Winfried Koeniger

Winfried Koeniger is Professor of Economics at the University of St.Gallen and Director of the Swiss Institute for Empirical Economic Research. He has received several grants and awards during his academic career.

Professor Koeniger studies how monetary and fiscal policies transmit to household portfolios and consumption. Concerning monetary policies, he finds that differences in homeownership account for much of the cross-country differences in consumption responses to policy rate changes. Regarding fiscal policies, he is particularly interested in the macroprudential implications of tax incentives that affect mortgage incidence and portfolio allocation. Tax deductions for mortgage interest payments, which exist in many developed economies, shift the tax burden from the young and indebted to old and wealthy homeowners. At the same time, more generous tax deductions for voluntary pension contributions change the portfolio of the working-age population toward less liquid pension savings. The analysis illustrates the macroprudential consequences of these effects.

• Financial Markets
  • Central Banks and Monetary Policy
  • Financial Crises
• Portfolio Management and Asset Classes
  • Personal Finance and Household Choices
  • Real Estate