Research Interests

Dynamic General Equilibrium Theory
"Bubbly Markov Equilibria"
(with Martin Barbie), published in: Economic Theory, 2018, Volume 66, Issue 3, pages 627-679
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"Uniqueness of Markov Equilibrium in Stochastic OLG Models with Nonclassical Production"
published in: Economics Letters, 2014, Volume 123, Issue 2, Pages 171–176
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"Existence of Bubbly Equilibria in Overlapping Generations Models with Stochastic Production"
>>Download<<    (updated June 2014)

Macroeconomic Models of Climate Change
"Optimal Climate Policies in a Dynamic Multi-Country Equilibrium Model"
(with Elmar Hillebrand), published in:Journal of Economic Theory, 2019, Volume 179 (1), Pages 200-239
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>>Download final version<<    (updated November 2018)
>>Download simulation data<<
A previous version was discussed on Chris Zimmermann's NEP-DGE blog
"Who Pays the Bill? Climate Change, Taxes, and Transfers in a Multi-Region Growth Model"
(with Elmar Hillebrand)
>>Download paper<<    (updated November 2021)
>>Download simulation data<<     (updated November 2021)

Financial Markets and the Macroeconomy
"Bubbles and Crowding-in of Capital via a Savings Glut"
(with Tomoo Kikuchi and Masaya Sakuragawa), published in: Macroeconomic Dynamics, 2018, Vol.22, Pages 1238-1266 >>Access online<<
"A Mechanism for Booms and Busts in Housing Prices"
(with Tomoo Kikuchi), published in: Journal of Economic Dynamics and Control, 2015, Vol.51, Pages 204–217
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"Governmental Debt, Sustainability, and Optimality"
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The Impact of Multiperiod Planning Horizons on Portfolios and Asset Prices in a Dynamic CAPM
(with Jan Wenzelburger), published in: Journal of Mathematical Economics, 2006, Volume 42, Pages 565-593
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"On the Dynamics of Asset Prices and Portfolios in a Multiperiod CAPM
(with Jan Wenzelburger), published in: Chaos, Solitons & Fractals, 2006, Volume 29, Issue 3, Pages 578-594
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Multiperiod Consumption and Investment Decisions Revisited
(with Jan Wenzelburger)

Social Security and Demographic Change
On the Optimal Size of Social Security in the Presence of a Stock Market
published in: Journal of Mathematical Economics, 2012, Volume 48, Pages 26-38
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Elsevier Top 25 Hottest Articles: >>01-03/2012 (Rank 8)<< >>04-06/2012 (Rank 20)<<
On the Role of Labor Supply for the Optimal Size of Social Security
published in: Journal of Economic Dynamics and Control, 2011, Volume 35, Pages 1091-1105
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On the Inefficiency of Pay-As-You-Go Pension Systems in Stochastic Economies with Assets
(with Volker Böhm)
The Role of Pension Systems and Demographic Change for Asset Prices and Capital Formation
"Pension Systems, Demographic Change, and the Stock Market
Lecture Notes in Economics and Mathematical Systems, Volume 610, Springer Verlag, 2008, Berlin a.o.
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 A review that appeared in Canadian Studies in Population can be found

Further Publications
Book review of "Economic dynamics in discrete time" by Jianjun Miao, in: zbMATH, August 2017
>>View online<<
“Erwartungen und Plannungshorizont bestimmen Portefeuilles“, Artikel in der Börsen-Zeitung, Rubrik „Aus der Kapitalmarktforschung“, 07.06.2005

Journal of Economic Dynamics and Control, Journal of Economic Growth, Journal of Economic Theory, Journal of Mathematical Ecoomics, Macroeconomic Dynamics, Economic Modelling, Journal of Economics, Journal of Economics and Statistics



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