Macro Finance

The research in the department Macro Finance focuses on the analysis of the effects of government interventions in the economy through tax, transfer and debt policies. The aim is to develop theoretically sound quantitative models that reflect numerous decisions at the household and individual level – for instance on consumption, savings, labor supply, and education – that are influenced by financial institutions or financial frictions. One focus is on the efficiency and distributional effects of financial market institutions, reforms and economic policy measures aimed at redistribution.


Publications

PublishedTitleAuthor/sProgram AreaKeywordsPublished
2019

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

International Economic Review
Daniel Harenberg, Alexander Ludwig Household Finance, Macro Finance social security, idiosyncratic risk, aggregate risk, welfare2019
2017

Bank Networks: Contagion, Systemic Risk and Prudential Policy

Journal of Economic Behavior and Organization
Iñaki Aldasoro, Domenico Delli Gatti, Ester Faia Macro Finance Banking networks; Systemic risk; Contagion, Fire sales, Prudential regulation2017
2016

Systemic Loops and Liquidity Regulation

Journal of Financial Stability
Iñaki Aldasoro, Ester Faia Macro Finance Bank runs, Liquidity scarcity, Interconnections, Contagion, Phase-in2016
2018

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

Socio-Economic Review
Fabian Ochsenfeld Macro Finance distribution, manufacturing, causal mechanisms, political economy, Germany, Europe2018
2017

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

American Economic Review: Papers & Proceedings
Alexander Bick, Nicola Fuchs-Schündeln Macro Finance Tax Law, Fiscal Policies, Behavior of Economic Agents, Household2017
2017

Portfolio Choice and Asset Prices when Preferences are Interdependent

Journal of Economic Behavior & Organization
Giuliano Curatola Macro Finance Asset pricing; General equilibrium; heterogeneous investors; interdependent preferences; portfolio choice2017
2016

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

CESifo Economic Studies
Shafik Hebous, Alfons J. Weichenrieder Macro Finance EMU, Eurozone, European unemployment insurance, fiscal transfers2016
2016

Von mikro- zu makroprudenzieller Regulierung

Die Innenwelt der Ökonomie: Wissen, Macht und Performativität in der Wirtschaftswissenschaft (Springer)
Mohamed Aldegwy, Matthias Thiemann Macro Finance Banking Regulation, Systemic Risk, Formalism, Equilibrium Thinking, Discourse, Citation Network Analysis2016
2016

A Decentralization Theorem of Taxation

CESifo Economic Studies
Vilen Lipatov, Alfons J. Weichenrieder Macro Finance fiscal federalism, taxing rights, decentralization theorem2016
2016

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

Journal of Monetary Economics, Vol 77, pp. 72-98
Dirk Krueger, Alexander Ludwig Macro Finance Progressive Taxation, Education Subsidy, Transitional Dynamics2016
2015

A Tractable Analysis of Contagious Equilibria

Journal of Mathematical Economics
Gabriele Camera, Alessandro Gioffré Macro Finance Cooperation, Social norms, Grim trigger, Random matching2015
2015

The road from micro-prudential to macro-prudential regulation

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

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

Journal of Economic Dynamics and Control
Giuliano Curatola Financial Markets, Macro Finance Loss-aversion, Habit formation, Yield curve, Dividend strips, General equilibrium2015
2014

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

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

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

Journal of Economic Dynamics and Control
Alexander Ludwig, Alexander Zimper Macro Finance Ambiguity, Non-additive probability measures, Bayesian learning, Truncated normal distribution, Risk-free rate puzzle2014
2016

A Life-Cycle Model with Ambiguous Survival Beliefs

Journal of Economic Theory
Max Groneck, Alexander Ludwig, Alexander Zimper Household Finance, Macro Finance Cumulative prospect theory, Choquet expected utility, Dynamic inconsistency, Life-cycle hypothesis, Saving puzzles2016
2014

Euro Membership and Fiscal Reaction Functions

International Tax and Public Finance
Alfons J. Weichenrieder, Jochen Zimmer Macro Finance debt sustainability, fiscal reaction function, euro area2014
2014

Systemic Risk in an Interconnected Banking System with Endogenous Asset Markets

Journal of Financial Stability
Marcel Bluhm, Jan Pieter Krahnen Macro Finance, Systemic Risk Lab systemic risk, systemic risk charge, macroprudential supervision, Shapley value, financial network2014
2014

Exit Strategies

European Economic Review
Ignazio Angeloni, Ester Faia, Roland C. Winkler Macro Finance exit strategies, debt consolidation, ?fiscal policy, ?fiscal multipliers, monetary policy, bank runs2014
2014

Mutual Excitation in Eurozone Sovereign CDS

Journal of Econometrics
Yacine Aït-Sahalia, Roger J. A. Laeven, Loriana Pelizzon Financial Markets, Macro Finance, Systemic Risk Lab CDS, Sovereign risk, Systemic risk, Jumps, Feedback, Hawkes processes, Mutually exciting processes, Impulse-response2014
2015

Input-Output-Based Measures of Systemic Importance

Quantitative Finance
Iñaki Aldasoro, Ignazio Angeloni Macro Finance, Systemic Risk Lab banks, input-output, systemic risk, too-interconnected-to-fail, networks, interbank markets2015
2014

Optimal Policy and Taylor Rule Cross-Checking Under Parameter Uncertainty

The B.E. Journal of Macroeconomics
Dirk Bursian, Markus Roth Macro Finance Optimal monetary policy, parameter uncertainty, Taylor rule2014
2015

Monetary Policy and Risk Taking

Journal of Economic Dynamics and Control
Ignazio Angeloni, Ester Faia, Marco Lo Duca Macro Finance bank runs, risk taking, monetary policy2015
2015

Trust Me! I am a European Central Banker

Journal of Money, Credit and Banking
Dirk Bursian, Sven Fürth Macro Finance, Systemic Risk Lab Central Banking, European Central Bank, Financial Crisis, Fiscal Crisis, Trust2015
2017

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

Journal of Pension Economics & Finance
Axel Börsch-Supan, Alexander Ludwig, Edgar Vogel Household Finance, Macro Finance population aging, human capital, welfare, pension reform, retirement age, open economy2017
2015

The Output Effect of Fiscal Consolidation Plans

Journal of International Economics
Carlo Ambrogio Favero, Francesco Giavazzi, Andreas Müller Macro Finance fiscal adjustment, confidence, investment2015
2015

Trust in Government and Fiscal Adjustments

International Tax and Public Finance
Dirk Bursian, Alfons J. Weichenrieder, Jochen Zimmer Macro Finance, Systemic Risk Lab trust, debt sustainability, fiscal reaction function, euro area, EU2015
2015

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

International Tax and Public Finance
Daniel Harenberg, Alexander Ludwig Household Finance, Macro Finance social security, idiosyncratic risk, aggregate risk, welfare, insurance, crowding out2015
2015

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

Journal of Network Theory in Finance
Anne-Caroline Hüser Macro Finance Interbank networks, systemic risk, contagion, banking, macro-prudential policy2015
2016

Informal Sector and Economic Growth: The Credit Supply Channel

Economic Inquiry
Baptiste Massenot, Stéphane Straub Macro Finance 2016

Working Papers

TitleAuthor/sNo.Program AreaYearKeywordsPublished

Trust in the Monetary Authority

Dirk Bursian, Ester Faia14 Macro Finance 2013trust evolutionary games, risk perception, monetary transmission mechanism Jan 2013

Endogenous Banks’ Networks, Cascades and Systemic Risk

Marcel Bluhm, Ester Faia, Jan Pieter Krahnen12 Macro Finance, Systemic Risk Lab 2013network formation, tâtonnement, contagion Jan 2013

Monetary Policy and Risk Taking

Ignazio Angeloni, Ester Faia, Marco Lo Duca8 Macro Finance 2013bank runs, risk taking, monetary policy Jan 2013

Bank and Sovereign Debt Risk Connection

Matthieu Darracq Pariès, Ester Faia, Diego Rodriguez Palenzuela7 Macro Finance, Systemic Risk Lab 2013liquidity risk, sovereign risk, capital regulations Jan 2013

Euro Membership and Fiscal Reaction Functions

Alfons J. Weichenrieder, Jochen Zimmer18 Macro Finance 2013debt sustainability, fiscal reaction function, euro area Jan 2013

Trust in Government and Fiscal Adjustments

Dirk Bursian, Alfons J. Weichenrieder, Jochen Zimmer22 Macro Finance, Systemic Risk Lab 2013trust, debt sustainability, fiscal reaction function, euro area, EU Jan 2013

Input-Output-Based Measures of Systemic Importance

Iñaki Aldasoro, Ignazio Angeloni29 Macro Finance, Systemic Risk Lab 2013banks, input-output, systemic risk, too-interconnected-to-fail, networks, interbank markets Jan 2013

Optimal Policy and Taylor Rule Cross-Checking Under Parameter Uncertainty

Dirk Bursian, Markus Roth30 Macro Finance 2013Optimal monetary policy, parameter uncertainty, Taylor rule Jan 2013

Trust Me! I am a European Central Banker

Dirk Bursian, Sven Fürth31 Macro Finance, Systemic Risk Lab 2013Central Banking, European Central Bank, Financial Crisis, Fiscal Crisis, Trust Jan 2013

Two Monetary Models with Alternating Markets

Gabriele Camera, YiLi Chien33 Macro Finance 2013cash-in-advance, matching, microfoundations, money, inflation Jan 2013

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

Marcel Bluhm, Ester Faia, Jan Pieter Krahnen46 Macro Finance, Systemic Risk Lab 2014Network formation, contagion, central banks' interventions Jan 2014

Systemic Risk in an Interconnected Banking System with Endogenous Asset Markets

Marcel Bluhm, Jan Pieter Krahnen48 Macro Finance, Systemic Risk Lab 2014systemic risk, systemic risk charge, macroprudential supervision, Shapley value, financial network Jan 2014

An Experiment on Retail Payments Systems

Stefania Bortolotti, Gabriele Camera, Marco Casari49 Macro Finance 2014money, coordination, pricing, transactions Jan 2014

Exit Strategies

Ignazio Angeloni, Ester Faia, Roland C. Winkler50 Macro Finance 2014exit strategies, debt consolidation, ?fiscal policy, ?fiscal multipliers, monetary policy, bank runs Jan 2014

Mutual Excitation in Eurozone Sovereign CDS

Yacine Aït-Sahalia, Roger J. A. Laeven, Loriana Pelizzon51 Financial Markets, Macro Finance, Systemic Risk Lab 2014CDS, Sovereign risk, Systemic risk, Jumps, Feedback, Hawkes processes, Mutually exciting processes, Impulse-response Jan 2014

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

Daniel Harenberg, Alexander Ludwig59 Household Finance, Macro Finance 2014social security, idiosyncratic risk, aggregate risk, welfare Jan 2014

Vertical Fiscal Imbalances and the Accumulation of Government Debt

Iñaki Aldasoro, Mike Seiferling61 Macro Finance 2014fiscal decentralization, vertical fiscal imbalances, panel data, public debt, GFSY Jan 2014

Control Thyself: Self-Control Failure and Household Wealth

Nina Biljanovska, Spyridon Palligkinis69 Household Finance, Macro Finance 2014Self-Control, Household Wealth, Household Finance Jan 2014

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

Daniel Harenberg, Alexander Ludwig71 Household Finance, Macro Finance 2014social security, idiosyncratic risk, aggregate risk, welfare, insurance, crowding out Jan 2014

Endogenous Grids in Higher Dimensions: Delaunay Interpolation and Hybrid Methods

Alexander Ludwig, Matthias Schön72 Household Finance, Macro Finance 2014Dynamic Models, Numerical Solution, Method of Endogenous Gridpoints, Delaunay Interpolation Jan 2014

A Life-Cycle Model with Ambiguous Survival Beliefs

Max Groneck, Alexander Ludwig, Alexander Zimper73 Household Finance, Macro Finance 2014Cumulative prospect theory, Choquet expected utility, Dynamic inconsistency, Life-cycle hypothesis, Saving puzzles Jan 2014

The Output Effect of Fiscal Consolidation Plans

Carlo Ambrogio Favero, Francesco Giavazzi, Andreas Müller76 Macro Finance 2014fiscal adjustment, confidence, investment Jan 2014

Does Austerity Pay Off?

Benjamin Born, Gernot J. Müller, Johannes Pfeifer77 Macro Finance 2014Fiscal policy, austerity, sovereign risk, yield spreads, confidence, panel VAR, local projections, fiscal stress Jan 2014

Austerity

Harris Dellas, Dirk Niepelt78 Macro Finance 2014Austerity, credit rationing, default, incomplete information, investment, growth, pooling equilibrium, separating equilibrium Jan 2014

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

Òscar Jordà, Alan M. Taylor79 Macro Finance 2014fiscal multipliers, booms, slumps, output fluctuations, allocation bias, matching, Rubin Causal Model, average treatment effect, propensity score, inverse probability weighting, regression adjustment, local projection, identification Jan 2014

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

Enrique G. Mendoza, Linda L. Tesar, Jing Zhang80 Macro Finance 2014European debt crisis, tax competition, capacity utilization, fiscal austerity Jan 2014

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

Axel Börsch-Supan, Alexander Ludwig, Edgar Vogel82 Household Finance, Macro Finance 2015population aging, human capital, welfare, pension reform, retirement age, open economy Jan 2015

Bank Networks: Contagion, Systemic Risk and Prudential Policy

Iñaki Aldasoro, Domenico Delli Gatti, Ester Faia87 Macro Finance 2015banking networks, centrality metrics, systemic risk Jan 2015

Cross-Border Resolution of Global Banks

Ester Faia, Beatrice Weder di Mauro88 Macro Finance 2015single point of entry, multiple point of entry, strategic interaction of regulators, financial spillover, financial retrenchment Jan 2015

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

Julia Braun, Alfons J. Weichenrieder89 Macro Finance 2015Tax havens, tax information exchange agreements, location decisions, international taxation Jan 2015

Fiscal Stimulus and Labor Market Flexibility

Pinar Topal90 Macro Finance 2015fiscal policy, labour economics, labour market policies, threshold vector auto-regressive models, panel VAR, non-linear VAR, impulse analysis Jan 2015

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

Anne-Caroline Hüser91 Macro Finance 2015Interbank networks, systemic risk, contagion, banking, macro-prudential policy Jan 2015

Optimal Carbon Abatement in a Stochastic Equilibrium Model with Climate Change

Christoph Hambel, Holger Kraft, Eduardo S. Schwartz92 Macro Finance, Systemic Risk Lab 2015Climate change economics, Carbon abatement, GDP growth Jan 2015

Revisiting the Narrative Approach of Estimating Tax Multipliers

Shafik Hebous, Tom Zimmermann93 Macro Finance 2015Narrative Approach, Fiscal Stabilization, Tax Multiplier, Weak Instruments Jan 2015

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

Iñaki Aldasoro, Iván Alves102 Macro Finance 2015interbank networks, systemic importance, multiplex networks Jan 2015

Credit Cycles: Experimental Evidence

Baptiste Massenot104 Macro Finance, Experiment Center 2015- Jan 2015

A Decentralization Theorem of Taxation

Vilen Lipatov, Alfons J. Weichenrieder105 Macro Finance 2015fiscal federalism, taxing rights, decentralization theorem Jan 2015

On the Optimal Provision of Social Insurance

Dirk Krueger, Alexander Ludwig110 Macro Finance 2015Progressive Taxation, Education Subsidy, Transitional Dynamics Jan 2015

Are Tax Havens Good? Implications of the Crackdown on Secrecy

Alfons J. Weichenrieder, Fangying Xu111 Macro Finance 2015Tax haven, secrecy, tax information exchange, China, India Jan 2015

On Deficits and Symmetries in a Fiscal Capacity

Shafik Hebous, Alfons J. Weichenrieder112 Macro Finance 2015fiscal union, asymmetric shocks, federal transfers, optimum currency area Jan 2015

Aggregate and Distributional Effects of Increasing Taxes on Top Income Earners

Bettina Brüggemann, Jinhyuk Yoo113 Macro Finance 2015Top Income Taxation, Heterogeneous Agents, Incomplete Markets, Income and Wealth Inequality Jan 2015

Preference Evolution and the Dynamics of Capital Markets

Giuliano Curatola128 Macro Finance 2016Asset pricing, general equilibrium, heterogeneous investors, interdependent preferences, portfolio choice Jan 2016

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

Mohamed Aldegwy, Edin Ibrocevic, Matthias Thiemann136 Macro Finance 2016Banking Regulation, Systemic Risk, Formalism, Equilibrium Thinking, Discourse, Citation Network Analysis Jan 2016

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

Mohamed Aldegwy, Matthias Thiemann138 Macro Finance 2016Sociology of Finance, Optimal Regulation, Dynamic and Reliable Regulation, Banking Regulation, Financial Crisis Jan 2016

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

Raphael Abiry, Christian Geppert, Alexander Ludwig145 Macro Finance 2016secular stagnation; demographic change; overlapping generations; natural rate; equity premium; growth; welfare; human capital Jan 2016

Informal Sector and Economic Development: The Credit Supply Channel

Baptiste Massenot, Stéphane Straub106 Macro Finance 2015- Jan 2015

Who Saves More, the Naive or the Sophisticated Agent?

Max Groneck, Alexander Ludwig, Alexander Zimper169 Household Finance, Macro Finance 2017Survival beliefs; Ambiguity; Choquet expected utility; Dynamic inconsistency Mar 2017

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

Matthias Goldmann178 Financial Intermediation, Macro Finance 2018Banking Union, Monetary Policy, Financial Stability, Single Supervisory Mechanism, Democratic Legitimacy Jan 2018

Can Firms See into the Future? Survey Evidence from Germany

Baptiste Massenot, Yuri Pettinicchi187 Macro Finance 2017Expectation formation; Expectation error; Learning; Extrapolation; Experience Nov 2017

Pain of Paying in a Business Cycle Model

Baptiste Massenot194 Macro Finance 2018 Dec 2018

The Macroeconomic Effects of Asset Purchases Revisited

Henning Hesse, Boris Hofmann, James Weber198 Macro Finance 2018unconventional monetary policy, asset purchases, monetary transmission Feb 2018

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

Nils Grevenbrock, Max Groneck, Alexander Ludwig, Alexander Zimper200 Macro Finance 2018Subjective Survival Beliefs, Probability Weighting Function, Conrmatory Bias, Cognition, Optimism, Pessimism Feb 2018

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

Dirk Krueger, Alexander Ludwig201 Macro Finance 2018Idiosyncratic Risk, Taxation of Capital, Overlapping Generations, Precautionary Saving, Pecuniary Externality Feb 2018

The Impact of Monetary Policy Interventions on the Insurance Industry

Loriana Pelizzon, Matteo Sottocornola204 Financial Markets, Macro Finance, Systemic Risk Lab 2018Event study, monetary policy surprise, unconventional monetary policy, conventional monetary policy, insurance industry Apr 2018

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

Klaus Gugler, Michael Weichselbaumer, Christine Zulehner213 Macro Finance 2018labor demand, labor hoarding, construction procurement, first-price auctions, recent economic crisis, regression discontinuity design May 2018

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

Eren Gürer, Alfons J. Weichenrieder209 Macro Finance 2018Inequality, Gini, EU countries, income dependent inflation May 2018

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

Henning Hesse212 Macro Finance 2018CoCo bonds, contingent capital, endogenous risk, capital structure, incentives, monitoring May 2018

Endogenous Retirement Behavior of Heterogeneous Households Under Pension Reforms

Axel Börsch-Supan, Duarte Nuno Leite, Alexander Ludwig221 Macro Finance 2018Population aging, pension reform, social security, life-cycle behavior, labor supply, retirement age, welfare Apr 2018

Central Bank-Driven Mispricing

Loriana Pelizzon, Marti Subrahmanyam, Davide Tomio, Jun Uno226 Financial Markets, Macro Finance, Systemic Risk Lab 2018Central Bank Interventions, Liquidity, Sovereign Bonds, Futures Contracts, Arbitrage Aug 2018

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

Daniel Harenberg229 Macro Finance 2018equity premium; idiosyncratic risk; aggregate risk; lifecycle Sep 2018

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

Baptiste Massenot, Yuri Pettinicchi233 Macro Finance 2018 Jul 2018

Leverage and Bubbles: Experimental Evidence

Paul Gortner, Baptiste Massenot239 Macro Finance, Experiment Center 2018 Dec 2018

Depressed Demand

Baptiste Massenot, Giang Nghiem257 Macro Finance 2019 Aug 2019

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

Anderson Grajales-Olarte, Burak Uras, Nathanael Vellekoop258 Macro Finance 2019Wage rigidity, microdata, time dependency, state dependency, flexible-hour contracts Sep 2019

Risk Pooling, Leverage, and the Business Cycle

Pietro Dindo, Andrea Modena, Loriana Pelizzon271 Financial Markets, Macro Finance 0 Nov 2020

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

Christopher Busch, Alexander Ludwig274 Macro Finance 2020Labor Income Risk, Business Cycle, GMM Estimation, Skewness, Persistent and Transitory Income Shocks, Risk Attitudes, Life-Cycle Model Mar 2020

Collateral Eligibility of Corporate Debt in the Eurosystem

Loriana Pelizzon, Max Riedel, Zorka Simon, Marti Subrahmanyam275 Financial Markets, Macro Finance, Systemic Risk Lab 2020 Apr 2020

Does Monetary Policy Impact International Market Co-Movements?

Massimiliano Caporin, Loriana Pelizzon, Alberto Plazzi276 Financial Markets, Macro Finance 2020 May 2020

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

Daniel Munevar, Grygoriy Pustovit282 Macro Finance 2020sovereign debt standstill, sovereign debt restructuring, sovereign debt litigation, holdout litigation, vulture creditors Jun 2020

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

Nicola Fuchs-Schündeln, Dirk Krueger, Alexander Ludwig, Irina Popova290 Macro Finance 2020Covid-19, school closures, inequality, intergenerational persistence Sep 2020

Evaluating the Effectiveness of Policies Against a Pandemic

Christian Alemán, Christopher Busch, Alexander Ludwig, Raül Santaeulàlia-Llopis294 Macro Finance 2020https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3714697 Oct 2020

Financing Costs and the Efficiency of Public-Private Partnerships

Besart Avdiu, Alfons J. Weichenrieder295 Macro Finance 2020Public-Private Partnerships, Infrastructure, Financing Costs, Default. Nov 2020

Policy Papers

YearTitleAuthor/sProgram AreaKeywordsYear
Nov 2020

Inflation, Inflationsmessung und Zentralbankpolitik

Eren Gürer, Alfons J. Weichenrieder Macro Finance Inflation, Zentralbankpolitik, Inflationsmessung, Geldpolitik, EZB Nov 2020
Jun 2020

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

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

Corona-Bonds und ihre Alternativen

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

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

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

Capital in the Corona Crisis

Leo Kaas Macro Finance corona crisis, capital liquidations, emergency loans Mar 2020
Aug 2019

Fiscal-Financial Vulnerabilities

Ludger Schuknecht Macro Finance fiscal financial vulnerabilities, fiscal variables, public finance Aug 2019
Jul 2019

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

Bertram Schefold Macro Finance, Policy Center Inflation, Geldpolitik, Europäische Zentralbank, Zinsen Jul 2019
Jan 2019

Grunderwerbsteuer: Eine Steuer für das 21. Jahrhundert?

Kunka Petkova, Alfons J. Weichenrieder Macro Finance Grunderwerbsteuer, Reformvorschläge, Freibetrag, Steuergestaltung, Share Deals Jan 2019
Jun 2018

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

Otmar Issing Macro Finance Geldpolitik, Zentralbanken, Unabhängigkeit, Währungswettbewerb, Kryptowährungen, Hayek Jun 2018
Feb 2018

Deutschland und Europa

Otmar Issing Macro Finance Europäische Währungsunion, Fiskalunion, ESM, Europäischer Währungsfonds Feb 2018
Jan 2018

Digitalization and Taxation: Beware Ad hoc Measures

Alfons J. Weichenrieder Macro Finance Digitalization, taxation Jan 2018
Jan 2018

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

Matthias Goldmann Macro Finance Monetary policy, financial stability, financial supervision Jan 2018
Nov 2017

Reformpläne bei der Grunderwerbsteuer

Kunka Petkova, Alfons J. Weichenrieder Macro Finance Grunderwerbsteuer, Reformvorschläge, Freibetrag, Steuergestaltung, Share Deals Nov 2017
Aug 2017

Karlsruhe Refers the QE Case to Luxembourg: Summer of Love

Matthias Goldmann Macro Finance ECB, Quantitative Easing, OMT, Monetary Policy, ECJ, BVerfG Aug 2017
Oct 2016

Central Banks – From Overburdening to Decline?

Otmar Issing Macro Finance Central Banking, ECB, Monetary Policy Oct 2016
Jun 2016

Kurzkommentar zum Volksentscheid im Vereinigten Königreich am 23. Juni 2016

Helmut Siekmann Macro Finance Brexit, Europäische Union, Vereinigtes Königreich Jun 2016
Jun 2016

Panama & Co: Implikationen für die Steuerpolitik

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

Demographischer Wandel: Kapitalrenditen, Löhne und Verteilungswirkungen

Alexander Ludwig Macro Finance Demographischer Wandel, Migration, säkulare Stagnation, Kapitalrenditen, Ungleichheit May 2016
Apr 2016

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

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

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

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

Mere criticism of the ECB is no solution

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

Greece: Threatening Recovery

Alfons J. Weichenrieder Macro Finance Financial Assistance, Conditionality Feb 2015
Apr 2015

The Legal Framework for the European System of Central Banks

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

Stellungnahme zu den Plänen einer Erbschaftsteuerreform

Alfons J. Weichenrieder Macro Finance Steuerpolitik, Erbschaftsteuer, Schenkungsteuer May 2015
Jul 2015

Drei Thesen zur Griechenlandkrise

Jan Pieter Krahnen Macro Finance Währungsunion, Fiskalunion, Politische Union Jul 2015
Jul 2015

Three Theses on the Greek Crisis

Jan Pieter Krahnen Macro Finance Monetary Union, Fiscal Union, Political Union Jul 2015
Jun 2015

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

Reinhard H. Schmidt Macro Finance Greek crisis, structural reforms, debt sustainability Jun 2015
Jul 2015

Ein ESM Programm ist nicht zu rechtfertigen

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

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

Shafik Hebous, Alfons J. Weichenrieder Macro Finance EMU, Eurozone, European unemployment insurance, fiscal transfers Jul 2015
Sep 2015

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

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

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

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

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

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

Europa und die Instabilität des Rechts

Helmut Siekmann Macro Finance Europarecht, Rechtsdurchsetzung, EZB May 2014
Jun 2014

Im Schatten der Lowflation

Alfons J. Weichenrieder Macro Finance Deflation, Zentralbanken, Quantitative Lockerung Jun 2014
Jun 2014

Monetary Policy and Balance Sheet Adjustment

Otmar Issing Macro Finance recession, monetary policy, balance sheet adjustment Jun 2014
Jun 2014

Forward Guidance: A New Challenge for Central Banks

Otmar Issing Macro Finance central bank communication, monetary policy, forward guidance Jun 2014
Jun 2014

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

Hermann Remsperger Macro Finance makroprudenzielle Regulierung, Finanzstabilität, Europäische Zentralbank Jun 2014
Sep 2014

National Strategic Framework for Research and Innovation 2014 - 2020

Michael Haliassos Macro Finance Greece, growth, innovation Sep 2014
Oct 2014

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

Jan Pieter Krahnen Macro Finance Bankenaufsicht, Bankenabwicklung, Bundesbank, Bafin Oct 2014
Oct 2014

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

Shafik Hebous, Alfons J. Weichenrieder Macro Finance taxation, foreign direct investment, multinational firms Oct 2014
Mar 2014

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

Iñaki Aldasoro, Ester Faia Macro Finance government debt, statistics, Fiscal Compact Mar 2014
Nov 2014

PPPs: Umgehung von Defizitregeln oder höhere Effizienz im Staatssektor?

Alfons J. Weichenrieder Macro Finance Schuldenbremse, Defizitregeln, Private Public Partnership (PPP) Nov 2014
Feb 2015

Austerity and Growth – Concepts for Europe

Alfons J. Weichenrieder Macro Finance Fiscal Consolidation, Sovereign Debt, Growth Feb 2015
Feb 2015

Die letzte Waffe - Helicopter Money?

Otmar Issing Macro Finance Quantitative Easing, European Central Bank, Geldpolitik Feb 2015
Feb 2012

Zwei Makrooekonomen gewinnen den Nobelpreis

Volker Wieland, Maik Wolters Macro Finance makroökonomische Konjunkturforschung, vektorautoregressive Modelle, monetäre Makroökonomik Feb 2012
Feb 2012

Macroeconomic Model Comparisons and Forecast Competition

Volker Wieland, Maik Wolters Macro Finance macroeconomic models, financial models, forecasting Feb 2012
Apr 2013

What Happened in Cyprus

Athanasios Orphanides Macro Finance financial crisis, troika, Cyprus Apr 2013
Jan 2013

Salary Cuts and Competitiveness

Michael Haliassos Macro Finance Greek economic crisis, productivity, structural reforms Jan 2013
Mar 2008

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

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

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

Helmut Siekmann, Volker Wieland Macro Finance ECB, OMT, monetary policy, fiscal policy Jun 2013
Sep 2013

Challenges for Monetary Policy

Otmar Issing Macro Finance ECB, OMT, central banking Sep 2013
Feb 2014

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

Ester Faia Macro Finance public debt, debt restructuring Feb 2014
Feb 2014

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

Alfons J. Weichenrieder Macro Finance Erneuerbare-Energien-Gesetz, Energiewende, Steuergelder Feb 2014
Mar 2014

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

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

Das Prinzip der Selbstbindung

Alfons J. Weichenrieder Macro Finance Schuldenbremse, Haushaltspolitik, Staatsverschuldung Mar 2011
Feb 2012

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

Volker Wieland Macro Finance federal funds rate, interest rates, inflation forecasts Feb 2012
Feb 2011

Europas Staaten brauchen Stresstests

Stefan Gerlach Macro Finance Stabilitäts- und Wachstumspakt, Fiskalpolitik Feb 2011
Jan 2011

Notenbanker müssen zunehmend Finanzmarkterfahrung haben

Stefan Gerlach Macro Finance Ernennungspraxis von Zentralbankern, Finanzfachkenntnis, moderne Notenbanker Jan 2011
Jul 2009

Dem Druck standhalten

Volker Wieland Macro Finance Geldpolitik, EZB Jul 2009
Mar 2008

Can Monetary Policy Really be Used to Stabilise Asset Prices?

Stefan Gerlach Macro Finance monetary policy, asset prices Mar 2008
Sep 2009

Eurozone Stimulus: A Myth, Some Facts, and Estimates

Volker Wieland Macro Finance fiscal stimulus packages Sep 2009
May 2009

"Neue" Regeln für die Notenbanken?

Volker Wieland Macro Finance Geldpolitik, Taylor-Regel May 2009
Sep 2011

Law and Economics of the Monetary Union

Helmut Siekmann Macro Finance Euro, sovereign debt crisis, legal foundations Sep 2011
Sep 2011

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

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

Strengthening the Institutional Underpinnings of the Euro

Stefan Gerlach Macro Finance Stability and Growth Pact, fiscal policy, public debt Oct 2010
Oct 2010

Inflation Targeting Matters in Asia

Stefan Gerlach, Peter Tillmann Macro Finance inflation targeting Oct 2010
Oct 2010

Inflation Targeting: In Asien besonders erfolgreich

Stefan Gerlach, Peter Tillmann Macro Finance inflation targeting Oct 2010
Aug 2010

Makroprudentielle Politik zur Stabilisierung der Finanzmärkte

Stefan Gerlach Macro Finance makroprudentielle Instrumente, Regulierung Aug 2010
May 2011

Liquidity Management and the Reform of the International Monetary System

Volker Wieland Macro Finance international monetary system, reserve currencies, liquidity May 2011
Jun 2011

Getting Greece Back on Track: How?

Michael Haliassos, Dimitri Vayanos Macro Finance financial crisis, structural reforms, productivity Jun 2011
Jan 2010

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

Stefan Gerlach Macro Finance public debt, ECB Jan 2010
May 2010

How to be a good European...

Volker Wieland Macro Finance Schuldenkrise May 2010
Apr 2010

G20 and Macroprudential Policy

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

EU Economic Governance

Stefan Gerlach Macro Finance Stability and Growth Pact, Excessive Imbalance Procedure, national fiscal frameworks Dec 2010
Mar 2009

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

Volker Wieland Macro Finance fiscal policy, new Keynesian macroeconomic models Mar 2009
Mar 2010

Zur Stärkung der Deutschen Bundesbank

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

Asset Prices and Monetary Policy: Some Skeptical Observations

Stefan Gerlach Macro Finance monetary policy, macroecomomic fluctuations, regulation Oct 2009
Sep 2010

Banking and Sovereign Risk in the Euro Area

Stefan Gerlach, Alexander Schulz, Guntram B. Wolff Macro Finance sovereign bond markets, banking, liquidity, EMU Sep 2010
Jun 2010

The Greek Sovereign Debt Crisis and ECB Policy

Stefan Gerlach Macro Finance public debt, ECB Jun 2010
Jun 2010

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

Stefan Gerlach Macro Finance monetary policy, public debt, central banks Jun 2010
Apr 2009

The Risk of Deflation

Stefan Gerlach Macro Finance deflation, monetary policy, fiscal policy Apr 2009
Mar 2010

Future Development of Global Imbalances

Stefan Gerlach Macro Finance current account balances, international monetary system, G20 Mar 2010
Dec 2011

Verschwenderische Südeuropäer?

Michael Haliassos Macro Finance Staatsschuldenkrise, Europäische Währungsunion, Arbeitsproduktivität Dec 2011
Dec 2011

Prodigal Italy Greece Spain?

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

Ordnungspolitik gegen Systemrisiken

Hermann Remsperger Macro Finance systemisches Risiko, Geldpolitik Dec 2011
Dec 2011

Der Weg in die Knechtschaft

Otmar Issing Macro Finance Freiheit, soziale Marktwirtschaft, Basisdemokratie Dec 2011
Dec 2011

Europa - wohin

Bertram Schefold Macro Finance Europäische Währungsunion, Strukturanpassungen, Europäische Integration Dec 2011
Oct 2011

Rechtsbrüche im Euroraum

Helmut Siekmann Macro Finance Europäische Währungsunion, Währungsrecht, Europarecht Oct 2011
Aug 2011

Geldpolitik vor der Krise

Stefan Gerlach, Laura Moretti Macro Finance Geldpolitik, reale Zinssätze, Finanzkrise Aug 2011
Aug 2011

Monetary Policy Before the Crisis

Stefan Gerlach, Laura Moretti Macro Finance monetary policy, real interest rates, financial crisis Aug 2011
Aug 2011

Ein makroprudenzielles Mandat für die Bundesbank

Hermann Remsperger Macro Finance makroprudenzielle Regulierung, Finanzstabilität, Bundesbank Aug 2011
Jun 2011

Reforms or Bankruptcy?

Michael Haliassos Macro Finance Greek economic crisis, public debt, structural reforms Jun 2011
Nov 2012

Gender Balance in the ECB's Executive Board

Laura Moretti Macro Finance gender equality, ECB Executive Board Nov 2012
Aug 2012

Nationality and the ECB's Executive Board

Laura Moretti Macro Finance European Monetary Union, institutional design Aug 2012
Sep 2012

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

Volker Wieland Macro Finance Zentralbanken, Inflationssteuerung, Geldpolitik Sep 2012
May 2012

On the Potential Threats from a Greek Eurozone Exit

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

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

Laura Moretti Macro Finance central bank independence, central bank governor May 2012
Apr 2012

Finanzstabilität im Bundestag

Hermann Remsperger Macro Finance Finanzstabilitätsgesetz; makroprudenzielle Regulierung; Zentralbank Apr 2012
Feb 2012

Support Mechanisms Pose Fundamental Legal Questions

Helmut Siekmann Macro Finance sovereign debt crisis, ESM, EFSF, new fiscal compact Feb 2012
Apr 2013

Zentralbankpolitik: Überforderung statt Langeweile?

Hermann Remsperger Macro Finance makroprudenzielle Regulierung; Zentralbank; Bankenaufsicht Apr 2013
Jan 2013

Löhne kürzen schadet der Wettbewerbsfähigkeit

Michael Haliassos Macro Finance Griechenland, strukturelle Reformen, Arbeitsproduktivität Jan 2013
Jun 2012

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

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

Central Banks – Paradise Lost?

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

Systemic Risks and Central Banks

Hermann Remsperger Macro Finance macroprudential regulation, monetary policy, Financial Stability Act May 2012
Sep 2012

Grosser Beifall von allen Seiten

Otmar Issing Macro Finance Europäische Währungsunion, politische Union, Eurobonds Sep 2012
Apr 2012

Der Weg aus der Krise

Otmar Issing Macro Finance Währungsunion, Fiskalunion, Eurobonds Apr 2012
Aug 2012

The Problem with Envisaging an Exit

Laura Moretti Macro Finance Aug 2012
Aug 2012

Jeder muss sich selbst helfen

Otmar Issing Macro Finance Europäische Währungsunion, politische Union Aug 2012
Nov 2011

Moral Hazard will Result from ECB Bond Buying

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

Research Projects

CategoryProjectResearcherProject DurationKeywordsProject IDPublication Count
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, Money and Finance

On the Interactions Between Monetary Policy, Distributions and General Equilibrium

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

Optimal Taxation and Education Subsidies

Fabian Becker, Alexander Ludwig2016Education 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, 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 Thiemann2016214801
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

Alexander Ludwig, Alexander Monge-Naranjo, 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, 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

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

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 Schmidt2014121241
Macro Finance, Experiment Center

Fragility of Credit Markets

Sascha Baghestanian, Baptiste Massenot2014Experimental Loan Markets, Gambler's Fallacy, House Money Effect, Break Even Effect115281
Macro Finance

New Fiscal Institutions for Europe?

Shafik Hebous, Alfons J. Weichenrieder2014Fiscal institutions, Fiscal Union, Fiscal capacity, Asymmetric shocks, Fiscal federalism in Europe115311
Macro Finance

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

Mohamed Aldegwy, Suramya Shukla, Matthias Thiemann2014115301
Macro Finance

Preference Evolution and Asset Prices

Giuliano Curatola, Ilya Dergunov2014115271
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

Alexander Ludwig2014Subjective expecations; survival beliefs; non-linear probability weighting functions; dynamic inconsistency215281
Household Finance, Macro Finance

Housing Wealth Across Cultures, Institutional Environments, and Life Cycles

Enzo Cerletti, Ester Faia, Michael Haliassos, Spyridon Palligkinis2014housing investment, status utility, bequest, portfolio decisions, borrowing constraints115241
Macro Finance

Debt Market Imperfections and Macroeconomic Implications

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

Current Research Team

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