Working Papers

Asset Prices and Monetary Policy

Bank Regulation and Market Discipline: Empirical Evidence from the Introduction of Basel II Pillar 3

Boom-Bust Cycles in Housing and Credit Markets: The Role of Financial Innovation and Government Policy

Debt Market Imperfections and Macroeconomic Implications

Financial Contagion through Market Prices - Theory and Evidence

Financial Intermediation

Fiscal Consolidation in Times of Financial Stress: Theory and Evidence

Illiquidity, Insolvency, and Banking Regulation

  • Illing, G. and T. Siemsen (2014): Forward Guidance in a Simple Model with a Zero Lower Bound.
  • Grimme, C. and T. Siemsen (2014): Interbank Uncertainty in a DSGE Model (work in progress).
  • Corbae, D., P. D'Erasmo, S. Galaasen, A. Irarrazabal, and T. Siemsen (2014): Stress Testing in a Structural Model of the Banking Industry (work in progress).

Implications of Financial Market Imperfections for Wealth and Debt Accumulation in the Household Sector

International Integration in Heterogeneous Agent Economies with Capital Market Imperfections

Market Structure in Banking and Macroeconomic Stability 

Monetary and Fiscal Policy in Times of Crises

Real Effects of a Bank Liquidity Shock on Bank Lending Decisions and Corporate Investments

Strategic Effects of Liquidity Injections, Lender-of-Last Resort Facilities and Monetary Policy responses to Asset Prices

The Macroeconomic Consequences of Sovereign and Private Default Risks

The Role of the Financial Sector in the Transmission and Prevention of Asset Price Bubbles

The Welfare Effects of Social Security with Individual and Aggregate Risk: A Macroeconomic Analysis

  • Harenberg, D. and A. Ludwig (2014): Social Security and the Interactions between Aggregate and Idiosyncratic Risk, Working Paper.
  • Geppert, C. (2014): On the Distributional Implications of Demographic Change, Manuscript (Work in Progress).
  • Geppert, C. and A. Ludwig (2013a): Risky Human Capital, Aging and the Equity Premium, Manuscript (Work in Progress).
  • Geppert, C. and A. Ludwig (2013b): Computing Transitional Dynamics in Heterogeneous Agent Models with Aggregate Risk by Parameterized Laws of Motion, Manuscript (Work in Progress).
  • Harenberg, D. and A. Ludwig (2014): On the Welfare Effects of Social Security in an Analytically Tractable Overlapping Generations Model with Aggregate and Idiosyncratic Risk, Manuscript (Work in Progress).
  • Harenberg, D., A. Ludwig and J. Maus (2014): Is Social Security a Good Thing when the Correlation of Wages and Returns is Low?, Manuscript (Work in Progress).