Centre for Central Banking

Research Centre

About Us

Upcoming Events

About Us

Our mission is to lead innovation in central banking research, educate the next generation of policymakers, and foster insightful dialogue between scholars, practitioners, and the wider public. Located in Frankfurt am Main -- the only city in the world home to two central banks -- we offer a unique vantage point for interacting with institutions at the forefront of monetary and financial policy.

Upcoming Events

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30 September 2026

Event in Honour of the 90th Birthday of Otmar Issing | With Dr. Claudio Borio, Former Head of the Monetary and Economic Department, BIS

25 November 2026

Guest Lecture by Sabine Mauderer | First Deputy Governor, Deutsche Bundesbank

2 December 2026

Guest Lecture by Philip R. Lane | Member of the Executive Board, European Central Bank (ECB)

Upcoming Events

30 September 2026

Event in Honour of the 90th Birthday of Otmar Issing | With Dr. Claudio Borio, Former Head of the Monetary and Economic Department, BIS

25 November 2026

Guest Lecture by Sabine Mauderer | First Deputy Governor, Deutsche Bundesbank

2 December 2026

Guest Lecture by Philip R. Lane | Member of the Executive Board, European Central Bank (ECB)

Our Team

Our team consists of professors, postdoctoral researchers, and doctoral researchers conducting research on topics related to central banking.

Centre Directors

Prof. Dr. Jens Weidmann

Prof. Dr. Emanuel Mönch

Prof. Dr. Michael Ehrmann

Post-Doctoral Researchers

Carl-Wolfram Horn

Utso Pal Mustafi

Affiliated faculty

Prof. Dr.

Co-Pierre Georg

Professor of Practice in Digital Finance and Technology

Finance department

Prof. Dr.

Fabian Seyrich

Assistant Professor of Macroeconomics

Economics & Law Department

Prof. Dr.

Sascha Steffen

Professor of Finance

Finance department

Prof. Dr.

Alina Kristin Bartscher

Assistant Professor of Finance

Finance department

Prof. Dr.

Ulf Moslener

Professor of Sustainable Energy Finance

Finance department

Prof. Dr.

Thilo Kind

Assistant Professor of Finance

Finance department

Prof. Dr.

Sven Klingler

Associate Professor of Finance

Finance department

Prof. Dr.

Adalbert Winkler

Professor of International and Development Finance

Finance department

PhD Students

Robin Schaal

Doctoral student

Finance department

Florian Stammwitz

Doctoral student

Economics & Law Department

Jonas Camargos Jensen

Doctoral Student

Finance department

Distinguished Policy Fellows

Ignazio B Visco

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Pablo Hernández de Cos

Francois Villeroy de Galhau

Ottmar Issing

Lord Mervyn King

Boris Vujcic

Pierre Wunsch

Signe Krogstrup

Senior Policy Fellows

Ulrich Bindseil

Tobias Linzert

Klaus Masuch

Andreas Worms

NEWS

PAST EVENTS

Research

Our research centre is dedicated to advancing knowledge in the field of central banking through rigorous economic inquiry and policy-relevant studies. We publish a wide range of research outputs, including peer-reviewed journal articles, working papers, and publications in German language. The 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.

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.
Colliard, J., Georg, C. (2025). Measuring regulatory complexity. Journal of Financial Economics, 174, 104186.
Ehrmann, M. (forthcoming). Trust in central banks, Journal of Economic Surveys.
Ehrmann, M., Georgarakos, D., Kenny, G. (2025). Credibility Gains from Communicating with the Public: Evidence from the ECB’s new Monetary Policy Strategy, European Economic Review 177, 105069.
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.
Ampudia, M., Ehrmann, M., Strasser, G. (2024). Shopping behavior and the effect of monetary policy on inflation heterogeneity along the income distribution, Journal of Monetary Economics 148, 103618
Blinder, A., Ehrmann, M., de Haan, J., Jansen, D.-J. (2024). Central Bank Communication with the General Public: Promise or False Hope?, Journal of Economic Literature 62(2), 425-457
Ehrmann, M., Holton, S., Kedan D., Phelan, G. (2024). Monetary Policy Communication: Perspectives from Former Policy Makers at the ECB, Journal of Money, Credit and Banking 56(4), 837-864
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.
Aymanns, C., Georg, C. P., & Golub, B. (2023). Exit spirals in coupled networked markets. Operations Research, 71(5), 1472-1497
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”.
Ehrmann, M., Wabitsch, A. (2022). Central Bank Communication with Non-Experts – A Road to Nowhere?, Journal of Monetary Economics 127, 69-85.
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.
Georg, C.(2025). The (In-)Finite Money Glitch
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.
Bittner, C., Fecht, F., Georg, C. (2023). Contagious Zombies.
Ehrmann, M., Gnan, P., Rieder, K. (2023). Central bank communication by ??? The economics of public policy leaks, CEPR Discussion Paper No. 18152
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.
Ahnert, T., du Rand, G., Georg, C.(2022). Anticipated Financial Contagion
Ehrmann, M., Hubert, P. (2022). Information Acquisition ahead of Monetary Policy Announcements, CEPR Discussion Paper No. 17773

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.

Our Sponsors

Banque centrale du Luxembourg (BCL)

The Centre for Central Banking is grateful for the support of the Banque centrale du Luxembourg (BCL), whose commitment to advancing research and education in central banking contributed to the establishment of the Centre. Through its support, the BCL helps foster academic excellence, policy-relevant research, and dialogue between researchers, central banks, and financial sector practitioners. This partnership strengthens the Centre's mission to contribute to a deeper understanding of monetary policy, financial stability, and the evolving role of central banks in a changing global economy.

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