
Volker WielandNext Hike End of 2014: FOMC Matches Historical Responses to Member’s Forecasts and Risks Repeating Earlier Mistakes
White Paper No. 02, 2012
Macro Finance Policy Paper2012federal funds rate, interest rates, inflation forecasts
Stefan GerlachEuropas Staaten brauchen Stresstests
Press Article No. 2, 2011
Macro Finance Policy Paper2011Stabilitäts- und Wachstumspakt, Fiskalpolitik
Stefan GerlachNotenbanker müssen zunehmend Finanzmarkterfahrung haben
Press Article No. 1, 2011
Macro Finance Policy Paper2011Ernennungspraxis von Zentralbankern, Finanzfachkenntnis, moderne Notenbanker
Volker WielandDem Druck standhalten
Press Article No. 3, 2009
Macro Finance Policy Paper2009Geldpolitik, EZB
Stefan GerlachCan Monetary Policy Really be Used to Stabilise Asset Prices?
Policy Letter No. 1, 2008
Macro Finance Policy Paper2008monetary policy, asset prices
Volker WielandEurozone Stimulus: A Myth, Some Facts, and Estimates
Policy Letter No. 2, 2009
Macro Finance Policy Paper2009fiscal stimulus packages
Volker Wieland"Neue" Regeln für die Notenbanken?
Policy Letter No. 1, 2009
Macro Finance Policy Paper2009Geldpolitik, Taylor-Regel
Helmut SiekmannLaw and Economics of the Monetary Union
White Paper No. 9, 2011
Macro Finance Policy Paper2011Euro, sovereign debt crisis, legal foundations
Hans-Helmut Kotz, Jan Pieter Krahnen, Christian Leuz, Helmut SiekmannEurobonds zur Bewältigung der europäischen Krise? Wegweisung zu einer modernen Entwicklungsunion
White Paper No. 7, 2011
Macro Finance Policy Paper2011Eurobonds, Staatsschuldenkrise, Europäische Union
Stefan GerlachStrengthening the Institutional Underpinnings of the Euro
Policy Letter No. 14, 2010
Macro Finance Policy Paper2010Stability and Growth Pact, fiscal policy, public debt
Stefan Gerlach, Peter TillmannInflation Targeting Matters in Asia
Policy Letter No. 11, 2010
Macro Finance Policy Paper2010inflation targeting
Stefan Gerlach, Peter TillmannInflation Targeting: In Asien besonders erfolgreich
Policy Letter No. 10, 2010
Macro Finance Policy Paper2010inflation targeting
Stefan GerlachMakroprudentielle Politik zur Stabilisierung der Finanzmärkte
Policy Letter No. 9, 2010
Macro Finance Policy Paper2010makroprudentielle Instrumente, Regulierung
Volker WielandLiquidity Management and the Reform of the International Monetary System
White Paper No. 4, 2011
Macro Finance Policy Paper2011international monetary system, reserve currencies, liquidity
Michael Haliassos, Dimitri VayanosGetting Greece Back on Track: How?
White Paper No. 6, 2011
Macro Finance Policy Paper2011financial crisis, structural reforms, productivity
Stefan GerlachA Credible Stability and Growth Pact: Raising the Bar for Budgetary Transparency
Policy Letter No. 5, 2010
Macro Finance Policy Paper2010public debt, ECB
Volker WielandHow to be a good European...
Policy Letter No. 4, 2010
Macro Finance Policy Paper2010Schuldenkrise
Stefan GerlachG20 and Macroprudential Policy
Policy Letter No. 3, 2010
Macro Finance Policy Paper2010At 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
Stefan GerlachEU Economic Governance
White Paper No. 26, 2010
Macro Finance Policy Paper2010Stability and Growth Pact, Excessive Imbalance Procedure, national fiscal frameworks
Volker WielandThe Fiscal Stimulus Debate "Bone-Headed" and "Neanderthal"?
Policy Letter No. 3, 2009
Macro Finance Policy Paper2009fiscal policy, new Keynesian macroeconomic models
Stefan Gerlach, Emilie YooZur Stärkung der Deutschen Bundesbank
Policy Letter No. 1, 2010
Macro Finance Policy Paper2010Die 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
Stefan GerlachAsset Prices and Monetary Policy: Some Skeptical Observations
White Paper No. 9, 2009
Macro Finance Policy Paper2009monetary policy, macroecomomic fluctuations, regulation
Stefan Gerlach, Alexander Schulz, Guntram B. WolffBanking and Sovereign Risk in the Euro Area
White Paper No. 19, 2010
Macro Finance Policy Paper2010sovereign bond markets, banking, liquidity, EMU
Stefan GerlachThe Greek Sovereign Debt Crisis and ECB Policy
White Paper No. 12, 2010
Macro Finance Policy Paper2010public debt, ECB
Stefan GerlachAre the Golden Years of Central Banking Over? Monetary Policy after the Crisis
White Paper No. 10, 2010
Macro Finance Policy Paper2010monetary policy, public debt, central banks
Stefan GerlachThe Risk of Deflation
White Paper No. 4, 2009
Macro Finance Policy Paper2009deflation, monetary policy, fiscal policy
Stefan GerlachFuture Development of Global Imbalances
White Paper No. 4, 2010
Macro Finance Policy Paper2010current account balances, international monetary system, G20
Michael HaliassosVerschwenderische Südeuropäer?
Policy Letter No. 25, 2011
Macro Finance Policy Paper2011Staatsschuldenkrise, Europäische Währungsunion, Arbeitsproduktivität
Michael HaliassosProdigal Italy Greece Spain?
Policy Letter No. 24, 2011
Macro Finance Policy Paper2011http://safe-frankfurt.de/policy-publications/administrator/components/com_jresearch/files/publications/Haliassos_Prodigal_Italy_Greece_Spain.pdf
Hermann RemspergerOrdnungspolitik gegen Systemrisiken
Policy Letter No. 23, 2011
Macro Finance Policy Paper2011systemisches Risiko, Geldpolitik
Otmar IssingDer Weg in die Knechtschaft
Policy Letter No. 22, 2011
Macro Finance Policy Paper2011Freiheit, soziale Marktwirtschaft, Basisdemokratie
Bertram SchefoldEuropa - wohin
Policy Letter No. 21, 2011
Macro Finance Policy Paper2011Europäische Währungsunion, Strukturanpassungen, Europäische Integration
Helmut SiekmannRechtsbrüche im Euroraum
Policy Letter No. 13, 2011
Macro Finance Policy Paper2011Europäische Währungsunion, Währungsrecht, Europarecht
Stefan Gerlach, Laura MorettiGeldpolitik vor der Krise
Policy Letter No. 12, 2011
Macro Finance Policy Paper2011Geldpolitik, reale Zinssätze, Finanzkrise
Stefan Gerlach, Laura MorettiMonetary Policy Before the Crisis
Policy Letter No. 11, 2011
Macro Finance Policy Paper2011monetary policy, real interest rates, financial crisis
Hermann RemspergerEin makroprudenzielles Mandat für die Bundesbank
Policy Letter No. 10, 2011
Macro Finance Policy Paper2011makroprudenzielle Regulierung, Finanzstabilität, Bundesbank
Michael HaliassosReforms or Bankruptcy?
Policy Letter No. 5, 2011
Macro Finance Policy Paper2011Greek economic crisis, public debt, structural reforms
Laura MorettiGender Balance in the ECB's Executive Board
Policy Letter No. 15, 2012
Macro Finance Policy Paper2012gender equality, ECB Executive Board
Laura MorettiNationality and the ECB's Executive Board
Policy Letter No. 12, 2012
Macro Finance Policy Paper2012European Monetary Union, institutional design
Volker WielandDie Notenbanken und das liebe Geld: Von Zinsen, Inflation und konjunktureller Überhitzung
Policy Letter No. 13, 2012
Macro Finance Policy Paper2012Zentralbanken, Inflationssteuerung, Geldpolitik
Ester FaiaOn the Potential Threats from a Greek Eurozone Exit
Policy Letter No. 11, 2012
Macro Finance Policy Paper2012European Monetary Union, TARGET balances, inflation
Laura MorettiCentral Bank Independence: Does the Governor's Passport Matter?
Policy Letter No. 10, 2012
Macro Finance Policy Paper2012central bank independence, central bank governor
Hermann RemspergerFinanzstabilität im Bundestag
Policy Letter No. 08, 2012
Macro Finance Policy Paper2012Finanzstabilitätsgesetz; makroprudenzielle Regulierung; Zentralbank
Helmut SiekmannSupport Mechanisms Pose Fundamental Legal Questions
Policy Letter No. 05, 2012
Macro Finance Policy Paper2012sovereign debt crisis, ESM, EFSF, new fiscal compact
Marcel Bluhm, Ester Faia, Jan Pieter KrahnenEndogenous Banks’ Networks, Cascades and Systemic Risk
SAFE Working Paper No. 12
Macro Finance, Systemic Risk Lab SAFE Working Paper2013network formation, tâtonnement, contagion
Matthieu Darracq Pariès, Ester Faia, Diego Rodriguez PalenzuelaBank and Sovereign Debt Risk Connection
SAFE Working Paper No. 7
Macro Finance, Systemic Risk Lab SAFE Working Paper2013liquidity risk, sovereign risk, capital regulations
Gabriele Camera, YiLi ChienTwo Monetary Models with Alternating Markets
SAFE Working Paper No. 33
Macro Finance SAFE Working Paper2013cash-in-advance, matching, microfoundations, money, inflation
Marcel Bluhm, Ester Faia, Jan Pieter KrahnenMonetary Policy Implementation in an Interbank Network: Effects on Systemic Risk
SAFE Working Paper No. 46
Macro Finance, Systemic Risk Lab SAFE Working Paper2014Network formation, contagion, central banks' interventions
Stefania Bortolotti, Gabriele Camera, Marco CasariAn Experiment on Retail Payments Systems
SAFE Working Paper No. 49
Macro Finance SAFE Working Paper2014money, coordination, pricing, transactions
Daniel Harenberg, Alexander LudwigIdiosyncratic Risk, Aggregate Risk, and the Welfare Effects of Social Security
SAFE Working Paper No. 59
Household Finance, Macro Finance SAFE Working Paper2014social security, idiosyncratic risk, aggregate risk, welfare
Iñaki Aldasoro, Mike SeiferlingVertical Fiscal Imbalances and the Accumulation of Government Debt
SAFE Working Paper No. 61
Macro Finance SAFE Working Paper2014fiscal decentralization, vertical fiscal imbalances, panel data, public debt, GFSY
Hermann RemspergerZentralbankpolitik: Überforderung statt Langeweile?
White Paper No. 3
Macro Finance Policy Paper2013makroprudenzielle Regulierung; Zentralbank; Bankenaufsicht
Michael HaliassosLöhne kürzen schadet der Wettbewerbsfähigkeit
Press Article No. 01, 2013
Macro Finance Policy Paper2013Griechenland, strukturelle Reformen, Arbeitsproduktivität
Lucas PapademosThe Greek Crisis Two Years On: Policy Options and Resolution Prospects
White Paper No. 09, 2012
Macro Finance Policy Paper2012Greece; fiscal adjustment; European Monetary Union
Otmar IssingCentral Banks – Paradise Lost?
White Paper No. 08, 2012
Macro Finance Policy Paper2012central bank mandate, financial stability
Hermann RemspergerSystemic Risks and Central Banks
White Paper No. 07, 2012
Macro Finance Policy Paper2012macroprudential regulation, monetary policy, Financial Stability Act
Otmar IssingGrosser Beifall von allen Seiten
Press Article No. 03, 2012
Macro Finance Policy Paper2012Europäische Währungsunion, politische Union, Eurobonds
Otmar IssingDer Weg aus der Krise
White Paper No. 06, 2012
Macro Finance Policy Paper2012Währungsunion, Fiskalunion, Eurobonds
Laura MorettiThe Problem with Envisaging an Exit
Press Article No. 02, 2012
Macro Finance Policy Paper2012
Otmar IssingJeder muss sich selbst helfen
Press Article No. 01, 2012
Macro Finance Policy Paper2012Europäische Währungsunion, politische Union
Otmar IssingMoral Hazard will Result from ECB Bond Buying
Press Article No. 10, 2011
Macro Finance Policy Paper2011lender of last resort, ECB, sovereign debt
Ignazio Angeloni, Ester Faia, Marco Lo DucaMonetary Policy and Risk Taking
SAFE Working Paper No. 8
Macro Finance SAFE Working Paper2013bank runs, risk taking, monetary policy
Alfons J. Weichenrieder, Jochen ZimmerEuro Membership and Fiscal Reaction Functions
SAFE Working Paper No. 18
Macro Finance SAFE Working Paper2013debt sustainability, fiscal reaction function, euro area
Dirk Bursian, Alfons J. Weichenrieder, Jochen ZimmerTrust in Government and Fiscal Adjustments
SAFE Working Paper No. 22
Macro Finance, Systemic Risk Lab SAFE Working Paper2013trust, debt sustainability, fiscal reaction function, euro area, EU
Iñaki Aldasoro, Ignazio AngeloniInput-Output-Based Measures of Systemic Importance
SAFE Working Paper No. 29
Macro Finance, Systemic Risk Lab SAFE Working Paper2013banks, input-output, systemic risk, too-interconnected-to-fail, networks, interbank markets
Dirk Bursian, Markus RothOptimal Policy and Taylor Rule Cross-Checking Under Parameter Uncertainty
SAFE Working Paper No. 30
Macro Finance SAFE Working Paper2013Optimal monetary policy, parameter uncertainty, Taylor rule
Dirk Bursian, Sven FürthTrust Me! I am a European Central Banker
SAFE Working Paper No. 31
Macro Finance, Systemic Risk Lab SAFE Working Paper2013Central Banking, European Central Bank, Financial Crisis, Fiscal Crisis, Trust
Marcel Bluhm, Jan Pieter KrahnenSystemic Risk in an Interconnected Banking System with Endogenous Asset Markets
SAFE Working Paper No. 48
Macro Finance, Systemic Risk Lab SAFE Working Paper2014systemic risk, systemic risk charge, macroprudential supervision, Shapley value, financial network
Ignazio Angeloni, Ester Faia, Roland C. WinklerExit Strategies
SAFE Working Paper No. 50
Macro Finance SAFE Working Paper2014exit strategies, debt consolidation, ?fiscal policy, ?fiscal multipliers, monetary policy, bank runs
Yacine Aït-Sahalia, Roger J. A. Laeven, Loriana PelizzonMutual Excitation in Eurozone Sovereign CDS
SAFE Working Paper No. 51
Financial Markets, Macro Finance, Systemic Risk Lab SAFE Working Paper2014CDS, Sovereign risk, Systemic risk, Jumps, Feedback, Hawkes processes, Mutually exciting processes, Impulse-response
Daniel Harenberg, Alexander LudwigSocial Security in an Analytically Tractable Overlapping Generations Model with Aggregate and Idiosyncratic Risk
SAFE Working Paper No. 71
Household Finance, Macro Finance SAFE Working Paper2014social security, idiosyncratic risk, aggregate risk, welfare, insurance, crowding out
Alberto Alesina, Carlo Ambrogio Favero, Francesco Giavazzi, Andreas MüllerThe Output Effect of Fiscal Consolidation Plans
SAFE Working Paper No. 76
Macro Finance SAFE Working Paper2014fiscal adjustment, confidence, investment
Axel Börsch-Supan, Alexander Ludwig, Edgar VogelAging and Pension Reform: Extending the Retirement Age and Human Capital Formation
SAFE Working Paper No. 82
Household Finance, Macro Finance SAFE Working Paper2015population aging, human capital, welfare, pension reform, retirement age, open economy
Anne-Caroline HüserToo Interconnected to Fail: A Survey of the Interbank Networks Literature
SAFE Working Paper No. 91
Macro Finance SAFE Working Paper2015Interbank networks, systemic risk, contagion, banking, macro-prudential policy
Shafik Hebous, Alfons J. WeichenriederOn Deficits and Symmetries in a Fiscal Capacity
SAFE Working Paper No. 112
Macro Finance SAFE Working Paper2015fiscal union, asymmetric shocks, federal transfers, optimum currency area
Max Groneck, Alexander Ludwig, Alexander ZimperA Life-Cycle Model with Ambiguous Survival Beliefs
Journal of Economic Theory
Household Finance, Macro Finance Published Paper2016Cumulative prospect theory, Choquet expected utility, Dynamic inconsistency, Life-cycle hypothesis, Saving puzzles
Alfons J. Weichenrieder, Jochen ZimmerEuro Membership and Fiscal Reaction Functions
International Tax and Public Finance
Macro Finance Published Paper2014debt sustainability, fiscal reaction function, euro area
Marcel Bluhm, Jan Pieter KrahnenSystemic Risk in an Interconnected Banking System with Endogenous Asset Markets
Journal of Financial Stability
Macro Finance, Systemic Risk Lab Published Paper2014systemic risk, systemic risk charge, macroprudential supervision, Shapley value, financial network
Ignazio Angeloni, Ester Faia, Roland C. WinklerExit Strategies
European Economic Review
Macro Finance Published Paper2014exit strategies, debt consolidation, ?fiscal policy, ?fiscal multipliers, monetary policy, bank runs
Yacine Aït-Sahalia, Roger J. A. Laeven, Loriana PelizzonMutual Excitation in Eurozone Sovereign CDS
Journal of Econometrics
Financial Markets, Macro Finance, Systemic Risk Lab Published Paper2014CDS, Sovereign risk, Systemic risk, Jumps, Feedback, Hawkes processes, Mutually exciting processes, Impulse-response
Iñaki Aldasoro, Ignazio AngeloniInput-Output-Based Measures of Systemic Importance
Quantitative Finance
Macro Finance, Systemic Risk Lab Published Paper2015banks, input-output, systemic risk, too-interconnected-to-fail, networks, interbank markets
Dirk Bursian, Markus RothOptimal Policy and Taylor Rule Cross-Checking Under Parameter Uncertainty
The B.E. Journal of Macroeconomics
Macro Finance Published Paper2014Optimal monetary policy, parameter uncertainty, Taylor rule
Ignazio Angeloni, Ester Faia, Marco Lo DucaMonetary Policy and Risk Taking
Journal of Economic Dynamics and Control
Macro Finance Published Paper2015bank runs, risk taking, monetary policy
Dirk Bursian, Sven FürthTrust Me! I am a European Central Banker
Journal of Money, Credit and Banking
Macro Finance, Systemic Risk Lab Published Paper2015Central Banking, European Central Bank, Financial Crisis, Fiscal Crisis, Trust
Axel Börsch-Supan, Alexander Ludwig, Edgar VogelAging and Pension Reform: Extending the Retirement Age and Human Capital Formation
Journal of Pension Economics & Finance
Household Finance, Macro Finance Published Paper2017population aging, human capital, welfare, pension reform, retirement age, open economy
Dirk Bursian, Alfons J. Weichenrieder, Jochen ZimmerTrust in Government and Fiscal Adjustments
International Tax and Public Finance
Macro Finance, Systemic Risk Lab Published Paper2015trust, debt sustainability, fiscal reaction function, euro area, EU
Daniel Harenberg, Alexander LudwigSocial Security in an Analytically Tractable Overlapping Generations Model with Aggregate and Idiosyncratic Risk
International Tax and Public Finance
Household Finance, Macro Finance Published Paper2015social security, idiosyncratic risk, aggregate risk, welfare, insurance, crowding out
Anne-Caroline HüserToo Interconnected to Fail: A Survey of the Interbank Networks Literature
Journal of Network Theory in Finance
Macro Finance Published Paper2015Interbank networks, systemic risk, contagion, banking, macro-prudential policy
Baptiste Massenot, Stéphane StraubInformal Sector and Economic Growth: The Credit Supply Channel
Economic Inquiry
Macro Finance Published Paper2016

Research Projects

CategoryProjectResearcherProject DurationKeywordsProject IDPublication Count
Macro Finance

Inside the Credit Cycle: Bank-Level Evidence from 17 Countries, 1870-2016

Moritz Schularick, Niklas Kaspar Zimmermann20211
Macro Finance

Fiscal Institutions & Debt in Europe

Besart Avdiu, Patrick Blank, Matthias Goldmann, Eren Gürer, Johannes Kasinger, Alexander Ludwig, Farah Tohme, Alfons J. Weichenrieder2020Public debt, federalism in Europe, fiscal policy1531021
Macro Finance

Economic & Monetary Union at a Crossroad

Sandra Eckert, Vincent R. Lindner, Christian May, Daniel Mertens, Andreas Nölke, Matthias Thiemann, Claudius Wagemann2020"Economic and Monetary Union, monetary system, reform, political economy, bail-in, non-performing loans, fiscal policies, Eurobonds, fiscal transfers, trade imbalances, Euroexit,1531011
Macro Finance

German Real Estate Prices and Rents Across Space and Time

Leo Kaas, Georgi Kocharkov, Philipp Marek, Nicolas Syrichas2019Housing markets, rental markets, residential segregation, homeownership215291
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 Tsujiyama2018215931
Macro Finance

Macroeconomic Experience and Precautionary Savings

Baptiste Massenot, Giang Nghiem, Nathanael Vellekoop2018Macroeconomic experience, Reinforcement learning, Precautionary savings215251
Macro Finance

Macroeconomic Experience and Precautionary Savings

Baptiste Massenot, Giang Nghiem, Nathanael Vellekoop2018Macroeconomic experience, Reinforcement learning, Precautionary savings215251
Macro Finance, Money and Finance

On the Interactions Between Monetary Policy, Distributions and General Equilibrium

Alexander Ludwig, Jochen Mankart, Jorge Alejandro Quintana, Nathanael Vellekoop, Mirko Wiederholt2017Monetary policy; general equilibrium; distribution; heterogeneous agents; New Keynesian models215231
Macro Finance

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

Klaus Gugler, Michael Weichselbaumer, Christine Zulehner2016210041
Macro Finance

Entry Behavior in a Regulated Industry: Impact on Labor Demand

Christine Zulehner2016210041
Macro Finance

Optimal Taxation and Education Subsidies

Fabian Becker, Dirk Krueger, Alexander Ludwig, Faisal Sohail2016Education subsidies; progressive income taxes; macroeconomic model; optimal Ramsey policy; welfare215271
Macro Finance

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

Michael P. Evers, Markus Kontny2016Solving stochastic dynamic equilibrium models; Global solution methods; Uncertainty in econcomic modelling; Risk decomposition of the solution215211
Financial Intermediation, Macro Finance

Stability through Deliberation: Finance and Public Law

Matthias Goldmann, Grygoriy Pustovit2016211931
Financial Markets, Macro Finance

The Impact of QE Interventions on Sovereign Bond Market Microstructure

Zhiwu Hong, LinLin Niu, Loriana Pelizzon, Marti Subrahmanyam, Reiko Tobe, Davide Tomio, Jun Uno2016214801
Financial Markets, Macro Finance

Macroeconomic Asset Price Risks in the Presence of the Zero Lower Bound

Nicole Branger, Jun E. Li, Loriana Pelizzon, Christian Schlag, Ivan Shaliastovich, Dongho Song2016214801
Financial Markets, Macro Finance

QE, Foreigner Behavior and Market Fragility in the Indian NSE Electronic Equity Order Book Markets

Viral Acharya, Loriana Pelizzon2016214801
Financial Markets, Macro Finance

Signalling and Portfolio Balance Effects of QE Announcements on China’s Yield Curve

Mucai Lin, LinLin Niu2016214801
Financial Markets, Macro Finance

Quantitative Easing and Channels of Systemic Risk

Allan Davids, Co-Pierre Georg, Tina Koziol, Jesper Riedler2016214801
Financial Markets, Macro Finance

The Regulatory Debate Regarding Quantitative Easing and Systemic Risk

Vanessa Endrejat, Jan Pieter Krahnen, Matthias Max Nagel, Christian Resch, Matthias Thiemann2016214801
Financial Markets, Macro Finance

Private Short Term Funding and ECB Unconventional Monetary Policies

Viral Acharya, Diane Pierret, Sascha Steffen2016214801
Financial Markets, Macro Finance

Unconventional Monetary Policy, International Spillovers, and Systemic Risk

Co-Pierre Georg, Tina Koziol, Jesper Riedler2016214801
Financial Markets, Macro Finance

The topology of the South Africa interbank network

Co-Pierre Georg, Jan Pieter Krahnen2016214801
Financial Markets, Macro Finance

The Impact of Unconventional Monetary Policies on European Financial Markets

Massimiliano Caporin, Xu Liu, Loriana Pelizzon, Alberto Plazzi, Max Riedel2016214801
Financial Markets, Macro Finance, Systemic Risk Lab

Quantitative Easing and Financial (In)Stability

Marcel Bluhm, Co-Pierre Georg, Jan Pieter Krahnen, Jun E. Li, Xu Liu, Loriana Pelizzon, Mihaela-Simina Puscasu, Christian Schlag, Sascha Steffen, Marti Subrahmanyam, Matthias Thiemann, Jun Uno2016214801
Financial Markets, Macro Finance

Macroeconomic Bond Risks in the Presence of the Zero Lower Bound

Nicole Branger, Liu Liu, Christian Schlag, Ivan Shaliastovich, Dongho Song2016Macrofinance, bond pricing, market expectations, inflation, growth216301
Household Finance, Macro Finance

Tax Treatment and Inequality in Labor Market Behavior

Nicola Fuchs-Schündeln, Hannah Paule-Paludkiewicz, Paul Reimers2016216701
Household Finance, Macro Finance

Financial Frictions and Inequality

Martin Götz, Alexander Ludwig, Alexander Monge-Naranjo, Christian Schlag, Ctirad Slavik, Faisal Sohail2016216701
Financial Intermediation, Law and Finance, Financial Markets, Macro Finance, Experiment Center

Capital Requirements and Financial Stability: Experimental Evidence

Paul Gortner, Baptiste Massenot2016216501
Household Finance, Macro Finance

Inequality and Assortative Matching

Nicola Fuchs-Schündeln, Zhao Jin, Alexander Ludwig2016216701
Macro Finance

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

Raphael Abiry, Christian Geppert, Dirk Krueger, Philipp Krüger, Alexander Ludwig2016Demographic change; asset returns; secular stagnation; growth; welfare; equity premium215201
Macro Finance

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

Helge Braun, Christopher Busch, Christian Geppert, Nils Grevenbrock, Daniel Harenberg, Alexander Ludwig2015215921
Macro Finance

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

Markus Gangl, Fabian Ochsenfeld2015212901
Macro Finance, Systemic Risk Lab

Risk Cascades in Banking Networks and the Measurement of Systemic Risk

Iñaki Aldasoro, Ester Faia, Anne-Caroline Hüser2014liquidity hoarding, contagion channels, global games115911
Macro Finance

Subjective Survival Beliefs and Savings Decisions

Nils Grevenbrock, Max Groneck, Alexander Ludwig, Alexander Zimper2014Subjective expecations; survival beliefs; non-linear probability weighting functions; dynamic inconsistency215281
Macro Finance

Austerity and Economic Growth - Concepts for Europe

Alfons J. Weichenrieder20131
Macro Finance

Debt Market Imperfections and Macroeconomic Implications

Giuliano Curatola, Ester Faia, Nora Franken, Henning Hesse, Christian Hirsch, Sören Karau, Jan Pieter Krahnen, Valeria Patella, Christian Wilde201211191 1

Current Research Team

ResearcherPosition
Blank, Patrick Junior Researcher
Eckert, Sandra External Researcher
Fuchs-Schündeln, Nicola External Researcher
Goldmann, Matthias Advanced Researcher
Haan, Peter External Researcher, SAFE Fellow
Kaas, Leo External Researcher, SAFE Fellow
Kasinger, Johannes Junior Researcher
Krahnen, Jan Pieter Senior Researcher
Lindner, Vincent R. Junior Researcher
Ludwig, Alexander Senior Researcher, SAFE Fellow
Massenot, Baptiste External Researcher, Research Affiliate
May, Christian External Researcher
Mertens, Daniel External Researcher
Nölke, Andreas Senior Researcher, SAFE Fellow
Thiemann, Matthias External Researcher
Tohme, Farah Junior Researcher
Weichenrieder, Alfons J. Senior Researcher, SAFE Fellow
Wiederholt, Mirko External Researcher, SAFE Fellow
Zimmermann, Niklas Kaspar Advanced Researcher