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
Günter Beck, Hans-Helmut Kotz Euro Area Shadow Banking Activities in a Low-Interest-Rate Environment: A Flow-of-Funds Perspective
White Paper No. 37
Financial Intermediation, Macro Finance Policy Paper 2016
Max Groneck, Alexander Ludwig, Alexander Zimper A Life-Cycle Model with Ambiguous Survival Beliefs
Journal of Economic Theory
Household Finance, Macro Finance Published Paper 2016
Vilen Lipatov, Alfons J. Weichenrieder A Decentralization Theorem of Taxation
CESifo Economic Studies
Macro Finance Published Paper 2016
Nicole Branger, Christian Schlag, Ivan Shaliastovich, Dongho Song Macroeconomic Bond Risks and the Zero Lower Bound
Financial Markets, Macro Finance Other Publications 2016
On the Optimal Provision of Social Insurance: Progressive Taxation versus Education Subsidies in General Equilibrium
Journal of Monetary Economics, Vol 77, pp. 72-98
Macro Finance Published Paper 2016
Giuliano Curatola Preference Evolution and the Dynamics of Capital Markets
SAFE Working Paper No. 128
Macro Finance SAFE Working Paper 2016
Mohamed Al Degwy, Edin Ibrocevic, Matthias Thiemann Understanding the Shift from Micro to Macro-Prudential Thinking: A Discursive Network Analysis
SAFE Working Paper No. 136
Macro Finance SAFE Working Paper 2016
Mohamed Al Degwy, Matthias Thiemann How Economics Got it Wrong: Formalism, Equilibrium Modelling and Pseudo-Optimization in Banking Regulatory Studies
SAFE Working Paper No. 138
Macro Finance SAFE Working Paper 2016
Raphael Abiry, Christian Geppert, Alexander Ludwig Secular Stagnation? Growth, Asset Returns and Welfare in the Next Decades: First Results
SAFE Working Paper No. 145
Macro Finance SAFE Working Paper 2016
Dirk Bursian, Sven Fürth Trust Me! I am a European Central Banker
Journal of Money, Credit and Banking
Macro Finance, Systemic Risk Lab Published Paper 2015

Current Research Team

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