@article{ClemensEydamHeinemann2023, author = {Clemens, Marius and Eydam, Ulrich and Heinemann, Maik}, title = {Inequality over the business cycle: the role of distributive shocks}, series = {Macroeconomic dynamics}, volume = {27}, journal = {Macroeconomic dynamics}, number = {3}, publisher = {Cambridge University Press}, address = {Cambridge}, issn = {1365-1005}, doi = {10.1017/S1365100521000523}, pages = {571 -- 600}, year = {2023}, abstract = {This paper examines how wealth and income inequality dynamics are related to fluctuations in the functional income distribution over the business cycle. In a panel estimation for OECD countries between 1970 and 2016, although inequality is, on average countercyclical and significantly associated with the capital share, one-third of the countries display a pro- or noncyclical relationship. To analyze the observed pattern, we incorporate distributive shocks into an RBC model, where agents are ex ante heterogeneous with respect to wealth and ability. We find that whether wealth and income inequality behave countercyclically or not depends on the elasticity of intertemporal substitution and the persistence of shocks. We match the model to quarterly US data using Bayesian techniques. The parameter estimates point toward a non-monotonic relationship between productivity and inequality fluctuations. On impact, inequality increases in response to TFP shocks but subsequently declines. Furthermore, TFP shocks explain 17\% of inequality fluctuations.}, language = {en} } @techreport{BlanzEydamHeinemannetal.2023, type = {Working Paper}, author = {Blanz, Alkis and Eydam, Ulrich and Heinemann, Maik and Kalkuhl, Matthias and Moretti, Nikolaj}, title = {Fiscal Policy and Energy Price Shocks}, series = {CEPA Discussion Papers}, journal = {CEPA Discussion Papers}, number = {70}, issn = {2628-653X}, doi = {10.25932/publishup-61276}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus4-612763}, pages = {33}, year = {2023}, abstract = {The effects of energy price increases are heterogeneous between households and firms. Financially constrained poorer households, who spend a larger relative share of their income on energy, are particularly affected. In this analysis, we examine the macroeconomic and welfare effects of energy price shocks in the presence of credit-constrained households that have subsistence-level energy demand. Within a Dynamic Stochastic General Equilibrium (DSGE) model calibrated for the German economy, we compare the performance of different policy measures (transfers and energy subsidies) and different financing schemes (income tax vs. debt). Our results show that credit-constrained households prefer debt over tax financing regardless of the compensation measure due to their difficulty to smooth consumption. On the contrary, rich households tend to prefer tax-financed measures as they increase the labor supply of poor households. From an aggregate perspective, tax-financed measures targeting firms effectively cushion aggregate output losses.}, language = {en} } @article{AmbergausdemMooreBekketal.2022, author = {Amberg, Maximilian and aus dem Moore, Nils and Bekk, Anke and Bergmann, Tobias and Edenhofer, Ottmar and Flachsland, Christian and George, Jan and Haywood, Luke and Heinemann, Maik and Held, Anne and Kalkuhl, Matthias and Kellner, Maximilian and Koch, Nicolas and Luderer, Gunnar and Meyer, Henrika and Nikodinoska, Dragana and Pahle, Michael and Roolfs, Christina and Schill, Wolf-Peter}, title = {Reformoptionen f{\"u}r ein nachhaltiges Steuer- und Abgabensystem}, series = {Perspektiven der Wirtschaftspolitik}, volume = {23}, journal = {Perspektiven der Wirtschaftspolitik}, number = {3}, publisher = {De Gruyter}, address = {Berlin}, issn = {1465-6493}, doi = {10.1515/pwp-2021-0051}, pages = {165 -- 199}, year = {2022}, abstract = {Steuern und Abgaben auf Produkte oder Verbrauch mit gesellschaftlichen Folgekosten (externe Kosten) - sogenannte Pigou- oder Lenkungssteuern - sind ein gesellschaftliches „Win-Win-Instrument". Sie verbessern die Wohlfahrt und sch{\"u}tzen gleichzeitig die Umwelt und das Klima. Dies wird erreicht, indem umweltsch{\"a}digende Aktivit{\"a}ten einen Preis bekommen, der m{\"o}glichst exakt der H{\"o}he des Schadens entspricht. Eine konsequente Bepreisung der externen Kosten nach diesem Prinzip k{\"o}nnte in Deutschland erhebliche zus{\"a}tzliche Einnahmen erbringen: Basierend auf bisherigen Studien zu externen Kosten w{\"a}ren zus{\"a}tzliche Einnahmen in der Gr{\"o}ßenordnung von 348 bis 564 Milliarden Euro pro Jahr (44 bis 71 Prozent der gesamten Steuereinnahmen) m{\"o}glich. Die Autoren warnen allerdings, dass die Bezifferung der externen Kosten mit erheblichen Unsicherheiten verbunden ist. Damit Lenkungssteuern und -abgaben ihre positiven Lenkungs- und Wohlstandseffekte voll entfalten k{\"o}nnen, seien zudem institutionelle Reformen notwendig.}, language = {de} } @article{BlanzEydamHeinemannetal.2022, author = {Blanz, Alkis and Eydam, Ulrich and Heinemann, Maik and Kalkuhl, Matthias}, title = {Energiepreiskrise und Klimapolitik:}, series = {Ifo-Schnelldienst}, volume = {75}, journal = {Ifo-Schnelldienst}, number = {5}, publisher = {Ifo Institut f{\"u}r Wirtschaftsforschung}, address = {M{\"u}nchen}, issn = {0018-974X}, pages = {34 -- 38}, year = {2022}, abstract = {Sollte Klimapolitik auf Energiepreisanstiege reagieren und kurzfristig CO2-Preise anpassen, um Haushalte zu entlasten? Alkis Blanz, Ulrich Eydam, Maik Heinemann und Matthias Kalkuhl, Mercator Research Institute on Global Commons and Climate Change (MCC) und Universit{\"a}t Potsdam, zeigen, dass die Verwendung der Einnahmen aus der CO2-Bepreisung von entscheidender Bedeutung ist. Werden diese weitestgehend durch Steuersenkungen oder Transfers an Haushalte r{\"u}ckverteilt, sollten CO2-Preise nicht an kurzfristige Energiepreisschwankungen angepasst werden. Haushalte profitieren st{\"a}rker von einer direkten Stabilisierung ihres Einkommens als von der Stabilisierung der Energiepreise. Werden Einnahmen aus der CO2-Bepreisung nicht r{\"u}ckerstattet, sind dagegen antizyklische CO2-Preise wohlfahrtserh{\"o}hend.}, language = {de} } @techreport{BlanzEydamHeinemannetal.2022, type = {Working Paper}, author = {Blanz, Alkis and Eydam, Ulrich and Heinemann, Maik and Kalkuhl, Matthias}, title = {Optimal carbon pricing with fluctuating energy prices — emission targeting vs. price targeting}, series = {CEPA Discussion Papers}, journal = {CEPA Discussion Papers}, number = {51}, issn = {2628-653X}, doi = {10.25932/publishup-56104}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus4-561049}, pages = {12}, year = {2022}, abstract = {Prices of primary energy commodities display marked fluctuations over time. Market-based climate policy instruments (e.g., emissions pricing) create incentives to reduce energy consumption by increasing the user cost of fossil energy. This raises the question of whether climate policy should respond to fluctuations in fossil energy prices? We study this question within an environmental dynamic stochastic general equilibrium (E-DSGE) model calibrated on the German economy. Our results indicate that the welfare implications of dynamic emissions pricing crucially depend on how the revenues are used. When revenues are fully absorbed, a reduction in emissions prices stabilizes the economy in response to energy price shocks. However, when revenues are at least partially recycled, a stable emissions price improves overall welfare. This result is robust to different modeling assumptions.}, language = {en} } @article{Heinemann2020, author = {Heinemann, Maik}, title = {Zyklische Ph{\"a}nomene in der {\"O}konomie - Ein Einblick in dei Theorie und Empirie konjunktureller Schwankungen}, series = {Zyklizit{\"a}t \& Rhythmik: eine multidisziplin{\"a}re Vorlesungsreihe}, journal = {Zyklizit{\"a}t \& Rhythmik: eine multidisziplin{\"a}re Vorlesungsreihe}, publisher = {trafo}, address = {Berlin}, isbn = {978-3-86464-169-5}, pages = {47 -- 69}, year = {2020}, language = {de} } @incollection{Heinemann2020, author = {Heinemann, Maik}, title = {Geleitwort}, series = {EU's connectivity in times of Eurasian Dynamics : challenges for banking and finance}, booktitle = {EU's connectivity in times of Eurasian Dynamics : challenges for banking and finance}, editor = {Hummel, Detlev}, publisher = {WeltTrends}, address = {Potsdam}, isbn = {978-3-947802-44-9}, pages = {10 -- 11}, year = {2020}, language = {en} } @article{ClemensHeinemann2018, author = {Clemens, Christiane and Heinemann, Maik}, title = {The effects of international financial integration in a model with heterogeneous firms and credit frictions}, series = {Macroeconomic Dynamics}, volume = {23}, journal = {Macroeconomic Dynamics}, number = {7}, publisher = {Cambridge Univ. Press}, address = {New York}, issn = {1365-1005}, doi = {10.1017/S1365100517000979}, pages = {2815 -- 2844}, year = {2018}, abstract = {This paper examines the consequences of international financial integration in a two-sector standard incomplete markets model with occupational choice under risk and financial constraints affecting entrepreneurial activity. We endogenize international productivity differences and discuss the implications of international integration for the macroeconomy, inequality, and welfare. Lending countries are characterized by tighter domestic constraints and experience an increase in gross national product, whereas the gross domestic product effect is ambiguous. We conclude that international integration is beneficial only for economies where there are substantial financial constraints on entrepreneurial activity. Otherwise, a majority of households suffer, due to the unequal distribution of welfare gains and losses across the heterogeneous population.}, language = {en} } @incollection{Heinemann2017, author = {Heinemann, Maik}, title = {The economic situation in the euro area and some remarks on fiscal and monetary policy}, series = {Politics vs. economics : consequences and economic challenges for the East-West partnership}, booktitle = {Politics vs. economics : consequences and economic challenges for the East-West partnership}, publisher = {WeltTrends}, address = {Potsdam}, isbn = {978-3-945878-62-0}, pages = {47 -- 63}, year = {2017}, language = {de} } @article{ClemensHeinemann2015, author = {Clemens, Christiane and Heinemann, Maik}, title = {Endogenous growth and wealth inequality under incomplete markets and idiosyncratic risk}, series = {Journal of macroeconomics}, volume = {45}, journal = {Journal of macroeconomics}, publisher = {Elsevier}, address = {Amsterdam}, issn = {0164-0704}, doi = {10.1016/j.jmacro.2015.05.008}, pages = {300 -- 317}, year = {2015}, abstract = {This paper describes the equilibrium properties and dynamics of a model which combines the key features of the standard incomplete market model (Aiyagari, 1994) with a standard endogenous growth mechanism to gain a deeper understanding of the feedback effects between growth and wealth inequality in the presence of credit frictions and idiosyncratic risk. We characterize growth equilibria and find that a balanced growth path not necessarily exists if households are subject to ad hoc borrowing constraints. Growth, inequality, and risk are positively related in our model, but we also identify a hump-shaped relationship between welfare and risk, indicating a tradeoff relationship between risk-pooling and growth in the determination of welfare. The growth rate responds to changes in the wealth distribution and displays transitional dynamics towards the balanced growth path. (C) 2015 Elsevier Inc. All rights reserved.}, language = {en} }