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
Benjamin Born, Gernot J. Müller, Johannes Pfeifer Does Austerity Pay Off?
The Review of Economics and Statistics
Macro Finance Published Paper 2020
Loriana Pelizzon, Max Riedel, Zorka Simon, Marti Subrahmanyam Collateral Eligibility of Corporate Debt in the Eurosystem
SAFE Working Paper No. 275
Financial Markets, Macro Finance, Systemic Risk Lab SAFE Working Paper 2020
Christopher Busch, Alexander Ludwig, Raül Santaeulàlia-Llopis Emerging Evidence of a Silver Lining: A Ridge Walk to Avoid an Economic Catastrophe in Italy and Spain
White Paper No. 67
Macro Finance Policy Paper 2020
Marcel Thum, Alfons J. Weichenrieder Corona-Bonds und ihre Alternativen
Policy Letter No. 83
Macro Finance Policy Paper 2020
Leo Kaas Capital in the Corona Crisis
Policy Letter No. 80
Macro Finance Policy Paper 2020
Pietro Dindo, Andrea Modena, Loriana Pelizzon Risk Pooling, Intermediation Efficiency, and the Business Cycle
SAFE Working Paper No. 271
Financial Markets, Macro Finance SAFE Working Paper 2020
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, Yuri Pettinicchi Can Households See into the Future? Survey Evidence from the Netherlands
Journal of Economic Behavior and Organization
Macro Finance Published Paper 2019

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