Monetary policy is superneutral in an overlapping generations model. Previous authors have argued that superneutrality does not hold in such a setting. However, the standard results rely on the counter-factual premise of helicopter money and are overturned if money creation through open market...

Japan has been in a benign liquidity trap since 1990. In a benign liquidity trap, interest rates approach zero, prices decline, and monetary policy is ineffective but output and employment perform decently. Such a pattern contradicts traditional macro theories. This paper introduces a monetary...

The German property tax is probably unconstitutional. Since this tax violates the ability-to-pay principle anyway, the author proposes a simpler design that preserves municipal and state revenues and also avoids increases in housing costs.

This paper shows that the eurozone payment system does not effectively protect member states from speculative attacks. Suspicion of a departure from the common currency induces a terminal outflow of central bank money in weaker member states. TARGET2 cannot inhibit this drain but only protects...

Der Artikel analysiert die Welle der Infektionen mit dem Virus SARS-CoV-2 und schätzt unter Verwendung logistischer Regressionen die Wirkung staatlicher Eingriffe auf den Infektionsverlauf in Deutschland.

The paper assesses the effectiveness of the large-scale lockdowns that took place during the SARS-CoV-2 (corona) pandemic. Countries considered include the United States, South Korea, Germany, Austria, Switzerland, Italy, Spain, and Sweden. Our research strategy utilizes the fact that fatal...

During and after the Great Recession, the European Central Bank adopted unconventional monetary policies that are more or less uncontroversial in the literature. By contrast, its quantitative easing (QE) program that started in 2015 is highly disputed. The article evaluates the pros and cons of...

Der Artikel untersucht, ob die in Deutschland seit der Großen Rezession herrschenden niedrigen Zinsen eine niedrige Kapitalproduktivität indizieren. Misst man die Grenzproduktivität des Kapitals anhand der gewogenen Eigen- und Fremdkapitalkosten (WACC), ist dies im Ergebnis zu verneinen....

While the target federal funds rate represents a policy instrument, the effective federal funds rate is determined in a competitive interbank market. The paper proposes a theory of its determination. This yields a specific term structure of interest rates, an account of why the money multiplier...

This paper discusses the central macroeconomic claims that are made in Thomas Piketty's book 'Capital in the Twenty-first Century'. The paper aims to show that Piketty's contentions are not only logically flawed but also contradicted by his own data.