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
Konstantin Egorov, Vasily Korovkin, Alexey Makarin, Dzhamilya Nigmatulina Risk of Sanctions
SAFE Working Paper No. 491
Macro Finance SAFE Working Paper 2026
Michael Weber Navigating Neutrality: ECB Policy Amid Heightened Uncertainty (prepared at the request of the European Parliament)
White Paper No. 113
Macro Finance Policy Paper 2025
Loriana Pelizzon, Marti Subrahmanyam, Davide Tomio Central Bank-Driven Mispricing
Journal of Financial Economics
Financial Markets, Macro Finance Published Paper 2025
Claes Bäckman, Chandler Lutz Mortgage Innovations and House Price Booms
Journal of Urban Economics
Macro Finance Published Paper 2025
Ignazio Angeloni Assessing the ECB’s monetary policy stance by comparing tightening cycles
White Paper No. 108
Macro Finance Policy Paper 2024
Markus Dertwinkel-Kalt, Johannes Kasinger, Dmitrij Schneider Skewness Preferences: Evidence from Online Poker
Games and Economic Behavior
Financial Intermediation, Macro Finance Published Paper 2024
Alexander Ludwig, Jochen Mankart, Jorge Alejandro Quintana, Mirko Wiederholt Heterogeneity in Expectations and House Price Dynamics
SAFE Working Paper No. 432
Macro Finance SAFE Working Paper 2024
Leo Kaas, Georgi Kocharkov, Nicolas Syrichas Understanding Spatial House Price Dynamics in a Housing Boom
SAFE Working Paper No. 425
Macro Finance SAFE Working Paper 2024
Spencer Yongwook Kwon, Yueran Ma, Kaspar Zimmermann 100 Years of Rising Corporate Concentration
American Economic Review
Macro Finance Published Paper 2024
Claes Bäckman, Patrick Moran, Peter van Santen Mortgage Design, Repayment Schedules, and Household Borrowing
SAFE Working Paper No. 421
Household Finance, Macro Finance SAFE Working Paper 2024

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