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 Max Nagel, Matthias Thiemann Shifting Frames of the Expert Debate: Quantitative Easing, International Macro-Finance and the Potential Impact of Post-Keynesian Scholarship
Financial Markets, Macro Finance Other Publications 2019
Henning Hesse, Boris Hofmann, James Weber The Macroeconomic Effects of Asset Purchases Revisited
Journal of Macroeconomics
Macro Finance Published Paper 2018
Paul Gortner, Baptiste Massenot Leverage and Bubbles: Experimental Evidence
SAFE Working Paper No. 239
Macro Finance SAFE Working Paper 2018
Baptiste Massenot Pain of Paying in a Business Cycle Model
SAFE Working Paper No. 194
Macro Finance SAFE Working Paper 2018
Alexander Bick, Bettina Brüggemann, Nicola Fuchs-Schündeln, Hannah Paule-Paludkiewicz Long-term Changes in Married Couples’ Labor Supply and Taxes: Evidence from the US and Europe Since the 1980s
Macro Finance Other Publications 2018
Viral Acharya, Diane Pierret, Sascha Steffen Lender of Last Resort, Buyer of Last Resort, and a Fear of Fire Sales in the Sovereign Bond Market
Financial Markets, Macro Finance Other Publications 2018
Daniel Harenberg Asset Pricing in OLG Economies With Borrowing Constraints and Idiosyncratic Income Risk
SAFE Working Paper No. 229
Macro Finance SAFE Working Paper 2018
Loriana Pelizzon, Marti Subrahmanyam, Davide Tomio Central Bank-Driven Mispricing
SAFE Working Paper No. 226
Financial Markets, Macro Finance SAFE Working Paper 2018
Gabriele Camera, YiLi Chien Two Monetary Models with Alternating Markets
Journal of Money, Credit and Banking
Macro Finance Published Paper 2018
Baptiste Massenot, Yuri Pettinicchi Can Households See into the Future? Survey Evidence from the Netherlands
SAFE Working Paper No. 233
Macro Finance SAFE Working 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