Auflistung LIF-SAFE Working Papers nach Autor "Grüning, Patrick"
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Asset Pricing Under Uncertainty About Shock Propagation
Branger, Nicole; Grüning, Patrick; Kraft, Holger; Meinerding, Christoph (2014-03-25)We analyze the equilibrium in a two-tree (sector) economy with two regimes. The output of each tree is driven by a jump-diffusion process, and a downward jump in one sector of the economy can (but need not) trigger a shift ... -
Austerity, Fiscal Uncertainty, and Economic Growth: Insights from Fiscally Weak EU Countries
Curatola, Giuliano; Donadelli, Michael; Gioffré, Alessandro; Grüning, Patrick (2014-08-08)Recent empirical evidence suggests that during the last years fiscally weak European countries significantly cut their R&D budgets in an effort to reduce their deficit, according to the spirit of the Fiscal Compact. We ... -
Commodities, Financialization, and Heterogeneous Agents
Branger, Nicole; Grüning, Patrick; Schlag, Christian (2016-04-28)The term 'financialization' describes the phenomenon that commodity contracts are traded for purely financial reasons and not for motives rooted in the real economy. Recently, financialization has been made responsible for ... -
Global Temperature, R&D Expenditure, and Growth
Donadelli, Michael; Grüning, Patrick; Jüppner, Marcus; Kizys, Renatas (2017-11-15)We shed new light on the macroeconomic effects of rising temperatures. In the data, a shock to global temperature dampens expenditures in research and development (R&D). We rationalize this empirical evidence within a ... -
Heterogeneity in the Internationalization of R&D: Implications for Anomalies in Finance and Macroeconomics
Grüning, Patrick (2017-10-17)Empirical evidence suggests that investments in research and development (R&D) by older and larger firms are more spread out internationally than R&D investments by younger and smaller firms. In this paper, I explore the ... -
Innovation Dynamics and Fiscal Policy: Implications for Growth, Asset Prices, and Welfare
Donadelli, Michael; Grüning, Patrick (2017-04-13)"We study the general equilibrium implications of different fiscal policies on macroeconomic quantities, asset prices, and welfare by utilizing two endogenous growth models. The expanding variety model features only ... -
International Endogenous Growth, Macro Anomalies, and Asset Prices
Grüning, Patrick (2016-07-20)"This paper studies a two-country production economy with complete and frictionless financial markets and international trade in which competition in R&D leads to endogenous new firm creation and economic growth. Current ... -
Investment-Specific Shocks, Business Cycles, and Asset Prices
Curatola, Giuliano; Donadelli, Michael; Grüning, Patrick; Meinerding, Christoph (2016-03-14)We introduce long-run investment productivity risk in a two-sector production economy to explain the joint behavior of macroeconomic quantities and asset prices. Long-run productivity risk in both sectors, for which we ... -
Technology Trade with Asymmetric Tax Regimes and Heterogeneous Labor Markets: Implications for Macro Quantities and Asset Prices
Curatola, Giuliano; Donadelli, Michael; Grüning, Patrick (2017-10-05)The international diffusion of technology plays a key role in stimulating global growth and explaining co-movements of international equity returns. Existing empirical evidence suggests that countries are heterogeneous in ...