UNIVERSITY OF COLOGNE

Curriculum Vitae

Full CV

Research Interests

Monetary Theory and Policy, Fiscal Policy, Financial Economics, and International Macroeconomics

Short Bio

Working Papers

• Bank Regulation and Post-2008 US Monetary Policy (April 2025)
• "Can Monetary Policy be Superior for Financial Stabilization?" (Version: October 2024)
• "Financial Regulation, Interest Rate Responses, and Distributive Effects", with Christian Loenser and Joost Röttger (Version: November 2021)
• "On the Role of MBS for the Macroeconomic Effects of QE1" with Hamza Polattimur (This Version: April 2020).
• "Interest Rate Spreads and Forward Guidance", with Christian Bredemeier and Christoph Kaufmann (This Version: May 2018). [Additional Material]

Older Working Papers

• "Interest Rates, Money, and Banks in an Estimated Euro Area Model", with Kai Christoffel (Version: August 2014).
• "Fiscal Policy, Sovereign Default, and Bailouts", with Falko Juessen (Version: December 2013).
• "Monetary Policy, Interest Rates, and Liquidity Premia", with Samuel Reynard (Version: August 2013).

Publications

• "Taxing versus subsidizing debt under financial frictions" (Version: September 2024), Economic Theory, forthcoming, https://rdcu.be/dXJkD
• "Why Are Fiscal Multipliers Moderate Even Under Monetary Accommodation?" with Christian Bredemeier and Falko Juessen, European Economic Review, vol. 141, 2022, 103970
• "Monetary Policy, Financial Constraints, and Redistribution", with Christian Loenser, International Economic Review, vol. 61, 2020, 1501-1529.
• "Default Risk Premia on Government Bonds in a Quantitative Macroeconomic Model", with Falko Juessen and Ludger Linnemann, Macroeconomic Dynamics, vol. 20, 2016, pp. 380-403.
• "Liquidity Premia and Interest Rate Parity", with Ludger Linnemann, Journal of International Economics, vol. 97, 2015, pp. 178-192.
• "Optimal Central Bank Lending", Journal of Economic Theory, vol. 157, pp. 485-516. (Version: January 2015)
• "A Monetary Analysis of Balance Sheet Policies", with Markus Hoermannn, The Economic Journal, vol. 125, 2015, pp. 1888-1917.
• "Sovereign Default and the Stability of Inflation Targeting Regimes", with Sweder van Wijnbergen, IMF Economic Review, vol. 62, 2014, pp. 261-287.
• "Optimal Government Expenditures and Unemployment", with Ludger Linnemann, Journal of Economic Dynamics and Control, vol. 36, 2012, pp. 795-811.
• "Fiscal Rules, Interes Payments on Debt, and the Irrelevance of the Taylor Principle", with Ludger Linnemann, Scottish Journal of Political Economy, vol. 59, 2012, pp. 250-265.
• "Exchange rate policy under sovereign default risk", Economics Letters, vol. 112, 2011, pp. 179-181.
• "Monetary policy under a fiscal theory of sovereign default", Journal of Economic Theory 145(2), 20120, pp. 860-868.
• "Debt Non-neutrality- Policy Interactions, and Macroeconomic Stability", with Ludger Linnemann, International Economic Review 51(2), 2010, pp. 461-474. (additional appendix)
• "An interest rate peg might be better than you think", with Markus Hoermann, Economics Letters, vol. 105, 2009, pp. 156-158.
• "Distortionary Taxation, Debt, and the Price Level", with Leopold von Thadden, Journal of Money, Credit, and Banking, vol. 41, 2009, pp. 159-188.
• "Money Supply, Macroeconomic Stability, and the Implementation of Interest Rate Targets", Journal of Macroeconomics, vol. 31, 2009, pp. 333-344.
• "Federal Reserve Policy through a Money Supply Lens", with Ibrahim Chowdhury, Journal of Monetary Economics, vol. 55, 2008, pp. 825-834.
• "Central bank instruments, fiscal policy regimes, and the requirements for equilibrium determinacy", Review of Economic Dynamics, vol. 9, 2006, pp. 742-762.
• "On the Validity of the Taylor Principle in Open Economies", with Ludger Linnemann, International Finance, vol. 9, 2006, pp. 343-367.
• "Can money matter for interest rate policy?", with Matthias Brückner, Journal of Economic Dynamics and Control, vol. 30, 2006, pp. 2823-2957.
• "Inflation dynamics and the cost channel of monetary transmission", with Ibrahim Chowdhury and Mathias Hoffmann, European Economic Review, vol. 50, 2006, pp. 995-1016.
• "Productive government expenditure in monetary business cycle models", with Ludger Linnemann, Scottish Journal of Political Economy, vol. 53, 2006, pp. 28-46.
• "Identifying monetary policy shocks with changes in open market operations", European Economic Review, vol. 49, 2005, pp. 561-577.
• "Interactions of monetary and fiscal policy via open market operations",
  The Economic Journal, vol. 114, 2004, C186-C206.
• "Can fiscal spending stimulate private consumption?", with Ludger Linnemann, Economics Letters, vol. 82, 2004, pp. 173-179.
• "Fiscal policy in the new neoclassical synthesis", with Ludger Linnemann, Journal of Money, Credit, and Banking, vol. 35, 2003, pp. 911-929.
• "Monetary policy, agency costs, and output dynamics", with Ludger Linnemann, German Economic Review, vol. 4, 2003, pp. 341-364.
• "Supply-side effects of monetary policy and equilibrium multiplicity", with Matthias Brückner, Economics Letters, vol. 79, 2003, pp. 205-211.
• "Open Market Shocks in a Business Cycle Model with Financial Intermediation", with Burkhard Heer, in: Hairault, J.O. and H. Kempf (eds.), 2002, Market Imperfections and Macroeconomic Dynamics, Kluwer Academic Publishers.