December 16, 2021, marked ten years since Joachim R. Frick’s death. Joachim was part of the SOEP for over 20 years and a deeply valued colleague. Markus Grabka remembers: I first met Joachim in December of 1992. I was being interviewed for a student assistant position at the DIW in Dahlem. At that time, the SOEP had just a handful of staff members, so everyone in the department was there ...
We investigate how internal distribution motives can interfere with the economic objectives of capital controls. In order to do this, we provide a model showing that elite capture can affect optimal debt repatriations and the management of official reserves under capital controls. Relying on these theoretical insights and a wealth of quantitative and qualitative historical evidence, we study one of ...
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, ...
