Publikationen der Abteilung Makroökonomie

clear
0 Filter gewählt
close
Gehe zur Seite
remove add
1942 Ergebnisse, ab 11
  • Referierte Aufsätze Web of Science

    Sovereign vs. Corporate Debt and Default: More Similar than You Think

    Theory suggests that corporate and sovereign bonds are fundamentally different, also because sovereign debt has no bankruptcy mechanism and is hard to enforce. We show empirically that the two assets are more similar than you think, at least when it comes to high-yield bonds over the past 20 years. We use rich new data to compare high-yield US corporate (“junk”) bonds to high-yield emerging market ...

    In: Journal of International Economics 155 (2025), 104082, 27 S. | Gita Gopinath, Josefin Meyer, Carmen M. Reinhart, Christoph Trebesch
  • Referierte Aufsätze Web of Science

    Euro Area Inflation Differentials: The Role of Fiscal Policies Revisited

    In: Empirical Economics 68 (2025), S. 803–854 | Cristina Checherita-Westphal, Nadine Leiner-Killinger, Teresa Schildmann
  • Referierte Aufsätze Web of Science

    Monetary Policy and Mispricing in Stock Markets

    We investigate the role of monetary policy in stock price misalignments and explore whether central banks can attenuate excessive mispricing as suggested by the proponents of a “leaning against the wind” monetary policy. Decomposing stock prices into expected excess dividends, an equity risk premium, and a mispricing component, we find that prices fall more strongly in response to an increase in the ...

    In: Journal of Money, Credit and Banking 56 (2024), 7, S. 1887-1904 | Kerstin Bernoth, Benjamin Beckers
  • Referierte Aufsätze Web of Science

    Foreign Debt, Capital Controls, and Secondary Markets: Theory and Evidence from Nazi Germany

    We investigate how internal distribution motives can affect the implementation of an important macroeconomic policy: capital controls. To do this, we study one of history’s largest debt repatriations, which took place under strict capital controls in 1930s Germany, providing a wealth of quantitative and historical evidence. We show that the authorities kept private repatriations under strict control, ...

    In: Journal of Political Economy 132 (2024), 6, S. 1793-2178 | Andrea Papadia, Claudio A. Schioppa
  • Referierte Aufsätze Web of Science

    The Rise and Fall of Social Housing? Housing Decommodification in Long-run Comparison

    The comparative study of housing decommodification lags behind classical welfare state research, while housing research itself is rich in homeownership studies but lacks comparative accounts of private and social rentals due to missing comparative data. Building on existing works and various primary sources, this study presents a new collection of up to forty-eight countries’ social housing shares ...

    In: Journal of Social Policy 53 (2024), 4, S. 970–996 | Konstantin A. Kholodilin, Sebastian Kohl, Florian Müller
  • Referierte Aufsätze Web of Science

    Forward to the Past: Short-Term Effects of the Rent Freeze in Berlin

    In 2020, Berlin introduced a rigorous rent-control policy responding to soaring prices by capping rents: the Mietendeckel (rent freeze). The German Constitutional Court revoked the policy only one year later. Although successful in lowering rents during its duration, the consequences for Berlin’s rental market and close-by markets are per se not clear. This article evaluates the short-term causal supply-side ...

    In: Management Science 70 (2024), 3, S. 1901-1923 | Anja M. Hahn, Konstantin A. Kholodilin, Sofie R. Waltl, Marco Fongoni
  • Referierte Aufsätze Web of Science

    Navigating the Housing Channel of Monetary Policy across Euro Area Regions

    This paper assesses the role of the housing market in the transmission of monetary policy across euro area regions. By exploiting a novel regional dataset on housing-related variables, a structural panel VAR analysis shows that conventional and unconventional monetary policy shocks propagate effectively to the economy, particularly to the housing sector, albeit in a heterogeneous fashion across regions. ...

    In: European Economic Review 171 (2025), 104897, 25 S. | Niccolò Battistini, Matteo Falagiarda, Angelina Hackmann, Moreno Roma
  • Referierte Aufsätze Web of Science

    Active or Passive? Revisiting the Role of Fiscal Policy during High Inflation

    We investigate the interplay of the monetary–fiscal policy mix during times of crisis by drawing insights from the Great Inflation of the 1960s and 1970s. We use a Sequential Monte Carlo (SMC) algorithm to estimate a DSGE model with three distinct monetary/fiscal policy regimes. We show that, in such a model, SMC outperforms standard sampling algorithms because it is better suited to deal with multimodal ...

    In: European Economic Review 170 (2024), 104874, 16 S. | Stephanie Ettmeier, Alexander Kriwoluzky
  • Referierte Aufsätze Web of Science

    A HANK2 Model of Monetary Unions

    How does a monetary union alter the impact of business cycle shocks at the household level? We develop a Heterogeneous Agent New Keynesian model of two countries (HANK) and show in closed form that a monetary union shifts the adjustment to a shock horizontally across countries, within the brackets of the union-wide wealth distribution, rather than vertically, that is, across the brackets of the union-wide ...

    In: Journal of Monetary Economics 147 (2024), 103579, 15 S. | Christian Bayer, Alexander Kriwoluzky, Gernot J. Müller, Fabian Seyrich
  • Referierte Aufsätze Web of Science

    What is the Difference between Fossil Fuel Embargo and Price Shocks?

    In this paper, we model a fossil fuel embargo as a temporary quantity constraint on fossil fuel imports and wecompare the impact with the effect of a fossil fuel price shock. We show that while both shocks have similar responses of output and inflation, they differ with respect to the reaction of other macroeconomic components,such as consumption, exports and the trade balance. In particular, an embargo ...

    In: Energy Economics 132 (2024), 107419, 20 S. | Marius Clemens, Werner Röger
1942 Ergebnisse, ab 11
keyboard_arrow_up