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Monographien

Public or Private? The Future of Money: In-Depth Analysis

Stablecoins issued by large tech companies pose a significant challenge for traditional fiat money. In this study, we highlight the importance of a public-private-cooperation in dealing with this topic, where central banks closely work with stablecoin issuers in issuing synthetic central bank digital currency (sCBDC). This framework minimizes the risks of private money and utilises the technological ...

Bruxelles: European Parliament, 2019, 23 S.
(Monetary Dialogue Papers)
| Chi Hyun Kim, Alexander Kriwoluzky
Berlin Lunchtime Meeting

Taxing inheritances – a way to raise revenues and curb wealth inequality?

In Germany, 200 to 400 billion euros are inherited or donated every year. Inheritances are unevenly distributed, with wealthy households receiving far greater inheritances than poor households, and inheritances and gifts are taxed only lightly compared with earned income. As inequalities are increasing, particularly since the onset of the COVID crisis, and governments are under pressure to find...

06.07.2021| Bethany Millar-Powell, Sarah Perret, Roland Franke, Matthias Rumpf, Stefan Bach
Diskussionspapiere 1906 / 2020

Exchange Rates and the Information Channel of Monetary Policy

We disentangle the effects of monetary policy announcements on real economic variables into an interest rate shock component and a central bank information shock component. We identify both components using changes in interest rate futures and in exchange rates around monetary policy announcements. While the volatility of interest rate surprises declines around the Great Recession, the volatility of ...

2020| Oliver Holtemöller, Alexander Kriwoluzky, Boreum Kwak
Monographien

Essays in Macroeconomics

This dissertation consists of three essays that investigate the effects and transmission mechanisms of monetary policy to the macroeconomy, and the role of financial frictions in modeling the business cycle. The first essay focuses on the question of how to include financial sector dynamics into macroeconomic models in order to improve their efficacy for macroeconomic policy analysis. We augment a ...

Berlin: Freie Univ. Berlin, FB Wirtschaftswiss., 2020, XXVIII, 167, XL S. | Martin Ignacio Harding Affeld
Externe referierte Aufsätze

Government Spending Multipliers in (Un)certain Times

We estimate the dynamic effects of government spending shocks, using time-varying volatility in US data modeled through a Markov switching process. We find that the average government spending multiplier is significantly and persistently above one, driven by a crowding-in of private consumption and non-residential investment. We rationalize the results empirically through a contemporaneously countercyclical ...

In: Journal of Public Economics 203 (2021), 104513, 18 S. | Jan Philipp Fritsche, Mathias Klein, Malte Rieth
Schumpeter BSE Macro Seminar

tba

23.11.2021| Stephen Hansen, Imperial College London
Schumpeter BSE Macro Seminar

How unconventional is green monetary policy?

02.11.2021| Monika Piazzesi, Stanford University
Schumpeter BSE Macro Seminar

Evergreening

19.10.2021| Pascal Paul, Federal Reserve Bank of San Francisco
Schumpeter BSE Macro Seminar

Sex Ratios in Colonial India

07.12.2021| James Fenske, Warwick
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