This paper quantifies the different impact of stock and house prices on consumption using data for 16 OECD countries. The analysis finds that the long-run impact of an increase in stock prices and house prices is in general higher in countries with a market-based financial system. The...

Demographic change belongs to the mega-trends of the 20th and the 21st century. The ongoing aging process in major industrialized countries gives rise to the relative scarcity of raw labor and the relative abundance of physical capital. Standard macroeconomic models suggest that this depresses...

Im Nachgang der Finanz- und Wirtschaftskrise beobachten wir derzeit sehr niedrige Renditen im "sicheren" Anlagebereich auf dem Geldmarkt und für Staatsanleihen. Gleichzeitig sind Aktienkurse massiv gestiegen und zeichnen sich seit Beginn 2015 durch eine Seitwärtsbewegung aus. Die Ursachen für...

Die aktuelle Diskussion über eine Reform der gesetzlichen Rentenversicherung vermischt Fragen nach dem durchschnittlichen Rentenniveau mit Fragen der Umverteilung von Einkommen im Ruhestand zur Bekämpfung einer etwaigen Altersarmut. Dieser Beitrag kritisiert diesen Ansatz und befasst sich mit...

We develop a method that identifies the effects of nationwide policy, i.e., policy implemented across all regions at the same time. The core idea is to track outcome paths in terms of stages rather than time, where a stage of a regional outcome at time t is its location on the support of a...

The authors demonstrates that, in contrast to optimistic investors, pessimistic investors may strictly prefer investing in an illiquid asset toinvesting in a liquid asset.

We develop a two sector incomplete markets integrated assessment model to analyse the effectiveness of green quantitative easing (QE) in complementing fiscal policies for climate change mitigation. We model green QE through an outstanding stock of private assets held by a monetary authority and...

Using a structural life-cycle model and data on school visits from Safegraph and school closures from Burbio, we quantify the heterogeneous impact of school closures during the Corona crisis on children affected at different ages and coming from households with different parental...