Our focus

Economic inequality shapes our times. Research training group 2281 provides a unique research environment that brings together ambitious doctoral students, expert members of the University of Bonn econ faculty, and external academics. RTG 2281 is funded by the German Research Foundation (DFG).

The research program focuses on the macroeconomic aspects of inequality, an aspect of first-order importance for society. What are the facts of inequality that matter for macroeconomic outcomes? How shall fiscal, financial, and monetary policy take account of the trends in inequality?

The website guides the general public toward our research results. In addition, it serves to inform prospective students and fellow academics. We welcome inquiries from each of these groups!

News And Upcoming Events

Upcoming Events:

On May 25, we welcome Associate Professor Luigi Iovino (Bocconi University) on site.

Title: “Corporate Taxation and Carbon Emissions” (joint paper with Thorsten Martin and Julien Sauvagnat)


We study the relationship between corporate taxation and carbon emissions in the U.S. We find that dirty firms pay lower profit taxes – the opposite of what optimal taxation of negative externalities prescribes. This relationship is driven by dirty firms benefiting disproportionately more from the tax shield of debt due to their higher leverage. In turn, we show that the higher leverage of dirty firms is explained by their higher asset tangibility. We embed our estimates into a general equilibrium framework and show that eliminating the tax-advantage of debt reduces carbon emissions by about 3.9%, while aggregate output falls by roughly 2.2%.

The next seminar on June 15 will be given on site by Prof. Dirk Krueger (University of Pennsylvania).

Title: Tba

Abstract: Tba


We are pleased to announce that this year’s Summer School “The Macroeconomics of Financial Intermediation” will take place from June 20-24, 2022. It is our great pleasure to welcome Dean Corbae (University of Wisconsin-Madison) and Vincenzo Quadrini (University of Southern California) as our lecturers for this event.

For more information, please follow this link.

In case of questions regarding the Summer School, you can contact Prof. Pavel Brendler (pavel.brendler@uni-bonn.de).



It brings us great pleasure to share that our own, Moritz Schularick, has been awarded the Gottfried Wilhelm Leibniz Prize of 2022 by the German Research Foundation (DFG). The Leibniz Prize for Moritz Schularick honors his outstanding research achievements in the field of economics. This applies in particular to the reconnection of macroeconomics with economic history and its insights into the causes of financial crises and the historical development of the wealth distribution. He has provided a more fundamental understanding of crisis dynamics that can help anticipate and mitigate future financial crises. More recently, Schularick has focused on the causes of social inequality. Overall, his work has contributed significantly to a better understanding of current economic problems and is taken up in many economic and social policy debates.

Congratulations, Moritz!