TY  - THES
A1  - Eydam, Ulrich
T1  - Essays on Macroeconomics
N2  - This dissertation consists of four self-contained papers. Each paper deals with a specific macroeconomic question. The first paper assesses the distributional implications of environmental policies from a general equilibrium macroeconomic perspective. I develop a New-Keynesian model with several types of uncertainties and frictions that incorporates liquidity constrained households. The model is calibrated to match the German economy and the numerical results show that climate policy instruments can be associated with regressive welfare effects. Furthermore, the analysis shows that these effects can be mitigated through an appropriate revenue recycling scheme. The second paper deals with short-run inequality dynamics within a real business cycle model. An empirical evaluation shows that the cyclical components of income inequality, the capital share and real GDP are correlated. We develop tractable representation of common inequality indicators in the general equilibrium model and show that the observed pattern is driven by innovations in the capital share. A Bayesian estimation of the model for the United States with data for the period 1948 to 2017 indicates that the model provides a reasonable fit for the data and successfully replicates the observed pattern of cyclical correlations. The third paper empirically examines the effects of banking regulation on the risk-relationship between sovereigns and banks. Based on a comprehensive data set of the European banking sector, we find that the implementation of the novel European banking regulation framework significantly contributed to a weakening of the risk-link between sovereigns and banks.The fourth paper empirically examines the role of institutional experience for institutional development in transition economies. To capture institutional experience, we develop a novel index, based on historical country records. The results of cross-sectional and panel estimations suggest that institutional experience helps to explain the divergent economic and institutional development in transition economies after the dissolution of the Soviet Union.
KW  - Macroeconomic Dynamics
KW  - Environmental Policy
KW  - Inequality
KW  - Policy Design
KW  - Business Cycle
KW  - Income and Wealth Inequality
KW  - Distributive Shocks
KW  - Financial Stability
KW  - Sovereign Bail-out
KW  - Bail-in Tool
KW  - Doom Loop
KW  - European Banking Union
KW  - Bank Recovery and Resolution Directive
KW  - Institutions
KW  - Comparative Development
KW  - Transition Economies
KW  - Post-Soviet Space
KW  - Collective Memory
Y1  - 2021
ER  -