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
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
Otmar Issing Deutschland und Europa
Policy Letter No. 66
Macro Finance Policy Paper 2018
Dirk Krueger, Alexander Ludwig Optimal Taxes on Capital in the OLG Model with Uninsurable Idiosyncratic Income Risk
SAFE Working Paper No. 201
Macro Finance SAFE Working Paper 2018
Henning Hesse, Boris Hofmann, James Weber The Macroeconomic Effects of Asset Purchases Revisited
SAFE Working Paper No. 198
Macro Finance SAFE Working Paper 2018
Òscar Jordà, Alan M. Taylor The Time for Austerity: Estimating the Average Treatment Effect of Fiscal Policy
The Economic Journal
Macro Finance Published Paper 2018
Nils Grevenbrock, Max Groneck, Alexander Ludwig, Alexander Zimper Cognition, Optimism and the Formation of Age-Dependent Survival Beliefs
SAFE Working Paper No. 200
Macro Finance SAFE Working Paper 2018
Baptiste Massenot, Yuri Pettinicchi Can Firms See into the Future? Survey Evidence from Germany
Journal of Economic Behavior & Organization
Macro Finance Published Paper 2018

Current Research Team

Researcher Position
Kaas, Leo SAFE Fellow
Ludwig, Alexander SAFE Fellow
Müller, Karsten Professor
Nölke, Andreas SAFE Fellow
Weichenrieder, Alfons J. SAFE Fellow