Research

Publications

Interaction effects between dynamic hybrid products and traditional deferred annuities in the German life insurance market

Moretti, N., Bartels, J., published in Financial Markets and Portfolio Management, 2021

In this paper, we study interaction effects between dynamic hybrid products and traditional deferred annuity contracts that are sold by the same insurance company. We build a model including a detailed representation of the profit participation mechanism and analyse it using a Monte Carlo simulation.

Working Papers

Fiscal Policy and Energy Price Shocks

Blanz, A., Eydam, U., Heinemann, M., Kalkuhl, M., Moretti, N., published in CEPA Discussion Paper, 2023

In this paper, we analyse the effect of different fiscal policy measures in response to a non-anticipated energy price shock in a real-business-cycle model with heterogeneous households differing ith respect to their energy consumption and savings capacity.

Work in Progress

Optimal debt ceiling for a present-biased government

Ongoing

In this project, I characterize the optimal debt-ceiling for a present-biased government, accounting for the distortion of long-term investment it induces. I furthermore analyze the effect of a shock to the productivity of investment to the debt-ceiling. (With Tobias Bergmann)

Overcoming the Climate Policy Dilemma: The Role of Debt and Redistribution under Intergenerational Borrowing Constraints

Ongoing

We investigate the effect of (intergenerational) borrowing constraints on climate policy in a simple political economy model where households differ in income. Binding borrowing constraints reduce implicit discount rates. We analyze how intra- and intergenerational transfers can increase support for climate policy. (With Matthias Kalkuhl and Maximilian Kellner)