International Banking and Liquidity Transmission: Lessons from Germany, German contribution to the International Banking Research Network’s project “International Banking and Liquidity Risk Transmission” Kerl C., Koch C.

Consumption Taxation to Finance Pension Payments Ruppert K., Schön M., Stähler N.

On the importance of fiscal space: Evidence from short sellers during the COVID-19 pandemic Greppmair S., Jank S., Smajlbegovic E.

How do regional labor markets adjust to immigration? A dynamic analysis for post-war Germany Braun S.T., Weber H.

Slippery Slopes of Stress: Ordered Failure Events in German Banking. Kick T., Koetter M.

Identifying Indicators of Systemic Risk Hartwig B., Meinerding C., Schüler Y.

Two for the price of one? Additionality effects of R&D subsidies: A comparison between Flanders and Germany Aerts K., Schmidt T.

Dominating Estimators for minimum-variance portfolio Frahm G., Memmel C.

Predictability in Financial Markets: What do Survey Expectations Tell Us? Bacchetta P., Mertens E., van Wincoop E.

A Time Series Model of Interest Rates With the Effective Lower Bound Johannsen B. K., Mertens E.