Faculty of Economics and Business Administration Publications Database

Department

Money and Macroeconomics

The Department of Money and Macroeconomics, located in the House of Finance, aims to provide research and teaching at the outstanding quality standards of the leading European competence centers in the field of macroeconomics. The Department’s professors publish in internationally leading academic journals; they are intimately involved in the chief international research networks and also contribute their expertise to the  relevant decision-making economic institutions such as the Bank for International Settlements, the German Federal Bank, the European Central Bank, and the World Bank. The Department has brilliant Master and doctoral students from over 30 countries, a fact that significantly adds to the Department’s international orientation.

 

For more information, please refer to the Website of the DEPARTMENT OF MONEY AND MACROECONOMICS.


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Department Publications

Taxation and Labor Supply of Married Couples across Countries: A Macroeconomic Analysis
Review of Economic Studies
Selected
2017
Fuchs-Schündeln, Nicola
Bick, Alexander
How Do Hours Worked Vary with Income? Cross-Country Evidence and Implications
American Economic Review
Selected
2017
Fuchs-Schündeln, Nicola
Bick, Alexander
Lagakos, David
Sovereign risk, bank funding and investors’ pessimism
Journal of Economic Dynamics and Control
Selected
2017
Faia, Ester
Has Greater Stock Market Participation Increased Wealth Inequality in the US?
Review of Income and Wealth
2017 Bilias, Yannis
Georgarakos, Dimitris
Haliassos, Michael
Quantifying the Disincentive Effects of Joint Taxation on Married Women's Labor Supply
American Economic Review Papers and Proceedings
2017 Bick, Alexander
Fuchs-Schündeln, Nicola
Bank Networks: Contagion, Systemic Risk and Prudential Policy
Journal of Economic Behavior and Organization
2017 Aldasoro, Inaki
Delli Gatti, Domenico
Faia, Ester
Long-Lasting Effects of Socialist Education
Review of Economics and Statistics
Selected
2016
Fuchs-Schündeln, Nicola
Masella, Paolo
Incompatible European Partners? Cultural Predispositions and Household Financial Behavior
Management Science
Selected
2016
Haliassos, Michael
Jansson, Thomas
Karabulut, Yigitcan
Natural Experiments in Macroeconomics
Handbook of Macroeconomics
2016
Fuchs-Schündeln, Nicola
Hassan, Tarek A.
Systemic loops and liquidity regulation
Journal of Financial Stability
2016 Aldasoro, Inaki
Faia, Ester
The determinants of household’s bank switching
Journal of Financial Stability
2016 Brunetti, Marianna
Ciciretti, Rocco
Djordjevic, Ljubica
Globalization, Pass-Through and Inflation Dynamics
International Journal of Central Banking
2016 Benigno, Pierpaolo
Faia, Ester
A Note on Credit Risk Transfers and the Macroeconomy
Macroeconomic Dynamics
2016
Faia, Ester
Has Greater Stock Market Participation Increased Wealth Inequality in the US?
Review of Income and Wealth
2016 Bilias, Yannis
Georgarakos, Dimitris
Haliassos, Michael
Developing Growth Potential for the Greek Economy
Palgrave Macmillan
2016
Haliassos, Michael
The European North-South Divide: Dealing with the Poor Relative
Imperial University Press
2016
Haliassos, Michael
Business Cycle Dynamics under Rational Inattention
Review of Economic Studies
Selected
2015 Mackowiak, Bartosz
Wiederholt, Mirko
Fiscal federalism and monetary unions: A quantitative assessment
Journal of International Economics
Selected
2015
Michael P., Evers
Monetary policy and risk taking
Journal of Economic Dynamics and Control
Selected
2015 Angeloni, Ignazio
Faia, Ester
Lo Duca, Marco
On the endogeneity of political preferences: Evidence from individual experience with democracy
Science
Selected
2015
Fuchs-Schündeln, Nicola
Schündeln, Matthias
Introduction to JPEF special issue on household finance
Journal of Pension Economics and Finance
2015 Calvet, Laurent
Haliassos, Michael
Michaelides, Alexander
Rethinking Optimal Exchange Rate Regimes with Frictional Labour Market
Macroeconomic Dynamics
2015 Campolmi, Alessia
Faia, Ester
Financial Regulation - A Transatlantic Perspective
Cambridge University Press
2015
Faia, Ester
Hackethal, Andreas
Haliassos, Michael
Langenbucher, Katja
Critical Writings in Household Finance
Edward Elgar Publishers
2015
Haliassos, Michael
Keeping Households out of Financial Trouble
Cambridge University Press
2015
Haliassos, Michael
Exit Strategies
European Economic Review
Selected
2014 Angeloni, Ignazio
Faia, Ester
Winkler, Roland
Exogenous Information, Endogenous Information and Optimal Monetary Policy
Review of Economic Studies
Selected
2014 Paciello, Luigi
Wiederholt, Mirko
Household Debt and Social Interactions
Review of Financial Studies
Selected
2014 Georgarakos, Dimitris
Haliassos, Michael
Pasini, Giacomo
Lawyers and investment
Review of Law and Economics
2014
Massenot, Baptiste
Challenges in Designing Investor-Borrower Protection
SUERF Studies Series
2014
Haliassos, Michael
The Fiscal Crisis as a Crisis in Trust
SAFE Policy Letter
2014
Haliassos, Michael
Comment on "What Happened in Cyprus?" by Alexander Michaelides
Economic Policy
2014
Haliassos, Michael
Labor Selection, Turnover Costs, and Optimal Monetary Policy
Journal of Money, Credit and Banking
2014
Faia, Ester
Lechthaler, Wolfgang
Merkl, Christian
National Strategic Framework for Research and Innovation
2014 Krimigis, Stamatios
Chrousos, George
Dafermos, Constantine
Featherstone, Kevin
Haliassos, Michael
Iliopoulos, Jean
Odoni, Amadeo
Patrinos, Aris
Pavalkis, George
Theodorou, Doros
Simopoulos, Artemis
Safety traps
American Economic Journal: Macroeconomics
Selected
2013 Benhima, Kenza
Massenot, Baptiste
Fiscal Stimulus and Labor Market Policies in Europe
Journal of Economic Dynamics and Control
Selected
2013
Faia, Ester
Lechthaler, Wolfgang
Merkl, Christian
Capital Regulation and Monetary Policy with Fragile Banks
Journal of Monetary Economics
Selected
2013 Angeloni, Ignazio
Faia, Ester
Differences in Portfolios across Countries: Economic Environment versus Household Characteristics
Review of Economics and Statistics
Selected
2013 Christelis, Dimitris
Georgarakos, Dimitris
Haliassos, Michael
Fiscal Consolidation Strategy
Journal of Economic Dynamics and Control
Selected
2013 Cogan, John F.
Taylor, John B.
Wieland, Volker
Wolters, Maik H.
Strategic monetary policy in interdependent economies: Gains from coordination reconsidered
Journal of International Money and Finance
2013
Michael P., Evers
Complexity and Monetary Policy
International Journal of Central Banking
2013 Orphanides, Athanasios
Wieland, Volker
Monetary Theory and Monetary Policy: Reflections on the Development over the last 150 Years
Jahrbücher für Nationalökonomie und Statistik / Journal of Economics and Statistics
2013 Issing, Otmar
Wieland, Volker
Unions Power, Collective Bargaining and Optimal Monetary Policy
Economic Inquiry
2013
Faia, Ester
Rossi, Lorenza
Risk Aversion and Religion
Journal of Risk and Uncertainty
2013 Noussair, Charles N.
Trautmann, Stefan T.
van de Kuilen, Gijs
Vellekoop, Nathanael
The New Keynesian Approach to Dynamic General Equilibrium Modeling: Models, Methods and Macroeconomic Policy Evaluation
2013
Wieland, Volker
Schmidt, Sebastian
Financial Innovation: Too Much or Too Little?
The MIT Press
2013 Ackermann, Josef
Barberis, Nicholas
Campbell, John Y.
Case, Karl E.
Greenwood, Robin
Haliassos, Michael
Issing, Otmar
Popov, Alexander
Shiller, Robert J.
Shleifer, Andrei
Smets, Frank
Smith, Susan J.
Vassalou, Maria
Viceira, Luis M.
Forecasting and Policy Making
North Holland
2013
Wieland, Volker
Wolters, Maik H.
Federal fiscal transfer rules in monetary unions
European Economic Review
Selected
2012
Michael P., Evers
Surprising Comparative Properties of Monetary Models: Results from a New Monetary Model Base
Review of Economics and Statistics
Selected
2012 Taylor, John B.
Wieland, Volker
Oligopolistic Competition and Optimal Monetary Policy
Journal of Economic Dynamics and Control
Selected
2012
Faia, Ester
The Role of Borders, Languages, and Currencies as Obstacles to Labor Market Integration
European Economic Review
Selected
2012 Bartz, Kevin
Fuchs-Schündeln, Nicola
Financial Advidors: A Case of Babysitters?
Journal of Banking and Finance
Selected
2012
Hackethal, Andreas
Haliassos, Michael
Jappelli, Tullio
Information Processing and Limited Liability
American Economic Review Papers and Proceedings
2012 Mackowiak, Bartosz
Wiederholt, Mirko
A New Comparative Approach to Macroeconomic Modeling and Policy Analysis
Journal of Economic Behavior and Organization
2012
Wieland, Volker
Cwik, Tobias
Müller, Gernot J.
Schmidt, Sebastian
Wolters, Maik H.
Was wir aus dem Sparverhalten der Ostdeutschen lernen können
Forschung Frankfurt
2012
Fuchs-Schündeln, Nicola
Stijepic, Damir
Die Notenbanken und das liebe Geld
Forschung Frankfurt
2012
Wieland, Volker
Explaining the Low Labor Productivity in East Germany - A Spatial Analysis
Journal of Comparative Economics
2012
Fuchs-Schündeln, Nicola
Izem, Rima
Model Comparison and Robustness: A Proposal for Policy Analysis after the Financial Crisis
Edward Elgar Publishing
2012
Wieland, Volker
Labor Market Institutions and Inflation Volatility in the Euro Area
Journal of Economic Dynamics and Control
Selected
2011 Campolmi, Alessia
Faia, Ester
Financial Openness, Financial Frictions and Optimal Monetary Policy
Journal of Economic Dynamics and Control
Selected
2011
Faia, Ester
Iliopulos, Eleni
Stockholding: Participation, Location, and Spillovers
Journal of Banking and Finance
Selected
2011 Christelis, Dimitris
Georgarakos, Dimitris
Haliassos, Michael
Financial development in adversarial and inquisitorial legal systems
Journal of Comparative Economics
2011
Massenot, Baptiste
Fiscal Calculus and the Labor Market
B.E. Journal of Macroeconomics: Contributions to Macroeconomics
2011 Campolmi, Alessia
Faia, Ester
Winkler, Roland
Debt Consolidation and Financial Stability
Revue Economique
2011 Angeloni, Ignazio
Faia, Ester
Winkler, Roland
Keynesian Government Spending Multipliers and Spillovers in the Euro Area
Economic Policy
2011 Cwik, Tobias
Wieland, Volker
Macroeconomic and Welfare Implications of Financial Globalization
Journal of Applied Economics
2011
Faia, Ester
The Diversity of Forecasts from Macroeconomic Models of the U.S. Economy
Economic Theory
2011
Wieland, Volker
Wolters, Maik H.
New Keynesian versus Old Keynesian Government Spending Multipliers
Journal of Economic Dynamics and Control
Selected
2010 Cogan, John F.
Cwik, Tobias
Taylor, John B.
Wieland, Volker
Insurance Policies for Monetary Policy in the Euro Area
Journal of the European Economic Association
Selected
2010 Kuester, Keith
Wieland, Volker
Financial Frictions and the Choice of Exchange Rate Regimes
Economic Inquiry
2010
Faia, Ester
Fiscal Stimulus and the Promise of Future Spending Cuts
International Journal of Central Banking
2010
Wieland, Volker
Inequality Trends for Germany in the Last Two Decades: A Tale of Two Countries
Review of Economic Dynamics
2010
Fuchs-Schündeln, Nicola
Krueger, Dirk
Sommer, Mathias
Portfolio Inertia and Stock Market Fluctuations
Journal of Money, Credit and Banking
2010 Bilias, Yannis
Georgarakos, Dimitris
Haliassos, Michael
The Science and Practice of Monetary Policy Today - The Deutsche Bank Prize in Financial Economics 2007
Springer Verlag
2010
Wieland, Volker
Money in Monetary Policy Design: Monetary Cross-Checking in the New-Keynesian Model
Springer
2010 Beck, Günter W.
Wieland, Volker
Rational Inattention
2010
Wiederholt, Mirko
Sectoral Price Data and Models of Price Setting
Journal of Monetary Economics
Selected
2009 Mackowiak, Bartosz
Moench, Emanuel
Wiederholt, Mirko
Optimal Sticky Prices Under Rational Inattention
American Economic Review
Selected
2009 Mackowiak, Bartosz
Wiederholt, Mirko
Credit Card Debt Puzzles and Debt Revolvers for Self-Control
Review of Finance
Selected
2009 Bertaut, Carol C.
Haliassos, Michael
Reiter, Michael
Ramsey Monetary Policy with Labour Market Frictions
Journal of Monetary Economics
Selected
2009
Faia, Ester
Introduction: A Symposium on the East German Labour Market
Economics of Transition
2009
Fuchs-Schündeln, Nicola
Mean Variance Optimization of Nonlinear Systems and Worst-Case Analysis
Computational Optimization and Applications
2009 Parpas, Panos
Berc, Rustem
Wieland, Volker
Zakovic, Stan
On Preferences for Being Self-Employed
Journal of Economic Behavior and Organization
2009
Fuchs-Schündeln, Nicola
Who Stays, Who Goes, Who Returns? East-West Migration within Germany since Reunification
Economics of Transition
2009
Fuchs-Schündeln, Nicola
Schündeln, Matthias
Central Bank Misperceptions and the Role of Money in Interest-Rate Rules
Journal of Monetary Economics
Selected
2008 Beck, Günter W.
Wieland, Volker
Optimal Monetary Policy Rules with Labour Market Frictions
Journal of Economic Dynamics and Control
Selected
2008
Faia, Ester
The Response of Household Saving to the Large Shock of German Reunification
American Economic Review
Selected
2008
Fuchs-Schündeln, Nicola
Comments on Search and Matching Frictions and Optimal Monetary Policy
Journal of Monetary Economics
Selected
2008
Faia, Ester
Fiscal Action versus Monetary Stimulus: A Faulty Comparison
SIEPR Policy Brief
2008
Wieland, Volker
Aprendizaje, Indexacion Endogena y Desinflacion en el Modelo Neo-keynesiano. (Learning, Endogenous Indexation, and Disinflation in the New-Keynesian Model. With English summary.)
Economía Chilena
2008
Wieland, Volker
Economic Projections and Rules of Thumb for Monetary Policy
Federal Reserve Bank of St. Louis Review
2008 Orphanides, Athanasios
Wieland, Volker
Optimal Monetary Policy in A Small Open Economy with Home Bias
Journal of Money, Credit and Banking
2008
Faia, Ester
Monacelli, Tommaso
Political Pressures and Exchange Rate Stability in Emerging Market Economies
Journal of Applied Economics
2008
Faia, Ester
Giulodori, Massimo
Ruta, Michele
Ramsey Monetary Policy with Capital Accumulation and Nominal Rigidities
Macroeconomic Dynamics
2008
Faia, Ester
The European Central Bank
Macmillan
2008
Binder, Michael
Wieland, Volker
Finance and International Business Cycles
Journal of Monetary Economics
Selected
2007
Faia, Ester
Optimal Interest Rate Rules, Asset Prices, and Credit Frictions
Journal of Economic Dynamics and Control
Selected
2007
Faia, Ester
Monacelli, Tommaso
Good-Bye Lenin (or Not?): The Effect of Communism on People`s Preferences
American Economic Review
Selected
2007 Alesina, Alberto
Fuchs-Schündeln, Nicola
Financial Differences and Business Cycle Co-Movements in A Currency Area
Journal of Money, Credit and Banking
2007
Faia, Ester
Money in Monetary Policy Design: A Formal Characterization of ECB-Style Cross-Checking
Journal of the European Economic Association Papers and Proceedings
2007 Beck, Günter W.
Wieland, Volker
Stochastic Optimization and Worst-Case Analysis in Monetary Policy Design
Computational Economics
2007 Zakovic, Stan
Wieland, Volker
Rustem, Berc
A Quantitative Exploration of the Opportunistic Approach to Disinflation
Journal of Monetary Economics
Selected
2006 Aksoy, Yunus
Orphanides, Athanasios
Wieland, Volker
Small, David
Wilcox, David
Federal Fiscal Transfers in Monetary Unions: A NOEM Approach
International Tax and Public Finance
2006
Michael P., Evers
How Do Students Finance Human Capital Accumulation? The Choice between Borrowing and Work
Journal of Policy Modeling
2006
Haliassos, Michael
Christou, Costas
Monetary Policy and Uncertainty about the Natural Unemployment Rate: Brainard-Style Conservatism versus Experimental Activism
B.E. Journal of Macroeconomics: Advances in Macroeconomics (formerly: Advances in Macroeconomics)
2006
Wieland, Volker
Trade Spill-Overs of Fiscal Policy in the European Union: A Panel Analysis: Discussion
Economic Policy
2006
Wieland, Volker
Precautionary Savings and Self-Selection: Evidence from the German Reunification `Experiment`
Quarterly Journal of Economics
Selected
2005
Fuchs-Schündeln, Nicola
Schündeln, Matthias
Data Uncertainty and the Role of Money as an Information Variable for Monetary Policy
European Economic Review
Selected
2005 Coenen, Günter
Levin, Andrew
Wieland, Volker
A Small Estimated Euro Area Model with Rational Expectations and Nominal Rigidities
European Economic Review
Selected
2005 Coenen, Günter
Wieland, Volker
Estimation and Inference in Short Panel Vector Autoregressions with Unit Roots and Cointegration
Econometric Theory
Selected
2005
Binder, Michael
Hsiao, Cheng
Pesaran, M. Hashem
Comments on Mark-up fluctuations and fiscal policy stabilization in a monetary union
Journal of Macroeconomics
2004
Faia, Ester
Exchange Rate Policy and the Zero Bound on Nominal Interest Rates
American Economic Review Papers and Proceedings
2004 Coenen, Günter
Wieland, Volker
Price Stability and Monetary Policy Effectiveness When Nominal Interest Rates Are Bounded at Zero
B.E. Journal of Macroeconomics: Advances in Macroeconomics (formerly: Advances in Macroeconomics)
2004 Coenen, Günter
Orphanides, Athanasios
Wieland, Volker
Portfolio Choice and Liquidity Constraints
International Economic Review
Selected
2003
Haliassos, Michael
Michaelides, Alexander
The Performance of Forecast-Based Monetary Policy Rules under Model Uncertainty
American Economic Review
Selected
2003 Levin, Andrew
Wieland, Volker
Williams, John C.
The Zero-Interest-Rate Bound and the Role of the Exchange Rate for Monetary Policy in Japan
Journal of Monetary Economics
Selected
2003 Coenen, Günter
Wieland, Volker
Household Stockholding in Europe: Where Do We Stand and Where Do We Go?
Economic Policy
2003 Guiso, Luigi
Haliassos, Michael
Jappelli, Tullio
Stock Market Liberalizations: Financial and Macroeconomic Implications
Review of World Economics
2003
Fuchs-Schündeln, Nicola
Funke, Norbert
The Savings Behavior of East and West Germans - Theoretical Predictions and Empirical Evidence
Schmollers Jahrbuch: Zeitschrift für Wirtschafts- und Sozialwissenschaften/Journal of Applied Social Science Studies
2003
Fuchs-Schündeln, Nicola
Schündeln, Matthias
Learning and Control in a Changing Economic Environment
Journal of Economic Dynamics and Control
Selected
2002 Beck, Günter W.
Wieland, Volker
Equity Culture and Household Behavior
Oxford Economic Papers New Series
2002
Haliassos, Michael
Hassapis, Christis
Stockholding in Europe
Palgrave Macmillan
2002 Guiso, Luigi
Haliassos, Michael
Jappelli, Tullio
A Continuous Minimax Problem and its Application to Inflation Targeting
Springer Science and Business Media
2002 Rustem, Berc
Wieland, Volker
Zakovic, Stanislav
Non-expected Utility, Saving and Portfolios
Economic Journal
Selected
2001 Hassapis, Christis
Haliassos, Michael
Life-Cycle Consumption under Social Interactions
Journal of Economic Dynamics and Control
Selected
2001
Binder, Michael
Pesaran, M. Hashem
Le profil des detenteurs d''actions en Europe. (The Profile of European Stockholders)
Revue d’Économie Financière
2001 Guiso, Luigi
Haliassos, Michael
Jappelli, Tullio
L`insoutenable legerete de L`Euro
Economie Internationale
2001 Koen, Vincent
Boone, Laurence
de Serres, Alain
Fuchs-Schündeln, Nicola
Wissen als Produktionsfaktor. (Knowledge as a Factor of Production. With English summary.)
Wirtschaftspolitische Blätter
2001
Binder, Michael
Consemüller, Knut
Mesner, Simone
NAIRU Uncertainty and Nonlinear Policy Rules
Economic Review Papers and Proceedings
2001 Meyer, Laurence H.
Swanson, Eric T.
Wieland, Volker
Household portfolios
MIT Press
2001 Guiso, Luigi
Haliassos, Michael
Jappelli, Tullio
Solution of Finite-Horizon Multivariate Linear Rational Expectations Models and Sparse Linear Systems
Journal of Economic Dynamics and Control
Selected
2000
Binder, Michael
Pesaran, M. Hashem
Monetary Policy, Parameter Uncertainty and Optimal Learning
Journal of Monetary Economics
Selected
2000
Wieland, Volker
Learning by Doing and the Value of Optimal Experimentation
Journal of Economic Dynamics and Control
Selected
2000
Wieland, Volker
Inflation Zone Targeting
European Economic Review
Selected
2000 Orphanides, Athanasios
Wieland, Volker
Solution of Nonlinear Rational Expectations Models with Applications to Finite-Horizon Life-Cycle Models of Consumption
Computational Economics
2000
Binder, Michael
Pesaran, M. Hashem
Samiei, Hossein S.
Consumption Smoothing and Financial Integration in the European Union
Manchester School
2000
Haliassos, Michael
Christou, Costas
Efficient Monetary Policy Design near Price Stability
Journal of the Japanese and International Economies
2000 Orphanides, Athanasios
Wieland, Volker
Interest-Rate Smoothing and Optimal Monetary Policy: A Review of Recent Empirical Evidence
Journal of Economics and Business
2000 Sack, Brian
Wieland, Volker
Computational Methods and Economic Dynamics: Introduction
Journal of Economic Dynamics and Control
Selected
1999
Wieland, Volker
Review of "Computational Solution of Large-Scale Macroeconometric Models"
Computational Statistics & Data Analysis
1999
Binder, Michael
Stochastic Growth Models and Their Econometric Implications
Journal of Economic Growth
1999
Binder, Michael
Pesaran, M. Hashem
Decision Making in the Presence of Heterogeneous Information and Social Interactions
International Economic Review
Selected
1998
Binder, Michael
Pesaran, M. Hashem
Precautionary Portfolio Behavior from a Life-Cycle Perspective
Journal of Economic Dynamics and Control
Selected
1997 Bertaut, Carol C.
Haliassos, Michael
Multivariate Linear Rational Expectations Models: Characterization of the Nature of the Solutions and Their Fully Recursive Computation
Econometric Theory
Selected
1997
Binder, Michael
Pesaran, M. Hashem
Monetary Policy Targets and the Stabilization Objective: A Source of Tension in the EMS
Journal of International Money and Finance
1996
Wieland, Volker
Why Do So Few Hold Stocks?
Economic Journal
Selected
1995
Haliassos, Michael
Bertaut, Carol C.
On Perfect Foresight Models of a Stochastic World
Economic Journal
Selected
1994
Haliassos, Michael
Sustainability of Macroeconomic Policies, Inflation Targeting, and Crowding Out
Southern Economic Journal
1991
Haliassos, Michael
Forward Rates and Spot Rates in the European Monetary System — Forward Market Efficiency
Review of World Economics
1990 Jung, Alexander C.
Wieland, Volker