Economic Policy

Briefing Papers as member of the Monetary Expert Panel: 

In-Depth Analyses at request of the Committee on Economic and Monetary Affairs (ECON) of the European Parliament ahead of the Monetary Dialogue with the ECB President: 

• “ECB Monetary Policy: Past, Present and Future”, February 2024 (with Sara Dietz, Rosa Lastra and Atanas Pekanov).

• “Monetary-Fiscal Interaction – Achieving the Right Monetary-Fiscal Policy Mix in the Euro Area”, September 2023 (with Sara Dietz, Rosa Lastra and Marie Rullière).

• “The ECB’s Transmission Protection Instrument: a legal & economic analysis”, September 2022 (with Sara Dietz, Gökhan Ider and Rosa Lastra).

• “Inflation on the Upswing – Just a Hiccup or the Trend Reversal after all?”, September 2021 (with Gökhan Ider).

• “The ECB’s Communication Strategy: Limits and Challenges After the Financial Crisis”, January 2019 (with Franziska Bremus, Geraldine Dany-Knedlik, Henrik Enderlein, Marcel Fratzscher, Lukas Guttenberg, Alexander Kriwoluzky, Rosa Lastra).

• “Negative Interest Rates and the Signalling Channel”, September 2018 (with Alexander Haas).

• “Monetary Policy Implications of Financial Innovation: In-Depth Analysis”, June 2017 (with Stefan Gebauer and Dorothea Schäfer)

• “Implications for the Euro Area of Divergent Monetary Policy Stances by the Fed and the ECB – The Role of Financial Spillovers”, February 2016 (with Philipp König).

• “Quantitative Easing – What are the Side Effects on Income and Wealth Distribution”, June 2015 (with Philipp König, Caterina, Benjamin Beckers and Forti Grazzini.

DIW Publications:

• "25 Jahre Euro: Viele Krisen gemeistert, viele Herausforderungen stehen an", DIW Wochenbericht 11/2024, pp. 167-174 (with Sara Dietz, Rosa Lastra und Atanas Pekanov).

• "US Inflation Reduction Act Demands Quick Strategic Action from the EU", DIW Weekly Report 6/2023, pp. 53-60 (with Josefin Meyer).

• "US-Investitionspaket Inflation Reduction Act erfordert schnelles strategisches Handeln der EU", DIW Wochenbericht 6/2023, S. 59-67 (mit Josefin Meyer).

• “Activation of new ECB emergency program TPI has not yet been required”, DIW Weekly Report 40/2022, pp. 250-256 (with Sara Dietz, Gökhan Ider and Rosa Lastra).

• “Einsatz des neuen EZB-Notfallprogramms TPI bisher nicht erforderlich”, DIW Wochenbericht 40/2022, S. 512-519 (with Sara Dietz, Gökhan Ider and Rosa Lastra).

• „Inflation im Euroraum: Faktoren wirken meist nur temporär, aber Risiko für länger erhöhte Inflation vorhanden”, DIW Wochenbericht 42 /2021, S. 695-704 (with Gökhan Ider).

• “Inflation in the Euro Area: Factors Mostly Have Only a Temporary Effect, but Risk of Prolonged Elevated Inflation Remains”, DIW Weekly Report 41/42 /2021, pp. 315-323 (with Gökhan Ider).

• “The Eurosystem's Agreement on Net Financial Assets (ANFA): Covert Monetary Financing or Legitimate Portfolio Management?“, DIW Economic Bulletin 12/13/2016, pp. 141-150 (with Philipp König)

• “Verdeckte Staatsfinnzierung oder erlaubte Portfoliosteuerung? Das ANFA-Abkommen des Eurosystems”, DIW Wochenbericht 12/13/2016, pp. 243-253 (with Philipp König).

• “ECB Asset Purchases May Affect Wealth Distribution”, DIW Economic Bulletin 7/2016, pp. 75-81 (with Benjamin Beckers and Philipp König) 

• “EZB-Anleihekäufe können Vermögensverteilung beeinflussen“, DIW Wochenbericht 7/2016, pp. 127-134 (with Benjamin Beckers and Philipp König).

• “Central Bank Asset Puchases I: The Theory”, DIW Roundup 60/2015 (with Carolin Raab, and Philipp König.

• „Large-Scale Asset Purchases by Central Banks II: Empirical Evidence”, DIW Roundup 61/2015 (with Philipp König, Carolin Raab)

• „Unchartered Territory: Large-Scale Asset Purchases by the European Central Bank”, DIW Economic Bulletin 13 / 2015, pp. 189-198 (with Philipp König, Carolin Raab, Marcel Fratzscher).

• „Unbekanntes Terrain: Anleihekäufe der Europäischen Zentralbank“, DIW Wochenbericht 13/2015, pp. 307-316 (with Philipp König, Carolin Raab and Marcel Fratzscher).

• “Fiscal Devaluation: Economic Stimulus for Crisis Countries in the Euro Area”, DIW Economic Bulletin 10 / 2014, pp. 12-18 (with Patrick Burauel and Philipp Engler).

• „Fiskalische Abwertung: wirtschaftlicher Impuls für die Krisenländer im Euroraum“, DIW Wochenbericht 39/2014, pp. 916-922 (with Patrick Burauel and Philipp Engler).

• „Inflationserwartungen im Euroraum sind nicht mehr fest verankert: neue Maßnahmen der EZB-Geldpolitik“, DIW Wochenbericht 27/2014, pp. 856-867 (with Marcel Fratzscher, Philipp König und Klara Rabe).

• “Weak Inflation and Threat of Deflation in the Euro Area: Limits of Conventional Monetary Policy“, DIW Economic Bulletin 5 / 2014 (with Marcel Fratzscher, Philipp König).

• “More Growth through Higher Investment”, DIW Economic Bulletin 8/2013, pp. 5-16 (with Stefan Bach, Guido Baldi, Björn Bremer, Beatrice Farkas, Ferdinand Fichtner, Marcel Fratzscher, Martin Gornig)

• „Wege zu einem höheren Wachstumspfad“, DIW Wochenbericht 26/2013, pp.6-17 (with Stefan Bach, Guido Baldi, Björn Bremer, Beatrice Farkas, Ferdinand Fichtner, Marcel Fratzscher, Martin Gornig)

• “A Transfer Mechanism as a Stabilization Tool in the EMU“, DIW Economic Bulletin 1/2013, pp. 3-8 (with Philipp Engler).

• “Konjunkturelle Ausgleichszahlungen als Stabilisierungsinstrument in der Europäischen Währungsunion“, DIW Wochenbericht 44/2012, pp. 3-8 (with Philipp Engler).

• „"Grüne" Investitionen in einem europäischen Wachstumspaket“, DIW Wochenbericht 25/2012, pp. 3-9 (with Thomas Spencer, Lucas Chancel, Emmanuel Guérin, Karsten Neuhoff).

• “The future of the international monetary system“, DIW Economic Bulletin 1(4), 2011, pp. 11-17 (with Ansgar Belke and Ferdinand Fichtner).

• „Die Zukunft des internationalen Währungssystems“, DIW Wochenbericht 37/38/2011, pp. 11-18 (with Ansgar Belke and Ferdinand Fichtner).

• „Entwicklung der Erdölmärkte: Reservekapazität im Nahen Osten wirkt derzeit stabilisierend“, DIW Wochenbericht 21/2011, pp. 3-9 (with Aleksandar Zaklan, Daniel Huppmann, Claudia Kemfert, Christian von Hirschhausen).

• „Zinsspreads auf europäische Anleihen: Finanzmärkte verstärken Druck zu mehr Haushaltsdisziplin“, DIW Wochenbericht 39/2010, pp. 12-18 (with Burcu Erdogan).