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
Christoph Hambel, Holger Kraft Optimal Carbon Abatement in a Stochastic Equilibrium Model with Climate Change
SAFE Working Paper No. 92
Macro Finance, Systemic Risk Lab SAFE Working Paper 2015
Shafik Hebous, Tom Zimmermann Revisiting the Narrative Approach of Estimating Tax Multipliers
SAFE Working Paper No. 93
Macro Finance SAFE Working Paper 2015
Iñaki Aldasoro, Iván Alves Multiplex Interbank Networks and Systemic Importance: An Application to European Data
SAFE Working Paper No. 102
Macro Finance SAFE Working Paper 2015
Sascha Baghestanian, Baptiste Massenot Credit Cycles: Experimental Evidence
SAFE Working Paper No. 104
Macro Finance SAFE Working Paper 2015
Vilen Lipatov, Alfons J. Weichenrieder A Decentralization Theorem of Taxation
SAFE Working Paper No. 105
Macro Finance SAFE Working Paper 2015
Dirk Krueger, Philipp Krüger, Alexander Ludwig On the Optimal Provision of Social Insurance
SAFE Working Paper No. 110
Macro Finance SAFE Working Paper 2015
Alfons J. Weichenrieder, Fangying Xu Are Tax Havens Good? Implications of the Crackdown on Secrecy
SAFE Working Paper No. 111
Macro Finance SAFE Working Paper 2015
Shafik Hebous, Alfons J. Weichenrieder On Deficits and Symmetries in a Fiscal Capacity
SAFE Working Paper No. 112
Macro Finance SAFE Working Paper 2015
Bettina Brüggemann, Jinhyuk Yoo Aggregate and Distributional Effects of Increasing Taxes on Top Income Earners
SAFE Working Paper No. 113
Macro Finance SAFE Working Paper 2015
Gabriele Camera, Alessandro Gioffré A Tractable Analysis of Contagious Equilibria
Journal of Mathematical Economics
Macro Finance Published Paper 2015

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