SPP 1578: Financial Market Imperfections and Macroeconomic Performance

最近的金融危机及其随后的经济影响突出表明，金融市场的表现与宏观经济结果之间存在密切联系。该优先计划的中心目的是推动德国宏观经济学和金融经济学交叉领域的研究。个别研究项目分析金融市场不完善对金融市场稳定、宏观经济波动和长期经济增长的影响。该计划分为以下五个研究领域：（1）不完整的市场：信贷和保险市场不完善的宏观经济后果，（2）违约风险：限制合同的可撤销性和违约风险作为宏观经济波动的来源和长期增长的障碍，（3）泡沫和预期：金融市场的不完善是预期驱动的资产价格波动的根源，特别是资产价格泡沫和对宏观经济表现的影响，（4）金融中介：金融中介机构（银行、保险公司）的监管及其对金融和宏观经济稳定的影响;（5）货币政策：货币财政政策与金融市场之间的相互作用。

The recent financial crisis and its subsequent economic repercussions have underscored the close link between financial market performance and macroeconomic outcome. The central purpose of this Priority Programme is to advance research in Germany at the intersection of macroeconomics and financial economics. The individual research projects analyse the effect of financial market imperfections on financial market stability, macroeconomic volatility and long-run economic growth. The programme is divided into the following five research areas: (1) Incomplete Markets: the macroeconomic consequences of imperfections in credit and insurance markets, (2) Default Risk: limits on the enforceability of contracts and default risk as sources of macroeconomic volatility and as impediments to long-run growth, (3) Bubbles and Expectations: financial market imperfections as the source of expectation driven asset price movements, in particular asset price bubbles and the effect on macroeconomic performance,(4) Financial Intermediation: regulation of financial intermediaries (banks, insurance companies) and the implications for financial and macroeconomic stability, (5) Monetary Policy: the interaction between monetary-fiscal policies and financial markets.