IWH Research Seminar

The New Area-Wide Model II: An Extended Version the ECB's Micro-founded Model for Forecasting and Policy Analysis with a Financial Sector

This paper provides a detailed description of an extended version of the ECB's New Area-Wide Model (NAWM) of the euro area (cf. Christoffel, Coenen and Warne, 2008).

IWH Research Seminar

Virtual Lecture: Financial Policy Making After Crises: Public vs. Private Interests

IWH Research Seminar

Virtual Lecture: Climate Policy, Financial Frictions, and Transition Risk

We study climate and macroprudential policies in an economy with financial frictions. Using a dynamic stochastic general equilibrium model featuring both a pollution market failure and a market failure in the financial sector, we explore transition risk – whether ambitious climate policy can lead to macroeconomic instability.