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
Ester Faia Politically Acceptable Debt Restructuring in the Euro Zone: Is it Really Better than the Redemption Fund?
Policy Letter No. 19
Macro Finance Policy Paper 2014
Alfons J. Weichenrieder Energiewende, Butterberge und das Kiwi-in-Grönland-Problem
Policy Letter No. 20
Macro Finance Policy Paper 2014
Alexander Ludwig, Alexander Zimper Biased Bayesian Learning with an Application to the Risk-Free Rate Puzzle
Journal of Economic Dynamics and Control
Macro Finance Published Paper 2014
Marcel Bluhm, Ester Faia, Jan Pieter Krahnen Monetary Policy Implementation in an Interbank Network: Effects on Systemic Risk
SAFE Working Paper No. 46
Macro Finance, Systemic Risk Lab SAFE Working Paper 2014
Marcel Bluhm, Jan Pieter Krahnen Systemic Risk in an Interconnected Banking System with Endogenous Asset Markets
SAFE Working Paper No. 48
Macro Finance, Systemic Risk Lab SAFE Working Paper 2014
Stefania Bortolotti, Gabriele Camera, Marco Casari An Experiment on Retail Payments Systems
SAFE Working Paper No. 49
Macro Finance SAFE Working Paper 2014
Ignazio Angeloni, Ester Faia, Roland C. Winkler Exit Strategies
SAFE Working Paper No. 50
Macro Finance SAFE Working Paper 2014
Yacine Aït-Sahalia, Roger J. A. Laeven, Loriana Pelizzon Mutual Excitation in Eurozone Sovereign CDS
SAFE Working Paper No. 51
Financial Markets, Macro Finance, Systemic Risk Lab SAFE Working Paper 2014
Alfons J. Weichenrieder, Jochen Zimmer Euro Membership and Fiscal Reaction Functions
International Tax and Public Finance
Macro Finance Published Paper 2014
Gabriele Camera, Alessandro Gioffré Game-Theoretic Foundations of Monetary Equilibrium
Journal of Monetary Economics
Macro Finance Published Paper 2014

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