Macro Finance

Research in the Macro Finance department focuses on the interaction between financial markets, credit institutions, and the macroeconomy. Changes in credit conditions can shape the allocation of capital in the economy and thus affect investment, consumption, and economic growth. These interactions can amplify economic fluctuations and, in times of stress, contribute to financial crises with far-reaching consequences for firms, households, and governments. The key question is: What should a financial system look like that can help achieve societal goals, such as an increase in living standards, while avoiding financial crises? The department’s work combines macroeconomic and microeconomic perspectives, often constructing novel datasets that also benefit the public at large. The goal is to ultimately better understand how financial markets interact with the real economy and to inform policy decisions.


Publications

Author/s Title Area Type Published
Matthias Goldmann United in Diversity? The Relationship between Monetary Policy and Banking Supervision in the Banking Union
European Constitutional Law Review
Financial Intermediation, Macro Finance Published Paper 2018
Henning Hesse Incentive Effects from Write-down CoCo Bonds: An Empirical Analysis
SAFE Working Paper No. 212
Macro Finance SAFE Working Paper 2018
Eren Gürer, Alfons J. Weichenrieder Pro-rich Inflation in Europe: Implications for the Measurement of Inequality
SAFE Working Paper No. 209
Macro Finance SAFE Working Paper 2018
Klaus Gugler, Michael Weichselbaumer, Christine Zulehner Effects of Government Spending on Employment: Evidence from Winners and Runners-up in Procurement Auctions
SAFE Working Paper No. 213
Macro Finance SAFE Working Paper 2018
Axel Börsch-Supan, Duarte Nuno Leite, Alexander Ludwig Endogenous Retirement Behavior of Heterogeneous Households Under Pension Reforms
SAFE Working Paper No. 221
Macro Finance SAFE Working Paper 2018
Loriana Pelizzon, Matteo Sottocornola The Impact of Monetary Policy Interventions on the Insurance Industry
SAFE Working Paper No. 204
Financial Markets, Macro Finance, Systemic Risk Lab SAFE Working Paper 2018
Linlin Niu, Loriana Pelizzon, Marti Subrahmanyam, Reiko Tobe, Davide Tomio, Jun Uno Scarcity and Spotlight Effects on Liquidity and Yield: Quantitative Easing in Japan
Financial Markets, Macro Finance, Systemic Risk Lab Other Publications 2018
Shafik Hebous, Tom Zimmermann Revisiting the Narrative Approach of Estimating Tax Multipliers
The Scandinavian Journal of Economics
Macro Finance Published Paper 2018
Iñaki Aldasoro, Iván Alves Multiplex Interbank Networks and Systemic Importance: An Application to European Data
Journal of Financial Stability
Macro Finance Published Paper 2018
Alexander Ludwig, Matthias Schön Endogenous Grids in Higher Dimensions: Delaunay Interpolation and Hybrid Methods
Computational Economics
Household Finance, Macro Finance Published Paper 2018

Current Research Team

Researcher Position
Dal Cero, Riccardo Research Assistant
Kaas, Leo SAFE Fellow
Ludwig, Alexander SAFE Fellow
Müller, Karsten Professor
Nölke, Andreas SAFE Fellow
Weichenrieder, Alfons J. SAFE Fellow