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Centre for Central Banking
About
Central banks play a critical role in maintaining price stability, promoting economic stability, and safeguarding the financial system. Their actions and policies have a significant impact on financial markets and the overall economy.
At the Centre for Central Banking, we are dedicated to fostering research excellence, conducting outreach activities, and building a vibrant community in the field of central banking. Our focus extends beyond monetary policy and encompasses other crucial areas where central banks hold key responsibilities, including financial stability and payment systems.
Our mission is to educate students and the wider public about the vital role and activities of central banks and their significance for the financial system. Situated in Frankfurt, the only city in the world that houses two central banks, the Centre for Central Banking at Frankfurt School is uniquely positioned to deepen knowledge about the inner workings and impactful contributions of central banks.
Join us in exploring the intriguing world of central banking, where research meets practice, and discover the profound influence central banks have on our economy and financial landscape.
Team
Centre Directors
Prof. Dr. Jens Weidmann
Jens Weidmann
Professor of Practice in Central Banking
Prof. Dr. Emanuel Mönch
Emanuel Mönch
Professor of Financial and Monetary Economics
Post-Docs
Affiliated Members
Professors
Dr. Alina Bartscher
Alina Kristin Bartscher
Assistant Professor of Finance
Prof. Dr. Ulf Moslener
Ulf Moslener
Professor of Sustainable Energy Finance
Prof. Dr. Adalbert Winkler
Adalbert Winkler
Professor of International and Development Finance
Prof. Dr. Benjamin Born
Benjamin Born
Associate Professor of Macroeconomics
Prof. Dr. Sascha Steffen
Sascha Steffen
Vice President Research / Professor of Finance
Dr. Kaspar Zimmermann
Kaspar Zimmermann
Assistant Professor of Finance / DWS Junior Chair in Finance
Post-Docs
Doctoral Students
Jonas Jensen
Jonas Jensen
Doctoral Student
Robin Schaal
Robin Schaal
Doctoral student
News
Frankfurt School seeks to fill tenured faculty position as Associate or Full Professor of Central Banking
Frankfurt School of Finance & Management is one of Europe’s leading business schools, accredited by AACSB, EQUIS and AMBA. We are seeking to fill a tenured faculty position as Associate or Full Professor of Central Banking (open-rank).
Frankfurt School launches new “Centre for Central Banking"
Frankfurt am Main, 11 October 2023
The Frankfurt School of Finance & Management announced the establishment of the “Frankfurt School Centre for Central Banking”. The announcement was made during a guest lecture by Lord Mervyn King, former Governor of the Bank of England, on 11 October 2023 at the Frankfurt School. The new Centre will officially commence its activities in January of 2024, strategically expanding the business school’s expertise in teaching and research on central banking topics and building on the school’s strong academic track record with one of the leading finance departments in Europe. The Frankfurt School Centre for Central Banking will address pressing issues in central banking, conduct relevant research projects and expand the business school’s academic and executive education programmes as well as its networking activities in the realm of central banks.
Events
Upcoming Events
Event title |
Date |
Place |
Registration |
|
Guest Lecture by Pierre Wunsch Governor of the Belgian National Bank "Beyond hawks and doves: monetary policy is about trying to get it right" |
8 May 2024 |
FS Campus Frankfurt am Main |
Register here |
|
Spring 2024 Frankfurt Macro Seminar Call for Papers |
13 May 2024 |
Goethe University Frankfurt am Main |
|
|
Guest Lecture by Boris Vujčić Governor of the Croatian National Bank "Inflationary and Macroeconomic Developments after joining the Euro: The Croatian Experience" |
12 June 2024 |
FS Campus Frankfurt am Main |
Register here |
Recent Events
OMFIF-Frankfurt School Seminar "The New Era of Central Bank Policy and Operations"
Frankfurt am Main, 19 March 2024
Guest Lecture by Signe Krogstrup,
Governor of Danmarks Nationalbank
Frankfurt am Main, 19 February 2024
As part of its series of events on current topics from the world of Central Banking, the Centre of Central Banking has hosted the Governor of the Danmarks Nationalbank, Signe Krogstrup, for a guest lecture on the topic "Money and Payments: The Five C’s” on 19 February 2024. Drawing on the Danish experience, Gouverneur Krogstrup discussed the evolution of payment technologies over time as well as the opportunities and challenges of digital payments and currencies for central banks, focusing on the “Five C’s”: cards, cash, cyber, crypto, and CBDC.
Guest Lecture by François Villeroy de Galhau, Governor of the Banque de France
Frankfurt am Main, 12 December 2023
As part of its series of events on current topics from the world of Central Banking, the Centre of Central Banking has hosted the Governor of the Banque de France, François Villeroy de Galhau, for a guest lecture on the topic "The reawakening of Europe and the Franco-German engine" on 12 December 2023. In his lecture, Gouverneur Villeroy de Galhau took the audience on a ‘tour de force’ of the structural transformations necessary to build a stronger and more resilient European economy and made a forceful plea for deeper European integration and shared solutions in the face of these joint long-term challenges.
Guest Lecture by Lord Mervyn King,
former Governor of the Bank of England
Frankfurt am Main, 11 October 2023
As part of its official launch announcement and its series of events on current topics from the world of Central Banking, the Centre of Central Banking has hosted Lord Mervyn King, former Governor of the Bank of England, for a guest lecture on the topic "New Ideas for Central Banks: The Audacity of Pessimism" on 11 October 2023. In his lecture, Lord King provided keen insights into the various challenges central banks have been facing in recent years and their role as lenders of last resort.
Guest Lecture by Ignazio Visco, former Governor of the Bank of Italy
Frankfurt am Main, 1 March 2023
As part of its series of events on current topics from the world of Central Banking, the Centre of Central Banking hosted Ignazio Visco, former Governor of the Bank of Italy, for a guest lecture on "Monetary Policy and the Return of Inflation " on 1 March 2023. In his lecture, Ignazio Visco provided a review of the development of inflation in the past decades, the reasons and consequences of the current high inflation and the uncertainty surrounding its outlook which requires a careful and balanced policy response.
Research
Journal Publications
| 2023 | Acharya, V., Engle, R., Jager, M., Steffen, S. (2023). Why did bank stocks crash during COVID-19?, Review of Financial Studies, forthcoming. |
| Acharya, V., Jager, M., Steffen, S. (2023). Contingent credit under stress, Annual Review of Financial Economics, Vol. 16, forthcoming. | |
| Bayer, C., Born, B., Luetticke, R. (2023). Shocks, Frictions, and Inequality in US Business Cycles, American Economic Review, conditionally accepted. | |
| 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. | |
| Born, B., D’Ascanio, F., Müller, G. J., Pfeifer, J. (2023). Mr. Keynes meets the Classics: Government Spending and the Real Exchange Rate, Journal of Political Economy, forthcoming. | |
| Carvalho, C., Eusepi, S., Moench, E., Preston, B. (2023). Anchored Inflation Expectations, American Economic Journal: Macroeconomics Vol. 15(1), pp. 1-47. | |
| Cooper, R., Horn, C.-W., Indraccolo, L. (2023). Covid and Productivity in Europe: A Responsiveness Perspective, European Economic Review, forthcoming. | |
| Crump, R. K., Eusepi, S., Moench, E., Preston, B. (2023). The Term Structure of Expectations, Handbook of Economic Expectations, Elsevier, Chapter 17, p. 504-540. | |
| 2022 | 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, Spring. 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. | |
| Winkler, A. (2022). Does Financial Dominance Explain the Recent Rise in Inflation?, Economists' Voice 19 (2): 187-203. |
Working Papers
| Acharya, V., Chauhan, R., Rajan, R., Steffen, S. (2023). Liquidity Dependence and the Waxing and Waning of Central Bank Balance Sheets. |
| 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, European Central Bank. |
| Bachmann, R., Born, B., Goldfayn-Frank, O., Kocharkov, G., Luetticke, R., Weber, M. (2023). A Temporary VAT Cut as Unconventional Fiscal Policy. |
| Bergman, N. K., Born, B., Matsa, D., Weber, M. (2022). Inclusive Monetary Policy: How Tight Labor Markets Facilitate Broad-Based Employment Growth. |
| 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. Center for Economic Policy Research. |
| Born, B., Dalal, H., Lamersdorf, N., Steffen, S. (2023). Monetary Policy in the Age of Social Media: A Twitter-Based Inflation Analysis. |
| Born, B., Enders, Z., Menkhoff, M., Müller, G. J., Niemann, K. (2023). Firm Expectations and News: Micro v Macro. |
| Chavleishvili, S., and Moench, E. (2023). Natural Disasters as Macroeconomic Tail Risks. |
| Fischer, J. J., Horn, C.-W. (2023). Monetary Policy and Mergers and Acquisitions. |
| 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, Deutsche Bundesbank. |
| Hoffner, F., Steffen, S. (2023). Estimating German Bank Climate Risk Exposure using the EU Emissions Trading System. |
| Ma, Y., Zimmermann, K. (2023). Monetary Policy and Innovation, NBER Working Paper No. 31698. National Bureau of Economic Research. |
| Martini, F., Sautner Z., Theunisz, C., Steffen, S. (2023). Climate Transition Risks of Banks. |
| Moench, E., Jank, S., Schneider, M. (2022). Safe Asset Shortage and Collateral Reuse, CEPR Discussion Paper No. 16439, Center for Economic Policy Research. |
Papers published in German
| 2023 | Winkler, A. (2023). Inflationsbekämpfung und Finanzkrisen (Inflation control and financial crises), Wirtschaftsdienst Vol. 103(4), S. 226-227. |
| Winkler, A. (2023). Und wieder grüßt das Murmeltier - zur internationalen Rolle des US-Dollar (Here we go again – on the international role of the US Dollar), Zeitschrift für das gesamte Kreditwesen Jg. 76(15), S. 768-772. |
Contact
Emanuel Mönch
Professor of Financial and Monetary Economics