Macro Finance

In the department Macro Finance, research focuses on the interaction between the overall economy and the financial system. Shocks in the real economy (e.g., energy costs) affect the market prices of goods and services which then has an impact on the financial system, e.g., through firms' demand for investment or households' saving behavior. This in turn has consequences for the real economy. Thus, there are interactions and a possible amplification of the original shocks. In extreme cases, financial crises occur, leading to large economic costs. The same applies to shocks in the financial economy, e.g., due to changes in monetary policy: Changes in nominal interest rates lead to new (real) decisions in investment and consumption. These interactions are steered by regulatory policies, such as pension policy, energy transition or public debt policy. Particular attention is paid to the influence of the financial architecture and its actors (banks, stock exchanges, central banks, sovereigns) on economic activity and distribution. A precise understanding of these interrelationships requires both a macroeconomic and a microeconomic perspective, the empirical investigation of existing phenomena as well as theoretical analysis with simulations and forecasts. The department management is currently in occupation, so that a precise formulation of the main topics in this comprehensive subject can only be made later.


Publications

Author/s Title Area Type Published
Sandra Eckert, Vincent R. Lindner, Andreas Nölke Political Science Research on the Reasons for the (non) Adoption and (non) Implementation of EMU Reform Proposals: The State of the Art
SAFE Working Paper No. 339
Macro Finance SAFE Working Paper 2022
Vincent R. Lindner Solidarity without Conditionality. Comparing the EU Covid-19 Safety Nets SURE, Pandemic Crisis Support, and European Guarantee Fund
SAFE Working Paper No. 333
Macro Finance SAFE Working Paper 2022
Andreas Nölke Capitalist Diversity in Europe
The Routledge Handbook of Critical European Studies (Routledge Taylor & Francis Group)
Macro Finance Published Paper 2021
Hoang Ha Nguyen Thi, Alfons J. Weichenrieder C and S Corporation Banks: Did Trump’s Tax Reform Lead to Differential Effects?
SAFE Working Paper No. 328
Macro Finance SAFE Working Paper 2021
Otmar Issing Central Banks – independent or almighty?
Policy Letter No. 92
Macro Finance Policy Paper 2021
Alexandre Corhay, Thilo Kind, Howard Kung, Gonzalo Morales Discount Rates, Debt Maturity, and the Fiscal Theory
SAFE Working Paper No. 323
Financial Intermediation, Macro Finance SAFE Working Paper 2021
Ignazio Angeloni, Johannes Kasinger, Chantawit Tantasith The Geography of Banks in the United States (1990-2020)
SAFE Working Paper No. 321
Financial Intermediation, Macro Finance SAFE Working Paper 2021
Sandra Eckert The European Green Deal and the EU’s Regulatory Power in Times of Crisis
The JCMS Annual Review of the European Union in 2020
Macro Finance Published Paper 2021
Andreas Nölke In Search of Institutional Complementarities: Comparative Capitalism and Economic Policy Reform
Journal of Economic Policy Reform
Macro Finance Published Paper 2021
Dirk Krueger, Alexander Ludwig, Sergio Villalvazo Optimal Taxes on Capital in the OLG Model with Uninsurable Idiosyncratic Income Risk
Journal of Public Economics
Macro Finance Published Paper 2021

Current Research Team

Researcher Position
Kaas, Leo SAFE Fellow
Ludwig, Alexander SAFE Fellow
Nölke, Andreas SAFE Fellow
Weichenrieder, Alfons J. SAFE Fellow
Wiederholt, Mirko SAFE Fellow