Michael Funke

University of Hamburg - Department of Economics

Professor

Von-Melle-Park 5

room 2128 C rise

Hamburg, 20146

Germany

Tallinn University of Technology (TUT)

Ehitajate tee 5

Tallinn, 12618

Estonia

SCHOLARLY PAPERS

83

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135

Scholarly Papers (83)

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 671 (53,920)
Citation 8

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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

Hong Kong Institute for Monetary and Financial Research (HKIMR) Research Paper WP 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 136 (289,513)
Citation 3

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

2.

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 445 (90,910)
Citation 11

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DSGE models, monetary policy, China, macroprudential policy

3.

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

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 431 (94,324)
Citation 10

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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 192 (216,671)

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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 161 (252,440)

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

5.

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 329 (127,896)
Citation 11

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

6.

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 314 (134,144)
Citation 4

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China, labour contract law, real options, employment

7.
Downloads 295 (143,355)
Citation 11

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 279 (151,126)
Citation 13

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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 16 (749,770)

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8.

Does the Nominal Exchange Rate Regime Matter for Investment?

Number of pages: 27 Posted: 30 Oct 2001
Hjalmar Böhm and Michael Funke
University of Hamburg and University of Hamburg - Department of Economics
Downloads 262 (161,751)

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Investment, Uncertainty, Irreversibility, Exchange Rate Regimes

9.

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 253 (167,483)

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DSGE model, financial sector reform, monetary policy, China

10.

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 (Göttingen) - School of Law, Economics, Social Sciences
Downloads 244 (173,374)
Citation 4

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growth, welfare, taxation, tax reform, Estonia

11.

In Search of Leading Indicators of Economic Activity in Germany

Number of pages: 28 Posted: 23 Oct 2001
Harm Bandholz and Michael Funke
University of Hamburg and University of Hamburg - Department of Economics
Downloads 221 (190,472)

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

12.

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 (Göttingen) - School of Law, Economics, Social Sciences
Downloads 198 (210,912)

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German unification, regional convergence, government

13.

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 197 (211,881)

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

14.

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 186 (222,908)
Citation 5

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

15.

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 176 (233,764)

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banking, financial stability, bank fragility, options, Estonia

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 173 (237,194)

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climate policy, extreme events, real options, Levy process

17.

Threshold Effects and Regional Economic Growth - Evidence from West Germany

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 172 (238,313)

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Regional Economic Growth, Human Capital, Germany

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 81 (412,034)

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China, inflation, New Keynesian Phillips curve

Inflation in Mainland China - Modelling a Roller Coaster Ride

Hong Kong Institute for Monetary and Financial Research (HKIMR) Research Paper WP No. 15/2005
Number of pages: 21 Posted: 23 Aug 2007
Michael Funke
University of Hamburg - Department of Economics
Downloads 80 (415,092)
Citation 2

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China, inflation, New Keynesian Phillips curve

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: 18 Nov 2021
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 ASEAN+3 Macroeconomic Research (AMRO)
Downloads 102 (356,403)

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

Hong Kong Institute for Monetary and Financial Research (HKIMR) Research Paper WP 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 ASEAN+3 Macroeconomic Research (AMRO)
Downloads 58 (493,213)
Citation 8

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monetary policy, window guidance, China, DSGE model

20.

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 157 (257,329)

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robust control model uncertainty, environmental policy

The US-China Phase One Trade Deal: An Economic Analysis of the Managed Trade Agreement

CESifo Working Paper No. 8945
Number of pages: 37 Posted: 18 Mar 2021
Michael Funke and Adrian Wende
University of Hamburg - Department of Economics and University of Hamburg - Department of Economics
Downloads 103 (353,988)

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The US–China Phase One Trade Deal: An Economic Analysis of the Managed Trade Agreement

BOFIT Discussion Paper No. 1/2022
Number of pages: 43 Posted: 21 Jan 2022 Last Revised: 24 Jan 2022
Michael Funke and Adrian Wende
University of Hamburg - Department of Economics and University of Hamburg - Department of Economics
Downloads 48 (537,407)

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phase one deal, managed trade, open-economy dynamic general equilibrium model, United States, China

22.

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
Banque centrale du Luxembourg and University of Hamburg - Department of Economics
Downloads 148 (269,870)
Citation 1

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

23.

Optimal Investment Strategies Under Demand and Tax Policy Uncertainity

Number of pages: 21 Posted: 21 Mar 2001
Hjalmar Böhm and Michael Funke
University of Hamburg and University of Hamburg - Department of Economics
Downloads 148 (269,870)

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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 106 (347,184)
Citation 8

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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 (631,984)

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25.

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

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 137 (286,736)
Citation 1

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

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 136 (288,392)
Citation 5

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

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 136 (289,513)

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

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

28.

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

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 135 (289,982)

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

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 131 (296,611)

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DSGE models, housing, open economy, Hong Kong

30.

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 124 (308,977)
Citation 2

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regional economic growth, China

31.

The People&Apos;S Bank of China&Apos;S Response to the Coronavirus Pandemic - a Quantitative Assessment

BOFIT Discussion Paper No. 12/2020
Number of pages: 27 Posted: 22 Jan 2021 Last Revised: 18 Nov 2021
Michael Funke and Andrew Tsang
University of Hamburg - Department of Economics and ASEAN+3 Macroeconomic Research (AMRO)
Downloads 123 (310,838)
Citation 1

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China, corona pandemic, COVID-19, monetary policy, dynamic factor model, People’s Bank of China

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 80 (415,092)
Citation 1

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consumption, house prices, China, panel data

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

Hong Kong Institute for Monetary and Financial Research (HKIMR) Research Paper WP 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 27 (659,930)

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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 Last Revised: 18 Nov 2021
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 14 (768,316)

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33.

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
Banque centrale du Luxembourg, Dublin City University Business School and University of Hamburg - Department of Economics
Downloads 119 (318,415)

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

34.

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

Number of pages: 24 Posted: 05 Apr 2001
Michael Funke and Ralf Ruhwedel
University of Hamburg - Department of Economics and University of Hamburg
Downloads 116 (324,061)
Citation 3

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35.

Will Germany's Temporary VAT Tax Rates Cut as Part of the COVID-19 Fiscal Stimulus Package Boost Consumption and Growth?

CESifo Working Paper No. 8765
Number of pages: 31 Posted: 28 Dec 2020
Michael Funke and Raphael Terasa
University of Hamburg - Department of Economics and University of Hamburg
Downloads 105 (347,007)

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36.

Working Time and Employment Under Uncertainty

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 100 (358,403)

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

37.

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 96 (367,882)

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

38.

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 91 (380,347)
Citation 1

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

39.

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 89 (385,494)

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

40.

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 87 (390,886)
Citation 3

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DSGE models, wealth effects, open economy, Hong Kong

41.

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 85 (396,443)

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

42.

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 Nov 2021
Michael Funke, Julius Loermann and Andrew Tsang
University of Hamburg - Department of Economics, University of Hamburg - Department of Economics and ASEAN+3 Macroeconomic Research (AMRO)
Downloads 82 (404,922)

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

43.

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
Banque centrale du Luxembourg and University of Hamburg - Department of Economics
Downloads 81 (407,837)
Citation 1

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

44.

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 80 (410,795)

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

45.

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 79 (413,699)
Citation 12

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trade liberalization, product variety, welfare, transition economies

46.

The Political Globalisation Trilemma Revisited: An Empirical Assessment Across Countries and Over Time

BOFIT Discussion Paper No. 19/2020
Number of pages: 24 Posted: 17 Sep 2020
Michael Funke and Doudou Zhong
University of Hamburg - Department of Economics and University of Hamburg - Department of Economics
Downloads 78 (419,835)

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Bofit-kokoelma; kansallinen suvereniteetti; trilemma; kansainvälinen integraatio

47.

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 77 (419,835)

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climate change, Knightian uncertainty, κ ambiguity, real options

48.

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 76 (422,937)

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exchange rates, interventions, Japan

49.

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 76 (422,937)

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openness, economic growth, robustness, counterfactuals, convex hull

50.

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

Hong Kong Institute for Monetary and Financial Research (HKIMR) Research Paper WP No. 11/2009
Number of pages: 38 Posted: 18 Mar 2009
Roberta Colavecchio and Michael Funke
Banque centrale du Luxembourg and University of Hamburg - Department of Economics
Downloads 74 (429,192)

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

51.

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: 18 Nov 2021
Michael Funke, Rongrong Sun and Linxu Zhu
University of Hamburg - Department of Economics, School of Economics, Henan University and University of Hamburg - Department of Economics
Downloads 73 (432,342)

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household debt, household financial vulnerability, financial stability

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 ASEAN+3 Macroeconomic Research (AMRO)
Downloads 52 (518,891)

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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

Hong Kong Institute for Monetary and Financial Research (HKIMR) Research Paper WP No. 15/2016
Number of pages: 22 Posted: 30 Aug 2016 Last Revised: 13 Apr 2022
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 ASEAN+3 Macroeconomic Research (AMRO)
Downloads 21 (706,972)
Citation 2

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

53.

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 73 (432,342)
Citation 1

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financial distortions, financial liberalisation, general equilibrium model, China

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 (Göttingen) - School of Law, Economics, Social Sciences
Downloads 70 (447,817)
Citation 3

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Korean Unification, Regional Convergence, Economic Growth

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

Hong Kong Institute for Monetary and Financial Research (HKIMR) Research Paper WP No. 21/2003, Journal of Asian Economics, Vol. 16, 2005
Number of pages: 26 Posted: 08 Jun 2022 Last Revised: 09 Jun 2022
Michael Funke and Holger Strulik
University of Hamburg - Department of Economics and University of Goettingen (Göttingen) - School of Law, Economics, Social Sciences
Downloads 3 (882,158)

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Korean Unification, Regional Convergence, Economic Growth

55.

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 62 (470,443)
Citation 1

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

56.

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 60 (478,064)

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Greece, currency crisis, euro, financial assistance programmes

57.

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 60 (478,064)

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Product variety, economic growth, panel data, OECD countries

Mapping China's Time-Varying House Price Landscape

BOFIT Discussion Paper No. 21/2017
Number of pages: 33 Posted: 12 Dec 2017 Last Revised: 18 Nov 2021
Michael Funke, Danilo Leiva-Leon and Andrew Tsang
University of Hamburg - Department of Economics, Central Bank of Chile and ASEAN+3 Macroeconomic Research (AMRO)
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Mapping China's Time-Varying House Price Landscape

Hong Kong Institute for Monetary and Financial Research (HKIMR) Research Paper WP No. 03/2018
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 ASEAN+3 Macroeconomic Research (AMRO)
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House Prices, Markov-Switching Models, Synchronization, China

59.

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: 18 Nov 2021
Michael Funke and Andrew Tsang
University of Hamburg - Department of Economics and ASEAN+3 Macroeconomic Research (AMRO)
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China, monetary policy stance, dynamic factor model, DSGE model

60.

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, ASEAN+3 Macroeconomic Research (AMRO) and University of Hamburg - Department of Economics
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China, Macro-Prudential Policies, House Prices, Cities

61.

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

62.

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

63.

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
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seaports, cities, economic growth, China

64.

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

65.

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
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currency board arrangement, target zone model, credibility, Hong Kong

66.

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
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China, economic growth, transitional dynamics

67.

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

68.

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

69.

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

70.

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

71.

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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73.

Volatility Transmission and Volatility Impulse Response Functions in the Main and the Satellite Renminbi Exchange Rate Markets

BOFIT Discussion Paper No. 22/2020
Number of pages: 32 Posted: 21 Oct 2020 Last Revised: 12 Apr 2022
Michael Funke, Julius Loermann and Andrew Tsang
University of Hamburg - Department of Economics, University of Hamburg - Department of Economics and ASEAN+3 Macroeconomic Research (AMRO)
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Renminbi, volatility spillovers, volatility impulse responses, Bayesian estimation, multivariate GARCH models, USD, Kiina, Yhdysvallat, Renminbi, CNY, CNH

74.

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

75.

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

76.

Household Indebtedness and the Consumption Channel of Monetary Policy: Evidence from China

Hong Kong Institute for Monetary and Financial Research (HKIMR) Research Paper WP No. 23/2021
Number of pages: 37 Posted: 27 Oct 2021
Michael Funke, Xiang Li and Doudou Zhong
University of Hamburg - Department of Economics, Halle Institute for Economic Research and University of Hamburg - Department of Economics
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Consumption; Household Debt; Monetary Policy, Panel Smooth Transition Regression, China

77.

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

78.

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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79.

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: 18 Nov 2021
Boris Blagov and Michael Funke
RWI – Leibniz Institute for Economic Research and University of Hamburg - Department of Economics
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80.

Mapping China’s Time-Varying House Price Landscape

Banco de Espana Working Paper No. 1930 (2019)
Number of pages: 32 Posted: 19 Sep 2019
Michael Funke, Danilo Leiva-Leon and Andrew Tsang
University of Hamburg - Department of Economics, Banco de España and ASEAN+3 Macroeconomic Research (AMRO)
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house prices, Markov-Switching models, synchronization, China

81.

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

82.

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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83.

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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