This dissertation aims at contributing to the literature investigating the positive and normative framework for monetary policy. It provides an assessment of macroeconomic (i.e. monetary and to some extent also fiscal) ...

This thesis investigates how financial institutions and policies by public institutions shape credit market dynamics. I focus on the roles of monetary policy, government credit programs, and macroprudential regulation. The ...

This thesis comprises three self-contained chapters that each contributes new insights to this field of empirical macroeconomics.
Chapter 1 examines the role of shocks to consumer misperceptions in explaining ...

Times of severe economic crisis are, fortunately, rare events. Large recessions, such as the Great Depression of the 1930s or the Great Recession during the late 2000s, have detrimental effects on all economic sectors. ...

If we want to understand the most severe macroeconomic disruptions, we must understand the causes of financial instability. Despite their devastating economic and social consequences, financial crises have been recurring ...

This thesis challenges three views in international macroeconomics with important policy implications. The first chapter asks how fiscal policy should be designed in a monetary union and draws novel conclusions. The second ...