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Dear friends of the IMFS,

If you are interested in model comparison, you will be able to find out more about the consequences of monetary, fiscal and regulatory policies on an even broader base: One of our main research projects, the Macroeconomic Model Base (MMB), has made enormous progress, now offering 128 models for analyzing those policies with many new technical and user-friendly features. You will find all the details regarding the MMB on its website www.macromodelbase.com.

This open platform where scientists can share formulas and code and replicate models, represents the nucleus of a key international research initiative: the Macroeconomic Model Comparison Initiative (MMCI), a joint project led by the Hoover Institution at Stanford University and the IMFS. In June, the Macroeconomic Modelling and Model Comparison Network (MMCN) will organize its third research conference in Frankfurt.

Furthermore, our insights on model uncertainty in economics and the implications of financial frictions for monetary policy form part of the Oxford Handbook on the Economics of Central Banking. The Modelbase Team has contributed a chapter to this comprehensive handbook.

Best wishes,

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


MMCN Research Conference on June 13-14



On June 13-14, the MMCN, a research network under the auspices of the Centre for Economic Policy Research (CEPR), will hold its third research conference, this time at Goethe University Frankfurt. Researchers from academia, central banks and international institutions will present theoretical and empirical papers on new macroeconomic models. Special sessions will focus on "Assessing the effects of macroprudential policies" and "Forecasting with macroeconomic models". Lars Peter Hansen from the University of Chicago and John B. Taylor, Stanford University, will give the keynote speeches. More...


Volker Wieland receives prize of the Monetary Workshop

Volker Wieland has been awarded the 2019 prize of the Monetary Workshop in recognition of his research regarding monetary economics. In particular, the economists of the Monetary Workshop highlighted Wieland's research on monetary theory regarding topics such as central banks’ adequate interest rate policy as well as his quantitative research on macroeconomic stabilization. More...


Reflecting on 20 years of monetary policy in the euro area

In a brochure, the IMFS gives a retrospective of 20 years of discussions on monetary policy issues at the conference "The ECB and Its Watchers". Looking back at the topics and discussions at the conference, the publication illustrates how the monetary policy strategy of the European Central Bank (ECB) changed over time, which key issues dominated in central bank communication and what kind of impulse the ECB watchers gave at the annual conference. More...


Recent IMFS Working Papers

No. 133: Real-Time Output Gap Estimates Based on a Modified Hamilton Filter
Josefine Quast and Maik Wolters contribute to the debate regarding the reliability of output gap estaimtes. (PDF)

No. 132: Global Financial Cycles Since 1880
Galina Potjagailo and Maik Wolters analyze cyclical co-movement in credit, house prices, equity prices, and long-term interest rates across 17 advanced economies. (PDF)

No. 131: On the Macroeconomic and Fiscal Effects of the Tax Cuts and Jobs Act
Philipp Lieberknecht and Volker Wieland show that combining the TCJA with spending cuts can dampen the increase in government indebtedness without reducing its expansionary effect. (PDF)

No. 130: Regulating Virtual Currencies
Eduard Hofert analyzes the shortcomings of the current EU regulatory regimes, especially the regulation frameworks regarding financial services, payment services and electronic money. (PDF)


Meet the IMFS Professors



Alexander Meyer-Gohde: "I hope to instill students with a way of thinking rather than a collection of facts." More...

Roland Broemel
: "Establishing an appropriate legal framework requires a sound economic analysis." More...


Looking back: IMFS Events



At the 20th anniversary of "The ECB and Its Watchers" conference on March 27, ECB President Mario Draghi conveyed the message that the ECB was ready to soften the impact of negative interest rates in case they harmed the transmission of monetary policy. International spillovers of monetary policy and financial stability concerns as well as central bank independence were further topics of the discussions among ECB board members, academics and market participants. More…

Over the last decades, government bond yields have been falling drastically in advanced economies along with long-term interest rates. In his Working Lunch, Michael Heise, chief economist with the insurance group Allianz, scrutinized recent developments in monetary policy and suggested building a broader index of price stability. More…

Usually, the Swedish central bank and the Bank of England (BoE), founded in 1668 and 1694 respectively, are referred to as the oldest European central banks. In his Working Lunch, Ulrich Bindseil, ECB, looked back at the origins of central banking, arguing against the prevailing view. More...
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Goethe-Universität Frankfurt, IMFS
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info@imfs-frankfurt.de