Peter Tillmann

Professor of Monetary Economics 

Justus-Liebig-University Giessen

Licher Str. 66 | D-35394 Giessen

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Peter Tillmann is Professor of Monetary Economics at the University of Giessen, Germany. Previously, he worked at the Swiss National Bank and was assistant professor at the University of Bonn. He holds a PhD from the University of Cologne. His research interests are monetary policy, empirical macroeconomics and international finance. 

Foto: JLU/Katrina Friese

Current research

"Uncertainty about the War in Ukraine: Measurement and Effects on the German Business Cycle", with Moritz Grebe and Sinem Kandemir, June 2023 [paper] [Twitter threat] [data: Ukraine Uncertainty Index] [article Wirtschaftsdienst].

"The Impact of Monetary Policy on Non-Bank Financial Institutions: New Evidence", with Anisa Tiza-Mimun, in progress.

"Not all ECB Meetings are Created Equal", with Sinem Kandemir, May 2023 [paper].

"Fiscal Policy in the Bundestag: Textual Analysis and Macroeconomic Effects", with Albina Latifi, Viktoriia Naboka-Krell and Peter Winker, February 2023 [paper].

"The Macroeconomic Effects of Global Supply Chain Disruptions", with David Finck, April 2023 [paper] [SUERF Policy Brief], also appeared as [BOFIT Discussion paper].

"Household Expectations and Dissent Among Policymakers", with Moritz Grebe, May 2023 [paper]

"Occupational Self-Selection Among Bankers and Financial Regulators: Evidence from Content Analysis", with Daniel Czaja and Andreas Walter, June 2020.

“Monetary Policy Effectiveness and Diverging Communication”, with Andreas Walter, January 2020 [(dormant) paper][appendix]. Featured in [Les Echos].

Other writings

"Europäische Zentralbank: Transmission Protection Instrument",  Kommentar in Wirtschaftsdienst, August 2022 [article].

"Ukrainekrieg: Was sagen mehr als 8 Mio. Tweets?", with Moritz Grebe and Sinem Kandemir, Wirtschaftsdienst, July 2023  [article].

Selected research publications since 2019

"Lockdown Spillovers", with Hongyi Chen, Journal of International Money and Finance, 2023[paper].

"Macroeconomic Surprises and the Demand for Information about Monetary Policy", International Journal of Central Banking, 2023 [paper][appendix].

"Remittance Flows and U.S. Monetary Policy", with Immaculate Machasio, Review of World Economics (Weltwirtschaftliches Archiv), 2023 [paper].

"Stock Market Response to COVID-19, Containment Measures and Stabilization Policies - The Case of Europe", with Jens Klose, International Economics, 2023.

"The Stock Market and NO2 Emissions Effects of COVID-19 Around the World", with Jens Klose, Economics & Politics, 2022.

"The Role of Global and Domestic Shocks For Inflation Dynamics: Evidence from Asia", with David Finck, Oxford Bulletin of Economics and Statistics, 2022 [paper][appendix].

"Financial Markets and Dissent in the ECB's Governing Council", European Economic Review, 2021, [paper] [appendix].

"Pandemic Shocks and Household Spending", with David Finck, Oxford Bulletin of Economics and Statistics, 2022 [paper][appendix].

“Mortgage Debt and Time-Varying Monetary Policy Transmission”, with David Finck and Jörg Schmidt, Macroeconomic Dynamics, 2023[paper][appendix].

"COVID-19 and Financial Markets: A Panel Analysis for European Countries", with Jens Klose, Jahrbücher für Nationalökonomie und Statistik, 2021 .

"Monetary Policy Uncertainty in China", with Hongyi Chen, Journal of International Money and Finance, 2021.

“The Aggregate and Country-Specific Effectiveness of ECB Policy: Evidence from an External Instruments VAR Approach”, with Lucas Hafemann, International Journal of Central Banking, 2020.

“Monetary Policy Uncertainty and the Response of the Yield Curve to Policy Shocks”, Journal of Money, Credit and Banking, 2020 [paper][appendix].

“Rating Changes and Portfolio Flows: Evidence from Active and Passive Funds”, with Christina E. Bannier and Thomas Heyden, Economics Letters, 2019.

“The Effect of Diverging Communication: The Case of the ECB and the Bundesbank”, with Andreas Walter, Economics Letters, 2019.

“International Capital Flows, External Assets and Output Volatility”, with Mathias Hoffmann and Michael Krause, Journal of International Economics, 2019.