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
Christian Alemán-Pericón, Christopher Busch, Alexander Ludwig, Raül Santaeulàlia-Llopis Stage-Based Identification of Policy Effects
SAFE Working Paper No. 404
Macro Finance SAFE Working Paper 2023
Konstantin Egorov Why Did Russian Economy not Collapse under Sanctions: Pre-War Evidence
Policy Letter No. 102
Macro Finance Policy Paper 2023
Nils Grevenbrock, Alexander Ludwig, Nawid Siassi Homeownership Rates, Housing Policies, and Co-Residence Decisions
SAFE Working Paper No. 396
Macro Finance SAFE Working Paper 2023
Konstantin Egorov, Dmitry Mukhin Optimal Policy under Dollar Pricing
American Economic Review
Macro Finance Published Paper 2023
Bernard Herskovic, Thilo Kind, Howard Kung Micro Uncertainty and Asset Prices
Journal of Financial Economics
Macro Finance Published Paper 2023
Ignazio Angeloni The digital euro: A precautionary device, not a deus ex machina
Policy Letter No. 99
Macro Finance Policy Paper 2023
Stefan Goldbach, Philipp Harms, Axel Jochem, Volker Nitsch, Alfons J. Weichenrieder Retained Earnings and Foreign Portfolio Ownership: Implications for the Current Account Debate
SAFE Working Paper No. 389
Macro Finance SAFE Working Paper 2023
Francesco Bianchi, Roberto Gómez-Cram, Thilo Kind, Howard Kung Threats to Central Bank Independence: High-Frequency Identification with Twitter
Journal of Monetary Economics
Macro Finance Published Paper 2023
Konstantin Egorov Optimal Policy under Dollar Pricing
SAFE Working Paper No. 377
Macro Finance SAFE Working Paper 2023
Raphael Abiry, Marien Ferdinandusse, Alexander Ludwig, Carolin Nerlich Climate Change Mitigation: How Effective is Green Quantitative Easing?
SAFE Working Paper No. 376
Macro Finance SAFE Working Paper 2022

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