Lukas Menkhoff, Professor of Economics
Kiel Institute for the World Economy, Senior Researcher (Int'l Finance / FX, Financial Development)
DIW Berlin, Senior Research Associate (Fin. Dev. / HH Finance)
Finance Group at Humboldt-Universität zu Berlin
CV: PDF, Publications: PDF, Google Scholar, RePEc/IDEAS, SSRN
Preparing for FX Intervention (with Tobias Heidland and Sekou Metiki), SSRN DP, October 2024.
Scaling Financial Education Among Micro-Entrepreneurs: A Randomized Saturation Experiment (with Jana S. Hamdan, Tim Kaiser, and Yuanwei Xu), CESifo Working Paper 11431, December 2024.
Earn more Tomorrow: Overconfidence, Income Expectations and Consumer Indebtedness (with Antonia Grohmann, Christoph Merkle, and Renke Schmacker), Journal of Money, Credit, and Banking, forthcoming. DIW DP 2065, October 2023.
Stock Market Participation, Work from Home, and Inequality (with Lorenz Meister and Carsten Schröder), SSRN DP, July 2024.
The Macroeconomic Effects of FX Interventions (with Karoline Offen and Malte Rieth), SSRN DP, February 2025.
Is Patience Malleable via Educational Intervention? The Role of Age in Field Experiments (with Tim Kaiser and Luis Oberrauch). IZA DP 16399, August 2023.
Selected policy papers
Zunehmende Bereitschaft für Devisenmarktinterventionen zeigt Wandel der internationalen Finanzarchitektur, DIW Wochenbericht 91:26 (2024), 407-412.
Chinese Loans to African Countries Differ from Western Loans (with Lorenz Meister and Annika Westen), DIW Weekly Report 13:26/27 (2023), 193-200.
Indien: Eine Alternative zu China? [India: An Alternative to China?](with Christian Wagner), Wirtschaftsdienst 103:1 (2023), 62-67.
Kleine Welt: Wenn Deutschland nur mit Demokratien handelt [Small World: If Germany only Trades with Democracies], Wirtschaftsdienst 102:7 (2022), 523-528.
Selected journal publications
Foreign Exchange Intervention: A New Database (with Marcel Fratzscher, Tobias Heidland, Lucio Sarno and Maik Schmeling), IMF Economic Review 71:4 (2023), 852-884. CEPR DP 17558, DP, VoxEU, Dataset.
The Multifaceted Impact of US Trade Policy on Financial Markets (with Lukas Boer and Malte Rieth), Journal of Applied Econometrics 38:3 (2023), 388-406. Open Access, DIW DP 1956, Policy paper.
Financial Education Affects Financial Knowledge and Downstream Behaviors (with Tim Kaiser, Annamaria Lusardi and Carly Urban), Journal of Financial Economics 145 (2022), 255-272. NBER WP 27057, CEPR DP 14741, DIW DP 1864, VoxEU, Related policy paper.
Active Learning Improves Financial Education: Experimental Evidence from Uganda (with Tim Kaiser), Journal of Development Economics 157 (2022), 102870. CESifo WP 9661.
The Dynamic Impact of FX Interventions on Financial Markets (with Malte Rieth and Tobias Stöhr), Review of Economics and Statistics 103:5 (2021), 939-953. Open access, DIW DP 1854.
Tax Evasion in New Disguise? Examining Tax Havens’ International Bank Deposits (with Jakob Miethe), Journal of Public Economics 176 (2019), 53-78. DIW DP 1711, Policy paper.
When Is Foreign Exchange Intervention Effective? Evidence from 33 Countries (with Marcel Fratzscher, Oliver Gloede, Lucio Sarno and Tobias Stöhr), American Economic Journal: Macroeconomics 11:1 (2019), 132-156. CEPR DP 12510, DIW DP 1518, VoxEU.
Does Financial Literacy Improve Financial Inclusion? Cross Country Evidence (with Antonia Grohmann and Theres Klühs), World Development 111 (2018), 84-96. DIW DP 1682, Policy paper.
Currency Value (with Lucio Sarno, Maik Schmeling and Andreas Schrimpf), Review of Financial Studies 30:2 (2017), 416-441. CEPR DP 11324, SSRN, VoxEU.
Does Financial Education Impact Financial Literacy and Financial Behavior, and If So, When? (with Tim Kaiser), World Bank Economic Review 31:3 (2017), 611-630. DIW DP 1562.
Information Flows in Foreign Exchange Markets: Dissecting Customer Currency Trades (Lucio Sarno, Maik Schmeling, Andreas Schrimpf), Journal of Finance 71:2 (2016), 601-633. SSRN.
Currency Momentum Strategies (with Lucio Sarno, Maik Schmeling and Andreas Schrimpf), Journal of Financial Economics 106:3 (2012), 660-684. CEPR DP 8747, BIS WP 366, VoxEU.
Carry Trades and Global Foreign Exchange Volatility (with Lucio Sarno, Maik Schmeling and Andreas Schrimpf), Journal of Finance 67:2 (2012), 681-718. CEPR DP 8291, SSRN, VoxEU.
Exchange Rate Management in Emerging Economies: Intervention via an Electronic Limit Order Book (with Michael Melvin and Maik Schmeling), Journal of International Economics 79:1 (2009), 54-63. CESifo WP 2656.
The Obstinate Passion of Foreign Exchange Professionals: Technical Analysis (with Mark P. Taylor), Journal of Economic Literature 45:4 (2007), 936-972. Warwick Econ Research Papers 679.
The Impact of Experience on Risk Taking, Overconfidence, and Herding of Fund Managers: Complementary Survey Evidence (with Ulrich Schmidt and Torsten Brozynski), European Economic Review 50:7 (2006), 1753-1766. Univ of Hannover DP 292.