Since decades, only one fourth of German households invest in shares. One exception was during the three IPOs from 1996 to 2000 of the Deutsche Telekom, which gave Germans a taste to enter the stock market. However, the fall in the share price shortly after the second IPO, followed by corruption...

Seit Jahrzehnten investiert nur jeder vierte bis fünfte Haushalt in Deutschland in Aktien. Mit den drei Börsengängen der Deutschen Telekom 1996 bis 2000 wurden die Deutschen in Aktienlaune versetzt. Der Kurssturz kurz nach dem zweiten Börsengang, gefolgt von Korruptionsskandalen, beendete...

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 shows how to identify the structural shocks of a Vector Autoregression(VAR) while at the same time estimating a dynamic stochastic generalequilibrium (DSGE) model that is not assumed to replicate the data generatingprocess. It proposes a framework to estimate the parameters of the VAR...

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...

We study the impact of the interaction between fiscal and monetary policy on the low-frequency relationship between the fiscal stance and inflation using crosscountry data from 1965 to 1999. In a first step, we contrast the monetary-fiscal narrative for Germany, the U.S. and Italy with evidence...