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
Christopher Busch, Alexander Ludwig Higher-Order Income Risk over the Business Cycle: A Parametric Approach
SAFE Working Paper No. 274
Macro Finance SAFE Working Paper 2020
Ignazio Angeloni Time to address the shortcomings of the banking union
Policy Letter No. 77
Financial Intermediation, Macro Finance Policy Paper 2020
Anderson Grajales-Olarte, Burak Uras, Nathanael Vellekoop Rigid Wages and Contracts: Time- versus State-Dependent Wages in the Netherlands
SAFE Working Paper No. 258
Macro Finance SAFE Working Paper 2019
Baptiste Massenot, Giang Nghiem Depressed Demand
SAFE Working Paper No. 257
Macro Finance SAFE Working Paper 2019
Baptiste Massenot, Yuri Pettinicchi Can Households See into the Future? Survey Evidence from the Netherlands
Journal of Economic Behavior and Organization
Macro Finance Published Paper 2019
Ludger Schuknecht Fiscal-Financial Vulnerabilities
White Paper No. 62
Macro Finance Policy Paper 2019
Bertram Schefold Der Neo-Fisher-Effekt: Die historische Alternative zur Nullzinspolitik
Policy Letter No. 74
Macro Finance Policy Paper 2019
Alfons J. Weichenrieder, Fangying Xu Are Tax Havens Good? Implications of the Crackdown on Secrecy
Journal of Economics
Macro Finance Published Paper 2019
Linlin Niu Sparse-Group Independent Component Analysis with Application to Yield Curve Prediction
Computational Statistics & Data Analysis
Macro Finance Other Publications 2019
Daniel Harenberg, Alexander Ludwig Idiosyncratic Risk, Aggregate Risk, and the Welfare Effects of Social Security
International Economic Review
Household Finance, Macro Finance Published Paper 2019

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