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. ...

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 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 ...

A household's portfolio generally consists of non-tradable and tradable assets. The most important non-tradable asset is human capital. It is the primary source of income for most households and at the same time subject ...

This thesis is composed of three self-contained chapters that explore how household heterogeneity shapes macroeconomic outcomes, and how this in turn determines the effects of macroeconomic policies.
The first ...

What are the conditions for a well-functioning currency union? Since the 1960s', there has been a long stream of literature dedicated to this question. Through studying the historical fixed exchange rate regime of the Gold ...

A central goal of macroeconomic policy is the stabilization of business cycle fluctuations. Stabilization policies, including monetary and fiscal policy, are implemented based on the paradigm that stable economic conditions ...