Research
Articles
European Exchange Rate Adjustments in Response to COVID-19, Containment Measures and Stabilization Policies, Economic Modelling, Vol. 128, 106494, 2023.
Estimated Monetary Policy Rules for the ECB with Granular Variations of Forecast Horizons for Inflation and Output, Economic Modelling, Vol. 127, 106466, 2023.
Stock market response to Covid-19, containment measures and stabilization policies - The case of Europe joint with Peter Tillmann, International Economics, Vol. 173, pp. 29-44, 2023.
The Stock Market and NO² Emissions Effects of COVID-19 Around the World joint with Peter Tillmann, Economics & Politics, Vol. 35 No. 2, pp. 556-594, 2023.
Comparing Cryptocurrencies and Gold - A System-GARCH-Approach, Eurasian Economic Review, Vol. 12 No. 4, pp. 653-679, 2022.
Safe Haven Flows, Natural Interest Rates and Secular Stagnation - Empirical Evidence for Euro Area Countries joint with Ansgar Belke, International Review of Economics and Finance, Vol. 76, pp. 1164-1190, 2021.
Measuring Redenomination Risks in the Euro Area - Evidence from Survey Data, Studies in Economics and Finance, Vol. 38 No. 5, pp. 964-986, 2021.
Why Central Banks Announcing Liquidity Injections is More Effective than Forward Guidance (joint with Martin Baumgärtner), International Finance, Vol. 24 No. 2, pp. 236-256, 2021.
COVID-19 and Financial Markets: A Panel Analysis for European Countries (joint with Peter Tillmann), Jahrbücher für Nationalökonomie und Statistik (Journal of Economics and Statistics), Vol. 241 No. 3, pp. 297-347, 2021.
Equilibrium Real Interest Rate for the BRICS-Countries, Journal of Economic Asymmetries, Vol. 21, e00155, 2020.
Equilibrium Real Interest Rates and the Financial Cycle: Empirical Evidence for Euro-Area Member Countries (joint with Ansgar Belke), Economic Modelling, Vol. 84, pp. 357-366, 2020.
Forecasting ECB Policy Rates with Different Monetary Policy Rules (joint with Ansgar Belke), Czech Journal of Economics and Finance, Vol. 69 No. 3, pp. 138-152, 2019.
Forecasting Exchange Rates with Commodity Prices - A Global Country Analysis (joint with Martin Baumgärtner), The World Economy, Vol. 42 No. 9, pp. 2546-2565, 2019.
Are Eastern European Taylor Reaction Functions Asymmetric in Inflation or Output? Empirical Evidence for four Countries, Eastern European Economics, Vol. 57 No. 1, 31-49, 2019.
Determinants of Eurosystem's Central Bank Provisions, Scottish Journal of Political Economy, Vol. 65 No. 4, 328-349, 2018.
Secular Stagnation in Non-EMU European Countries : Equilibrium Real Rate Approach, Journal of Economic Integration, Vol. 32 No. 2, 400-432, 2017.
Equilibrium Real Interest Rates and Secular Stagnation - An Empirical Analysis for Euro Area Member Countries (joint with Ansgar Belke), Journal of Common Market Studies, Vol. 55 No. 6, 1221-1238, 2017.
Exchange Rate Movements in the Presence of the Zero Lower Bound, Banks and Bank Systems, Vol. 12 No 1, 82-87, 2017.
Country Differences in the ECB Monetary Reaction Function, Journal of Economic Asymmetries, Vol. 14, 157-167, 2016.
Who Gains from Nominal Devaluation? An Empirical Assessment of Euro-Area Exports and Imports (joint with Sebastian Breuer), The World Economy, Vol. 38 No. 12, 1966-1989, 2015.
Determining Structural Breaks in Central Bank Reaction Functions of the Financial Crisis, Journal of Economic Asymmetries, Vol. 11, 78-90, 2014.
Determinants of Sovereign Yield Spreads During the Euro-Crisis – Fundamental Factors versus Redenomination Risk (joint with Benjamin Weigert), International Finance Vol. 17 No. 1, 25-50, 2014.
Modifying Taylor Reaction Functions in Presence of the Zero-Lower-Bound – Evidence for the ECB and the Fed (joint with Ansgar Belke), Economic Modelling Vol. 35, 515-527, 2013.
When and how did Central Banks Reaction Coefficients Change during the Financial Crisis?, Empirical Economics Letters Vol. 11 No. 7, 693-698, 2012.
Political Business Cycles and Monetary Policy Revisited – An Application of a Two-Dimensional Asymmetric Taylor Reaction Function, International Economics and Economic Policy Vol. 9 No. 3-4, 265-295, 2012.
Implicit Taylor Reaction Functions for Euro Area Countries, International Journal of Monetary Economics and Finance Vol. 5 No. 2, 153-168, 2012.
A Simple Way to Overcome the Zero Lower Bound of Interest Rates for Central Banks: Evidence from the Fed and the ECB within the Financial Crisis, International Journal of Monetary Economics and Finance Vol. 4 No. 3, 279-296, 2011.
Asymmetric Taylor Reaction Functions of the ECB: An Approach Depending on the State of the Economy, North American Journal of Economics and Finance Vol. 22 No. 2, 149-163, 2011.
Does the ECB Rely on a Taylor Rule? Comparing Ex-Post with Real Time Data (joint with Ansgar Belke), Banks and Bank Systems Vol. 6 No. 2, 46-61, 2011.
Does the ECB Rely on a Taylor Rule During the Financial Crisis? Comparing Ex-Post and Real Time Data with Real Time Forecasts (joint with Ansgar Belke), Economic Analysis and Policy Vol. 41 No. 2, 147-171, 2011.
Working Paper
Empirical Effects of Sanctions and Support Measures on Stock Prices and Exchange Rates in the Russia-Ukraine War, MAGKS Discussion Paper No. 17/2023, Marburg, 2023.
European Exchange Rate Adjustments in Response to COVID-19, Containment Measures and Stabilization Policies, MAGKS Discussion Paper No. 19/2022, Marburg, 2022.
Stock Market Response to Covid-19, Containment Measures and Stabilization Policies – The Case of Europe (joint with Peter Tillmann), MAGKS Discussion Paper No. 08/2022, Marburg, 2022.
The Real and Financial Impact of COVID-19 Around the World (joint with Peter Tillmann), MAGKS Discussion Paper No. 01/2022, Marburg, 2022.
Daily Monetary Policy Rules and the ECB's Medium-Term Orientation, MAGKS Discussion Paper No. 29/2021, Marburg, 2021.
Cryptocurrencies and Gold - Similarities and Differences, MAGKS Discussion Paper No. 28/2021, Marburg, 2021.
COVID-19 and Financial Markets: A Panel Analysis for European Countries (joint with Peter Tillmann), MAGKS Discussion Paper No. 25/2020, Marburg, 2020.
Safe Haven Flows, Natural Interest Rates and Secular Stagnation - Empirical Evidence for Euro Area Countries (joint with Ansgar Belke), Ruhr Economic Paper No. 831, Essen, 2019.
Cash is King - Effects of ECB's Conventional and Unconventional Measures (joint with Martin Baumgärtner), MAGKS Discussion Paper No. 23/2019, Marburg, 2019.
Measuring Redenomination Risks in the Euro Area - New Evidence from Survey Data, MAGKS-Discussion Paper No. 03/2019, Marburg, 2019.
Equilibrium Real Interest Rates for the BRICS Countries, MAGKS-Discussion Paper No. 14/2018, Marburg, 2018.
Forecasting Exchange Rates with Commodity Prices - A Global Country Analysis (joint with Martin Baumgärtner), MAGKS-Discussion Paper No. 12/2018, Marburg, 2018.
Equilibrium Real Interest Rates, Secular Stagnation, and the Financial Cycle: Empirical Evidence for Euro-Area Member Countries (joint with Ansgar Belke), Ruhr Economic Paper No. 743, ROME Working Paper No. 2018-01, GLO Discussion Paper No. 182, Essen, Düsseldorf, Brussels, 2018.
Are Eastern European Taylor Reaction Functions Asymmetric in Inflation or Output: Empirical Evidence for four Countries, MAGKS-Discussion Paper No. 08/2018, Marburg, 2018.
Determinants of Eurosystems Central Bank Provisions, Beiträge zur Jahrestagung des Vereins für Socialpolitik 2016: Demographischer Wandel - Session: European Crisis C16-V3, Augsburg, 2016.
Equilibrium Real Interest Rates and Secular Stagnation - An Empirical Analysis for Euro Area Member Countries (joint with Ansgar Belke), Ruhr Economic Paper No. 621, Essen, 2016.
Who Gains from Nominal Devaluation? An Empirical Assessment of Euro-Area Exports and Imports (joint with Sebastian Breuer), SVR-Working Paper 04/2013, Wiesbaden, 2013.
Determinants of Sovereign Yield Spreads During the Euro-Crisis – Fundamental Factors versus Redenomination Risk (joint with Benjamin Weigert), SVR-Working Paper 07/2012, Wiesbaden, 2012.
ECB and Fed Crisis Policies at the Zero-Lower-Bound–An Empirical Assessment Based on Modified Reaction Functions (joint with Ansgar Belke), Briefing paper prepared for presentation at the Committee on Economic and Monetary Affairs of the European Parliament for the quarterly dialogue with the President of the European Central Bank, Brussels, 2012.
Modifying Taylor Reaction Functions in the Presence of the Zero-Lower-Bound: Evidence for the ECB and the Fed(joint with Ansgar Belke), DIW Discussion Paper No. 1218, Ruhr Economic Paper No. 343, Berlin, Essen, 2012
Political Business Cycles and Monetary Policy Revisited – An Application of a Two-Dimensional Asymmetric Taylor Reaction Function, Ruhr Economic Paper No. 286, Essen, 2011.
(How) Do the ECB and the Fed React to Financial Market Uncertainty? - The Taylor Rule in Times of Crisis (joint with Ansgar Belke), DIW Discussion Paper No. 972, Ruhr Economic Paper No. 166, Berlin, Essen, 2010.
Does the ECB Rely on a Taylor Rule? - Comparing Ex-Post with Real Time Data (joint with Ansgar Belke), DIW Discussion Paper No. 917, Ruhr Economic Paper Nr. 133, Berlin, Essen, 2009.
Other
Negativzinsen, Überschussreserven und Tiering der EZB: Wie stark sind die Banken belastet?, Wirtschaftsdienst Vol. 100 No. 5, pp. 374-379, 2020.
Die Emergency Liquidity Assistance der EZB - ein Blick in die Black Box, Wirtschaftsdienst Vol. 96 No. 1, pp. 49-53, 2016.
Negative Einlagezinsen: Das Experiment beginnt, Wirtschaftsdienst Vol. 94 No. 6, 384, 2014.
Changes in Central Bank Reaction Functions of Central and Eastern European Countries in the Financial Crisis, Progress in Economics Research , Nova Publishers, Vol. 28, pp. 37-55, 2014.
Negative Einlagezinsen im Euro-Raum? Lehren aus Dänemark, Wirtschaftsdienst Vol. 93 No. 12, 824-827, 2013.
Das Fed-System ist nicht die Lösung in der TARGET2-Debatte (joint with Benjamin Weigert), Ökonomenstimme, 2012.
Das Verrechnungssystem der Federal Reserve und seine Übertragbarkeit auf den Euroraum (joint with Benjamin Weigert), Wirtschaftsdienst Vol. 92 No. 4, 243-250, 2012.
Die Illusion politisch unabhängiger Zentralbanken, Ökonomenstimme, 2012.
Optimale Geld- und Fiskalpolitik unter Unsicherheit (joint with Volker Clausen), Wirtschaftswissenschaftliches Studium 39 No. 5, 236-242, 2010.
Referee Reports
Applied Economics, Applied Economics Letters, Applied Economics Quarterly, Credit and Capital Markets (Kredit und Kapital), China Finance Review International, Computational Economics, Czech Journal of Economics and Finance, Eastern European Economics, Economic Change and Restructuring, Economic Modelling, Economics Bulletin, Economics & Politics, Empirical Economics, European Journal of Political Economy, International Economics and Economic Policy, International Review of Economics and Finance, International Finance, International Journal of Financial Studies, Journal of Contemporary European Studies, Journal of Common Market Studies, Journal of Economic Asymmetries, Journal of Financial Stability, Journal of International Financial Markets, Institutions and Money, Journal of International Money and Finance, Journal of Macroeconomics, Journal of Money, Credit and Banking, Nature Communications, Perspektiven der Wirtschaftspolitik, Public Choice, Scottish Journal of Political Economy, Studies in Economics and Finance, The World Economy.
Presentations
2022: FFEA CryptoAssets and Digital Asset Investment Conference (Rennes), FEM-2022 (Paris), Verein für Socialpolitik (Basle)
2021: EEFS (London)
2019: EEFS (Genova), Verein für Socialpolitik (Leipzig)
2018: EEFS (London), INFER Workshop on Development Economics versus Secular Stagnation (Essen).
2017: Asymmetries in Europe: causes, consequences, remedies (Pescara), World Finance Conference (Cagliari)
2016: INFINITI (Dublin), Verein für Socialpolitik (Augsburg)
2015: Verein für Socialpolitik (Münster)
2013: ECB-Joint Lunchtime Seminar (Frankfurt a.M.)
2012: INFINITI (Dublin), Ökonomie neu denken (Frankfurt a.M.)
2011: RCEA Canada Monetary Economics Workshop (Waterloo, ON), INFER (London)
2010: Global Finance Conference (Poznan), INFER (Münster), ifo Workshop Makroökonomik und Konjunktur (Dresden)
2009: EEFS (Athens)