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
Michael Haliassos Salary Cuts and Competitiveness
Policy Letter No. 1
Macro Finance Policy Paper 2013
Dirk Bursian, Ester Faia Trust in the Monetary Authority
SAFE Working Paper No. 14
Macro Finance SAFE Working Paper 2013
Marcel Bluhm, Ester Faia, Jan Pieter Krahnen Endogenous Banks’ Networks, Cascades and Systemic Risk
SAFE Working Paper No. 12
Macro Finance, Systemic Risk Lab SAFE Working Paper 2013
Ignazio Angeloni, Ester Faia, Marco Lo Duca Monetary Policy and Risk Taking
SAFE Working Paper No. 8
Macro Finance SAFE Working Paper 2013
Matthieu Darracq Pariès, Ester Faia, Diego Rodriguez Palenzuela Bank and Sovereign Debt Risk Connection
SAFE Working Paper No. 7
Macro Finance, Systemic Risk Lab SAFE Working Paper 2013
Alfons J. Weichenrieder Euro Membership and Fiscal Reaction Functions
SAFE Working Paper No. 18
Macro Finance SAFE Working Paper 2013
Dirk Bursian, Alfons J. Weichenrieder Trust in Government and Fiscal Adjustments
SAFE Working Paper No. 22
Macro Finance, Systemic Risk Lab SAFE Working Paper 2013
Iñaki Aldasoro, Ignazio Angeloni Input-Output-Based Measures of Systemic Importance
SAFE Working Paper No. 29
Macro Finance, Systemic Risk Lab SAFE Working Paper 2013
Dirk Bursian, Markus Roth Optimal Policy and Taylor Rule Cross-Checking Under Parameter Uncertainty
SAFE Working Paper No. 30
Macro Finance SAFE Working Paper 2013
Dirk Bursian, Sven Fürth Trust Me! I am a European Central Banker
SAFE Working Paper No. 31
Macro Finance, Systemic Risk Lab SAFE Working Paper 2013

Current Research Team

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