Frankfurt Institute for Advanced Studies
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The Next Goal: euro area banking integration
No full textIn its first ten years (2014-2023), the banking union was successful in its prudential agenda but failed spectacularly in its underlying objective: establishing a single banking market in the euro area. This goal is now more important than ever, and easier to attain than at any time in the last decade. To make progress, cross-border banks should receive a specific treatment within general banking union legislation. Suggestions are made on how to make such regulatory carve-out effective and legally sound
Inflation and trading
No full textWe study how investors respond to inflation combining a customized survey experiment with trading data at a time of historically high inflation. Investors' beliefs about the stock return-inflation relation are very heterogeneous in the cross section and on average too optimistic. Moreover, many investors appear unaware of inflation-hedging strategies despite being otherwise well-informed about inflation and asset returns. Consequently, whereas exogenous shifts in inflation expectations do not impact return expectations, information on past returns during periods of high inflation leads to negative updating about the perceived stock-return impact of inflation, which feeds into return expectations and subsequent actual trading behavior
Thoughts about the dictator and trust game
No full textExperiments are an important tool in economic research. However, it is unclear to which extent the control of experiments extends to the perceptions subjects form of such experimental decision situations. This paper is the first to explicitly elicit perceptions of the dictator and trust game and shows that there is substantial heterogeneity in how subjects perceive the same game. Moreover, game perceptions depend not only on the game itself but also on the order of games (i.e., the broader experimental context in which the game is embedded) and the subject herself. This highlights that the control of experiments does not necessarily extend to game perceptions. The paper also demonstrates that perceptions are correlated with game behavior and moderate the relationship between game behavior and field behavior, thereby underscoring the importance and relevance of game perceptions for economic research
The SAFE Regulatory Radar in march [2024]
No full textAmendments in SEPA regulations, new rules for alternative investment fund managers, and the modernization of the UCITS framework, as well as the upcoming implementation of DORA and MiCA.Änderungen der SEPA-Verordnungen, neue Regeln für Verwalter alternativer Investmentfonds und Modernisierung des OGAW-Rahmens sowie die bevorstehende Umsetzung von DORA und MiCA
The SAFE Regulatory Radar in april [2024]
No full textNew “daisy chains” directive, rules on crypto-asset service providers, and new guidelines for investment firm groups.Neue „Daisy Chains“-Richtlinie, Regeln für Krypto-Asset-Dienstleister und neue Richtlinien für Wertpapierfirmengruppen
Geschäftsordnung für die Akkreditierungskommission der Johann Wolfgang Goethe-Universität Frankfurt am Main : genehmigt vom Präsidium am 14. November 2023
No full textOrdnung des Fachbereichs Wirtschaftswissenschaften der Johann Wolfgang Goethe-Universität Frankfurt am Main für den Masterstudiengang "Management Science" mit dem Abschluss "Master of Science (M. Sc.)" vom 14. Februar 2024 : genehmigt vom Präsidium am 26. März 2024
No full text»Der Natur einfach mal was zurückgeben«
No full textAls Landschaftsarchitekt ist Robert Anton seit elf Jahren für die Pflege der Pflanzen und Tiere auf dem Unigelände zuständig. Ökologische Aspekte wurden in dieser Zeit immer bedeutsamer. Ein Gespräch über Nachhaltigkeit auf dem Campus Westend
Goethe-Innovationspreis für Forschungsprojekte mit Gründungspotential verliehen
No full textNeue Therapieansätze gegen Antibiotika-Resistenz und zur Behandlung von chronischem Juckreiz sowie eine innovative Bio-Drucker-Technologie werden mit dem Goethe-Innovationspreis 2023 ausgezeichnet
Taylor rules and the inflation surge: the case of the Fed
No full textThe Federal Reserve has been publishing federal funds rate prescriptions from Taylor rules in its Monetary Policy Report since 2017. The signals from the rules aligned with Fed action on many occasions, but in some cases the Fed opted for a different route. This paper reviews the implications of the rules during the coronavirus pandemic and the subsequent inflation surge and derives projections for the future.
In 2020, the Fed took the negative prescribed rates, which were far below the effective lower bound on the nominal interest rate, as support for extensive and long-lasting quantitative easing. Yet, the calculations overstate the extent of the constraint, because they neglect the supply side effects of the pandemic.
The paper proposes a simple model-based adjustment to the resource gap used by the rules for 2020. In 2021, the rules clearly signaled the need for tightening because of the rise of inflation, yet the Fed waited until spring 2022 to raise the federal funds rate. With the decline of inflation over the course of 2023, the rules’ prescriptions have also come down. They fall below the actual federal funds rate target range in 2024. Several caveats concerning the projections of the interest rate prescriptions are discussed