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Mit dem Ziel, bis 2045 klimaneutral zu werden, ist Deutschland ambitionierter als alle anderen G-20-Staaten. Um dieses Ziel zu erreichen, bedarf es einer tiefgreifenden Transformation der Wirtschaft, die mit enormen Investitionen einhergehen muss. Ein Dreh- und Angelpunkt ist die Finanzierung...

We evaluate the impact of loan-to-value restrictions on household financial vulnerability. Using Norwegian tax data, we first document a beneficial leverage effect, in which households respond to the regulation by reducing house purchase probabilities, debt and interest expenses. Second, we...

The Digital Development Dialogue (3D) seminar is a monthly 45-minute online forum for policy and research exchange. Two speakers – one researcher and one practitioner – touch upon key topics in development policy with the goal of stimulating a meaningful dialogue across the theory & practice...

We introduce shocks to the availability of US dollar funding for non-US financial intermediaries in a two-country New Keynesian model with financial frictions. Such dollar shortages lead to uncovered interest rate parity deviations and have a significant negative effects on the macroeconomy....

This paper investigates how monetary expansion affects household consumption and savings through household debts. Using monetary policy cuts in China in the end of 2008 as an experiment, we find that the resulted increase in indebted households’ disposable income leads to increasing...

This paper develops a new class of poverty and inequality measures we call common prosperity. This measure complements existing classes of measures and allows decomposition across income sources or components of consumption expenditure. This framework enables us to study the trade-off between...

Thematic Workshops: Workshop 1 – Areas of concern and proposals for less unequal worlds Workshop 2 – Unequal access to “invisible or online” education for those who already suffered from unequal access to “visible or in-person” education Workshop 3 – The Pandemic and the growing...

Do sanctions strengthen the targeted regime? I analyze the 2014 imposition of Western sanctions on Russia and its impact on voting. The United States and the European Union introduced targeted measures against Russian entities and individuals related to President Putin’s regime. Using polling...

We provide evidence for a causal link between the US economy and the global financial cycle. Using a unique intraday dataset, we show that US macroeconomic news releases have large and significant effects on global risky asset prices. Stock price indexes of 27 countries, the VIX, and commodity...