We simulate the fiscal stimulus packages set up by the German government to alleviate the costs of the COVID-19 pandemic in a dynamic New Keynesian multi-sector general equilibrium model. We find that, cumulated over 2020-2022, output losses relative to steady state can be reduced by more than 4...

The impact of climate change on European Union (EU) countries and regions is poised to exhibit considerable diversity, influenced by factors encompassing average temperature, sectoral composition, developmental stages, and adaptation endeavours. The transition towards a more climate-friendly...

Sovereign Wealth Funds (SWF) play a significant role in many countries. In this paper, I develop a model that shows the potential of SWF to stabilise autocratic regimes. A ruling elite might have an incentive to put part of their income into such an investment vehicle. The reason is that a SWF...