Greetings and welcome to my website! My name is Andrea and I serve as a research assistant in the monetary policy implementation focus group at the Deutsche Bundesbank Research Centre. Additionally, I work as a consultant in the Senior Management Office of the DG Market Operations at the European Central Bank. I am pursuing a Doctorate in Economics at Goethe University Frankfurt, where my research centers around the transmission and implementation of monetary policy, with a specific focus on money markets.
The views expressed here are my own and do not necessarily reflect those of the Deutsche Bundesbank, the European Central Bank, or the Eurosystem.
Education Interests
Doctoral Degree in Economics - Urban Photography
Goethe University Frankfurt (2023-today) - OenologyMaster of Arts in Economics
University of St Gallen (2018-2021)Master of Science in Financial Economics
Erasmus University Rotterdam (2017-2018)
Refereed Publications
with Christoph Meinerding, Yves S. Schüler
European Journal of Political Economy 80, 102451
Using survey data from German households, we find that individuals with higher concern about the consequences of climate change have lower inflation expectations up to five years ahead. We show that the link between climate concern and inflation expectations goes above and beyond individuals’ perception of their personal exposures to climate-related risks, their distrust in the central bank, and a broad range of socio-demographic and socio-economic control variables.
Work in Progress
with Matthias Kaldorf
Deutsche Bundesbank Discussion Paper (forthcoming)
Does expansionary central bank lending policy crowd out private wholesale markets? We show that a haircut reduction of EU-bonds in the Eurosystem collateral framework induces banks to substitute other high quality government bonds by EU-bonds. This substitution is particularly strong for large holders of EU-bonds: German banks. Using euro area repo market data, we document that the Eurosystem haircut reduction translates into a negative supply shock of EU-bonds into the repo market. Banks earn around 10 basis points larger repo fees on EU-bonds, while the amount of bonds supplied declines substantially. Consistent with the notion of collateral arbitrage, the negative bond supply effect into the repo market is particularly strong for riskier banks.
Flexibility in Asset Purchases and Repo Market Functioning
with Adriana Grasso
European Central Bank Working Paper Series (forthcoming)
Repo Market Participation, the Pricing of Repos and Swaps
with Tobias Linzert, Benoit Nguyen, Davide Tomio, Loriana Pelizzon