Becoming a German citizen marks a key step in the integration process of immigrants. An analysis of data from the Socio-Economic Panel (SOEP) shows that more and more refugees from six main countries who came to Germany between 2013 and 2019 were already naturalized or had applied to naturalize. The share of immigrants who had already naturalized increased from 2.1 percent in 2021 to 7.5 percent in ...
I study the transmission mechanism of Quantitative Easing (QE) in the form of large-scale asset purchases in the mortgage market to aggregate consumption. To this end, I develop a New Keynesian model that features heterogeneous households, a microfounded housing market, and frictional intermediation. This model helps explain the empirical evidence suggesting that QE increases aggregate consumption ...
