Both from theoretical and practical viewpoints, I argue that the New Keynesian model's forward-looking IS curve should be derived by quadratic approximation. This leaves uncertainty in the basic three-equation model. After adding exogenous AR(1) processes, I examine the results by numerical...

Research and public interest on economic inequality have grown over the last years. Family firms and the concentration of wealth and power in the hands of a few wealthy business families have been discussed as both a cause and a consequence of economic inequality. Yet, so far, we lack knowledge...

We examine the degree and sources of disagreement between the Federal Open Market Committee (FOMC) and the Federal Reserve's (Fed's) staff about the appropriate policy rate for the period 1987-2011. For that purpose, we compute a counterfactual interest rate for the Fed's staff , based on its...

In Reaktion auf die Coronakrise hat das deutsche Parlament bereits im März 2020 die Möglichkeit zur Mietstundung und die Aussetzung der Insolvenzantragspflicht beschlossen. Diese temporären Maßnahmen sollten die Zeit überbrücken, bis staatliche Hilfe die Betroffenen erreicht. Da private...

Climate change poses significant challenges through rising temperatures, extreme weather events, and the exposure of economic (and societal) systems to these dangers. The irreversible and potentially non-linear nature of climate change, together with evolving technological and policy landscapes,...