Our research centre is dedicated to advancing knowledge in the field of central banking through rigorous academic inquiry and policy-relevant studies. We publish a wide range of research outputs, including peer-reviewed journal articles, working papers, and publications in the German language. This section provides an overview of our research activities over the past five years, highlighting current projects as well as key contributions to debates in monetary policy, financial stability, and central bank governance.
RESEARCH
Journal Publications
- De Roure, C., Moench, E., Pelizzon, L. and Schneider, M., (2025). OTC discount, Management Science.
- Moench, E., Stein, T. (forthcoming). Equity Premium Predictability over the Business Cycle, Journal of Financial and Quantitative Analysis.
- Chavleishvili, S., Moench, E. (2025). Natural disasters as macroeconomic tail risks, Journal of Econometrics, Vol. 247, 105914.
- Bartscher, A., Kuhn, M., Schularick, M. (2025). The Distribution of Household Debt in the United States, 1950-2022, Review of Economic Dynamics, Vol. 57, 101288.
- Klingler, S., Syrstad, O. (2025). The SOFR Discount, Journal of Financial Economics, 164.
- Bayer, C., Born, B., Luetticke, R. (2024). Shocks, Frictions, and Inequality in US Business Cycles, American Economic Review, 114(5), pp. 1211-1247 (lead article).
- Born, B., D’Ascanio, F., Müller, G. J., Pfeifer, J. (2024). Keynes meets the Classics: Government Spending and the Real Exchange Rate, Journal of Political Economy, 132(5), pp. 1642-1683.
- Cooper, R., Horn, C.-W., Indraccolo, L. (2024). Covid and Productivity in Europe: A Responsiveness Perspective, European Economic Review, Vol 163, 104655.
- Saunders, A., Spina, A., Steffen, S., Streitz, D. (2024). Corporate Loan Spreads and Economic Activity, Review of Financial Studies, 38(2), pp. 507-546.
- Acharya, V., Jager, M., Engle, R., Steffen, S. (2024). Why did bank stocks crash during Covid-19?, 37(9), pp. 2627-2684.
- Acharya, V., Jager, M., Steffen, S. (2024). Contingent credit under stress, Annual Review of Financial Economics, Vol. 16.
- Imbierowicz, B., Saunders, A., Steffen, S. (2024). Are risky banks disciplined by large corporate depositors?, Journal of Money, Credit & Banking.
- Bayer, C., Müller, G., Kriwoluzky, A., Seyrich, F. (2024). A HANK^2 model of monetary unions, Journal of Monetary Economics, Vol. 147.
- Kwon, S., Ma, Y., Zimmermann, K. (2024). 100 Years of Rising Corporate Concentration, American Economic Review, 114(7), pp. 2111-2140.
- Crump, R. K., Eusepi, S., Moench, E., Preston, B. (2023). The Term Structure of Expectations, Handbook of Economic Expectations, Chapter 17, pp. 504-540.
- Carvalho, C., Eusepi, S., Moench, E., Preston, B. (2023). Anchored Inflation Expectations, American Economic Journal: Macroeconomics Vol. 15(1), pp. 1-47.
- Bayer, C., Born, B., Luetticke, R. (2023). The Liquidity Channel of Fiscal Policy, Journal of Monetary Economics, 134, pp. 86-117.
- Bayer, C., Born, B., Luetticke, R., Müller, G. J. (2023). The Coronavirus Stimulus Package: How large is the transfer multiplier?, Economic Journal, 133(652), pp. 1318-1347.
- Seidl, H., Seyrich, F. (2023). Unconventional Fiscal Policy in a Heterogeneous-Agent New Keynesian Model, Journal of Political Economy Macroeconomics, 1(4).
- Ma, Y., Zimmermann, K. (2023). Monetary Policy and Innovation, Prepared for the Jackson Hold Economic Policy Symposium 2023.
- Corhay, A., Kind, T., Kung, H., Morales, G. (2023). Discount Rates, Debt Maturity, and the Fiscal Theory, Journal of Finance, 78(6).
- Bianchi, J., Gomez-Cram, R., Kind, T., Kung, H. (2023). Threats to Central Bank Independence: High-Frequency Identification With Twitter, Journal of Monetary Economics, 135.
- Klingler, S., Sundaresan, S. (2023). Diminishing Treasury Convenience Premiums: Effects of Dealer’s Excess Demand in Auctions, Journal of Monetary Economics, 135.
- Acharya, V., Chauhan, R., Rajan, R., Steffen, S. (2022). Liquidity Dependence: Why Shrinking Central Bank Balance Sheets Is An Uphill Task, Proceedings of the Jackson Hole Economic Symposium of the Federal Reserve Bank of Kansas City on “Reassessing Constraints on the Economy and Policy”.
- Bartscher, A. K., Kuhn, M., Schularick, M., Wachtel, P. (2022). Monetary Policy and Racial Inequality, Brookings Papers on Economic Activity, pp. 1-47.
- Born, B., Enders, Z., Müller, G. J., Niemann, K. (2022). Firm expectations about production and prices: Facts, determinants, and effects, Handbook of Economic Expectations, Elsevier, Chap. 12, pp. 355–384.
- Hoffmann, M., Moench, E., Pavlova, L., Schultefrankenfeld, G. (2022). Would Households Understand Average Inflation Targeting?, Journal of Monetary Economics Vol. 129 (Supplement), pp. 52-66.
- Moench, E., Soofi-Siavash, S. (2022). What Moves Treasury Yields?, Journal of Financial Economics Vol. 146(3), pp. 1016-1043.
- Kuvshinov, D., Zimmermann, K. (2022). The Big Bang: Stock Market Capitalization in the Long Run, Journal of Financial Economics, 145(2), 527-552.
- Winkler, A. (2022). Does Financial Dominance Explain the Recent Rise in Inflation?, Economists’ Voice, 19 (2), pp. 187-203.
Working Papers
- Genc, E., Moench, E., Pazarbasi, A. (2025). Reaching for Beta.
- Hoffmann, M., Moench, E., Pavlova, L., Schultefrankenfeld (2025). A KISS for central bank communication in times of high inflation. CEPR Discussion Paper No. 20213.
- Andrade, P., Gautier, E., Mengus, E., Moench, E. (2025). Household Beliefs About Fiscal Dominance, FRB of Boston Working Paper No. 25-2.
- Karau, S., Moench, E., (2025). Mining Shocks, Blockchain Security, and the Value of Bitcoin, CEPR Discussion Paper No. 20141.
- Crump, R. K., Eusepi, S., Moench, E., Preston, B. (2025). How do we learn about the long run?, Federal Reserve Bank of New York Staff Reports No. 1150.
- Bachmann, R., Born, B., Goldfayn-Frank, O., Kocharkov, G., Luetticke, R., Weber, M. (2025). A Temporary VAT Cut as Unconventional Fiscal Policy.
- Born, B., Huxel, L., Müller, G. J., Pfeifer, J. (2025). Anchored in Troubled Waters: Monetary Unions and Uncertainty.
- Born, B., Müller, G. J., Pfeifer, J., Wellmann, S. (2025). Different no more: Country spreads in advanced and emerging economies.
- Born, B., Enders, Z., Menkhoff, M., Müller, G. J., Niemann, K. (2025). Firm Expectations and News: Micro v Macro.
- Best, L., Born, B., Menkhoff, M. (2025). The impact of interest: Firms’ investment sensitivity to interest rates.
- Pal Mustafi, U. (2025). Deconstructing debt supply shocks using Treasury auction announcements.
- Fischer, J. J., Horn, C.-W. (2025). Monetary Policy and Mergers and Acquisitions.
- Acharya, V., Gopal, M., Jager, M., Steffen, S. (2025). Shadow Always Touches the Feet: Implications of Bank Credit Lines to Non-Bank Financial Intermediaries.
- Nielsson, U., Rangvid, J., Saidi, F., Seyrich, F., Streitz, D. (2025). Empirical Monetary-Fiscal Equivalence.
- Ma, Y., Pugsley, B., Qin, H., Zimmermann, K. (2025). Superstar Firms through the Generations.
- Nielsson, U., Rangvid, J., Saidi, F., Streitz, D., Seyrich, F. (2025). Empirical Monetary-Fiscal Equivalence.
- Lamersdorf, N. (2025). Populism, Institutional Trust, and Monetary Policy: A Firm-Level Analysis.
- Altavilla, C., Gurkaynak, R., Kind, T., Laeven, L. (2025). Monetary Transmission with Frequent Policy Events.
- Altavilla, C., Gurkaynak, R., Kind, T., Laeven, L. (2025). Monetary Transmission with Frequent Policy Events.
- Duijm, P., Jansen, K., Klingler, S., Ranaldo, A. (2025). Pension Liquidity Risk.
- Moench, E., Jank, S., Schneider, M. (2024). Safe Asset Scarcity, collateral reuse, and market functioning, CEPR Discussion Paper No. 16439.
- Crump, R.K., Eusepi, S., Moench, E. (2024). Is There Hope for the Expectations Hypothesis?, Federal Reserve Bank of New York Staff Reports No. 1098.
- Adrian, T., Gelos, G., Lamersdorf, N., Moench, E. (2024). The Asymmetric and Persistent Effects of Fed Policy on Global Bond Yields, BIS Working Paper No. 1195.
- Moench, E., Soofi-Siavash, S. (2024). Energy-saving technology shocks, emissions, and the macroeconomy, CEPR Discussion Paper No. 19656.
- Martini, F., Sautner Z., Theunisz, C., Steffen, S. (2024). Climate Transition Risks of Banks, Swiss Finance Institute Research Paper No. 23-66.
- Baron, M., Schularick, M., Zimmermann, K. (2024). Survival of the Biggest: Large Banks and Crises since 1870.
- Pfäuti, O., Seyrich, F. (2024). A Behavioral Heterogeneous Agent New Keynesian Model.
- Acharya, V., Chauhan, R., Rajan, R., Steffen, S. (2023). Liquidity Dependence and the Waxing and Waning of Central Bank Balance Sheets.
- Boneva, L., Jensen, J., Weidner, S. (2023). The Impact of Monetary Policy and Lender-of-Last-Resort Announcements on the Treasury Market, CEPR Discussion Paper No. 18426.
- Born, B., Dalal, H., Lamersdorf, N., Steffen, S. (2023). Monetary Policy in the Age of Social Media: A Twitter-Based Inflation Analysis.
- Hoffmann, M., Moench, E., Pavlova, L., Schultefrankenfeld, G. (2023). Forceful or Persistent: How the ECB’s New Inflation Target Affects Households’ Inflation Expectations, Bundesbank Discussion Paper No. 27/2023.
- Moench, E., Jank, S., Schneider, M. (2022). Safe Asset Shortage and Collateral Reuse, CEPR Discussion Paper No. 16439.
- Assenmacher, K., Berentsen, A., Brand, C., Lamersdorf, N. (2021). A unified framework for CBDC design: remuneration, collateral haircuts and quantity constraints, ECB Working Paper No. 2578.