Discussion papers C03

The Equilibrium Effects of Mortality Risk

709/2025, C03, Andrea Modena, Luca Regis, Giorgio Rizzini

Empirical Monetary-Fiscal Equivalence

699/2025, C03, Ulf Nielsson, Jesper Rangvid, Farzad Saidi, Fabian Seyrich, Daniel Streitz

Achieving Consensus on Blockchains

685/2025, C03, Zahra Ebrahimi, Maxi Guennewig, Bryan Routledge, Ariel Zetlin-Jones

Financial Constraints and the Micro Origins of Aggregate Equity Shocks in Capital Markets

675/2025, C03, Tobias König

Assortative Matching, Interbank Markets, and Monetary Policy

642/2025, C03, Christian Bittner, Rustam Jamilov, Farzad Saidi

May Tax Evasion Help Control Public Debt?

623/2025, C03, Rosella Levaggi, Francesco Menoncin, Andrea Modena

Coordinating Dividend Taxes and Capital Regulation

622/2025, C03, Salvatore Federico, Andrea Modena, Luca Regis

Too-Many-To-Fail and the Design of Bailout Regimes

613/2024, C03, Wolf Wagner, Jing Zeng

International Policy Coordination in a Multisectoral Model of Trade and Health Policy

612/2024, C03, Viral V. Acharya, Zhengyang Jiang, Robert J. Richmond, Ernst-Ludwig von Thadden

Short-Time Work Extensions

606/2024, A03, C03, Christina Brinkmann, Simon Jäger, Moritz Kuhn, Farzad Saidi, Stefanie Wolter

Optimal Banking Arrangements: Liquidity Creation without Financial Fragility

605/2024, C03, Maxi Guennewig, Yuliyan Mitkov

Insurers Monitor Shocks to Collateral: Micro Evidence from Mortgage-backed Securities

590/2024, C03, Thiemo Fetzer, Benjamin Guin, Felipe Netto, Farzad Saidi

Two Centuries of Systemic Bank Runs

589/2024, C03, Rustam Jamilov, Tobias König, Karsten Müller, Farzad Saidi

Strategic Communication Among Banks

587/2024, C03, Christian Bittner, Falko Fecht, Melissa Pala, Farzad Saidi

Army of Mortgagors: Long-Run Evidence on Credit Externalities and the Housing Market

586/2024, A03, C03, Tobias Herbst, Moritz Kuhn, Farzad Saidi

Credit Supply, Firms, and Earnings Inequality

558/2024, C03, Christian Moser, Farzad Saidi, Benjamin Wirth, Stefanie Wolter

Mixing QE and Interest Rate Policies at the Effective Lower Bound: Micro Evidence from the Euro Area

552/2024, C03, Christian Bittner, Alexander Rodnyansky, Farzad Saidi, Yannick Timmer

Tracing Banks’ Credit Allocation to Their Profits

551/2024, C03, Anne Duquerroy, Adrien Matray, Farzad Saidi

Blockchain Congestion Facilitates Currency Competition

549/2024, C03, Maxi Guennewig

Fiscal Policy and the Balance Sheet of the Private Sector

544/2024, C03, Hans Gersbach, Jean-Charles Rochet, Ernst-Ludwig von Thadden

Smart Banks

540/2024, C03, Alkis Georgiadis-Harris, Maxi Guennewig, Yuliyan Mitkov

Supply Chain Frictions

528/2024, C03, Ying-Ju Chen, Zhengqing Gui, Ernst-Ludwig von Thadden, Xiaojian Zhao

Broken Relationships: De-Risking by Correspondent Banks and International Trade

478/2023, C03, Lea Borchert, Ralph De Haas, Karolin Kirschenmann, Alison Schultz

Bank Resolution, Deposit Insurance, and Fragility

477/2023, C03, Alkis Georgiadis-Harris, Maxi Guennewig

Implicit and Explicit Deposit Insurance and Depositor Behavior

476/2023, C03, Sümeyra Atmaca, Karolin Kirschenmann, Steven Ongena, Koen Schoors

Capital Risk, Fiscal Policy, and the Distribution of Wealth

454/2023, C03, Andrea Modena, Luca Regis. Published in Mathematics and Financial Economics 18 (2024), 101007

Dynamic Tax Evasion and Capital Misallocation in General Equilibrium

453/2023, C03, Francesco Menoncin, Andrea Modena, Luca Regis

Kicking the Can Down the Road: Government Interventions in the European Banking Sector

446/2023, C03, Viral V. Acharya, Lea Borchert, Maximilian Jager, Sascha Steffen.

Clear(ed) Decision: The Effect of Central Clearing on Firms Financing Decision

445/2023, C03, Maximilian Jager, Frederick Zadow

Differentiation in Risk Profiles

444/2023, C03, Christina Brinkmann

Less Bank Regulation, More Non-Bank Lending

418/2023, C03, Mary Chen, Seung Jung Lee, Daniel Neuhann, Farzad Saidi

Inefficient Bank Recapitalization, Bailout and Post-Crisis Recoveries

415/2023, C03, Andrea Modena

Dynamic Contracting with Many Agents

412/2023, C03, Bruno Biais, Hans Gersbach, Jean-Charles Rochet, Ernst-Ludwig von Thadden, Stéphane Villeneuve. First version: April 2023

Value for Money and Selection: How Pricing Affects Airbnb Ratings

411/2023, C03, Christoph Carnehl, Maximilian Schaefer, André Stenzel, Kevin Ducbao Tran

Dynamic Tax Evasion and Growth with Heterogeneous Agents

393/2023, C03, Francesco Menoncin, Andrea Modena

Liquidity Regulation and Bank Risk Taking on the Horizon

389/2023, C03, Joshua Bosshardt, Ali Kakhbod, Farzad Saidi

Currency Competition with Firms

378/2022, C03, Maxi Guennewig

Responsible Investment and Responsible Consumption

330/2022, C03, Hendrik Hakenes, Eva Schliephake

Strategic Pricing and Ratings

303/2021, B04, C03, Anton Sobolev, Konrad Stahl, André Stenzel, Christoph Wolf

Optimal Retail Contracts with Return Policies

292/2021, C03, Ying-Ju Chen, Zhengqing Gui, Ernst-Ludwig von Thadden, Xiaojian Zhao

Market Depth, Leverage, and Speculative Bubbles

275/2021, C03, Zeno Enders, Hendrik Hakenes, Published in: Journal of the European Economic Association, Volume 19, Issue 5, October 2021, Pages 2577-2621

Unequal and Unstable: Income Inequality and Bank Risk

261/2021, C03, C04, Yuliyan Mitkov, Ulrich Schüwer

Divided We Fall - International Health and Trade Coordination During a Pandemic

248/2020, C03, Viral Acharya, Zhengyang Jiang, Robert J. Richmond, Ernst-Ludwig von Thadden. Published in Covid Economics 60 (2020), 1-56

Debt Maturity and Innovation

191/2020, C03, Yuliyan Mitkov

A Simple, Non-Recursive Model of the Spread of COVID-19 with Applications to Policy

171/2020, C03, Ernst-Ludwig von Thadden. Published in Covid Economics 10 (2020), 24-48

The Role of Social Networks in Bank Lending

162/2020, C03, C04, Oliver Rehbein, Simon Rother. First version: March 2020

Pricing for the Stars - Dynamic Pricing in the Presence of Rating Systems

143/2020, C03, André Stenzel, Christoph Wolf, Peter Schmidt. First version: January 2020. Published in Proceedings of the 21st ACM Conference on Economics and Computation (EC'20): 273-274, 2020

Can You Trust the Blockchain? The (Limited) Power of Peer-to-Peer Networks for Information Provision

138/2019, C03, Benedikt Franke, Qi Gao, André Stenzel

The Deposit Base - Multibanking and Bank Stability

108/2019, C03, Hendrik Hakenes, Eva Schliephake

Allocating Losses: Bail-Ins, Bailouts and Bank Regulation

091/2019, C03, Todd Keister, Yuliyan Mitkov. First version: May 2019

Inequality and Financial Fragility

090/2019, C03, Yuliyan Mitkov

Opacity, Liquidity and Disclosure Policies

065/2018, C03, André Stenzel, Wolf Wagner. Published in Journal of Business Finance and Accounting 49 (5-6), 658-689

Incentive-Compatibility, Limited Liability and Costly Liquidation in Financial Contracting

064/2018, C03, Zhengqing Gui, Ernst-Ludwig von Thadden, Xiaojian Zhao. Published in Games and Economic Behavior, 118: 412-433, 2019

Model-Based Evaluation of Cooling-off Policies

061/2018, C03, Christian Michel, André Stenzel. First version: December 2018. Published in Games and Economic Behavior, 129: 270-293, 2021

Creditor Rights, Information Sharing, and Borrower Behavior: Theory and Evidence

046/2018, C03, John H. Boyd, Hendrik Hakenes, Amanda Heitz