Wie sollten Zentralbanken Geldpolitik gestalten und der Öffentlichkeit kommunizieren, um die Ökonomie bestmöglich zu stabilisieren? Diese Dissertation, bestehend aus drei selbständigen Essays in dynamischer Makroökonomik, widmet sich in erster Linie dem normativen Aspekt von Geldpolitik....

This paper investigates whether assuming that households possess advance information on their income shocks helps to overcome the difficulty of standard models to understand consumption insurance in the US. As our main result, we find that the quantitative relevance of advance information...

We investigate whether US households possess advance information about their future income and what this means for consumption insurance. Based on insights from a theoretical model, we propose a new test to detect advance information, which requires only panel data on consumption and income....

In this paper, we document that households' consumption expenditures depend on their expected earnings – even after controlling for realized earnings and wealth. To explain this evidence, we develop and structurally estimate a standard-incomplete markets model in which rational households...

In this paper, we document that households' consumption expenditures crucially depend on their expected earnings – even after controlling for realized earnings, wealth and time-invariant unobserved characteristics such as permanent income and over-confidence. To explain this evidence, we...

In this paper we propose a novel methodology to analyze optimal policies undermodel uncertainty in micro-founded macroeconomic models. As an application weassess the relevant sources of uncertainty for the optimal conduct of monetary policy within (parameter uncertainty) and across models...

This paper examines whether the existence and the timing of real balance effects contribute to the determination of the absolute price level, as suggested byPatinkin (1949,1965), and if they affect conditions for local equilibrium uniqueness and stability. I show that there exists a unique price...

This paper examines how money demand induced real balance effects contribute to the determination of the price level, as suggested by Patinkin (1949,1965), and if they affect conditions for local equilibrium uniqueness and stability. There exists a unique price level sequence that is consistent...

In this paper we propose a novel methodology to analyze optimal policies under model uncertainty in micro-founded macroeconomic models. As an application we assess the relevant sources of uncertainty for the optimal conduct of monetary policy within (parameter uncertainty) and across models...