Sebastian Schmidt

European Central Bank (ECB)

Sonnemannstrasse 22

Frankfurt am Main, 60314

Germany

SCHOLARLY PAPERS

24

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1,924

SSRN CITATIONS
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Top 7,691

in Total Papers Citations

115

CROSSREF CITATIONS

54

Scholarly Papers (24)

1.

Monetary-Fiscal Policy Interactions in the Euro Area

ECB Occasional Paper No. 2021/273
Number of pages: 130 Posted: 23 Sep 2021 Last Revised: 04 Feb 2022
International Monetary Fund (IMF) - Research Department, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) - Directorate General Economics, Banco de España, European Central Bank (ECB), European Central Bank (ECB), Morgan Stanley, European Central Bank (ECB), European Central Bank (ECB), De Nederlandsche Bank, Banco de España, European Central Bank (ECB), European Central Bank (ECB), Deutsche BundesbankEuropean Central Bank (ECB)University of Kiel, European Central Bank (ECB), European Central Bank, University of Bonn, European Central Bank (ECB), European Central Bank (ECB), University of Auckland, Banco de España, European Central Bank (ECB), Deutsche Bundesbank, European Central Bank (ECB), European Central Bank (ECB), Banque de France, European Central Bank, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) - Directorate General Economics, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Goethe University Frankfurt, European Central Bank (ECB), Bank of Italy, European Central Bank (ECB), European Central Bank (ECB), Banque de France, De Nederlandsche Bank, Bank of Italy, New University of Lisbon - Nova School of Business and Economics, Bank of Portugal, European Central Bank (ECB), European Central Bank (ECB), De Nederlandsche Bank - Research Department, European Central Bank (ECB), Bank of Italy, European Central Bank (ECB), European Central Bank (ECB), De Nederlandsche Bank, European Central Bank (ECB), University of Essex - Institute for Social and Economic Research (ISER) and European Central Bank (ECB)
Downloads 228 (195,334)

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Fiscal Policy, Monetary Policy, Monetary Union

Average Inflation Targeting and the Interest Rate Lower Bound

BIS Working Paper No. 852
Number of pages: 29 Posted: 15 Apr 2020
Flora Budianto, Taisuke Nakata and Sebastian Schmidt
Bank for International Settlements (BIS), Board of Governors of the Federal Reserve System and European Central Bank (ECB)
Downloads 188 (233,858)

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monetary policy objectives, makeup strategies, liquidity trap, deflationary bias, expectations

Average Inflation Targeting and the Interest Rate Lower Bound

ECB Working Paper No. 2394
Number of pages: 31 Posted: 20 Apr 2020
Taisuke Nakata, Sebastian Schmidt and Flora Budianto
Board of Governors of the Federal Reserve System, European Central Bank (ECB) and Bank for International Settlements (BIS)
Downloads 31 (669,133)

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deflationary bias, expectations, liquidity trap, makeup strategies, monetary policy objectives

Average Inflation Targeting and the Interest Rate Lower Bound

CEPR Discussion Paper No. DP14400
Number of pages: 24 Posted: 03 Mar 2020
Flora Budianto, Taisuke Nakata and Sebastian Schmidt
Bank for International Settlements (BIS), Board of Governors of the Federal Reserve System and European Central Bank (ECB)
Downloads 1 (978,448)
Citation 3
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Average Inflation Targeting, Deflationary Bias, liquidity trap, Makeup Strategies, Monetary Policy Objectives

3.

Comparing Fiscal Multipliers Across Models and Countries in Europe

ECB Working Paper No. 1760
Number of pages: 48 Posted: 12 Mar 2015
Bank of Finland - Research, Bank of Italy, European Central Bank (ECB), Sveriges Riksbank - Monetary Policy, Czech National Bank, Goethe University Frankfurt, Banco de España, Bank of Portugal, Bank of Estonia, Banque de France, European Central Bank (ECB), Sveriges Riksbank, Bank of Portugal, Central Bank of Malta - Modelling and Research Office, Bank of Greece, Czech National Bank (CNB), Bank of Greece, Banco de España and National Bank of BelgiumFacultés Universitaires Notre-Dame de la Paix (FUNDP) - Faculty of Economics, Management and Social Sciences
Downloads 202 (218,650)
Citation 3

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fiscal policy, output multipliers, model comparison, zero lower bound

The Risky Steady State and the Interest Rate Lower Bound

ECB Working Paper No. 1913
Number of pages: 55 Posted: 19 Jun 2016
Timothy Hills, Taisuke Nakata and Sebastian Schmidt
New York University (NYU), Board of Governors of the Federal Reserve System and European Central Bank (ECB)
Downloads 100 (380,856)

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deflationary bias, disinflation, inflation targeting, risky steady state, tail risk

The Risky Steady State and the Interest Rate Lower Bound

FEDS Working Paper No. 2016-9
Number of pages: 52 Posted: 15 Feb 2016
Timothy Hills, Taisuke Nakata and Sebastian Schmidt
New York University (NYU), Board of Governors of the Federal Reserve System and European Central Bank (ECB)
Downloads 45 (583,248)
Citation 3

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5.
Downloads 123 (327,941)
Citation 17

Conservatism and Liquidity Traps

ECB Working Paper No. 1816
Number of pages: 49 Posted: 23 Jun 2015
Taisuke Nakata and Sebastian Schmidt
Board of Governors of the Federal Reserve System and European Central Bank (ECB)
Downloads 52 (548,023)

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Deflationary Bias; Inflation Conservatism; Inflation Targeting; Liquidity Traps; Zero Lower Bound

Conservatism and Liquidity Traps

FEDS Working Paper No. 2014-105
Number of pages: 46 Posted: 09 Jan 2015
Taisuke Nakata and Sebastian Schmidt
Board of Governors of the Federal Reserve System and European Central Bank (ECB)
Downloads 42 (599,892)
Citation 6

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Discretion, inflation conservatism, inflation targeting, liquidity traps, zero lower bound

Conservatism and Liquidity Traps

Tokyo Center for Economic Research (TCER) Paper No. E-101
Number of pages: 48 Posted: 27 Nov 2015
Taisuke Nakata and Sebastian Schmidt
Board of Governors of the Federal Reserve System and European Central Bank (ECB)
Downloads 29 (683,905)
Citation 10

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6.

The New Area-Wide Model II: An Extended Version of the ECB’s Micro-Founded Model for Forecasting and Policy Analysis with a Financial Sector

ECB Working Paper No. 2200
Number of pages: 136 Posted: 20 Nov 2018
Günter Coenen, Peter Karadi, Sebastian Schmidt and Anders Warne
European Central Bank (ECB), European Central Bank (ECB) - Directorate General Research, European Central Bank (ECB) and European Central Bank (ECB)
Downloads 118 (337,772)
Citation 12

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DSGE modelling, Bayesian inference, financial frictions, forecasting, policy analysis, euro area

Expectations-Driven Liquidity Traps: Implications for Monetary and Fiscal Policy

Number of pages: 54 Posted: 01 Aug 2019
Taisuke Nakata and Sebastian Schmidt
Board of Governors of the Federal Reserve System and European Central Bank (ECB)
Downloads 98 (385,883)
Citation 1

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discretion, effective lower bound, fiscal policy, monetary policy, policy delegation, sunspot equilibria

Expectations-Driven Liquidity Traps: Implications for Monetary and Fiscal Policy

FEDS Working Paper No. 2019-53
Number of pages: 50 Posted: 25 Jul 2019 Last Revised: 21 Oct 2019
Taisuke Nakata and Sebastian Schmidt
Board of Governors of the Federal Reserve System and European Central Bank (ECB)
Downloads 11 (849,343)

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8.

The Exchange Rate Insulation Puzzle

ECB Working Paper No. 2021/2630
Number of pages: 101 Posted: 21 Dec 2021
University of CambridgeCentre for Economic Policy Research (CEPR), University of Bonn, University of Tuebingen - Department of Economics and European Central Bank (ECB)
Downloads 106 (363,740)

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exchange-rate disconnect, exchange-rate regime, external shock, insulation, international spillovers

Macroeconomic Stabilization, Monetary-Fiscal Interactions, and Europe's Monetary Union

ECB Working Paper No. 1988
Number of pages: 28 Posted: 03 Feb 2017
University of Cambridge, Bank of Italy, European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 103 (373,321)
Citation 2

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Lower Bound on Nominal Interest Rates, Self-fulfilling Sovereign Default, Eurobond, Government Bonds, Joint Analysis of Fiscal and Monetary Policy

Macroeconomic Stabilization, Monetary-Fiscal Interactions, and Europe's Monetary Union

CEPR Discussion Paper No. DP12371
Number of pages: 27 Posted: 16 Oct 2017
University of Cambridge, Bank of Italy, European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 1 (978,448)
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eurobond, Government bonds, Joint Analysis of Fiscal and Monetary Policy, Lower Bound on Nominal Interest Rates, Self-Fulfilling Sovereign Default

10.

The Ecb's Price Stability Framework: Past Experience, and Current and Future Challenges

ECB Occasional Paper No. 2021269
Number of pages: 128 Posted: 23 Sep 2021 Last Revised: 18 Nov 2021
Bank of Italy, European Central Bank (ECB), European Central Bank (ECB), Banque de France - Centre de Recherche, Bank of Latvia, ECB -DG Monetary Policy, De Nederlandsche Bank, European Central Bank (ECB), Bank of Portugal, European Central Bank (ECB), European Central Bank (ECB), Bank of Italy, European Central Bank (ECB), Banque de France, Bank of Finland - Research, Central Bank of Cyprus, Deutsche BundesbankEuropean Central Bank (ECB)University of Kiel, European Central BankECB, European Central Bank (ECB), Central Bank of Ireland, Banco de España, Bank of Italy, Deutsche Bundesbank, Deutsche Bundesbank, Banque de France, European Central Bank (ECB), European Central Bank (ECB), De Nederlandsche Bank, European Central Bank, University of St. Gallen, European Central Bank (ECB) - Directorate General Research, European Central Bank (ECB), Bank of Finland, Central Bank of Ireland, European Central Bank (ECB), Deutsche Bundesbank, European Central Bank (ECB), Národná banka Slovenska, European Central Bank (ECB), European Central Bank (ECB), Banque de France, Deutsche Bundesbank, Bank of Greece, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Frankfurt School of Finance and Management, European Central Bank, European Central Bank, Banco de España, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Deutsche Bundesbank, National Bank of Belgium, Bank of Italy and Bank of Italy
Downloads 99 (380,498)

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effective lower bound, euro area, European Central Bank, monetary policy strategy, price stability

Macroeconomic stabilisation and monetary policy effectiveness in a low-interest-rate environment

Center for Financial Studies Working Paper No. 656, 2021
Number of pages: 39 Posted: 10 Sep 2021
Günter Coenen, Carlos Montes-Galdón and Sebastian Schmidt
European Central Bank (ECB), European Central Bank and European Central Bank (ECB)
Downloads 45 (583,248)

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Effective lower bound, monetary policy, asset purchases, forward guidance, make-up strategies

Macroeconomic Stabilisation and Monetary Policy Effectiveness in a Low-Interest-Rate Environment

ECB Working Paper No. 2021/2572
Number of pages: 40 Posted: 27 Jul 2021
Günter Coenen, Carlos Montes-Galdón and Sebastian Schmidt
European Central Bank (ECB), European Central Bank and European Central Bank (ECB)
Downloads 26 (707,458)

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Macroeconomic Stabilisation and Monetary Policy Effectiveness in a Low-Interest-Rate Environment

CEPR Discussion Paper No. DP16403
Number of pages: 39 Posted: 22 Sep 2021
Günter Coenen, Carlos Montes-Galdón and Sebastian Schmidt
European Central Bank (ECB), European Central Bank and European Central Bank (ECB)
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asset purchases, effective lower bound, forward guidance, make-up strategies, monetary policy

12.

Dealing with a Liquidity Trap When Government Debt Matters: Optimal Time-Consistent Monetary and Fiscal Policy

ECB Working Paper No. 1622
Number of pages: 37 Posted: 03 Jan 2014
Matthias Burgert, Matthias Burgert and Sebastian Schmidt
Goethe University FrankfurtEuropean Union - Directorate General for Economic and Financial Affairs (DG ECFIN) and European Central Bank (ECB)
Downloads 60 (504,654)

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Monetary and fiscal policy, Deficit spending, Discretion, Zero nominal interest rate bound, New Keynesian model

13.
Downloads 53 (534,115)
Citation 1

The Risk-Adjusted Monetary Policy Rule

ECB Working Paper No. 1985
Number of pages: 24 Posted: 03 Feb 2017
Taisuke Nakata and Sebastian Schmidt
Board of Governors of the Federal Reserve System and European Central Bank (ECB)
Downloads 35 (642,010)

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effective lower bound, inflation targeting, monetary policy rule, risk, risky steady state

The Risk-Adjusted Monetary Policy Rule

FEDS Working Paper No. 2016-61
Number of pages: 22 Posted: 10 Aug 2016 Last Revised: 21 Sep 2016
Taisuke Nakata and Sebastian Schmidt
Board of Governors of the Federal Reserve System and European Central Bank (ECB)
Downloads 18 (777,729)

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Speed Limit Policy and Liquidity Traps

ECB Working Paper No. 2192
Number of pages: 30 Posted: 02 Nov 2018
Taisuke Nakata, Sebastian Schmidt and Paul Yoo
Board of Governors of the Federal Reserve System, European Central Bank (ECB) and University of North Carolina (UNC) at Chapel Hill - Kenan-Flagler Business School
Downloads 26 (707,458)

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liquidity traps, Markov-Perfect Equilibrium, speed limit policy, zero lower bound

Speed Limit Policy and Liquidity Traps

FEDS Working Paper No. 2018-50
Number of pages: 28 Posted: 23 Jul 2018 Last Revised: 21 Feb 2019
Taisuke Nakata, Sebastian Schmidt and Paul Yoo
Board of Governors of the Federal Reserve System, European Central Bank (ECB) and University of North Carolina (UNC) at Chapel Hill - Kenan-Flagler Business School
Downloads 24 (724,086)

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15.

Effective Lower Bound Risk

FEDS Working Paper No. 2019-77
Number of pages: 63 Posted: 27 Nov 2019
Timothy Hills, Taisuke Nakata and Sebastian Schmidt
New York University (NYU), Board of Governors of the Federal Reserve System and European Central Bank (ECB)
Downloads 48 (557,172)
Citation 6

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Attenuating the Forward Guidance Puzzle: Implications for Optimal Monetary Policy

ECB Working Paper No. 2220, Kenan Institute of Private Enterprise Research Paper No. 19-5
Number of pages: 47 Posted: 14 Jan 2019
Taisuke Nakata, Ryota Ogaki, Sebastian Schmidt and Paul Yoo
Board of Governors of the Federal Reserve System, University of Tokyo, European Central Bank (ECB) and University of North Carolina (UNC) at Chapel Hill - Kenan-Flagler Business School
Downloads 25 (715,658)
Citation 4

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forward guidance, optimal policy, discounted euler equation, discounted phillips curve, effective lower bound

Attenuating the Forward Guidance Puzzle: Implications for Optimal Monetary Policy

FEDS Working Paper No. 2018-49
Number of pages: 45 Posted: 23 Jul 2018 Last Revised: 21 Feb 2019
Taisuke Nakata, Ryota Ogaki, Sebastian Schmidt and Paul Yoo
Board of Governors of the Federal Reserve System, University of Tokyo, European Central Bank (ECB) and University of North Carolina (UNC) at Chapel Hill - Kenan-Flagler Business School
Downloads 21 (750,021)
Citation 3

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17.

Fiscal Activism and the Zero Nominal Interest Rate Bound

ECB Working Paper No. 1653
Number of pages: 26 Posted: 20 Mar 2014
Sebastian Schmidt
European Central Bank (ECB)
Downloads 42 (587,418)
Citation 2

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monetary policy, fiscal policy, discretion, zero nominal interest rate bound

18.

Lack of Confidence, the Zero Lower Bound, and the Virtue of Fiscal Rules

ECB Working Paper No. 1795
Number of pages: 17 Posted: 24 Jun 2015
Sebastian Schmidt
European Central Bank (ECB)
Downloads 40 (598,302)
Citation 3

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government spending; liquidity trap; multiple equilibria; Ricardian fiscal policy; sunspots

19.

Time-Consistent Monetary Policy, Terms of Trade Manipulation and Welfare in Open Economies

ECB Working Paper No. 2128
Number of pages: 48 Posted: 07 Feb 2018
Sebastian Schmidt
European Central Bank (ECB)
Downloads 32 (645,286)

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small open economy, optimal monetary policy, discretion, delegation, terms of trade externality

20.
Downloads 28 (672,550)
Citation 12

Gradualism and Liquidity Traps

ECB Working Paper No. 1976
Number of pages: 31 Posted: 03 Feb 2017
Taisuke Nakata and Sebastian Schmidt
Board of Governors of the Federal Reserve System and European Central Bank (ECB)
Downloads 20 (759,062)

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gradualism, inflation targeting, interest-rate smoothing, liquidity traps, zero lower bound

Gradualism and Liquidity Traps

FEDS Working Paper No. 2016-92
Number of pages: 30 Posted: 21 Nov 2016
Taisuke Nakata and Sebastian Schmidt
Board of Governors of the Federal Reserve System and European Central Bank (ECB)
Downloads 8 (883,180)
Citation 11

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21.

Passive Monetary Policy and Active Fiscal Policy in a Monetary Union

CEPR Discussion Paper No. DP17034
Number of pages: 45 Posted: 29 Mar 2022
Bartosz Maćkowiak and Sebastian Schmidt
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 0 (949,976)
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Eurobonds, fiscal rules, Fiscal theory of the price level, monetary union

22.

The Exchange Rate Insulation Puzzle

CEPR Discussion Paper No. DP15689
Number of pages: 84 Posted: 11 Feb 2021
University of Cambridge, University of Bonn, University of Tuebingen - Department of Economics and European Central Bank (ECB)
Downloads 0 (949,976)
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23.

Expectations-Driven Liquidity Traps: Implications for Monetary and Fiscal Policy

CEPR Discussion Paper No. DP15422
Number of pages: 41 Posted: 02 Dec 2020
Taisuke Nakata and Sebastian Schmidt
University of Tokyo - Graduate School of Public Policy and European Central Bank (ECB)
Downloads 0 (949,976)
Citation 2
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24.

The Risk of Returning to the Effective Lower Bound: An Implication for Inflation Dynamics after Lift-Off

FEDS Notes No. 2016-02-12-2 https://doi.org/10.17016/2380-7172.1690
Posted: 17 Mar 2016
Timothy Hills, Taisuke Nakata and Sebastian Schmidt
New York University (NYU), University of Tokyo - Graduate School of Public Policy and European Central Bank (ECB)

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