IMFS Working Papers

2016
Working Paper Series No. 109 (2016)

Helmut Siekmann
Replacing or Supplementing the Euro in Member States whose Currency is the Euro

Working Paper Series No. 108 (2016)

Helmut Siekmann
Restricting the Use of Cash in the European Monetary Union

Working Paper Series No. 107 (2016)

Volker Wieland, Elena Afanasyeva, Meguy Kuete, Jinhyuk Yoo
New Methods for Macro-Financial Model Comparison and Policy Analysis

Working Paper Series No. 106 (2016)

Helmut Siekmann
Konstruktionsfehler bei der Einlagensicherung auf EU-Ebene

Working Paper Series No. 105 (2016)

Athanasios Orphanides
Fiscal Implications of Central Bank Balance Sheet Policies

Working Paper Series No. 104 (2016)

Helmut Siekmann
Preis- und Finanzstabilität: der Primat der Politik, der rechtliche Rahmen und das "ökonomische Gesetz"

Working Paper Series No. 103 (2016)

John B. Taylor
Volker Wieland
Finding the Equilibrium Real Interest Rate in a Fog of Policy Deviations

Working Paper Series No. 102 (2016)

Tilman Bletzinger
Volker Wieland
Forward guidance and "lower for longer": The case of the ECB

Working Paper Series No. 101 (2016)

Helmut Siekmann
Ziele, Aufgaben und Befugnisse des Europäischen Systems der Zentralbanken (ESZB)

Working Paper Series No. 100 (2016)

Robert C. M. Beyer
Volker Wieland
Schätzung des mittelfristigen Gleichgewichtszinses in den Vereinigten Staaten, Deutschland und dem Euro-Raum mit der Laubach-Williams-Methode

2015
Working Paper Series No. 99 (2015)

Helmut Siekmann
Exit, Exclusion, and Parallel Currencies in the Euro Area

Working Paper Series No. 98 (2015)

Helmut Siekmann
Stellungnahme für die öffentliche Anhörung der Verfassungskommission des Landtags Nordrhein-Westfalen zur Schuldenbremse

Working Paper Series No. 97 (2015)

José María Liberti, Amit Seru, Vikrant Vig
Information, Credit, and Organization

Working Paper Series No. 96 (2015)

Patrick Tuschl
Rechtsgrundlagen für die Vereinbarkeit von Finanzhilfen für Kreditinstitute mit dem Beihilferecht der EU im Rahmen der Finanzmarktkrise

Working Paper Series No. 95 (2015)

Athanasios Orphanides
Fear of Liftoff: Uncertainty, Rules and Discreation in Monetary Policy Normalization

Working Paper Series No. 94 (2015)

Bettina Brüggemann, Jinhyuk Yoo
Aggregate and Distributional Effects of Increasing Taxes on Top Income Earners

Working Paper Series No. 93 (2015)

Tobias H. Tröger
"Regulatory Influence on Market Conditions in the Banking Union"

Working Paper Series No. 92 (2015)

Janis Skrastins, Vikrant Vig
"How Organizational Hierarchy Affects Information Production"

Working Paper Series No. 91 (2015)

Florian Hoffmann, Roman Inderst, Marcus Opp
"Regulating Deferred Incentive Pay"

Working Paper Series No. 90 (2015)

Helmut Siekmann
"The Legality of Outright Monetary Transactions (OMT) of the European System of Central Banks"

Working Paper Series No. 89 (2015)

Helmut Siekmann
"The Legal Framework for the European System of Central Banks"

Working Paper Series No. 88 (2015)

Florian Deuflhard, Dimitris Georgarakos, Roman Inderst
"Financial Literacy and Savings Account Returns"

Working Paper Series No. 87 (2015)

Falko Fecht, Roman Inderst, Sebastian Pfeil
"A Theory of the Boundaries of Banks with Implications For Financial Integration and Regulation"

Working Paper Series No. 86 (2015)

Markus Behn, Rainer Haselmann, Thomas Kick, Vikrant Vig
"The Political Economy of Bank Bailouts"

2014
Working Paper Series No. 85 (2014)

Elena Afanasyeva and Jochen Güntner
"Lending Standards, Credit Booms and Monetary Policy"

Working Paper Series No. 84 (2014)

Athanasios Orphanides
"Are Rules and Boundaries Sufficient to Limit Harmful Central Bank Discretion? Lessons from Europe"

Working Paper Series No. 83 (2014)

Tobias H. Tröger
"How Special Are They? - Targeting Systemic Risk by Regulating Shadow Banking"

Working Paper Series No. 82 (2014)

Markus Behn, Rainer Haselmann, Vikrant Vig
"The Limits of Model-Based Regulation"

Working Paper Series No. 81 (2014)

Volker Wieland, Maik Wolters
Is there a threat of self-reinforcing deflation in the Euro area? A view through the lens of the Phillips curve

Working Paper Series No. 80 (2014)

Hermann Remsperger
Der makroprudenzielle Komplex: der Prozess, das Schloss, das Urteil

Working Paper Series No. 79 (2014)

Athanasios Orphanides
What Happened in Cyprus? The Economic Consequences of the Last Communist Government in Europe

Working Paper Series No. 78 (2014)

Michael Binder and Marcel Bluhm
On the Conditional Effects of IMF Loan Program Participation on Output Growth

Working Paper Series No. 77 (2014)

Helmut Siekmann
Zur Offenlegung der Bezüge von Sparkassenführungskräften im Internet

2013
Working Paper Series No. 76 (2013)

Y. Emilie Yoo
Financial Regulation and Supervision Across Business Lines in the United States - Financial Holding Companies post Gramm-Leach-Bliley Act

Working Paper Series No. 75 (2013)

Athanasios Orphanides
Is Monetary Policy Overburdened?

Working Paper Series No. 74 (2013)

Tilman Bletzinger, Volker Wieland
Estimating the European Central Bank's "Extended Period of Time"
(Appendix: Data)

Working Paper Series No. 73 (2013) Update

Tobias H. Tröger
The Single Supervisory Mechanism – Panacea or Quack Banking Regulation?
Published in: European Business Organization Law Review, Vol. 15, Issue 04, pp. 449-497

Working Paper Series No. 72 (2013)

Matthias Burgert, Sebastian Schmidt
Dealing with a Liquidity Trap when Government Debt Matters: Optimal Time-Consistent Monetary and Fiscal Policy

Working Paper Series No. 71 (2013)

Helmut Siekmann, Volker Wieland 
The European Central Bank's Outright Monetary Transactions and the Federal Constitutional Court of Germany

Working Paper Series No. 70 (2013) 

Elena Afanasyeva 
Atypical Behavior of Credit:Evidence from a Monetary VAR

Working Paper Series No. 69 (2013)

Tobias H. Tröger
Konzernverantwortung in der aufsichtsunterworfenen Finanzbranche 
Published in: Zeitschrift für das gesamte Handelsrecht und Wirtschaftsrecht (ZHR), Vol. 177, pp. 475-517

Working Paper Series No. 68 (2013)

John F. Cogan, John B. Taylor, Volker Wieland, Maik Wolters
Fiscal Consolidation Strategy: An Update for the Budget Reform Proposal of March 2013

2012
Working Paper Series No. 67 (2012)

Otmar Issing, Volker Wieland
Monetary Theory and Monetary Policy: Reflections on the Development over the last 150 Years
Published in: Journal of Economics and Statistics, Vol. 233 (3), pp. 423 – 445, 2013

Working Paper Series No. 66 (2012)

John B. Taylor, Volker Wieland
Surprising Comparative Properties of Monetary Models: Results from a New Model Database

Working Paper Series No. 65 (2012)

Helmut Siekmann
Missachtung rechtlicher Vorgaben des AEUV durch die Mitgliedstaaten und die EZB in der Schuldenkrise 
Published in: Thomas M.J. Möllers und Franz-Christoph Zeitler (Hrsg.), Europa als Rechtsgemeinschaft – Währungsunion und Schuldenkrise, Tübingen, 2012

Working Paper Series No. 64 (2012)

Helmut Siekmann
Die Legende von der verfassungsrechtlichen Sonderstellung des "anonymen" Kapitaleigentums 
Published in: Sachs, M. und Siekmann, H. (Hrsg.), Der grundrechtsgeprägte Verfassungsstaat, Festschrift für Klaus Stern, 2012, pp. 1527-1541

Working Paper Series No. 63 (2012)

Guenter W. Beck, Kirstin Hubrich, Massimiliano Marcellino
On the Importance of Sectoral and Regional Shocks for Price Setting

Working Paper Series No. 62 (2012)

Volker Wieland, Maik H. Wolters
Forecasting and Policy Making
Published in: Graham Elliott/Allan Timermann (eds), Handbook of Economic Forecasting, Vol. 2, Elsevier, pp. 239 - 325, August 2013

Working Paper Series No. 61 (2012)

John F. Cogan, John B. Taylor, Volker Wieland, Maik Wolters
Fiscal Consolidation Strategy
Published in: Journal of Economic Dynamics & Control 37 (2013), pp. 404-421

Working Paper Series No. 60 (2012)

Peter Tillmann, Maik H. Wolters
The Changing Dynamics of US Inflation Persistence: A Quantile Regression Approach

Working Paper Series No. 59 (2012)

Maik H. Wolters
Evaluating Point and Density Forecasts of DSGE Models
Published in: Journal of Applied Econometrics, Vol 30, No. 1, 2015, pp.74-96

Working Paper Series No. 58 (2012)

Peter Tillmann
Capital Inflows and Asset Prices: Evidence from Emerging Asia
Published in: Journal of Banking and Finance 37, pp. 717-729

Working Paper Series No. 57 (2012)

Athanasios Orphanides, Volker Wieland
Complexity and Monetary Policy
Published in: International Journal of Central Banking, 9 (S1), pp. 167-204, January 2013

Working Paper Series No. 56 (2012)

Fabio Verona, Manuel M. F. Martins, Inês Drumond
(Un)anticipated Monetary Policy in a DSGE Model with a Shadow Banking System
Published in: International Journal of Central Banking, Vol. 9, No. 3, pp. 73-117

Working Paper Series No. 55 (2012)

Fabio Verona
Lumpy Investment in Sticky Information General Equilibrium

Working Paper Series No. 54 (2012)

Tobias H. Tröger
Organizational Choices of Banks and the Effective Supervision of Transnational Financial Institutions
Published in: Texas International Law Journal, Vol. 48, No. 2, pp. 177-219

Working Paper Series No. 53 (2012)

Sebastian Schmidt
Optimal Monetary and Fiscal Policy with a Zero Bound on Nominal Interest Rates
Published in: Journal of Money, Credit and Banking, Vol. 45, Issue 7, pp. 1335–1350

Working Paper Series No. 52 (2012)

Sebastian Schmidt, Volker Wieland
The New Keynesian Approach to Dynamic General Equilibrium Modeling: Models, Methods, and Macroeconomic Policy Evaluation
Published in: Handbook of computable general equilibrium modeling; Vol. 1B. - Amsterdam [u.a.] : North Holland, 2013, pp. 1439- 1512

Working Paper Series No. 51 (2012)

Vivien Lewis, Arnoud Stevens
The Competition Effect in Business Cycles

Working Paper Series No. 50 (2012)

Vivien Lewis
Optimal Monetary Policy and Firm Entry

Published in: Macroeconomic Dynamics (Cambridge University Press), Vol. 1, Issue 08, pp. 1687-1710

Working Paper Series No. 49 (2012)

Volker Wieland, Tobias Cwik, Gernot J. Müller, Sebastian Schmidt, Maik Wolters
A New Comparative Approach to Macroeconomic Modeling and Policy Analysis
Published in: Journal of Economic Behavior and Organization, 83(3), pp. 523-541, August 2012

2011
Working Paper Series No. 48 (2011)

Helmut Siekmann
Die rechtliche Regulierung öffentlicher Banken in Deutschland
Published in: Arno Scherzberg, Osman Can, Ilyas Dogan (Eds.), Das Recht der öffentlichen Unternehmen und der öffentlich-rechtlichen Banken, LIT Verlag, Berlin, 2012, pp. 65-123

Working Paper Serie No. 47 (2011)

Helmut Siekmann
Die Europäisierung der Finanzmarktaufsicht
Published in: "Neuorganisation der Finanzaufsicht", Stefan Kadelbach (Ed.), Nach der Finanzkrise, Nomos, Baden-Baden, 2012, pp. 131-220

Working Paper Series No. 46 (2011)

Christos Koulovatianos, Volker Wieland
Asset Pricing under Rational Learning about Rare Disasters

Working Paper Series No. 45 (2011)

Helmut Siekmann
Law and Economics of the Monetary Union
Published in: Thomas Eger, Hans-Bernd Schäfer (Eds.), Research Handbook on the Economics of European Union Law, Edward Elgar, Cheltenham/UK and Northampton/USA, 2012, pp. 355-411

Working Paper Series No. 44 (2011)

Heinz Hilgert, Jan Pieter Krahnen, Günther Merl, Helmut Siekmann
On a Fundamental Reorganisation of the Landesbanks and Savings Banks Sector in Germany

Working Paper Series No. 43 (2011)

Helmut Siekmann
Die Bankenabgabe in Deutschland - ein geeignetes Instrument zur Prävention von Finanzkrisen?

Working Paper Series No. 42 (2011)

Heinz Hilgert, Jan Pieter Krahnen, Günther Merl, Helmut Siekmann
Streitschrift für eine grundlegende Neuordnung des Sparkassen- und Landesbankensektors in Deutschland

2010
Working Paper Series No. 41 (2010)

Helmut Siekmann
Die Finanzmarktaufsicht in der Krise
Published in: Arno Scherzberg, Ilyas Dogan, Osman Can, (Eds.), Staatliche Finanzmarktregulierung und Eigentumsschutz, LIT Verlag, Berlin, 2010, pp. 9-66

Working Paper Series No. 40 (2010)

Helmut Siekmann
Die Entstehung des neuen Europäischen Finanzaufsichtssystems
Published in: "Neuorganisation der Finanzaufsicht", Stefan Kadelbach (Ed.), Nach der Finanzkrise, Nomos, Baden-Baden, 2012, pp. 131-220

Working Paper Series No. 39 (2010)

Ludger Michael Migge
Wirtschaftsjournalismus vs. Finanzanalyse? - Zur "regulierten" Selbstregulierung von Presse und Telemedien in der Finanmarktberichterstattung nach §§ 34b Abs. 4 und 34c S. 6 WpHG

Working Paper Series No. 38 (2010)

Jan Pieter Krahnen, Helmut Siekmann
Rettungsstrategie ohne Moral Hazard Versuch eines Gesamtkonzepts zur Bankkrisenvermeidung

Working Paper Series No. 37 (2010)

Emilie Yoo
Capital Adequacy Regulation of Financial Conglomerates in the European Union

2009
Working Paper Series No. 36 (2009)

Roman Inderst, Marco Ottaviani
Misselling through Agents
Published in: American Economic Review, 2009, vol. 99, issue 3, pp. 883-908

Working Paper Series No. 35 (2009)

Roman Inderst 
Misselling (Financial) Products: The Limits for Internal Compliance
Published in: Economics Letters, 2010, vol. 106, issue 1, pp. 35-37

Working Paper Series No. 34 (2009)

Roman Inderst, Holger Müller, Felix Münnich
Financing a Portfolio of Projects
Published in: The Review of Financial Studies, 2007, vol. 20, issue 4, pp. 1289-1325

Working Paper Series No. 33 (2009)

Roman Inderst, Manuel Klein
Innovation, endogenous overinvestment, and incentive pay
Published in: RAND Journal of Economics. Vol. 38, No. 4, pp. 881–904

Working Paper Series No. 32 (2009)

Roman Inderst
Irresponsible Lending with a better informed lender
Published in: Economic Journal, 2008, vol. 118, issue 532, pp. 1499-1519

Working Paper Series No. 31 (2009)

Roman Inderst, Holger M. Müller
Bank capital structure and credit decisions
Published in: Journal of Financial Intermediation, 2008, vol. 17, issue 3, pp. 295-314

Working Paper Series No. 30 (2009)

Roman Inderst, Holger M. Müller
Early-Stage Financing and Firm Growth in New Industries
Published in: Journal of Financial Economics, 2009, vol. 93, issue 2, pp. 276-291

Working Paper Series No. 29 (2009)

Roman Inderst, Holger Müller
CEO Replacement under Private Information
Published in: Review of Financial Studies, 2010, vol. 23, issue 8, pp. 2935-2969

Working Paper Series No. 27 (2009)

Roman Inderst
Loan Origination under Soft- and Hard-Information Lending

Working Paper Series No. 26 (2009)

Helmut Siekmann
Stabilisierung der WestLB AG durch Garantien des Landes NRW
Stellungnahme für die öffentliche Anhörung des Haushalts- und Finanzausschusses des Landtags Nordrhein-Westfalen am 29. Oktober 2009 Institute

Working Paper Series No. 25 (2009)

Helmut Siekmann
Die Neuordnung der Finanzmarktaufsicht

Working Paper Series No. 24 (2009)

Helmut Siekmann
Die Schaffung von Einrichtungen der Finanzaufsicht auf EU-Ebene
Stellungnahme zu dem Vorschlag der Sachverständigengruppe unter dem Vorsitz von Jacques de Larosière

Working Paper Series No. 23 (2009)

Melanie Döge, Stefan Jobst
Aktienrecht zwischen börsen- und kapitalmarktorientiertem Ansatz

Published in: Zeitschrift für Bank- und Kapitalmarktrecht (BKR) 2010, pp. 136 - 144

Working Paper Series No. 22 (2009)

Tim Oliver Berg
Cross-country evidence on the relation between equity prices and the current account

Working Paper Series No. 21 (2009)

Stefan Gerlach
The Risk of Deflation
Published in: M. Dewatripont, X. Freixas, R. Portes (Eds.), Macroeconomic Stability and Financial Regulation: Key Issues for the G20, CEPR 2009

Working Paper Series No. 20 (2009)

Chun-Yu Ho, Wai-Yip Alex Ho 
On the Sustainability of Currency Boards: Evidence from Argentina and Hong Kong

Working Paper Series No. 19 (2009)

Helmut Siekmann
Keine Hilfe für Banken ohne einen neuen Ordnungsrahmen für die Finanzmärkte
Stellungnahme für die öffentliche Anhörung des Ausschusses für Wirtschaft, Mittelstand und Energie und des Haushalts- und Finanzausschusses des Landtags Nordrhein-Westfalen

2008
Working Paper Series No. 18 (2008)

Hans Genberg, Cho-Hoi Hui
The credibility of The Link from the perspective of modern financial theory
Published in: Journal of Money, Credit, and Banking, 2011, vol. 43, issue 1, pp. 185-206

Working Paper Series No. 17 (2008)

Helmut Siekmann
Stellungnahme für die öffentliche Anhörung des Haushaltsausschusses zu dem Gesetzentwurf der Fraktion der SPD und Bündnis 90/Die Grünen für ein Gesetz zur Änderung der Hessischen Landeshaushaltsordnung

Working Paper Series No. 16 (2008)

Katrin Assenmacher-Wesche, Stefan Gerlach
Ensuring Financial Stability: Financial Structure and the Impact of Monetary Policy on Asset Prices

Working Paper Series No. 15 (2008)

Helmut Siekmann
Föderalismuskommission II für eine zukunftsfähige Gestaltung der Finanzsysteme nutzen

2007
Working Paper Series No. 14 (2007)

Guntram B. Wolff 
Schuldenanstieg und Haftungsausschluss im deutschen Föderalstaat: Zur Rolle des Moral Hazard

Working Paper Series No. 13 (2007)

Katrin Assenmacher-Wesche, Stefan Gerlach, Toshitaka Sekine 
Monetary Factors and Inflation in Japan
Published in: Journal of the Japanese and International Economies, 2008, vol. 22, pp. 343-363

Working Paper Series No. 12 (2007)

Stefan Gerlach, Peter Kugler
Deflation and Relative Prices: Evidence from Japan and Hong Kong
Published in: Beiträge zur Jahrestagung des Vereins für Socialpolitik 2011: Die Ordnung der Weltwirtschaft: Lektionen aus der Krise - Session: Money, Macro and Finance in East Asia A2-V3

Working Paper Series No. 11 (2007)

Symposium "Neuordnung der föderalen Finanzbeziehungen" am 26.10.2007 in Frankfurt am Main.

Working Paper Series No. 10 (2007)

Helmut Siekmann
Die Spielbankabgabe und die Beteiligung der Gemeinden an ihrem Aufkommen - zugleich ein Beitrag zu den finanzverfassungsrechtlichen Ansprüchen der Gemeinden
Published in: H. Butzer, M. Kaltenborn, W. Meyer (Eds.), Organisation und Verfahren im sozialen Rechtsstaat, Festschrift für Friedrich E. Schnapp zum 70. Geburtstag, 2008, pp. 319-345

Working Paper Series No. 9 (2007)

Henry Ordower
Demystifying Hedge Funds: A Design Primer 
Published in: UC Davis Business Law Journal, 2007, vol. 7, issue 2, pp. 323-372

Working Paper Series No. 8 (2007)

Helmut Siekmann
Der Anspruch auf Herstellung von Transparenz im Hinblick auf die Kosten und Folgekosten der Steinkohlesubventionierung und den Börsengang der RAG AG

2006
Working Paper Series No. 7 (2006)

Joachim Wieland
Staatsverschuldung als Herausforderung für die Finanzverfassung
Published in: JuristenZeitung (JZ), 2006, pp. 751 ff.

Working Paper Series No. 6 (2006)

Roman Inderst, Holger M. Mueller
A Lender-Based Theory of Collateral
Published in: Journal of Financial Economics, 2007, vol. 84, issue 3, pp. 826-859

Working Paper Series No. 5 (2006)

Roman Inderst, Holger M. Mueller, Felix Münnich
Financing a Portfolio of Projects
Published in: Review of Financial Studies, 2007, vol. 20, issue 4, pp. 1289-1325

Working Paper Series No. 4 (2006)

Reinhard H. Schmidt, Aneta Hryckiewicz
Financial Systems - Importance, Differences and Convergence
Published in: M. Hanke, J. Huber (2008): Information, Interaction and (In)Efficiency in Financial Markets, Festschrift on the occasion of Klaus Schredelseker's 65th Birthday, Wien: Linde Verlag Wien

Working Paper Series No. 3 (2006)

Helmut Siekmann
Die Verwendung des Gewinns der Europäischen Zentralbank und der Bundesbank

Working Paper Series No. 2 (2006)

Helmut Siekmann
Die Unabhängigkeit von EZB und Bundesbank nach geltendem Recht und dem Vertrag über eine Verfassung für Europa

Working Paper Series No. 1 (2006)

Helmut Siekmann
The Burden of an Ageing Society as a Public Debt - The Perspective of the German Constitutional Law and the Law of the European Union
Published in: European Public Law, 2007, vol. 13, pp. 489-518