We document the emergence of a disconnect between mortgage and Treasury interest rates in the summer of 2003. Following the end of the Federal Reserve expansionary cycle in June 2003, mortgage rates failed to rise according to their historical relationship with Treasury yields, leading to...

Verursacht durch schlechte Nachrichten auf vielen Gebieten leiden die Menschen in Deutschlandunter anhaltenden Unsicherheiten. Viele fragen sich: Was wird die Zukunft bringen? Wieschlecht soll es noch werden? Was kommt vielleicht bezüglich dessen auf uns zu? DiesenFragen ist ein Seminar dreier...

This thesis consists of an introductory chapter and three self-contained essays that apply insights from the microeconomic theory of corporate finance in a macroeconomic setting in order to explain and understand various market failures that were at the roots of the global financial crisis of...

The relevant economic literature frequently focuses on the impact of credit shocks on housing prices. The doctrine of the "New Consensus Macroeconomics" completely ignores bank credit. The "Great Recession", however, has highlighted the significance of bank credit. The purpose of this...