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IMFS Update

Dear friends of the IMFS,

As the IMFS expands its interdisciplinary research activities concerning the tasks and competencies of central banks and financial regulators, we are excited about moving forward with an extended team: Alexander Meyer-Gohde has taken on the Professorship of Financial Markets and Macroeconomics at the IMFS while Roland Broemel has joined the IMFS as Interim Professor of Public Law. Meanwhile, Helmut Siekmann continues pursuing a major IMFS project: The update and English translation of the Commentary on the European Monetary Union.

Furthermore, we are happy to report on progress made under the Macroeconomic Model Comparison Initiative (MMCI) joint with the Hoover Institution at Stanford. We expanded the coverage of the Macroeconomic Model Data Base. On the new website, researchers can now more easily share and replicate models that can be used to analyze monetary and fiscal policy. Check out the new features, including an interactive forum for discussion. We are also looking forward to great papers and discussions at the 2nd Research Conference of the Macroeconomic Modelling and Model Comparison Network (MMCN) under the auspices of the Centre for Economic Policy Research (CEPR). The conference will take place in Stanford, California, on June 7-8.

Best wishes, 

Volker Wieland
Managing Director
Institute for Monetary and Financial Stability (IMFS)

MMCN Examines New Advances in Macroeconomic Modelling and Policy Analysis at Second Research Conference on June 7-8

On June 7-8, the MMCN will hold its second research conference, which will take place at the Hoover Institution. Researchers from academia, central banks and international institutions will present new structural macroeconomic models that help explain macrofinancial linkages, new solution and estimation methods, and novel analyses of monetary, fiscal and macroprudential policies. More...

New Macroeconomic Model Data Base (MMB) Website Offers Researchers more Features

The new release of the Macroeconomic Model Data Base (MMB 2.3) features 21 new models, bringing the total number of models in MMB to 114, and enhances the MMB system compatibility.

With this new version of MMB, users may analyze the effects of monetary policy on the basis of an extended menu of monetary policy rules or examine the effects of unconventional monetary policy. The yet more user-friendly interface may also help to study the effects of fiscal policy.

MMB 2.3 may be run under Windows, Mac (including the most recent releases of macOS) and Linux. MMB 2.3 is furthermore compatible with MATLAB on Ubuntu. More...

IMFS Working Lunch with Tobias Adrian, IMF

The global financial stability will be in the focus of the Working Lunch with Tobias Adrian on May 29. Adrian is the Financial Counsellor and Director of the Monetary and Capital Markets Department of the International Monetary Fund (IMF). He is also responsible for the IMF’s Global Financial Stability Report. More...

Recent IMFS Working Papers

No. 123: Karl-Heinz Tödter, Gerhard Ziebarth:
"Zinsen, Effektivpreis und Lebenskosten - Ein Beitrag zur Konstruktion eines intertemporalen Preisindex" (Interest Rates, Effective Prices, and the Economic Cost of Life - A Contribution to the Construction of an Intertemporal Price Index) (PDF)

No. 122: Helmut Siekmann:
"Legal Tender in the Euro Area" (PDF)

No. 121: Maik Wolters:
"How the Baby Boomers' Retirement Wave Distorts Model-Based Output Gap Estimates" (PDF)

No. 120: Helmut Siekmann:
Die Einstandspflicht der Bundesrepublik Deutschland für die Deutsche Bundesbank und die Europäische Zentralbank (The Warranty Obligation for the Deutsche Bundesbank and the European Central Bank) (PDF)

No. 119: Gregor Boehl:
"Monetary Policy and Speculative Stock Markets" (PDF)

No. 118: Gregor Boehl, Thomas Fischer:
"Can Taxation Predict US Top-Wealth Share Dynamics?" (PDF)

New Publications

Volker Wieland on R-Star: The Natural Rate and Its Role in Monetary Policy (PDF)

Helmut Siekmann comments amendments to financial constitution of German Basic Law

IMFS Annual Report 2017 shows highlights in research

Volker Wieland once again Nominated as Member of the German Council of Economic Experts

Volker Wieland has been proposed by the Federal Cabinet as a member of the German Council of Economic Experts for another five years. His second term will end on February 28, 2023. Besides his focus on free market economy conditions in Germany, Wieland will pay particular attention to the developments in Europe. More...

Jobs at the IMFS

Ph.D. candidates interested in quantitative macroeconomics and finance can apply for a position as research assistant at the chair of Alexander Meyer-Gohde. In his research, he concentrates on the methodological foundations of macroeconomics and its interaction with financial markets through nonlinearities in risk and uncertainty, as well as through market frictions. More...

Interviews with IMFS Graduates

Interview with Tilman Bletzinger, European Central Bank

Looking Back: IMFS Events

The assessment of economic developments in the euro area and their implications for monetary policy were a key topic of the nineteenth edition of the conference "The ECB and Its Watchers" on March 14. In his opening address, European Central Bank (ECB) President Mario Draghi said the ECB would avoid surprising investors with sudden changes to its stimulus plans, stressing that inflation is still too low. More...

In his Working Lunch, Stephen Schwarcz, Professor of Law at Duke University, examined whether regulators should also require the central clearing of non-derivative financial contracts. More...

For Robert Kaplan, President of the Federal Reserve Bank of Dallas, technology-enabled disruption is one of the major economic trends, which will shape the future. In his talk, Kaplan shared his insights on macroeconomic trends in the United States, comparing it to the economic development in Germany with Volker Wieland as his interview partner. More...

In his IMFS Distinguished Lecture, Yves Mersch, member of the Executive Board of the ECB, made clear that there are sharp limits for a central bank to finance in resolution. More...

IMFS Media Comments

Economic experts call for exit from quantitative easing

For Volker Wieland the impact of the Trump administration on the development of the US dollar is limited ("Deutsche Welle")

Blog Fazit: Discussion about monetary policy at the conference "The ECB and Its Watchers" ("FAZ")

Upcoming Events

May 29, 2018:
IMFS Working Lunch with Tobias Adrian, International Monetary Fund, 12:30-1:30 pm, Room "Paris", House of Finance, Goethe University Frankfurt

June 7-8, 2018:
2nd Research Conference of the Macroeconomic Modelling and Model Comparison Network (MMCN), Stanford University

For news about the institute, its publications and upcoming events, you can follow us on Twitter: @IMFS_Frankfurt
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Goethe-Universität Frankfurt, IMFS
Theodor-W.-Adorno-Platz 3
60629 Frankfurt