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494 results, from 21
Seminar of the Macro Department

The distributional impact of the ECB

08.06.2021| Fabian Seyrich
Diskussionspapiere 1993 / 2022

Sovereign Bonds since Waterloo

This paper studies external sovereign bonds as an asset class. It compiles a new database of 266,000 monthly prices of foreign-currency government bonds traded in London and New York between 1815 (the Battle of Waterloo) and 2016, covering up to 91 countries. The main insight is that, as in equity markets, the returns on external sovereign bonds have been sufficiently high to compensate for risk. Real ...

2022| Josefin Meyer, Carmen M. Reinhart, Christoph Trebesch
Diskussionspapiere 1990 / 2022

The Signalling Channel of Negative Interest Rates

Negative interest rates remain a controversial policy for central banks. We study a novel signalling channel and ask under what conditions negative rates should exist in an optimal policymaker’s toolkit. We prove two necessary conditions for the optimality of negative rates: a time-consistent policy setting and a preference for policy smoothing. These conditions allow negative rates to signal policy ...

2022| Oliver de Groot, Alexander Haas
Seminar of the Macro Department


11.01.2022| Alexander Kriwoluzky
Seminar of the Macro Department

Wealth inequality cycles

25.01.2022| Sören Gaum
Seminar of the Macro Department


22.02.2022| Hannah Magdalena Seidl
Seminar of the Macro Department

A 200-hundered Year EMBI

05.04.2022| Josefin Meyer
Seminar of the Macro Department

The inefficiency of a monetary union with heterogeneous agents in the face of common shocks

16.11.2021| Fabian Seyrich
Seminar of the Macro Department

Fiscal multipliers: do individuals make a difference?

14.12.2021| Stephanie Ettmeier
Diskussionspapiere 1966 / 2021

Sovereign Default Risk, Macroeconomic Fluctuations and Monetary-Fiscal Stabilization

This paper examines the role of sovereign default beliefs for macroeconomic fluctuations and stabilization policy in a small open economy where fiscal solvency is a critical problem. We set up and estimate a DSGE model on Turkish data and show that accounting for sovereign risk significantly improves the fit of the model through an endogenous amplification between default beliefs, exchange rate and ...

2021| Markus Kirchner, Malte Rieth
494 results, from 21