We develop a New Keynesian model with household heterogeneity and bounded rationality in the form of cognitive discounting. The interaction of household heterogeneity and bounded rationality generates amplification of monetary and fiscal policy through indirect general equilibrium effects while simultaneously ruling out the forward guidance puzzle and remaining stable at the effective lower bound. ...
Der Beitrag erschien im Handelsblatt. An diesem Dienstag tritt für deutsche Banken eine neue Regulierung in Kraft - künftige Finanzkrisen wird sie nicht verhindern, warnt Lukas Menkhoff. Die Weltfinanzkrise hat 2008 09 viele vermeintliche Gewissheiten erschüttert und gezeigt, wie krisenanfällig der Finanzsektor ist. Um gerade Banken widerstandsfähiger gegen Schocks zu machen, wurde damals beschlossen, ...
Ziel der Konferenz ist, die Bedeutung von nachhaltiger, grüner, öffentlicher Beschaffung für die Transformation zu einer Erneuerbaren-Energien-Ökonomie zu unterstreichen, sowie die Praxis der Finanzierung der grünen Transformation zu diskutieren. Wir diskutieren zudem der Frage, ob der Gewinn einer grünen, öffentlichen Ausschreibung Einfluss auf den...
The core of the 36th round of the Energy Modeling Forum project shows that it is more likely that major fossil-fuel exporters, such as the Middle East, are highly affected because of the decrease in fossil-fuel extractions required for the worldwide fulfillment of the Paris agreement. We employ a multi-region, multi-sector computable general equilibrium model of global trade and energy to examine the ...
So far, scientific analyses have mainly focused on the pros and cons of solar geoengineering or solar radiation management (SRM) as a climate policy option in mere isolation. Here, we put SRM into the context of mitigation by a strictly temperature-target-based approach. As the main innovation, we present a scheme that extends the applicability regime of temperature targets from mitigation-only to ...
Side effects of “solar-radiation management” (SRM) might be perceived as an important metric when society decides on implementing SRM as a climate policy option to alleviate anthropogenic global warming. We generalize cost-risk analysis that originally trades off expected welfare loss from climate policy costs and risks from transgressing climate targets to also include risks from applying SRM. In ...
Governments across the world have implemented restrictive policies to slow the spread of COVID-19. Recommended face mask use has been a controversially discussed policy, among others, due to potential adverse effects on physical distancing. Using a randomized field experiment (N = 300), we show that individuals kept a significantly larger distance from someone wearing a face mask than from an unmasked ...
