Chair holder

Prof. Lutz Arnold has held the Chair of Theoretical Economics since 2001. He is a liaison professor of the German National Academic Foundation and co-editor of Perspektiven der Wirtschaftspolitik and the textbook series Neue ?konomische Grundrisse. His research and teaching focus on financial markets. He previously conducted research in growth theory and business cycle theory. He studied, received his doctoral degree, and worked as a postdoc at TU Dortmund. He is the author of a macroeconomics textbook and has published, e.g., in American Economic Review, Economic Theory, and Theoretical Economics.

Books

• Makro?konomik. Eine Einführung in die Theorie der Güter-, Arbeits- und Finanzm?rkte, 7. Auflage,
  (Neue ?konomische Grundrisse, edited by Lutz Arnold and Hendrik Hakenes), Tübingen: Mohr Siebeck (2024).
• Business Cycle Theory,
  Oxford: Oxford University Press (2002).
• Wachstumstheorie,
  München: Vahlen (1997).

Publications in peer-reviewed journals

• "Listening to the noise: On price efficiency with dynamic trading" (with David Ru?),
  International Review of Economics and Finance 93 (2024), 103-120.
• "Energy Imports and Manufacturing Exports with Successive Oligopolies and Storage" (with Volker Arnold),
  Energy Economics 133 (2024), 107458.
• "Socially responsible investing: the general equilibrium perspective",
  Theoretical Economics 18 (2023), 65-95.
• "Financial Trading versus Entrepreneurship: Competition for Talent and Negative Feedback Effects" (with Sebastian Zelzner),
  Quarterly Review of Economics and Finance 86 (2022), 186-199.
• "Low-wage competition: Pains from trade for medium-wage countries" (with Michael Heyna),
  Journal of International Trade & Economic Development 31 (2022) 742-758.
• "Refinancing MFIs with Market Power: Theory and Evidence" (with Benedikt Booker, Gregor Dorfleitner and Michaela R?he),
  Small Business Economics 56 (2021), 1485-1505.
• "A North-South Trade Model of Offshoring and Unemployment" (with Stefanie Trepl),
  Open Economies Review 26 (2015), 999-1039.
• "The Economics of Rational Speculation in the Presence of Positive Feedback Trading" (with Stephan Brunner),
  Quarterly Review of Economics and Finance 57 (2015), 161-174.
• "Alas, My Home is My Castle: On the Cost of House Ownership as a Screening Device" (with Andreas Babl),
  Journal of Urban Economics 81 (2014), 57-64.
• "Single-Name Credit Risk, Portfolio Risk, and Credit Rationing" (with Johannes Reeder and Stefanie Trepl),
  Economica 81 (2014), 311-328.
• "Good Intentions Pave the Way to ... the Local Moneylender" (with Benedikt Booker),
  Economics Letters 118 (2013), 466-469.
• "Microfinance and markets: New results for the Besley-Coate group lending model" (with Susanne E. Steger and Johannes Reeder),
  Journal of Emerging Market Finance 12 (2013), 59-106
• "Existence of Equilibrium in the Helpman-Krugman Model of International Trade with Imperfect Competition",
  Economic Theory 52 (2013), 237-270.
• "Corporate Insurance with Safety Loadings: A Note" (with Johannes Hartl),
  Journal of Risk and Insurance 80 (2013), 1087-1094.
• "A Game Theoretic Foundation for Competitive Equilibria in the Stiglitz-Weiss Model",
  German Economic Review 13 (2012), 211-227.
• "On the Possibility of Credit Rationing in the Stiglitz-Weiss Model" (with John G. Riley),
  American Economic Review 99 (2009), 2012-2021.
• "On the Growth and Welfare Effects of Monopolistic Distortions" (with Christian Bauer),
  Journal of Economics 97 (2009), 19-40.
• "Anything is Possible: On the Existence and Uniqueness of Equilibria in the Shleifer-Vishny Model of Limits of Arbitrage",
  Review of Finance 13 (2009), 521-553.
• "Comparative Statics and Dynamics of the Romer R&D Growth Model with Quality Upgrading " (with Wolfgang Kornprobst),
  Macroeconomic Dynamics 12 (2008), 702-716.
• "A Generalised Multi-Country Endogenous Growth Model",
  International Economics and Economic Policy 4 (2007), 61-100.
• "Does the Choice Between Wage Inequality and Unemployment Affect Growth?",
  German Economic Review 7 (2006), 87-112.
• "The Dynamics of the Jones R&D Growth Model",
  Review of Economic Dynamics 9 (2006), 143-152.
• "Growth in Stages,
  Structural Change and Economic Dynamics 14 (2003), 55-74.
• "On the Growth Effects of North-South Trade: The Role of Labour Market Flexibility",
  Journal of International Economics 58 (2002), 451-466.
• "On the Effectiveness of Growth-Enhancing Policies in a Model of Growth Without Scale Effects",
  German Economic Review 3 (2002), 339-436.
• "Financial Market Imperfections, Labour Market Imperfections, and Business Cycles",
  Scandinavian Journal of Economics 104 (2002), 105-124.
• "A Model of Debt Deflation and the Phillips Curve: Implications for Business Cycles and the Balance Sheet Channel of Monetary Policy",
  Jahrbücher für National?konomie und Statistik 220 (2000), 385-399.
• "Endogenous Growth with Physical Capital, Human Capital and Product Variety: A Comment",
  European Economic Review 44 (2000), 1599-1605.
• "Kreditrationierung, Arbeitslosigkeit und Konjunkturschwankungen",
  Kredit and Kapital 33 (2000), 521-547.
• "Endogenous technological change: a note on stability",
  Economic Theory 16 (2000), 219-226.
• "Financial Regimes, Capital Structure, and Growth" (with Uwe Walz),
  European Journal of Political Economy 16 (2000), 491-508.
• "Stability of the Market Equilibrium in Romer's Model of Endogenous Technological Change: A Complete Characterisation",
  Journal of Macroeconomics 22 (2000), 69-84.
• "Does Policy Affect Growth?",
  Finanzarchiv 56 (1999), 141-164.
• "Poverty Traps and Financial Development in a Model of Finance and Growth",
  Journal of Economics and Social Sciences 118 (1998), 415-424.
• "Growth, Welfare, and Trade in an Integrated Model of Human-Capital Accumulation and Research",
  Journal of Macroeconomics 20 (1998), 81-105.
• "Basic and Applied Research",
  Finanzarchiv 54 (1997), 169-189.
• "Stability of the Steady-State Equilibrium in the Uzawa-Lucas Model: A Simple Proof",
  Zeitschrift für Wirtschafts- und Sozialwisenschaften 117 (1997), 197-207.
• "Neue Wachstumstheorie Ein ?berblick",
  ifo-Studien 41 (1995), 409-444.