Publications

Peer-reviewed Journal Articles

Strohsal, T., Proaño C.R. and J. Wolters (2019),
Characterizing the financial cycle: Evidence from a frequency domain analysis.
Published in Journal of Banking & Finance, https://doi.org/10.1016/j.jbankfin.2019.06.010

Schmitt, N. and F. Westerhoff (2018),
Short-run momentum, long-run mean reversion and excess volatiliy: An elementary housing model.
Published in Economics Letters, https://doi.org/10.1016/j.econlet.2018.12.013

Martin, C. and F. Westerhoff (2018),
Regulation speculative housing markets via public housing construction programs: Insights from a heterogeneous model.
Published in Journal of Economics and Statistics, in press

Dieci, R., Schmitt, N. and F. Westerhoff (2018),
Steady states, stability and bifurcations in multi-asset market models.
Published in Decisions in Economics and Finance, in press

Dieci, R., Schmitt, N. and F. Westerhoff (2018),
Interactions between stock, bond and housing markets.
Published in Journal of Economic Dynamics and Control, https://doi.org/10.1016/j.jedc.2018.05.001

Blaurock, I., N. Schmitt and F. Westerhoff (2018),
Market entry waves and volatility outbursts in stock markets.
Published in Journal of Economic Behavior and Organization, https://doi.org/10.1016/j.jebo.2018.03.022
BERG Working Paper 128(1.1 MB), University of Bamberg

Proaño C.R. and A. Tarassow (2018),
Evaluating the predicting power of ordered probit models for multiple business cycle phases in the U.S. and Japan.
Published in Journal of the Japanese and International Economies, doi.org/10.1016/j.jjie.2018.08.002

Hommes, C.H., Lustenhouwer, J. and K. Mavromatis (2018),
Fiscal consolidations and heterogeneous expectations.
Published in Journal of Economic Dynamics and Control, doi.org/10.1016/j.jedc.2017.12.002

Anufriev, M., Hommes, C. and T. Makarewicz (2018),
Simple Forecasting Heuristics that Make us Smart: Evidence from Different Market Experiments.
Published in Journal of the European Economic Association

Dräger, L. and C.R. Proaño (2018),
Cross-border banking and macroprudential policies in asymmetric monetary unions.
Published in Macroeconomic Dynamics, doi.org/10.1017/S1365100518000214

Franke, R. and F. Westerhoff (2017),
Taking stock: a rigorous modelling of animal spirits in macroeconomics.
Published in Journal of Economic Surveys 31, 1152-1182,doi: 10.1111/joes.12219

Menden, C. and C.R. Proaño (2017), Dissecting the Financial Cycle with Dynamic Factor Models.
Published in Quantitative Finance, doi: 10.1080/14697688.2017.1357971
BERG Working Paper 126(1.7 MB, 45 pages), University of Bamberg

Flaschel, P., Charpe, M., Galanis, G., Proaño, C.R. and R. Veneziani (2017),
Macroeconomic and Stock Market Interactions with Endogenous Aggregate Sentiment Dynamics.
Published in Journal of Economic Dynamics and Control, doi: 10.1016/j.jedc.2017.10.002
BERG Working Paper 125(7.1 MB, 38 pages), University of Bamberg

Working Papers

Proaño C.R., Peña J.C. and Saalfeld T. (2019),
Inequality, Macroeconomic Performance and Political Polarization: An Empirical Analysis.
BERG Working Paper 149(1.1 MB, 50 pages), University Bamberg

Proaño C.R., and Lojak B. (2019),
Animal Spirits, Risk Premia and Monetary Policy at the Zero Lower Bound.
BERG Working Paper 148(484.5 KB, 30 pages), University Bamberg

Hagenhoff T. and Lustenhouwer J. (2019),
The Rationality Bias.
BERG Working Paper 144(467.6 KB, 44 pages), University of Bamberg

Martin, C., N. Schmitt and F. Westerhoff (2018),
Housing markets, expectation formation and interest rates.
BERG Working Paper 142(4.5 MB, 48 pages), University of Bamberg

Makarewicz T. (2019),
Traders, forecasters and financial instability: A model of individual learning of anchor-and-adjustment heuristics.
BERG Working Paper 141(624.6 KB, 56 pages), University of Bamberg

Hagenhoff T. (2018),
An aggregate welfare optimizing interest rate rule under heterogeneous expectations.
BERG Working Paper 139(442.1 KB, 46 pages) University Bamberg

Lustenhouwer J. (2018),
Fiscal Stimulus in an Expectation Driven Liquidity Trap.
BERG Working Paper 138(511.1 KB, 59 pages) University of Bamberg

Ahrens S., J. Lustenhouwer & M. Tettamanzi (2018),
The Stabilizing Role of Forward Guidance: A Macro Experiment.
BERG Working Paper 137(686.1 KB, 48 pages) University of Bamberg

Hommes, C.H. & J. Lustenhouwer (2017),
Managing Unanchored, Heterogeneous Expectations and Liquidity Traps.
BERG Working Paper 131(1.8 MB, 52 pages)(1.8 MB), University of Bamberg

Lustenhouwer, J. & K. Mavromatis (2017),
Fiscal Consolidations and Finite Planning Horizons.
BERG Working Paper 130(679.8 KB, 62 pages)(679.8 KB), University of Bamberg

Blaurock, I., Schmitt, N. and Westerhoff, F. (2017),
Market entry waves and volatility outbursts in stock markets.
BERG Working Paper 128(1.1 MB), University of Bamberg