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Professor Michael Koetter, Ph.D.

Professor Michael Koetter, Ph.D.
Aktuelle Position

seit 10/20

Stellvertretender Präsident

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 9/16

Leiter der Abteilung Finanzmärkte

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 9/16

Professor für Financial Economics

Otto-von-Guericke-Universität, Magdeburg

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Forschungsschwerpunkte
  • Allokation von Unternehmensinvestition und Gesamtwachstum
  • Finanzintermediation
  • Finanzmarktstabilität und Bankenregulierung
  • Risikobereitschaft und Wettbewerb
  • reale Auswirkungen auf Geldpolitik und Wirtschaftspolitik

Michael Koetter ist stellvertretender Präsident des Instituts und Leiter der Abteilung Finanzmärkte am IWH. Er ist Professor für Financial Economics an der Otto-von-Guericke-Universität Magdeburg. Die Abteilung richtet die jährliche FIN-FIRE conference on challenges to financial stability aus. Seine Forschung untersucht vornehmlich mithilfe empirischer Methoden die Interaktionen zwischen Finanzinstitutionen und -systemen, Regulation, Politik und der Realwirtschaft.

Michael Koetter promovierte an der Universität Utrecht und studierte International Money and Banking an der Universität Maastricht. Er war Professor an der Frankfurt School of Finance & Management (2012 – 2016) und an der Universität Groningen (2006 – 2012). Zurzeit ist er Mitglied des wissenschaftlichen Beratungsausschusses des Forschungsdaten- und Servicezentrums der Deutschen Bundesbank, Editor bei der Fachzeitschrift Economics of Transition and Institutional Change (ETIC) sowie Associate Editor beim Journal of Financial Stability. Er fungierte regelmäßig als Berater bei Zentralbanken und war Präsident der IBEFA.

Ihr Kontakt

Professor Michael Koetter, Ph.D.
Professor Michael Koetter, Ph.D.
- Abteilung Finanzmärkte
Nachricht senden +49 345 7753-727 Persönliche Seite LinkedIn Profil

Publikationen

Zitationen
6602

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Real Estate Transaction Taxes and Credit Supply

Michael Koetter Philipp Marek Antonios Mavropoulos

in: Journal of Financial Stability, September 2025

Abstract

<p>We exploit staggered real estate transaction tax (RETT) hikes across German states to identify the effect on the growth rates of regional house prices and outstanding mortgage loans by all local German banks. The results show that a RETT hike by one percentage point reduces regional house prices by 3%–4%. Furthermore, IV-regressions yield that a 1 percentage point drop in regional house prices induced by a RETT increase leads to a 0.3% decline in regional mortgage lending, particularly among low-capitalized banks in rural regions.</p>

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A Belowground Perspective on the Nexus between Biodiversity Change, Climate Change, and Human Well-being

Michael Koetter et al.

in: Journal of Sustainable Agriculture and Environment, Nr. 2, 2024

Abstract

<p>Soil is central to the complex interplay among biodiversity, climate, and society. This paper examines the interconnectedness of soil biodiversity, climate change, and societal impacts, emphasizing the urgent need for integrated solutions. Human-induced biodiversity loss and climate change intensify environmental degradation, threatening human well-being. Soils, rich in biodiversity and vital for ecosystem function regulation, are highly vulnerable to these pressures, affecting nutrient cycling, soil fertility, and resilience. Soil also crucially regulates climate, influencing energy, water cycles, and carbon storage. Yet, climate change poses significant challenges to soil health and carbon dynamics, amplifying global warming. Integrated approaches are essential, including sustainable land management, policy interventions, technological innovations, and societal engagement. Practices like agroforestry and organic farming improve soil health and mitigate climate impacts. Effective policies and governance are crucial for promoting sustainable practices and soil conservation. Recent technologies aid in monitoring soil biodiversity and implementing sustainable land management. Societal engagement, through education and collective action, is vital for environmental stewardship. By prioritizing interdisciplinary research and addressing key frontiers, scientists can advance understanding of the soil biodiversity–climate change–society nexus, informing strategies for environmental sustainability and social equity.</p>

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Non-Standard Errors

Albert J. Menkveld Anna Dreber Felix Holzmeister Juergen Huber Magnus Johannesson Michael Koetter Markus Kirchner Sebastian Neusüss Michael Razen Utz Weitzel Shuo Xia et al.

in: Journal of Finance, Nr. 3, 2024

Abstract

<p>In statistics, samples are drawn from a population in a data-generating process (DGP). Standard errors measure the uncertainty in estimates of population parameters. In science, evidence is generated to test hypotheses in an evidence-generating process (EGP). We claim that EGP variation across researchers adds uncertainty—nonstandard errors (NSEs). We study NSEs by letting 164 teams test the same hypotheses on the same data. NSEs turn out to be sizable, but smaller for more reproducible or higher rated research. Adding peer-review stages reduces NSEs. We further find that this type of uncertainty is underestimated by participants.</p>

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Arbeitspapiere

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The Price of Beauty: Biodiversity Effects on Residential Housing Markets

Michael Koetter Birte Winter Fabian Woebbeking

in: IWH Discussion Papers, Nr. 21, 2025

Abstract

<p>We study how and why local biodiversity affects residential property values. Leveraging remotely sensed greenness indicators and a novel dataset of granular property listings, we examine how changes in vegetation load on real estate prices. Hikes in greenness are associated with higher listing prices, fewer properties listed, and reduced liquidity in housing markets. These results suggest that price hikes in housing markets are driven by supply-side constraints instead of a “greenium” that buyers might be willing to pay due to innate preferences. Exogenous zoning shocks to foster biodiversity corroborate the presence of supply side constraints as price drivers in residential housing markets. Our findings emphasize the need to calibrate biodiversity and (social) housing policy objectives more explicitly.</p>

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The Limits of Local Laws in Global Supply Chains: Extending Governance or Cutting Ties?

Michael Koetter Melina Ludolph Hendrik Keilbach Fabian Woebbeking

in: IWH Discussion Papers, Nr. 14, 2025

Abstract

<p>We exploit an information shock related to the German Supply Chain Due Diligence Act and use detailed customs data to analyze how smaller, non-listed firms respond when expecting accountability for externalities beyond their organizational boundaries. Product-level regressions reveal a substantial reduction in imports from high ESG-risk production sectors. Adjustments occur mainly at the extensive margin, indicating that firms cut ties with high-risk suppliers. The product-level results translate into meaningful changes in overall international procurement for firms with Big Four auditors. Our findings suggest potential limits to mandates requiring firms to integrate broad sustainability considerations into operational decisions.</p>

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Contractionary Macroprudential Policy, Collateral Valuation, and Risk-shifting in EU Banking

Michael Koetter Felix Noth Fabian Woebbeking

in: IWH Discussion Papers, Nr. 4, 2025

Abstract

<p>We study real estate lending responses to tighter macroprudential policy (MPP) in the form of lower required loan-to-value (LTV) ratios. Contract details of 2.4 million mortgage loans originated between 2008 and 2020 reveal significantly fewer new loan issuances in response to contractionary MPP, commensurate with an average reduction in aggregate lending of 21 percent. Loan-level analyses reveal, however, that banks comply with lower LTVs by systematically more benevolent valuations of residential real estate pledged as collateral instead of reducing loan size. Exploiting earthquakes as plausible exogenous shocks to property values corroborates these risk-shifting patterns by banks in the form of inflated property valuations after LTV shocks.</p>

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