Working Papers


  • Policy Rules and the Inflation Surge: The Case of the ECB, Co-author Balint Tatar, CEPR Discussion Paper 19521, IMFS Working Paper 209 (PDF), September 2024
  • Taylor Rules and the Inflation Surge: The Case of the Fed, Co-author Balint Tatar, CEPR Discussion Paper, IMFS Working Paper No. 201 (PDF), March 2024
  • Government bond rates and interest expenditures of large euro area member states: A scenario analysis, Co-authors Veronika Grimm, Lukas Nöh, IMFS Working Paper 171 (PDF)
  • A potential sudden stop of energy imports from Russia: Effects on energy security and economic output in Germany and the EU, German Council of Economic Experts, Co-authors Veronika Grimm, Monika Schnitzer, Achim Truger, GCEE Working Paper 1/2022, IMFS Working Paper 166 (PDF)
  • The decline in euro area inflation and the choice of policy, IMFS Working Paper 159, May 2021 (PDF)
  • The German Federal Constitutional Court Ruling and the European Central Bank's Strategy, Co-author: Lars P. Feld, IMFS Working Paper 145, October 2020 (PDF)
  • The Ruling of the Federal Constitutional Court concerning the Public Sector Purchase Program, Co-author: Helmut Siekmann, IMFS Working Paper 140, May 2020 (PDF)
  • Verfahren zum Anleihekaufprogramm der EZB, IMFS Working Paper 139, May 2020 (PDF)
  • Evaluating Rules in the Fed's Report and Measuring Discretion, Co-authors: John H. Cochrane, John B. Taylor, Draft version 2019 (PDF)
  • On the Macroeconomic and Fiscal Effects of the Tax Cuts and Jobs Act, Co-author: Philipp Lieberknecht, IMFS Working Paper 131, October 2019 (PDF)
  • Robust Macro-Prudential and Regulatory Policies under Model Uncertainty, Co-authors: Michael Binder, Philipp Lieberknecht, Jorge Quintana, prepared for the project 'Integrated Macro-Financial Modelling for Robust Policy Design' (MACFINROBODS), Seventh Framework Programme for Research and Technological Development (FP7), March 2017 l  Working Paper
  • Fiscal Multipliers in Policy Focused Models with Financial Sector Risk, Co-authors: Michael Binder, Philipp Lieberknecht, prepared for the project 'Integrated Macro-Financial Modelling for Robust Policy Design' (MACFINROBODS), Seventh Framework Programme for Research and Technological Development (FP7), October 2016 l Download: Working Paper
  • Robust Monetary and Fiscal Policies under Model Uncertainty, Co-authors: Elena Afanasyeva, Michael Binder, Jorge Quintana, prepared for the project 'Integrated Macro-Financial Modelling for Robust Policy Design' (MACFINROBODS), Seventh Framework Programme for Research and Technological Development (FP7), October 2016 l Download: Working Paper
  • Heterogeneous Information, Diverse Higher-Order Beliefs and Business Cycles: Propagation Mechanisms and Empirical Performance, Co-Authors: Michael Binder, Mátyás Gábor Farkas, prepared under the project 'Integrated Macro-Financial Modelling for Robust Policy Design' (MACFINROBODS), Seventh Framework Programme for Research and Technological Development (FP7), April 2016 | Download: Working Paper
  • The Role of Tax Policy in Fiscal Consolidation: Insights from Macroeconomic Modelling, Co-author: Matthias Burgert, in: Savina Princen and Gilles Moure, "The role of tax policy in times of fiscal consolidation", Economic Papers 502, European Economy, European Commission, August 2013
  • Asset Pricing under Rational Learning about Rare Disasters, Co-author: Christos Koulovatianos, IMFS Wpaper Series No. 46, August 2011 |Download:Working Paper
  • Inflation Dynamics and International Linkages: A Model of the United States, the Euro Area and Japan , Co-author: Guenter Coenen, ECB Working Paper Series 181, September 2002. | Download: ECB Working Paper 181
  • Monetary Policy Under Federal Reserve Chairman Volcker and Greenspan: An Exercise in Description, with Athanasios Orphanides and David Lindsey, Manuscript, March 1997. | Download: Working Paper