Felix Kübler

Biography

Research

• The introduction of social security can Pareto-improve social welfare by sharing aggregate risks between generations, but the reform's crowding-out effect on capital tends to overturn these gains in welfare.
• A borrowing interest rate equal to the expected return on equity minimizes the demand for equity.
• Competitive equilibria always exist in models with a single perishable consumption good and productive assets as the only collateral, and, assuming that all exogenous variables follow a Markov chain, there are also stationary equilibria, which can be characterized by a mapping from the exogenous shock and current distribution of financial wealth to prices and portfolio choices.
• Together with Dirk Krueger, Kübler has developed a method to compute equilibria in overlapping generations models with stochastic production based on Smolyak's algorithm.

  Selected publications

• Brown, D.J., Kübler, F.. Computational Aspects of General Equilibrium Theory. Heidelberg: Springer-Verlag.