Martin Hellwig
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View article: National central banks and the governance of the European system of central banks
National central banks and the governance of the European system of central banks Open
The paper analyses the role of national central banks (NCBs) in the governance of the European System of Central Banks (ESCB), NCBs are the owners of the European Central Bank (ECB), and their governors dominate the ECB's Governing Council…
View article: Geldpolitik und Nachhaltigkeit
Geldpolitik und Nachhaltigkeit Open
ECB President Christine Lagarde and others have suggested that climate change creates risks for price stability and for the viability of counterparties to central bank interventions and therefore monetary policy should contribute to fighti…
View article: Incomplete‐information games in large populations with anonymity
Incomplete‐information games in large populations with anonymity Open
The paper provides theoretical foundations for models of strategic interdependence under uncertainty that have a continuum of agents and a decomposition of uncertainty into a macro component and an agent‐specific micro component, with a la…
View article: ‘Capitalism: what has gone wrong?’: Who went wrong? Capitalism? The market economy? Governments? ‘Neoliberal’ economics?
‘Capitalism: what has gone wrong?’: Who went wrong? Capitalism? The market economy? Governments? ‘Neoliberal’ economics? Open
The paper contributes to a symposium of the Oxford Review of Economic Policy on ‘Capitalism: What has Gone Wrong, What Needs to Change, and How can it be Fixed?’. The analysis starts from the observation that, in the United States, the Uni…
View article: Reducing the Mobility of SARS-CoV-2 Variants to Safeguard Containments
Reducing the Mobility of SARS-CoV-2 Variants to Safeguard Containments Open
Escape variants can cause new waves of COVID-19 outbreaks and put vaccination strategies at risk. To prevent or delay the global spread of these waves, virus mobility needs to be minimised through screening and testing strategies, which sh…
View article: Safe assets, risky assets, and dynamic inefficiency in overlapping-generations economies
Safe assets, risky assets, and dynamic inefficiency in overlapping-generations economies Open
The paper gives conditions for dynamic inefficiency of laissez-faire allocations in an overlapping-generations model with safe and risky assets. If the rate of population growth is certain, the conditions given depend only on how the rate …
View article: Twelve Years after the Financial Crisis—Too-big-to-fail is still with us
Twelve Years after the Financial Crisis—Too-big-to-fail is still with us Open
This article comments on the Consultation Report published by the Financial Stability Board (FSB) evaluating the success of regulatory reforms since the global financial crisis of 2007–2009. It argues that the FSB’s assessment of the role …
View article: Property Taxes and Dynamic Inefficiency: A Correction of a "Correction"
Property Taxes and Dynamic Inefficiency: A Correction of a "Correction" Open
According to Homburg’s (2014) comment on Kim and Lee (1997), an ad-valorem property tax on land cannot cause dynamic ineffciency of equilibrium allocations in an overlapping-generations model unless the tax is "confiscatory", i.e., equal t…
View article: Twelve Years after the Financial Crisis – Too-big-to-fail is still with us. Comments on the Financial Stability Board’s Consultation Report ‘Evaluation of the Effects of Too-big-to-fail reforms’
Twelve Years after the Financial Crisis – Too-big-to-fail is still with us. Comments on the Financial Stability Board’s Consultation Report ‘Evaluation of the Effects of Too-big-to-fail reforms’ Open
The paper contains comments made on the Financial Stability Board's (FSB) Consultation Report concerning the success of regulatory reforms since the global financial crisis of 2007-2009. According to these comments, the FSB's assessment of…
View article: Bank Leverage, Welfare and Regulation
Bank Leverage, Welfare and Regulation Open
We take issue with claims that the funding mix of banks, which makes them fragile and crisisprone, is efficient because it reflects special liquidity benefits of bank debt. Even aside from neglecting the systemic damage to the economy that…
View article: Probability Measures on Product Spaces with Uniform Metrics
Probability Measures on Product Spaces with Uniform Metrics Open
For a countable product of complete separable metric spaces with a topology induced by a uniform metric, the set of Borel probability measures coincides with the set of completions of probability measures on the product σ-algebra. Whereas …