Michael Funke

University of Hamburg - Department of Economics

Professor

Von-Melle-Park 5

room 2128 C rise

Hamburg, 20146

Germany

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5

Munich, DE-81679

Germany

SCHOLARLY PAPERS

79

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Scholarly Papers (79)

Monetary Policy Transmission in China: A DSGE Model with Parallel Shadow Banking and Interest Rate Control

BOFIT Discussion Paper No. 9/2015
Number of pages: 51 Posted: 20 Mar 2015
Michael Funke, Petar Mihaylovski and Haibin Zhu
University of Hamburg - Department of Economics, University of Hamburg - Department of Economics and J.P. Morgan Chase Bank, Hong Kong
Downloads 485 (56,208)
Citation 2

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DSGE model, monetary policy, financial market reform, shadow banking, China

Monetary Policy Transmission in China: A DSGE Model with Parallel Shadow Banking and Interest Rate Control

HKIMR Working Paper No.12/2015
Number of pages: 48 Posted: 12 May 2015
Michael Funke, Petar Mihaylovski and Haibin Zhu
University of Hamburg - Department of Economics, University of Hamburg - Department of Economics and J.P. Morgan Chase Bank, Hong Kong
Downloads 72 (323,919)
Citation 3

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DSGE Model, Monetary Policy, Financial Market Reform, Shadow Banking, China

2.

Option Value, Policy Uncertainty, and the Foreign Direct Investment Decision

HWWA Discussion Paper No. 234
Number of pages: 23 Posted: 16 Jul 2003
Yu-Fu Chen and Michael Funke
University of Dundee - Department of Economic Studies and University of Hamburg - Department of Economics
Downloads 351 (83,646)
Citation 2

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Real options, Investment, Foreign Direct Investment, Political Uncertainty

The Undisclosed Renminbi Basket: Are the Markets Telling us Something About Where the Renminbi-US Dollar Exchange Rate is Going?

BOFIT Discussion Paper No. 20/2007
Number of pages: 27 Posted: 06 Nov 2007 Last Revised: 14 Apr 2009
Michael Funke and Marc Gronwald
University of Hamburg - Department of Economics and University of Aberdeen
Downloads 186 (160,300)
Citation 4

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China, renminbi, de facto exchange rate regime, TV-AR model, TV-AR-GARCH model

The Undisclosed Renminbi Basket: Are the Markets Telling Us Something About Where the Renminbi-US Dollar Exchange Rate is Going?

CESifo Working Paper Series No. 2272
Number of pages: 24 Posted: 10 Apr 2008
Michael Funke and Marc Gronwald
University of Hamburg - Department of Economics and University of Aberdeen
Downloads 156 (187,225)

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China, renminbi, de facto exchange rate regime, TV-AR model, TV-AR-GARCH model

4.

Market and Non-Market Monetary Policy Tools in a Calibrated DSGE Model for Mainland China

BOFIT Discussion Paper No. 16/2012
Number of pages: 37 Posted: 18 Jul 2012
Qianying Chen, Michael Funke and Michael Paetz
International Monetary Fund (IMF) - Monetary and Capital Markets Department, University of Hamburg - Department of Economics and University of Hamburg
Downloads 317 (93,782)
Citation 4

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DSGE models, monetary policy, China, macroprudential policy

5.

China's New Labour Contract Law: No Harm to Employment?

BOFIT Discussion Paper No. 29/2008
Number of pages: 38 Posted: 08 Jan 2009
Michael Funke and Yu-Fu Chen
University of Hamburg - Department of Economics and University of Dundee - Department of Economic Studies
Downloads 303 (98,512)
Citation 6

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China, labour contract law, real options, employment

6.
Downloads 286 (104,895)
Citation 18

Just How Undervalued is the Chinese Renminbi?

BOFIT Discussion Paper No. 14/2004
Number of pages: 40 Posted: 18 Sep 2007
Michael Funke and Jörg Rahn
University of Hamburg - Department of Economics and University of Hamburg
Downloads 271 (110,491)
Citation 34

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renminbi, yuan, China, exchange rate, equilibrium exchange rate

Just How Undervalued is the Chinese Renminbi?

The World Economy, Vol. 28, No. 4, pp. 465-489, April 2005
Number of pages: 25 Posted: 21 Apr 2005
Michael Funke and Jörg Rahn
University of Hamburg - Department of Economics and University of Hamburg
Downloads 15 (565,258)
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7.

A DSGE-Based Assessment of Nonlinear Loan-to-Value Policies: Evidence from Hong Kong

BOFIT Discussion Paper No. 11/2012
Number of pages: 26 Posted: 02 May 2012
Michael Funke and Michael Paetz
University of Hamburg - Department of Economics and University of Hamburg
Downloads 255 (118,326)
Citation 5

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macroprudential policy, DSGE model, loan-to-value ratio, Hong Kong

8.

Does the Nominal Exchange Rate Regime Matter for Investment?

CESifo Working Paper Series No. 578
Number of pages: 27 Posted: 30 Oct 2001
Hjalmar Böhm and Michael Funke
University of Hamburg and University of Hamburg - Department of Economics
Downloads 251 (120,281)
Citation 1

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Investment, Uncertainty, Irreversibility, Exchange Rate Regimes

9.

In Search of Leading Indicators of Economic Activity in Germany

CESifo Working Paper Series No. 571
Number of pages: 28 Posted: 23 Oct 2001
Harm Bandholz and Michael Funke
University of Hamburg and University of Hamburg - Department of Economics
Downloads 215 (140,136)
Citation 8

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Business Cycles, Leading Indicators, Turning Points, Markov Switching, Germany

10.

Financial System Reforms and China's Monetary Policy Framework: A DSGE-Based Assessment of Initiatives and Proposals

BOFIT Discussion Paper No. 30/2012
Number of pages: 36 Posted: 15 Dec 2012
Michael Funke and Michael Paetz
University of Hamburg - Department of Economics and University of Hamburg
Downloads 210 (143,282)
Citation 1

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DSGE model, financial sector reform, monetary policy, China

11.

Growth and Convergence in a Two-Region Model of Unified Germany

CESifo Working Paper Series No. 206
Number of pages: 21 Posted: 17 Jun 2001
Michael Funke and Holger Strulik
University of Hamburg - Department of Economics and University of Goettingen (Gottingen) - School of Law, Economics, Social Sciences
Downloads 192 (155,807)
Citation 3

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German unification, regional convergence, government

12.

Taxation, Growth and Welfare: Dynamic Effects of Estonia's 2000 Income Tax Act

BOFIT Discussion Paper No. 10/2003
Number of pages: 26 Posted: 19 Sep 2007
Michael Funke and Holger Strulik
University of Hamburg - Department of Economics and University of Goettingen (Gottingen) - School of Law, Economics, Social Sciences
Downloads 191 (156,509)
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growth, welfare, taxation, tax reform, Estonia

13.

Taking the Temperature - Forecasting GDP Growth for Mainland China

BOFIT Discussion Paper No. 6/2006
Number of pages: 44 Posted: 24 Jul 2007
Declan Curran and Michael Funke
University of Hamburg - Faculty of Economics and Business Administration and University of Hamburg - Department of Economics
Downloads 168 (175,555)
Citation 4

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forecasting, china, leading indicator, factor model, growth cycles

14.

Extracting Leading Indicators of Bank Fragility from Market Prices - Estonia Focus

CESifo Working Paper No. 1647
Number of pages: 30 Posted: 16 Feb 2006
Yu-Fu Chen, Michael Funke and Kadri Männasoo
University of Dundee - Department of Economic Studies, University of Hamburg - Department of Economics and Bank of Estonia
Downloads 167 (176,450)

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banking, financial stability, bank fragility, options, Estonia

15.

Threshold Effects and Regional Economic Growth - Evidence from West Germany

CESifo Working Paper Series No. 690
Number of pages: 21 Posted: 27 May 2002
Michael Funke and Annekatrin Niebuhr
University of Hamburg - Department of Economics and Hamburg Institute of International Economics (HWWI)
Downloads 167 (176,450)
Citation 3

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Regional Economic Growth, Human Capital, Germany

16.

Global Warming and Extreme Events: Rethinking the Timing and Intensity of Environmental Policy

CESifo Working Paper Series No. 3139
Number of pages: 34 Posted: 31 Jul 2010
Yu-Fu Chen and Michael Funke
University of Dundee - Department of Economic Studies and University of Hamburg - Department of Economics
Downloads 165 (178,269)

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climate policy, extreme events, real options, Levy process

17.

Environmental Policy Under Model Uncertainty: A Robust Optimal Control Approach

CESifo Working Paper Series No. 1938
Number of pages: 21 Posted: 28 Mar 2007
Michael Funke and Michael Paetz
University of Hamburg - Department of Economics and University of Hamburg
Downloads 150 (193,191)
Citation 4

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robust control model uncertainty, environmental policy

Inflation in Mainland China - Modelling a Roller Coaster Ride

BOFIT Discussion Paper No. 6/2005, Pacific Economic Review, Vol. 11, pp. 413-430, 2006
Number of pages: 31 Posted: 26 Jul 2007
Michael Funke
University of Hamburg - Department of Economics
Downloads 74 (318,905)
Citation 4

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China, inflation, New Keynesian Phillips curve

Inflation in Mainland China - Modelling a Roller Coaster Ride

HKIMR Working Paper No. 15/2005
Number of pages: 21 Posted: 23 Aug 2007
Michael Funke
University of Hamburg - Department of Economics
Downloads 73 (321,410)
Citation 2

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China, inflation, New Keynesian Phillips curve

19.

Volatility Transmissions between Renminbi and Asia-Pacific On-Shore and Off-Shore U.S. Dollar Futures

BOFIT Discussion Paper No. 16/2006
Number of pages: 34 Posted: 24 Jul 2007
Roberta Colavecchio and Michael Funke
Universitaet Hamburg and University of Hamburg - Department of Economics
Downloads 143 (200,815)
Citation 2

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China, renminbi, Asia, forward exchange rates, non-deliverable forward market, multivariate GARCH models

20.

Optimal Investment Strategies Under Demand and Tax Policy Uncertainity

CESifo Working Paper Series No. 311
Number of pages: 21 Posted: 21 Mar 2001
Hjalmar Böhm and Michael Funke
University of Hamburg and University of Hamburg - Department of Economics
Downloads 135 (210,330)

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21.

Renewed Momentum in the German Housing Market: Boom or Bubble?

CESifo Working Paper Series No. 4287
Number of pages: 21 Posted: 28 Jun 2013
Xi Chen and Michael Funke
Hamburg University of Economics and Politics and University of Hamburg - Department of Economics
Downloads 134 (211,582)

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Germany, house price bubbles, right-tailed unit root tests

How Efficient is the East German Economy? An Exploration with Micro Data

CESifo Working Paper Series No.397
Number of pages: 20 Posted: 15 Mar 2001
Michael Funke and Jörg Rahn
University of Hamburg - Department of Economics and University of Hamburg
Downloads 131 (216,259)
Citation 2

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How Efficient is the East German Economy? An Exploration with Micro Data

Economics of Transition, Vol. 10, No. 1, February 2002
Posted: 17 Jan 2002
Michael Funke and Jörg Rahn
University of Hamburg - Department of Economics and University of Hamburg

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East Germany, technical efficiency, panel data, convergence, wages

Export Variety and Economic Growth in East European Transition Economies

BOFIT Discussion Paper No. 8/2003
Number of pages: 33 Posted: 19 Sep 2007
Michael Funke and Ralf Ruhwedel
University of Hamburg - Department of Economics and University of Hamburg
Downloads 96 (271,008)
Citation 12

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product variety, transition economies, Eastern Europe, economic growth, panel data

Export Variety and Economic Growth in East European Transition Economies

Economics of Transition, Vol. 13, No. 1, pp. 25-50, January 2005
Number of pages: 26 Posted: 08 Jan 2005
Michael Funke and Ralf Ruhwedel
University of Hamburg - Department of Economics and University of Hamburg
Downloads 31 (468,675)
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24.

Labour Demand in Germany: An Assessment of Non-Wage Labour Costs

CESifo Working Paper Series No. 952
Number of pages: 25 Posted: 11 Jun 2003
Yu-Fu Chen and Michael Funke
University of Dundee - Department of Economic Studies and University of Hamburg - Department of Economics
Downloads 127 (220,672)
Citation 4

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Real Options, Labour Demand, Non-wage Labour Costs, Hiring and Firing Costs, Germany

25.

Exchange Rate Uncertainty and Labour Market Adjustment Under Fixed and Flexible Exchange Rates

CESifo Working Paper Series No. 779; HWWA Discussion Paper No. 196
Number of pages: 31 Posted: 06 Nov 2002
Michael Funke and Yu-Fu Chen
University of Hamburg - Department of Economics and University of Dundee - Department of Economic Studies
Downloads 127 (220,672)

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Real Option Theory, Uncertainty, Working Time, Employment, Labour Demand, Exchange Rates

26.

Assessing the CNH-CNY Pricing Differential: Role of Fundamentals, Contagion and Policy

BIS Working Paper No. 492
Number of pages: 26 Posted: 02 Mar 2015
University of Hamburg - Department of Economics, Independent, Hong Kong Monetary Authority and Deutsche Bundesbank
Downloads 122 (227,461)
Citation 13

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renminbi exchange rates, China, onshore and offshore markets, GARCH models

27.

Economic Growth Across Space and Time: Subprovincial Evidence from Mainland China

BOFIT Discussion Paper No. 21/2007
Number of pages: 41 Posted: 04 Jan 2008
Declan Curran, Michael Funke and Jue Wang
University of Hamburg - Faculty of Economics and Business Administration, University of Hamburg - Department of Economics and Bank of Finland - Institute for Economies in Transition (BOFIT)
Downloads 116 (236,229)
Citation 1

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regional economic growth, China

28.

Product Variety and Economic Growth; Empirical Evidence for the OECD Countries

CESifo Working Paper Series No. 250
Number of pages: 24 Posted: 05 Apr 2001
Michael Funke and Ralf Ruhwedel
University of Hamburg - Department of Economics and University of Hamburg
Downloads 114 (239,148)
Citation 26

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29.

What can an Open-Economy DSGE Model Tell Us About Hong Kong’s Housing Market?

BOFIT Discussion Paper No. 19/2010
Number of pages: 45 Posted: 23 Nov 2010
Michael Funke and Michael Paetz
University of Hamburg - Department of Economics and University of Hamburg
Downloads 108 (248,497)

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DSGE models, housing, open economy, Hong Kong

30.

Drifting Together or Falling Apart? The Empirics of Regional Economic Growth in Post-Unification Germany

CESifo Working Paper Series No. 1533
Number of pages: 29 Posted: 28 Sep 2005
Roberta Colavecchio, Declan Curran and Michael Funke
Universitaet Hamburg, Dublin City University Business School and University of Hamburg - Department of Economics
Downloads 104 (255,122)
Citation 1

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regional economic growth, Germany, convergence clubs, density estimation, modality tests

What Drives Urban Consumption in Mainland China? The Role of Property Price Dynamics

BOFIT Discussion Paper No. 13/2011
Number of pages: 35 Posted: 22 Jun 2011
Yu-Fu Chen, Michael Funke and Aaron N. Mehrotra
University of Dundee - Department of Economic Studies, University of Hamburg - Department of Economics and Bank for International Settlements (BIS)
Downloads 71 (326,508)

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consumption, house prices, China, panel data

What Drives Urban Consumption in Mainland China? The Role of Property Price Dynamics

HKIMR Working Paper No. 15/2011
Number of pages: 30 Posted: 20 Jun 2011
Yu-Fu Chen, Michael Funke and Aaron N. Mehrotra
University of Dundee - Department of Economic Studies, University of Hamburg - Department of Economics and Bank for International Settlements (BIS)
Downloads 18 (545,922)

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consumption, house prices, China, panel data

What Drives Urban Consumption in Mainland China?: The Role of Property Price Dynamics

BOFIT Discussion Paper No. 13/2011
Number of pages: 35 Posted: 29 Aug 2017
Yu-Fu Chen, Michael Funke and Aaron N. Mehrotra
University of Dundee - Department of Economic Studies, University of Hamburg - Department of Economics and Bank for International Settlements (BIS)
Downloads 7 (619,444)
Citation 1

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What Drives Urban Consumption in Mainland China? The Role of Property Price Dynamics

Pacific Economic Review, Vol. 22, Issue 3, pp. 383-409, 2017
Number of pages: 27 Posted: 28 Aug 2017
Yu-Fu Chen, Michael Funke and Aaron N. Mehrotra
University of Dundee - Department of Economic Studies, University of Hamburg - Department of Economics and Bank for International Settlements (BIS)
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32.

Working Time and Employment Under Uncertainty

CESifo Working Paper Series No. 732
Number of pages: 28 Posted: 11 Sep 2002
Yu-Fu Chen and Michael Funke
University of Dundee - Department of Economic Studies and University of Hamburg - Department of Economics
Downloads 95 (270,879)
Citation 3

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Real Options, Uncertainty, Working Time, Employment, Labor Demand

33.

Real-Time Warning Signs of Emerging and Collapsing Chinese House Price Bubbles

BOFIT Discussion Paper No. 27/2012
Number of pages: 25 Posted: 16 Nov 2012
Xi Chen and Michael Funke
Hamburg University of Economics and Politics and University of Hamburg - Department of Economics
Downloads 88 (284,435)
Citation 3

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house prices, China, speculative bubbles, recursive unit root tests

34.

Tracking Chinese CPI Inflation in Real Time

BOFIT Discussion Paper No. 35/2011
Number of pages: 35 Posted: 22 Dec 2011
Michael Funke, Aaron N. Mehrotra and Hao Yu
University of Hamburg - Department of Economics, Bank for International Settlements (BIS) and affiliation not provided to SSRN
Downloads 85 (290,671)
Citation 2

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nowcasting, CPI inflation cycle, mixed-frequency modelling, dynamic factor model, China

To Guide or Not to Guide? Quantitative Monetary Policy Tools and Macroeconomic Dynamics in China

HKIMR Working Paper No. 09/2017
Number of pages: 53 Posted: 06 Jun 2017
Hongyi Chen, Michael Funke, Ivan Lozev and Andrew Tsang
Hong Kong Monetary Authority - Hong Kong Institute for Monetary Research (HKIMR), University of Hamburg - Department of Economics, University of Hamburg - Department of Economics and Hong Kong Monetary Authority
Downloads 41 (423,956)
Citation 5

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monetary policy, window guidance, China, DSGE model

To Guide or Not to Guide? Quantitative Monetary Policy Tools and Macroeconomic Dynamics in China

BOFIT Discussion Paper No. 3/2017
Number of pages: 45 Posted: 02 Mar 2017 Last Revised: 17 Jul 2019
Hongyi Chen, Michael Funke, Ivan Lozev and Andrew Tsang
Hong Kong Monetary Authority - Hong Kong Institute for Monetary Research (HKIMR), University of Hamburg - Department of Economics, University of Hamburg - Department of Economics and Hong Kong Monetary Authority
Downloads 36 (445,338)

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monetary policy, window guidance, China, DSGE model

36.

Product Market Competition, Investment and Employment-Abundant Versus Job-Poor Growth: A Real Options Perspective

CESifo Working Paper Series No. 1563
Number of pages: 32 Posted: 07 Nov 2005
Yu-Fu Chen and Michael Funke
University of Dundee - Department of Economic Studies and University of Hamburg - Department of Economics
Downloads 76 (310,735)
Citation 4

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product market competition, regulation, real options, investment, employment

37.

Volatility Dependence Across Asia-Pacific On-Shore and Off-Shore U.S. Dollar Futures Markets

BOFIT Discussion Paper No. 17/2007
Number of pages: 43 Posted: 29 Aug 2007
Roberta Colavecchio and Michael Funke
Universitaet Hamburg and University of Hamburg - Department of Economics
Downloads 74 (315,534)
Citation 3

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China, renminbi, Asia, forward exchange rates, non-deliverable forward

38.

Stock Market Wealth Effects in an Estimated DSGE Model for Hong Kong

BOFIT Discussion Paper No. 14/2009
Number of pages: 43 Posted: 10 Oct 2009
Michael Funke, Michael Paetz and Ernest Pytlarczyk
University of Hamburg - Department of Economics, University of Hamburg and Independent
Downloads 72 (320,379)
Citation 11

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DSGE models, wealth effects, open economy, Hong Kong

39.

Going Offshore: Investments in German Wind Energy Under Uncertainty

CESifo Working Paper Series No. 5408
Number of pages: 24 Posted: 06 Jul 2015
Yu-Fu Chen and Michael Funke
University of Dundee - Department of Economic Studies and University of Hamburg - Department of Economics
Downloads 71 (322,859)

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real options, offshore wind energy, feed-in tariff, tender bidding, Germany

40.

Trade, Product Variety and Welfare: A Quantitative Assessment for the Transition Economies in Central and Eastern Europe

BOFIT Discussion Paper No. 17/2003
Number of pages: 24 Posted: 19 Sep 2007
Michael Funke and Ralf Ruhwedel
University of Hamburg - Department of Economics and University of Hamburg
Downloads 70 (325,376)
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trade liberalization, product variety, welfare, transition economies

41.

A Convex Hull Approach to Counterfactual Analysis of Trade Openness and Growth

CESifo Working Paper Series No. 2692
Number of pages: 22 Posted: 06 Jul 2009
Michael Funke and Marc Gronwald
University of Hamburg - Department of Economics and University of Aberdeen
Downloads 69 (327,891)

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openness, economic growth, robustness, counterfactuals, convex hull

42.

Volatility Dependence Across Asia-Pacific Onshore and Offshore Currency Forwards Markets

HKIMR Working Paper No.11/2009
Number of pages: 38 Posted: 18 Mar 2009
Roberta Colavecchio and Michael Funke
Universitaet Hamburg and University of Hamburg - Department of Economics
Downloads 69 (327,891)

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China, Renminbi, Asia, Forward Exchange Rates, Non-Deliverable Forward Market, SWARCH Models

43.

The Signaling Channel of Central Bank Interventions: Modelling the Yen/US Dollar Exchange Rate

CESifo Working Paper Series No. 3610
Number of pages: 29 Posted: 17 Oct 2011
Yu-Fu Chen, Michael Funke and Nicole Glanemann
University of Dundee - Department of Economic Studies, University of Hamburg - Department of Economics and University of Hamburg - Faculty of Economics and Business Administration
Downloads 67 (333,185)

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exchange rates, interventions, Japan

44.

Financial Market Reform – A New Driver for China's Economic Growth?

BOFIT Discussion Paper No. 5/2015
Number of pages: 38 Posted: 24 Feb 2015 Last Revised: 13 Apr 2015
Yu-Fu Chen, Michael Funke and Kunyu Tao
University of Dundee - Department of Economic Studies, University of Hamburg - Department of Economics and Central University of Finance and Economics
Downloads 64 (341,208)

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financial distortions, financial liberalisation, general equilibrium model, China

45.

Dark Clouds or Silver Linings? Knightian Uncertainty and Climate Change

CESifo Working Paper Series No. 3516
Number of pages: 24 Posted: 21 Jul 2011
Yu-Fu Chen, Michael Funke and Nicole Glanemann
University of Dundee - Department of Economic Studies, University of Hamburg - Department of Economics and University of Hamburg - Faculty of Economics and Business Administration
Downloads 61 (349,542)

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climate change, Knightian uncertainty, κ ambiguity, real options

46.

House Prices and Macroprudential Policy in an Estimated DSGE Model of New Zealand

CESifo Working Paper Series No. 6487
Number of pages: 46 Posted: 19 Jun 2017
Michael Funke, Robert Kirkby and Petar Mihaylovski
University of Hamburg - Department of Economics, Victoria University of Wellington - School of Economics & Finance and University of Hamburg - Department of Economics
Downloads 56 (364,426)

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macroprudential policies, housing, DSGE, Bayesian estimation, New Zealand

47.

Growth and Convergence in a Two-Region Model: The Hypothetical Case of Korean Unification

IMF Working Paper No. 02/26, HKIMR Working Paper No. 21/2003
Number of pages: 24 Posted: 30 Jan 2006
Michael Funke and Holger Strulik
University of Hamburg - Department of Economics and University of Goettingen (Gottingen) - School of Law, Economics, Social Sciences
Downloads 56 (364,426)
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Korean Unification, Regional Convergence, Economic Growth

48.

Economic Growth Across Chinese Provinces: In Search of Innovation-Driven Gains

BOFIT Discussion Paper No. 10/2009
Number of pages: 27 Posted: 27 Aug 2009
Michael Funke and Hao Yu
University of Hamburg - Department of Economics and affiliation not provided to SSRN
Downloads 55 (367,592)

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China, R&D, R&D Spillovers, patents, regional economic growth, semiparametric estimators

49.

Greece's Three-Act Tragedy: A Simple Model of Grexit vs. Staying Afloat Inside the Single Currency Area

CESifo Working Paper Series No. 5677
Number of pages: 28 Posted: 04 Feb 2016
Yu-Fu Chen and Michael Funke
University of Dundee - Department of Economic Studies and University of Hamburg - Department of Economics
Downloads 54 (370,771)

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Greece, currency crisis, euro, financial assistance programmes

50.

Product Variety and Economic Growth: Empirical Evidence for the OECD Countries

IMF Working Paper No. 00/5
Number of pages: 25 Posted: 30 Jan 2006
Michael Funke
University of Hamburg - Department of Economics
Downloads 52 (377,061)

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Product variety, economic growth, panel data, OECD countries

51.

The Regime-Dependent Evolution of Credibility: A Fresh Look at Hong Kong's Linked Exchange Rate System

BOFIT Discussion Paper No. 24/2013
Number of pages: 34 Posted: 14 Sep 2013
Boris Blagov and Michael Funke
RWI – Leibniz Institute for Economic Research and University of Hamburg - Department of Economics
Downloads 50 (383,620)

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Markov-switching DSGE models, exchange rate regime credibility, Hong Kong

52.

The Information Content in the Offshore Renminbi Foreign-Exchange Option Market: Analytics and Implied USD/CNH Densities

BOFIT Discussion Paper No. 15/2017
Number of pages: 41 Posted: 31 Oct 2017 Last Revised: 18 Jan 2018
Michael Funke, Julius Loermann and Andrew Tsang
University of Hamburg - Department of Economics, University of Hamburg - Department of Economics and Hong Kong Monetary Authority
Downloads 46 (397,350)

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offshore renminbi, options, risk-neutral densities, real-world densities, forecasting

Booms, Recessions and Financial Turmoil: A Fresh Look at Investment Decisions under Cyclical Uncertainty

CESifo Working Paper Series No. 2759
Number of pages: 34 Posted: 23 Aug 2009
Yu-Fu Chen and Michael Funke
University of Dundee - Department of Economic Studies and University of Hamburg - Department of Economics
Downloads 45 (408,314)
Citation 2

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business cycles, real options, investment, Markov switching, Tobin’s q, uncertainty

Booms, Recessions and Financial Turmoil: A Fresh Look at Investment Decisions Under Cyclical Uncertainty

Scottish Journal of Political Economy, Vol. 57, Issue 3, pp. 290-317, July 2010
Number of pages: 28 Posted: 10 May 2010
Yu-Fu Chen and Michael Funke
University of Dundee - Department of Economic Studies and University of Hamburg - Department of Economics
Downloads 1 (675,851)
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54.

Global Warming and a Potential Tipping Point in the Atlantic Thermohaline Circulation: The Role of Risk Aversion

CESifo Working Paper Series No. 4930
Number of pages: 35 Posted: 16 Sep 2014
Mariia Belaia, Michael Funke and Nicole Glanemann
University of Hamburg - Faculty of Economics and Business Administration, University of Hamburg - Department of Economics and University of Hamburg - Faculty of Economics and Business Administration
Downloads 45 (400,832)
Citation 2

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integrated assessment modeling, risk aversion, Epstein-Zin utility, DICE, thermohaline circulation, climate sensitivity, uncertainty

The Diffusion and Dynamics of Producer Prices, Deflationary Pressure Across Asian Countries, and the Role of China

BOFIT Discussion Paper No. 11/2016
Number of pages: 43 Posted: 15 Sep 2016
Hongyi Chen, Michael Funke and Andrew Tsang
Hong Kong Monetary Authority - Hong Kong Institute for Monetary Research (HKIMR), University of Hamburg - Department of Economics and Hong Kong Monetary Authority
Downloads 28 (484,401)

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producer prices, international spillovers, deflation, Asia

The Diffusion and Dynamics of Producer Prices, Deflationary Pressure across Asian Countries, and the Role of China

HKIMR Working Paper No.15/2016 (revised version)
Number of pages: 22 Posted: 30 Aug 2016 Last Revised: 05 Jan 2018
Hongyi Chen, Michael Funke and Andrew Tsang
Hong Kong Monetary Authority - Hong Kong Institute for Monetary Research (HKIMR), University of Hamburg - Department of Economics and Hong Kong Monetary Authority
Downloads 16 (558,666)
Citation 2

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Producer Prices, International Spillovers, Deflation, Asia, Structural Adjustments, China

56.

The Dynamics of Catch-Up and Skill and Technology Upgrading in China

BOFIT Discussion Paper No. 13/2012
Number of pages: 37 Posted: 18 Jun 2012
Michael Funke and Xi Chen
University of Hamburg - Department of Economics and Hamburg University of Economics and Politics
Downloads 43 (408,184)
Citation 4

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China, economic growth, transitional dynamics

57.

The Emergence and Spatial Distribution of Chinese Seaport Cities

BOFIT Discussion Paper No. 11/2010
Number of pages: 31 Posted: 27 Aug 2010
Michael Funke and Yu Hao
University of Hamburg - Department of Economics and affiliation not provided to SSRN
Downloads 43 (408,184)
Citation 1

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seaports, cities, economic growth, China

58.

Off-the-Record Target Zones: Theory with an Application to Hong Kong's Currency Board

BOFIT Discussion Paper No. 6/2010
Number of pages: 31 Posted: 06 May 2010
Yu-Fu Chen, Michael Funke and Nicole Glanemann
University of Dundee - Department of Economic Studies, University of Hamburg - Department of Economics and University of Hamburg - Faculty of Economics and Business Administration
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Currency Board Arrangement, Target Zone Model, Hong Kong

59.

Climate Policy Decisions under Ambiguity and Pressure of Time

Review of Environment, Energy and Economics (Re3), Forthcoming
Number of pages: 11 Posted: 09 Feb 2013
Yu-Fu Chen, Michael Funke and Nicole Glanemann
University of Dundee - Department of Economic Studies, University of Hamburg - Department of Economics and University of Hamburg - Faculty of Economics and Business Administration
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climate policy, CO2 scenarios, Knightian uncertainty, k-ambiguity, real options, non-perpetual real options

60.

Time is Running Out: The 2°C Target and Optimal Climate Policies

CESifo Working Paper Series No. 3664
Number of pages: 29 Posted: 06 Dec 2011
Yu-Fu Chen, Michael Funke and Nicole Glanemann
University of Dundee - Department of Economic Studies, University of Hamburg - Department of Economics and University of Hamburg - Faculty of Economics and Business Administration
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climate policy, CO2 scenarios, non-perpetual real options

The Credibility of Hong Kong's Currency Board System: Looking Through the Prism of MS-VAR Models with Time-Varying Transition Probabilities

BOFIT Discussion Paper No. 15/2014
Number of pages: 35 Posted: 30 Aug 2014
Boris Blagov and Michael Funke
RWI – Leibniz Institute for Economic Research and University of Hamburg - Department of Economics
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Markov regime-switching VAR, exchange rate regime credibility, Hong Kong

The Credibility of Hong Kong's Currency Board System: Looking Through the Prism of MS‐VAR Models with Time‐Varying Transition Probabilities

Oxford Bulletin of Economics and Statistics, Vol. 78, Issue 6, pp. 895-914, 2016
Number of pages: 20 Posted: 08 Nov 2016
Boris Blagov and Michael Funke
RWI – Leibniz Institute for Economic Research and University of Hamburg - Department of Economics
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62.

A Soft Edge Target Zone Model: Theory and Application to Hong Kong

BOFIT Discussion Paper No. 21/2009
Number of pages: 25 Posted: 31 Dec 2009
Michael Funke, Yu-Fu Chen and Nicole Glanemann
University of Hamburg - Department of Economics, University of Dundee - Department of Economic Studies and University of Hamburg - Faculty of Economics and Business Administration
Downloads 36 (435,410)
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currency board arrangement, target zone model, credibility, Hong Kong

63.

The Credit Risk of Chinese Households: A Micro-Level Assessment

BOFIT Discussion Paper No. 12/2018
Number of pages: 32 Posted: 21 May 2018 Last Revised: 23 May 2018
Michael Funke, Rongrong Sun and Linxu Zhu
University of Hamburg - Department of Economics, University of Nottingham, Ningbo - School of Economics and University of Hamburg - Department of Economics
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household debt, household financial vulnerability, financial stability

Mapping China's Time-Varying House Price Landscape

BOFIT Discussion Paper No. 21/2017
Number of pages: 33 Posted: 12 Dec 2017 Last Revised: 13 Dec 2017
Michael Funke, Danilo Leiva-Leon and Andrew Tsang
University of Hamburg - Department of Economics, Central Bank of Chile and Hong Kong Monetary Authority
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house prices, Markov-Switching models, synchronization, China

Mapping China's Time-Varying House Price Landscape

HKIMR Working Paper No.3/2018
Number of pages: 33 Posted: 05 Feb 2018
Michael Funke, Danilo Leiva‐Leon and Andrew Tsang
University of Hamburg - Department of Economics, Banco de España and Hong Kong Monetary Authority
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House Prices, Markov-Switching Models, Synchronization, China

65.

The Discontinuation of the EUR/CHF Minimum Exchange Rate in January 2015: Was It Expected?

BIS Working Paper No. 652
Number of pages: 42 Posted: 13 Jul 2017
Michael Funke, Julius Loermann and Richhild Moessner
University of Hamburg - Department of Economics, University of Hamburg - Department of Economics and Bank for International Settlements (BIS)
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Swiss franc, forecasting, options, risk-neutral probability densities

66.

The Cross-Section of Output and Inflation in a Dynamic Stochastic General Equilibrium Model with Sticky Prices

DIW Berlin Discussion Paper No. 896
Number of pages: 27 Posted: 01 Sep 2009
University of Applied Sciences Merseburg, University of Hamburg - Department of Economics, University of Cambridge - Department of Applied Economics and German Institute for Economic Research (DIW Berlin) - Macro Analysis and Forecasting
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New-Keynesian macroeconomics, DSGE, cross-sectional distribution, firm growth

67.

Modelling the Time-Variation in Euro Area Lending Spreads

BIS Working Paper No. 526
Number of pages: 39 Posted: 13 Nov 2015
Boris Blagov, Michael Funke and Richhild Moessner
RWI – Leibniz Institute for Economic Research, University of Hamburg - Department of Economics and Bank for International Settlements (BIS)
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Lending rates, interest rate pass-through

68.

How Efficient is the East German Economy? An Exploration with Microdata

The Economics of Transition, Vol. 10, pp. 201-223, 2002
Number of pages: 23 Posted: 13 Aug 2003
Michael Funke and Jörg Rahn
University of Hamburg - Department of Economics and University of Hamburg
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69.

Not All Cities are Alike: House Price Heterogeneity and the Design of Macro-Prudential Policies in China

BOFIT Discussion Paper No. 18/2018
Number of pages: 36 Posted: 21 Nov 2018
Michael Funke, Andrew Tsang and Linxu Zhu
University of Hamburg - Department of Economics, University of Hamburg - Faculty of Business, Economics, and Social Sciences and University of Hamburg - Department of Economics
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China, Macro-Prudential Policies, House Prices, Cities

70.

Inflation in China: Modelling a Roller Coaster Ride

Pacific Economic Review, Vol. 11, No. 4, pp. 413-429, December 2006
Number of pages: 17 Posted: 07 Dec 2006
Michael Funke
University of Hamburg - Department of Economics
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71.

Informal One-Sided Target Zone Model and the Swiss Franc

BIS Working Paper No. 660
Number of pages: 35 Posted: 07 Sep 2017
Yu-Fu Chen, Michael Funke and Richhild Moessner
University of Dundee - Department of Economic Studies, University of Hamburg - Department of Economics and Bank for International Settlements (BIS)
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Swiss franc, target zone model, exchange rate interventions

72.

Non-Wage Labour Costs, Policy Uncertainty and Labour Demand - a Theoretical Assessment

Scottish Journal of Political Economy, Vol. 52, No. 5, pp. 687-709, November 2005
Number of pages: 23 Posted: 29 Dec 2005
Yu-Fu Chen and Michael Funke
University of Dundee - Department of Economic Studies and University of Hamburg - Department of Economics
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73.

Out of Sync Subnational Housing Markets and Macroprudential Policies

CESifo Working Paper Series No. 6887
Number of pages: 39 Posted: 09 Apr 2018
Michael Funke, Petar Mihaylovski and Adrian Wende
University of Hamburg - Department of Economics, University of Hamburg - Department of Economics and University of Hamburg - Department of Economics
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macroprudential policies, housing, DSGE, Great Britain

74.

The Cross-Sectional Dynamics of German Business Cycles: A Bird's Eye View

Bundesbank Series 1 Discussion Paper No. 2005,23
Number of pages: 48 Posted: 08 Jun 2016
Deutsche Bundesbank, University of Hamburg - Department of Economics, University of Cambridge - Department of Applied Economics and International Monetary Fund (IMF)
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business cycles, cross-sectional moments, firm growth

75.

The Regime-Dependent Evolution of Credibility: A Fresh Look at Hong Kong S Linked Exchange Rate System

BOFIT Discussion Paper No. 24/2013
Number of pages: 34 Posted: 14 Aug 2017 Last Revised: 03 May 2018
Boris Blagov and Michael Funke
RWI – Leibniz Institute for Economic Research and University of Hamburg - Department of Economics
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76.

The Direction and Intensity of China's Monetary Policy Conduct: A Dynamic Factor Modelling Approach

BOFIT Discussion Paper No. 8/2019
Number of pages: 37 Posted: 26 Apr 2019 Last Revised: 27 Apr 2019
Michael Funke and Andrew Tsang
University of Hamburg - Department of Economics and University of Hamburg - Faculty of Business, Economics, and Social Sciences
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China, monetary policy stance, dynamic factor model, DSGE model

77.

The Undisclosed Renminbi Basket: Are the Markets Telling Us Something about Where the Renminbius Dollar Exchange Rate is Going?

World Economy, Vol. 31, Issue 12, pp. 1581-1598, December 2008
Number of pages: 18 Posted: 10 Dec 2008
Michael Funke and Marc Gronwald
University of Hamburg - Department of Economics and University of Aberdeen
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78.

Dynamic Stochastic General Equilibrium ‐ Based Assessment of Nonlinear Macroprudential Policies: Evidence from Hong Kong

Pacific Economic Review, Vol. 23, Issue 4, pp. 632-657, 2018
Number of pages: 26 Posted: 07 Oct 2018
Michael Funke and Michael Paetz
University of Hamburg - Department of Economics and University of Hamburg
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79.

Informal One‐Sided Target Zone Model and the Swiss Franc

Review of International Economics, Vol. 26, Issue 5, pp. 1130-1153, 2018
Number of pages: 24 Posted: 07 Oct 2018
Yu‐Fu Chen, Michael Funke and Richhild Moessner
University of Dundee, University of Hamburg - Department of Economics and Bank for International Settlements (BIS)
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