Policy Papers und Policy Reports


  • Russia's war of aggression against Ukraine and energy prices drastically worsen the economic outlook, Economic Outlook, March 2022, German Council of Economic Experts, Co-authors Veronika Grimm, Monika Schnitzer, Achim Truger (PDF)
  • Overview of how major economies have responded to the Covid-19 pandemic - Growth trajectories, debt sustainability, best practices, Economic Governance Support Unit (EGOV), Requested by the ECON committee of the European Parliament, February 2022 (PDF)
  • Transformation gestalten: Bildung, Digitalisierung und Nachhaltigkeit (Shaping the Transformation: Education, Digitalization and Sustainability), Annual Report 2021/22 of the German Council of Economic Experts, Co-authors Veronika Grimm, Monika Schnitzer, Achim Truger (PDF and Summaries)
  • Konjunkturprognose 2021 und 2022 des Sachverständigenrats zur Begutachtung der gesamtwirtschaftlichen Entwicklung (Economic Outlook 2021 and 2022), co-authors Veronika Grimm, Monika Schnitzer, Achim Truger, March 2021 (PDF)
  • Corona-Krise gemeinsam bewältigen, Resilienz und Wachstum stärken, Jahresgutachten 2020/21 (Overcoming the Coronavirus Crisis Together, Strengthening Resilience and Growth, Annual Report 2020/21) , Co-authors: Lars P. Feld, Veronika Grimm, Monika Schnitzer, Achim Truger, November 2020, PDF in German I PDF in English
  • Die Bewältigung des Corona-Schocks (Overcoming the coronavirus shock), Wirtschaftsdienst - Zeitschrift für Wirtschaftspolitik, Co-authors: Lars P. Feld, Wolf Heinrich Reuter, July 2020, PDF in German
  • Konjunkturprognose 2020 und 2021 des Sachverständigenrats zur Begutachtung der gesamtwirtschaftlichen Entwicklung (Economic Outlook 2020 and 2021 of the German Council of Economic Experts), Co-authors: Lars P. Feld, Veronika Grimm, Monika Schnitzer, Achim Truger, June 2020, PDF in German I PDF in English
  • Die gesamtwirtschaftliche Lage angesichts der Corona-Pandemie (The Economic Outlook in the Coronavirus Pandemic, Special Report), Co-authors: Lars P. Feld, Achim Truger, March 2020, PDF in German I PDF in English
  • Den Strukturwandel meistern, Jahresgutachten 2019/20 (Dealing with Structural Change, Annual Report 2019/20), German Council of Economic Experts, Co-authors: Christoph Schmidt, Lars P. Feld, Isabel Schnabel and Achim Truger, November 2019, PDF in German l PDF in English
  • Review of Macro Modelling for Policy Purposes at Norges Bank, co-authors Fabio Canova, Francesco Furlanetto, Frank Smets, Norges Bank Occasional Papers No. 55, November 2019, PDF
  • Aufbruch zu einer neuen Klimapolitik, Sondergutachten 07/19 (Setting out for a new climate policy, Special Report 07/19), German Council of Economic Experts, Co-authors: Christoph Schmidt, Lars P. Feld, Isabel Schnabel, Achim Truger, PDF in German l PDF in English
  • Vor wichtigen wirtschaftspolitischen Weichensetzungen, Jahresgutachten 2018/19 (Setting the Right Course for Economic Policy, Annual Report 2018/19), German Council of Economic Experts, Co-authors: Christoph M. Schmidt, Peter Bofinger, Isabel Schnabel and Lars P. Feld, November 2018, PDF in German | PDF in English
  • Refocusing the European Fiscal Framework, German Council of Economic Experts, Co-authors: Lars P. Feld, Christoph Schmidt, Isabel Schnabel, VoxEU, September 2018
  • Für eine zukunftsorientierte Wirtschaftspolitik, Jahresgutachten 2017/18 (Towards a Forward-Looking Economic Policy, Annual Report 2017/18), German Council of Economic Experts, Co-authors: Christoph Schmidt, Peter Bofinger, Isabel Schnabel and Lars P. Feld, November 2017, PDF in German l PDF in English
  • Weckruf für die deutsche Wirtschaftspolitik (Wake-up call for the German economic policy), Co-Authors: Lars P. Feld, Clemens Fuest, Justus Haucap, Heike Schweitzer, Berthold U. Wigger, Krongerger Kreis Studie Nr. 64, September 2017 l PDF 
  • Quantitative Easing in the Euro Area: Its Record and Future Prospects, edited with Guenter Beck, IMFS Interdisciplinary Studies 2017/1, Frankfurt, September 2017 l PDF
  • How to Normalize Monetary Policy in the Euro Area, Co-author: Guenter Beck, IMFS Working Paper Series No. 115, September 2017 l PDF
  • Neue Diskriminierungsverbote für die digitale Welt? (New bans on discrimination in the digital world?), Co-authors: Lars P. Feld, Clemens Fuest, Justus Haucap, Heike Schweitzer, Berthold U. Wigger, Krongerger Kreis Studie Nr. 63, August 2017 l PDF
  • Die Balance zwischen Eigenverantwortung und gemeinschaftlichem Handeln für ein starkes Europa (The balance between national responsibility and joint action for a strong Europe), Co-authors: Lars P. Feld, Christoph M. Schmidt, Isabel Schnabel, July 2017, Wirtschaftsdienst - Zeitschrift für Wirtschaftspolitik
  • R-Star and the Draghi rules: Correcly measuring the equilibrium interest rate for policy use, Co-author: Henrike Michaelis, VoxEU, May 2017
  • R-Star and the Yellen rules, Co-author: Henrike Michaelis, VoxEU, February 2017
  • Risiken und Nebenwirkungen einer lang anhaltenden Niedrigzinspolitik (Risks and side-effects of a long-lasting low interest rate policy), in: Nullzinsen in Europa, Tagungsbericht der 5. Kadener Gespräche, February 2017 l Stiftung Marktwirtschaft l PDF
  • Zeit für Reformen, Jahresgutachten 2016/17 (Time for Reforms, Annual Report 2016/17), German Council of Economic Experts, Co-authors: Christoph Schmidt, Peter Bofinger, Isabel Schnabel and Lars P. Feld, November 2016, PDF in German l PDF in English
  • Für eine echte Reform der Bund-Länder-Finanzbeziehungen (For a real reform of financial relations between federal and state governments), Co-authors: Lars P. Feld, Clemens Fuest, Justus Haucap, Heike Schweitzer, Berthold U. Wigger, Kronberger Kreis Studie Nr. 62, Berlin, 2016. PDF
  • Einheit in Vielfalt: Wie es mit Europa weitergehen kann (Unity in diversity: How Europe can proceed), Co-authors: Lars P. Feld, Christoph M. Schmidt, Isabel Schnabel, Ökonomenstimme, July 2016.
  • Keine Notwendigkeit einer Reform des Gesetzes zur Förderung der Stabilität und des Wachstums der Wirtschaft (No necessity for a reform of the Stability and Growth Law), Co-Authors: Henrike Michaelis, Steffen Elstner, Christoph Schmidt, Peter Bofinger, Lars P. Feld, Isabel Schnabel, Arbeitspapier 02/2015, German Council of Economic Experts, December 2015. PDF in German
  • Zukunftsfähigkeit in den Mittelpunkt (Focus on Future Viability): Annual Economic Report 2015/16 of the German Council of Economic Experts, Co-authors: Christoph Schmidt, Peter Bofinger, Isabel Schnabel and Lars P. Feld, November 2015. PDF German version, PDF English version
  • Europäische Integration klug vorantreiben (Wisely promoting European integration), Co-Authors: Lars P. Feld, Christoph Schmidt, Isabel Schnabel, Wirtschaftsdienst – Zeitschrift für Wirtschaftspolitik, 95 (9), September 2015. PDF German
  • Konsequenzen aus der Griechenland-Krise für einen stabileren Euro-Raum (Consequences of the Greek crisis for a more stable euro area): special report of the German Council of Economic Experts, Co-authors: Christoph Schmidt, Peter Bofinger, Isabel Schnabel and Lars P. Feld, July 2015. PDF German version, PDF English Version
  • Schätzung des mittelfristigen Gleichgewichtszinses in den Vereinigten Staaten, Deutschland und dem Euro-Raum mit der Laubach-Williams-Methode (Estimating the medium-term equilibrium real interest rate in the United States, Germany and the Euro Area with the Laubach-Williams method), Co-author: Robert C.M. Beyer, Arbeitspapier 03/2015, German Council of Economic Experts | Download: Working Paper
  • Erbschaftsteuer: Neu ordnen statt nachbessern (Inheritance tax: rearranging instead of repairing), Co-authors: Lars P. Feld, Clemens Fuest, Justus Haucap, Heike Schweitzer, Berthold U. Wigger, Kronberger Kreis Studie Nr. 60, Berlin, 2015. PDF German
  • Für eine freie Preisbildung (For a free price formation), Co-authors: Lars P. Feld, Clemens Fuest, Justus Haucap, Heike Schweitzer, Berthold U. Wigger, Positionspapier 2015/4, Berlin, 2015. PDF German
  • The ECB's Outright Monetary Transactions in the Courts edited with Helmut Siekmann and Vikrant Vig, IMFS Interdisciplinary Studies 2015/1, Frankfurt, January 2015. PDF English
  • Mehr Vertrauen in Marktprozesse (More confidence in market processes): Annual Economic Report 2014/15 of the German Council of Economic Experts, Co-authors: Christoph Schmidt, Peter Bofinger, Isabel Schnabel and Lars P. Feld, November 2014. PDF German, parts available in English
  • The German Constitutional Court's decision on OMT: Have markets misunderstood?, Co-author: Helmut Siekmann, CEPR Policy Insight No. 74, Center of Economic Policy Research, London, October 2014. PDF English
  • Europäische Bankenunion: Vom Prinzip Hoffnung zum Prinzip Haftung, (European Banking Union: From the principle of hope to the principle of accountability) Co-authors: Lars P. Feld, Clemens Fuest, Justus Haucap, Heike Schweitzer, Berthold U. Wigger, Kronberger Kreis Studie Nr. 59, Berlin, 2014. PDF German
  • Is there a threat of self-reinforcing deflation in the euro area? A view through the lens of the Phillips curve, Co-author: Maik Wolters, Kiel Policy Brief No. 79, Kiel Institute of the World Economy, Kiel, 2014. Working Paper 
  • Neustart in der Energiepolitik jetzt! (A New Start in Energy Policy Now!), Co-authors Lars P. Feld, Clemens Fuest, Justus Haucap, Heike Schweitzer, Berthold U. Wigger, Kronberger Kreis Studie Nr. 57, Berlin, 2014. PDF German
  • Gegen eine rückwärtsgewandte Wirtschaftspolitik (Against a Backward-Looking Economic Policy): Annual Economic Report 2013/14 of the German Council of Economic Experts, Co-authors: Christoph Schmidt, Peter Bofinger, Claudia Buch and Lars P. Feld, November 2013. PDF German, parts available in English
  • Renaissance der Angebotspolitik (Renaissance of Supply-Side Policy), Co-authors: Lars P. Feld, Clemens Fuest, Justus Haucap, Berthold U. Wigger, Kronberger Kreis Studie Nr. 57, Berlin, 2013. PDF German
  • Bildungsfinanzierung neugestalten (Reform of the Financing of Education), Co-authors: Lars P. Feld, Justus Haucap, Berthold U. Wigger, Kronberger Kreis Studie Nr. 56, Berlin, 2013. PDF German
  • Central Banking: Where are we headed? edited with Helmut Siekmann, IMFS Interdisciplinary Studies 2013/2, Frankfurt, February 2013. PDF English
  • The ECB and Its Watchers 2012 edited with Helmut Siekmann, IMFS Interdisciplinary Studies 2013/1, Frankfurt, January 2013. PDF English
  • Wie viel Koordinierung braucht Europa? (How much Coordination does Europe Need?) Co-authors: Lars P. Feld, Justus Haucap, Wernhard Möschel, Berthold U. Wigger, Kronberger Kreis Studie Nr. 55, Berlin, 2012. PDF German
  • Reform der Geldbußen im Kartellrecht überfällig (Reform of the Fining Practices in Competition Law) Co-authors: Lars P. Feld, Wernhard Möschel, Berthold U. Wigger, Kronberger Kreis Studie Nr. 54, Berlin, 2012. PDF German 
  • Die Notenbanken und das liebe Geld, Forschung Frankfurt, S. 33-35, 2012. Link
  • Next Hike End of 2014: FOMC Matches Historical Responses to Member's Forecasts and Risks Repeating Earlier Mistakes, House of Finance, White Paper No. 02, 2012. Download: Working Paper
  • Systemstabilität für die Finanzmärkte (Systemic Stability of Financial Markets), Co-authors: Juergen B. Donges, Lars P. Feld, Wernhard Möschel, Manfred J. M. Neumann, Kronberger Kreis Studie Nr. 53, Berlin, 2011. PDF German
  • Liquidity Management and the Reform of the International Monetary System, House of Finance White Paper No. 4, 2011. Paper based on contribution at the G20 High-Level Seminar on the International Monetary System in Nanjing, China on March 31, 2011 as a Lead Speaker in the Session on "Global liquidity management issues (including global financial safety nets and the role of the SDR)". PDF English
  • Fiscal Action versus Monetary Stimulus: A Faulty Comparison, SIEPR Policy Brief, February 2008, | Download: PDF-File
  • Exchange Restrictions in Developing Countries: Classification, Measurement and Use as a Policy Instrument, prepared for the Surveillance Policy Division of the International Monetary Fund, September 1993.