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Rafael Gerke

Deutsche Bundesbank

Wilhelm-Epstein-Str. 14

Frankfurt/Main, 60431

Germany

SCHOLARLY PAPERS

14

DOWNLOADS

1,248

TOTAL CITATIONS

19

Scholarly Papers (14)

1.

On Household Labour Supply in Sticky-Wage HANK models

Deutsche Bundesbank Discussion Paper No. 01/2024
Number of pages: 40 Posted: 01 Mar 2024
Deutsche Bundesbank, Deutsche Bundesbank, Central Bank of Ireland and Deutsche Bundesbank
Downloads 191 (399,431)
Citation 1

Abstract:

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Heterogeneous households, HANK, labour supply, nominal wage rigidity, monetary policy

2.

Report on Monetary Policy Tools, Strategy and Communication

ECB Occasional Paper No. 2025/372
Number of pages: 201 Posted: 10 Jul 2025
Christophe Kamps, Matthieu Bussière, Birgit Niessner, Oreste Tristani, Kai Philipp Christoffel, Sujit Kapadia, Sujit Kapadia, Giuseppe Ferrero, Thomas Vlassopoulos, Roberto Motto, Galo Nuño, Rafael Gerke, Ramón Adalid, Yildiz Akkaya, Simone Auer, Niels D. Gilbert, Lea Bitter, Claus Brand, Alexandre Carrier, Paola Di Casola, Michael Dobrew, Alessandro Ferrari, Gavin Goy, Adriana Grasso, Boryana Ilieva, Thomas Kostka, Noëmie Lisack, Falk Mazelis, Thomas McGregor, Benoît Nguyen, Sebastian Rast, Annukka Ristiniemi, Stefan Ruhkamp, Arthur Saint Guilhem, Elisa Saporito, Andreea Liliana Vladu, Pablo Aguilar, Anastasia Allayioti, Carlo Altavilla, Elena Angelini, Ana Arencibia Pareja, Eleni Argiri, Aris Avgousti, Katarzyna Bańkowska, David Barkhausen, Anna Bartocci, Colm Bates, Christoph Basten, Ursel Baumann, Nicola Benatti, Marco Bernardini, Tilman Bletzinger, Elena Bobeica, Diana Bonfim, Jef Boeckx, Benjamin Böninghausen, Paolo Bonomolo, Margherita Bottero, Miguel Boucinha, Dirk Broeders, Katarzyna Barbara Budnik, Lorenzo Burlon, Ginters Buss, Alessandro Cantelmo, Giacomo Carboni, José Cardoso da Costa, Tomás Carrera de Souza, Matteo Ciccarelli, Julian-Baptiste Cinquin, Mohammed Chahad, Günter Coenen, Agostino Consolo, Agostino Consolo, Pietro Cova, Matias Covarrubias, Olivier Georg De Jonghe, Roberto A. De Santis, Milan Deskar-Škrbić, Rodolfo Dinis Rigato, Rubén Dominguez Diaz, Stéphane Dupraz, Michael Ehrmann, Michaela Elfsbacka-Schmöller, Rita Fernandes Vitorino Besugo, Annalisa Ferrando, Luís Fonseca, Caterina Forti Grazzini, José-Elías Gallegos, Johannes Gareis, Laura Gáti, Dimitris Georgarakos, Gabriel Glöckler, Nicolò Gnocato, Sandra Gomes, Beatriz Gonzáles, Robert Goodhead, Sofia Gori, Antonio Greco, Alex Grimaud, Johannes Groß, Markus Haavio, Tim Hagenhoff, Casper Helmus, Joni Heikkinen, Hannah Hempell, Marie Hoerova, Federic Holm-Hadulla, Björn Imbierowicz, Katti Irastorza, Klodiana Istrefi, Jip Italianer, Pirkka Jalasjoki, Kasper Jørgensen, Gallegos Dago Jose Elias, Rokas Kaminskas, Peter Karadi, Hanno Kase, Danielle Kedan, Mark Kerssenfischer, Daniel Kienzler, Juha Kilponen, Inge Klaver, Georgi Kocharkov, Thore Kockerols, Antoine Kornprobst, Mika Kortelainen, Georgi Krustev, Vanessa Kunzmann, Claudia Kwapil, Olli-Matti Laine, Jan Hannes Lang, Wolfgang Lechtaler, Wolfgang Lemke, Stéphane Lhuissier, Philipp Lieberknecht, Tobias Linzert, Matija Lozej, Peeter Luikmel, Frederik Lund-Thomsen, Patrick Lünnemann, Davide Malacrino, Catalina Martínez Hernández, Jaime Martínez-Martín, Magali Marx, Kostas Mavromatis, Aidan Meyler, Angeliki Momtsia, Georg Müller, Anton Nakov, Kalin Nikolov, Alessandro Notarpietro, Meri Obstbaum, Florens Odendahl, Christian Offermans, Maritta Paloviita, Niki Papadopoulou, Melina Papoutsi, Matic Patriček, Adrian Penalver, Alexandru Penciu, Martin Pintarić, Sebastiaan Pool, Romanos Priftis, Dominic Quint, Ansgar Rannenberg, Tomas Reichenbachas, Joost Röttger, Valerio Scalone, Alexander Scheer, Jan Scheithauer, Maximilian Schröder, Julian Schumacher, Fabian Schupp, Bernd Schwaab, Ifigeneia Skotida, Christian Speck, Arnoud Stevens, Manuela Storz, Martin Strukat, Jacek Suda, Marta Szablewksa, Dominik Thaler, Johannes Tischer, Andrea Giorgio Tosato, Alejandro Van der Ghote, Georges Várhelyi, Sofia Velasco, Alexia Ventula-Veghazy, Igor Vetlov, Matjaz Volk, Julian von Landesberger, Leopold von Thadden, Johannes Wacks, Thomas Westermann, Ladislav Wintr, Srecko Zimic, Andrejs Zlobins, Klavs Zutis, Elise Dupin, Luca Ebener, Ines Ferdandes De Almeida Lindoso, Cian Hennigan, Edoardo Pilla, Anita Sammarini, Tal Strauss and Flavia Ungarelli
European Central Bank (ECB), Banque de France, Oesterreichische Nationalbank (OeNB), European Central Bank (ECB), European Central Bank (ECB), Bank of EnglandEuropean Central Bank (ECB), Bank of Italy, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Deutsche Bundesbank, European Central Bank (ECB), European Central Bank (ECB), Bank of Italy, De Nederlandsche Bank, European Central Bank (ECB), European Central Bank (ECB), De Nederlandsche Bank - Research Department, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), De Nederlandsche Bank, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) - Directorate General Market Operations, De Nederlandsche Bank, European Central Bank (ECB), European Central Bank (ECB), Banque de France, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Banco de España, National Bank of Greece, Central Bank of Cyprus, European Central Bank (ECB), European Central Bank (ECB), Banca d’Italia, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Banca d’Italia, European Central Bank (ECB), European Central Bank (ECB), Bank of Portugal, Banque Nationale de Belgique, European Central Bank (ECB), European Central Bank (ECB), Bank of Italy, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Latvijas Banka, Banca d’Italia, European Central Bank (ECB), Bank of Portugal, De Nederlandsche Bank, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central BankECB, Banca d’Italia, Banco de España, European Central Bank (ECB), European Central Bank (ECB) - Directorate General Economics, Hrvatska Narodna Banka, European Central Bank (ECB), Banco de España, Banque de France, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Banco de España, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) - Directorate General Research, European Central Bank (ECB), European Central Bank (ECB), Bank of Portugal, Banco de España, Central Bank of Ireland, European Central Bank (ECB), European Central Bank (ECB), Oesterreichische Nationalbank (OeNB), European Central Bank (ECB), Suomen Pankki – Finlands Bank, Deutsche Bundesbank, Deutsche Bundesbank, Bank of Finland - Research, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Deutsche Bundesbank, Banco de España, Banque de France, De Nederlandsche Bank, Suomen Pankki – Finlands Bank, European Central Bank (ECB), Banco de España, Bank of Lithuania, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Deutsche Bundesbank, Deutsche Bundesbank, Suomen Pankki – Finlands Bank, De Nederlandsche Bank, Deutsche Bundesbank, European Central Bank (ECB), European Central Bank (ECB), Suomen Pankki – Finlands Bank, European Central Bank (ECB), Deutsche Bundesbank, Oesterreichische Nationalbank (OeNB), Suomen Pankki – Finlands Bank, European Central Bank (ECB), Oesterreichische Nationalbank (OeNB), European Central Bank, Banque de France, Deutsche Bundesbank, European Central Bank (ECB), Central Bank of Ireland, Bank of Estonia, Danmarks Nationalbank (The Central Bank of Denmark), Banque Centrale du Luxembourg, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Banque de France, De Nederlandsche Bank, European Central Bank (ECB), National Bank of Greece, European Central Bank (ECB), European Central Bank (ECB)CEPR, European Central Bank (ECB), Bank of Italy, Suomen Pankki – Finlands Bank, Banco de España, Deutsche Bundesbank, Suomen Pankki – Finlands Bank, Central Bank of Cyprus, European Central Bank (ECB), Banka Slovenije, Banque de France, European Central Bank (ECB), Croatian National Bank, European Central Bank (ECB), European Central Bank (ECB), Deutsche Bundesbank, National Bank of Belgium, Bank of Lithuania, Deutsche Bundesbank, European Central Bank (ECB), Deutsche Bundesbank, Deutsche Bundesbank, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) - Directorate General Research, National Bank of Greece, Deutsche Bundesbank, De Nederlandsche Bank, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Deutsche Bundesbank, Central Bank of Malta, European Central Bank (ECB) - Directorate General Research, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Deutsche Bundesbank, Banka Slovenije, European Central Bank (ECB), European Central Bank (ECB), Deutsche Bundesbank, European Central Bank (ECB), Banque Centrale du Luxembourg, European Central Bank (ECB) - Directorate General Research, Latvijas Banka, Latvijas Banka, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 151 (497,070)

Abstract:

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3.

Make-Up Strategies with Incomplete Markets and Bounded Rationality

Deutsche Bundesbank Discussion Paper No. 01/2023
Number of pages: 68 Posted: 21 Feb 2023
European Central Bank (ECB), Deutsche Bundesbank, Deutsche Bundesbank and Deutsche Bundesbank
Downloads 112 (630,858)

Abstract:

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Make-Up Strategies, Incomplete Markets, Bounded Rationality, HANK, Effective Lower Bound, Average Inflation Targeting

4.

The Fisher Paradox: A Primer

Bundesbank Discussion Paper No. 20/2017
Posted: 14 Jul 2017
Rafael Gerke and Klemens Hauzenberger
Deutsche Bundesbank and Deutsche Bundesbank
Downloads 106 (659,652)
Citation 2

Abstract:

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Neo-Fisherian, Interest Rates, Inflation, Multiple Equilibria, Rational Expectations

5.

The Power of Forward Guidance in a Quantitative TANK Model

Deutsche Bundesbank Discussion Paper No. 03/2020
Number of pages: 40 Posted: 18 Mar 2020
Deutsche Bundesbank, Deutsche Bundesbank and Deutsche Bundesbank
Downloads 101 (684,672)
Citation 5

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Forward Guidance, Hand-to-mouth households, Redistribution, Bayesian Estimation, Asset purchase program

6.

Monetary Policy Rules under Bounded Rationality

Deutsche Bundesbank Discussion Paper No. 18/2023
Number of pages: 76 Posted: 15 Aug 2023
European Central Bank (ECB), Deutsche Bundesbank, Deutsche Bundesbank and Government of the Federal Republic of Germany - German Federal Ministry of Finance
Downloads 88 (753,595)
Citation 2

Abstract:

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Bounded Rationality, Sticky Wages, Monetary Policy Strategies, Zero Lower Bound

7.

Assessing Macro-Financial Linkages: A Model Comparison Exercise

Bundesbank Discussion Paper No. 02/2012
Number of pages: 56 Posted: 21 Jun 2016
Deutsche Bundesbank, Sveriges Riksbank, Deutsche Bundesbank - Research Centre, Warsaw School of Economics (SGH), De Nederlandsche Bank, Bank of Italy, National Bank of Poland and European Central Bank (ECB)
Downloads 80 (803,225)
Citation 1

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Financial Frictions, Credit Constraints, Financial Accelerator, Model Comparison, Eurosystem central bank models

8.

Interest-Rate Pegs, Central Bank Asset Purchases and the Reversal Puzzle

Bundesbank Discussion Paper No. 21/2017
Posted: 14 Jul 2017
Deutsche Bundesbank, IWH, Deutsche Bundesbank and Swiss National Bank
Downloads 71 (875,328)
Citation 2

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Unconventional Monetary Policy, Interest-Rate Peg, Perfect Foresight, Reversal Puzzle, Price-Level Targeting

9.

Interest Rate Pegs and the Reversal Puzzle: On the Role of Anticipation

Deutsche Bundesbank Discussion Paper No. 50/2020
Number of pages: 52 Posted: 28 Sep 2020
Rafael Gerke, Sebastian Giesen and Daniel Kienzler
Deutsche Bundesbank, Deutsche Bundesbank and Deutsche Bundesbank
Downloads 70 (883,195)
Citation 1

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Interest rate peg, Reversal puzzle, Regime-switching model

10.

Uncertainty About QE Effects When an Interest Rate Peg is Anticipated

Deutsche Bundesbank Discussion Paper No. 12/2018
Number of pages: 64 Posted: 30 May 2018 Last Revised: 18 Nov 2021
Rafael Gerke, Sebastian Giesen and Daniel Kienzler
Deutsche Bundesbank, IWH and Deutsche Bundesbank
Downloads 65 (916,100)

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prior/posterior predictive analysis, anticipated interest rate peg, parameter uncertainty, euro area, QE, PSPP, forward guidance puzzle

11.

On the Macroeconomic Effects of Reinvestments in Asset Purchase Programmes

Deutsche Bundesbank Discussion Paper No. 47/2022
Number of pages: 57 Posted: 14 Jan 2023
Rafael Gerke, Daniel Kienzler and Alexander Scheer
Deutsche Bundesbank, Deutsche Bundesbank and Deutsche Bundesbank
Downloads 58 (980,173)

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Reinvestment, Stock effect, State-dependent asset purchases, Cognitive discounting, Bayesian estimation

12.

Robust Monetary Policy in a New Keynesian Model with Imperfect Interest Rate Pass-Through

Bundesbank Series 1 Discussion Paper No. 2011,02
Number of pages: 48 Posted: 08 Jun 2016
Deutsche Bundesbank and Deutsche BundesbankEuropean Central Bank (ECB)University of Kiel
Downloads 56 (1,010,164)
Citation 3

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optimal monetary policy, commitment, model uncertainty

13.

More or Less Aggressive? Robust Monetary Policy in a New Keynesian Model with Financial Distress

Bundesbank Series 1 Discussion Paper No. 2009,23
Number of pages: 44 Posted: 08 Jun 2016
Deutsche Bundesbank, Deutsche BundesbankEuropean Central Bank (ECB)University of Kiel and National Bank of Belgium
Downloads 54 (1,020,567)

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Optimal monetary policy, discretion, model uncertainty, banking, collateral

14.

Price-Level Targeting When There is Price-Level Drift

Bundesbank Series 1 Discussion Paper No. 2010,23
Number of pages: 48 Posted: 08 Jun 2016
Deutsche Bundesbank, Deutsche Bundesbank and Deutsche BundesbankEuropean Central Bank (ECB)University of Kiel
Downloads 45 (1,121,190)
Citation 2

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price-level targeting, optimal monetary policy, commitment