Sebastian Schmidt - personal webpage
European Central Bank
Monetary Policy Research Division
I am an Economist in the Monetary Policy Research Division of the European Central Bank. The views expressed on this website are my own and do not necessarily reflect those of the European Central Bank or the Eurosystem.
"Conservatism and Liquidity Traps," with Taisuke Nakata, resubmitted to Journal of Monetary Economics (latest draft available upon request)
"The Risk-Adjusted Monetary Policy Rule," with Taisuke Nakata
"The Risky Steady State and the Interest Rate Lower Bound," with Timothy Hills and Taisuke Nakata [press coverage: Bloomberg News, Financial Times, Reuters; recent summary in ECB Research Bulletin]
"Gradualism and Liquidity Traps," with Taisuke Nakata
"Fiscal Activism and the Zero Nominal Interest Rate Bound," Journal of Money, Credit and Banking, forthcoming. [Online Appendix]
"Lack of confidence, the zero lower bound, and the virtue of fiscal rules," Journal of Economic Dynamics and Control, 70, 36-53, September 2016.
"Dealing with a Liquidity Trap when Government Debt Matters: Optimal Time-Consistent Monetary and Fiscal Policy," with Matthias Burgert, Journal of Economic Dynamics and Control, 47, 282-299, October 2014.
"Optimal Monetary and Fiscal Policy with a Zero Bound on Nominal Interest Rates," Journal of Money, Credit and Banking, 45(7), 1335-1350, October 2013. [Online Appendix]
"The New Keynesian Approach to Dynamic General Equilibrium Modeling: Models, Methods, and Macroeconomic Policy Evaluation," with Volker Wieland, in: P.B. Dixon and D.W. Jorgenson (eds.), Handbook of Computable General Equilibrium Modeling, Vol. 1, Elsevier, North-Holland, 2013.
"A New Comparative Approach to Macroeconomic Modeling and Policy Analysis," with Volker Wieland, Tobias Cwik, Gernot Mueller and Maik Wolters, Journal of Economic Behavior and Organization, 83(3), 523-541, August 2012.
"The Cost Channel, Indeterminacy, and Price-Level versus Inflation Stabilization," The B.E. Journal of Macroeconomics, Vol. 11 (Topics), Article 3, January 2011.
"Macroeconomic stabilization, monetary-fiscal interactions, and Europe's monetary union," with G. Corsetti, L. Dedola, M. Jarociński and B. Maćkowiak, Discussion Paper, December 2016
"The effective lower bound: some implications for inflation dynamics beyond the current low interest rate environment," ECB Research Bulletin article, November 2016
"The role of the ECB’s asset purchases in preventing a potential de-anchoring of longer-term inflation expectations," with G. Coenen, ECB Research Bulletin article, July 2016
"The Risk of Returning to the Effective Lower Bound: An Implication for Inflation Dynamics after Lift-Off," with T. Hills and T. Nakata, FEDS Notes, February 2016
"Comparing fiscal multipliers across models and countries in Europe," with J. Kilponen, M. Pisani, V. Corbo, T. Hledik, J. Hollmayr, S. Hurtado, P. Júlio, D. Kulikov, M. Lemoine, M. Lozej, H. Lundvall, J. Maria, B. Micallef, D. Papageorgiou, J. Rysanek, D. Sideris, C. Thomas and G. De Walque, ECB Working Paper No. 1760, March 2015
"Dealing with a Liquidity Trap when Government Debt Matters," ECB Research Bulletin No. 21, Spring 2014
Endogenous volatility at the zero lower bound: Implications for stabilization policy," by S. Basu and B. Bundick, 9th International Research Forum on Monetary Policy, March 2016. [Discussion slides]
"Liquidity Traps and Expectation Dynamics: Fiscal Stimulus or Fiscal Austerity?" by J. Benhabib, G. Evans and S. Honkapohja, SNB Research Conference 2013, September 2013. [Discussion slides]