Kerstin Bernoth
Monetary Economist · DIW Berlin · European Parliament Monetary Policy Experts Panel
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I am Dean of the DIW Graduate Center and an economist in the Macroeconomics Department at DIW Berlin. My research focuses on monetary policy, central bank communication, fiscal policy, international finance, and financial stability. Since 2015, I have served on the European Parliament's Monetary Policy Experts Panel.
Research Interests
Monetary Economics · Central Bank Communication · International Finance · Financial Stability · Fiscal Policy · Empirical Macroeconomics
Current Research
Dovish Coos or Hawkish Screech? Identifying ECB Communication Shocks and Their Macroeconomic Effects: I use NLP methods to identify unexpected innovations in ECB monetary policy communication and estimate their macro-financial effects.
Revise & Resubmit, European Economic Review
The ECB Hawkish-Dovish Communication Indicator can be downloaded HERE
Selected Recent Publications
with Benjamin Beckers
Journal of Money, Credit and Banking, 2024, Volume 56(7), pp.1887-1907
with Casper G. de Vries and Jürgen von Hagen
Journal of Money, Credit and Banking, 2022, Volume 54(1), pp. 5-38
with Helmut Herwartz
Journal of International Money and Finance, 2021, Volume 117,
Policy Advice
Member, Monetary Policy Experts Panel, European Parliament (since 2015)
Regular expert contributions to the ECON Committee's Monetary Dialogue with the ECB President.
Latest: Look Through or Tighten? The ECB and Recurring Energy Supply Shocks (2026) (with Alexander Kriwoluzky)
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