Die in dieser Dissertation gesammelten Aufsätze untersuchen die Interaktion zwischen Finanzmärkten und realwirtschaftlicher Entwicklung. Sie stellen dabei insbesondere auf die Rolle von Liquiditätsfriktionen ab. In den folgenden Kapiteln werden zwei unterschiedliche Modellrahmen entwickelt, in denen einerseits Refinanzierungsrisiken im Bankensektor und andererseits Marktliquiditätsrisiken, also Friktionen ...
The global financial crisis of 2007/08 uncovered the need to integrate financial- and credit market frictions into macroeconomic models. This dissertation contributes to this research agenda by modelling and quantifying the role of financial market frictions in different topics in open economy macroeconomics through three essays. The first essay provides a quantitative assessment of financial market ...
We ended 2015 with good news: For the first time in history, the number of extremely poor people dropped below 10 percent. The new sustainable development goals and the Paris climate deal bring momentum to our effort to lift the remaining 700 million poor out of poverty while generating climate-smart economic growth. Hardly ever before did so many governments, businesses, international...
We compare dictator and impunity games. In impunity games, responders can reject offers but to no payoff consequence to proposers. Because proposers act under impunity, we should expect the same behavior across games, but experimentally observed behavior varies. Responders indeed exercise the rejection option. This threat psychologically influences proposers. Some proposers avoid rejection by offering ...
We analyze the link between R&D, innovation, and productivity in MSMEs with a special focus on micro firms with fewer than 10 employees; usually constituting the majority of firms in industrialized economies. Using the German KfW SME panel, we examine to what extent micro firms are different from other firms in terms of innovativeness. We find that while firms engage in innovative activities with smaller ...
In the debate on monetary policy decisions, to date, little attention has been paid to distributional effects. One reason for this is that they are not included in the mandate of the European Central Bank (ECB). Given the loose monetary policy stance in the euro area and the large-scale program to purchase government and corporate bonds launched in January 2015, the question increasingly being asked ...
The European Central Bank has engaged in a wide range of nonstandard monetary policy measures since 2007. Each new tool was accompanied by an intense public debate on its effectiveness. This study evaluates the average effect of these measures on the macro-economy. The estimates show that unexpected changes in monetary policy that lower euro-area sovereign bond yields lead to a significant rise in ...
We show that technical indicators deliver stable economic value in predicting the U.S. equity premium over the out-of-sample period from 1966 to 2014. Results tentatively improve over time and beat alternatives over a large continuum of sub-periods. By contrast, economic indicators work well only until the 1970s, but thereafter they lose predictive power, even when the last crisis is considered. Translating ...
