Consumption risk sharing among U.S. federal states increases in booms and decreases in recessions. We find that small firms' access to credit markets plays an important role in explaining this stylized fact: business cycle fluctuations in aggregate risk sharing are more pronounced in states in...

Diese Doktorarbeit umfasst drei unabhängig voneinander verfasste Papiere zur inter- und intranationalen Makroökonomik. Das Leitmotiv, das alle drei Papiere bestimmt, ist durch zwei wichtige Aspekte, Kapitalfüsse und Finanzliberalisierung gekennzeichnet.

Empirical proxies of the aggregate consumption-wealth ratio in terms of a cointegrating relationship between consumption (c), asset wealth (a) and labour income (y), commonly referred to as cay-residuals, play an important role in recent empirical research in macroeconomics and finance. This...

This paper studies the long-run relationship between consumption, asset wealth and income in Germany, based on data from 1980 to 2003. While earlier studies mostly for the Anglo- Saxon economies have generally documented that departures of these three variables from their common trend signal...

We explore the link between international stock market comovement and the degree to which firms operate globally. Using stock returns and balance sheet data for companies in 20 countries, we estimate a factor model that decomposes stock returns into global, country-specific and industry-specific...

This paper studies the long-run relationship between consumption, asset wealth and income in Germany, based on data from 1980 to 2003. While earlier studies mostly for the Anglo-Saxon economies have generally documented that departures of these three variables from their common trend signal...