Günter Coenen

European Central Bank (ECB)

Sonnemannstrasse 22

Frankfurt am Main, 60314

Germany

SCHOLARLY PAPERS

36

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609

Scholarly Papers (36)

Communication of Monetary Policy in Unconventional Times

ECB Working Paper No. 2080
Number of pages: 47 Posted: 29 Jun 2017
European Central Bank (ECB), European Central Bank (ECB), Banque de France, European Central Bank (ECB), European Central Bank (ECB)CEPR, European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB) - Directorate General Research
Downloads 422 (135,907)

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central bank communication, unconventional monetary policy, asset purchase programme, forward guidance

Communication of Monetary Policy in Unconventional Times

CFS Working Paper, WP No. 578
Number of pages: 47 Posted: 27 Sep 2017
European Central Bank (ECB), European Central Bank (ECB), Banque de France, European Central Bank (ECB), European Central Bank (ECB)CEPR, European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB) - Directorate General Research
Downloads 289 (205,550)
Citation 23

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Central Bank Communication, Unconventional Monetary Policy, Asset Purchase Programme, Forward Guidance

2.

The New Area-Wide Model of the Euro Area: A Micro-Founded Open-Economy Model for Forecasting and Policy Analysis

ECB Working Paper No. 944
Number of pages: 124 Posted: 19 Oct 2008
European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 647 (81,336)
Citation 17

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DSGE modelling, open-economy macroeconomics, Bayesian inference, forecasting, policy analysis, euro area

3.

Forecasting with DSGE Models

ECB Working Paper No. 1185
Number of pages: 54 Posted: 06 May 2010
European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 429 (134,619)
Citation 1

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Bayesian Inference, DSGE Models, Euro Area, Forecasting, Open-Economy Macroeconomics, Vector Autoregression

Does Government Spending Crowd in Private Consumption? Theory and Empirical Evidence for the Euro Area

ECB Working Paper No. 513
Number of pages: 50 Posted: 25 Aug 2005
Günter Coenen and Roland Straub
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 208 (284,377)

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non-Ricardian households, fiscal policy, DSGE modelling, euro area

Does Government Spending Crowd in Private Consumption?: Theory and Empirical Evidence for the Euro Area

IMF Working Paper No. 05/159
Number of pages: 37 Posted: 03 Mar 2006
Günter Coenen and Roland Straub
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 147 (391,263)
Citation 4

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non-Ricardian households, fiscal policy, DSGE modeling, euro area

5.

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
European Central Bank (ECB), European Central Bank (ECB) - Directorate General Research, European Central Bank (ECB) and European Central Bank (ECB)
Downloads 292 (206,881)
Citation 12

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

The Zero-Interest-Rate Bound and the Role of the Exchange Rate for Monetary Policy in Japan

Number of pages: 53 Posted: 31 May 2003
Günter Coenen and Volker Wieland
European Central Bank (ECB) and University of Frankfurt
Downloads 251 (237,224)
Citation 7

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Monetary policy rules, zero interest rate bound, liquidity trap, nominal rigidities, exchange rates

The Zero-Interest Rate Bound and the Role of the Exchange Rate for Monetary Policy in Japan

Number of pages: 45 Posted: 26 Jun 2003
Günter Coenen and Volker Wieland
European Central Bank (ECB) and University of Frankfurt
Downloads 25 (984,543)
Citation 1
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Monetary policy rules, zero interest rate bound, liquidity trap, rational expectations, nominal rigidities, exchange rates, monetary transmission

7.

Fiscal policy and the Great Recession in the Euro Area

ECB Working Paper No. 1429
Number of pages: 15 Posted: 16 Apr 2012
Günter Coenen, Roland Straub and Mathias Trabandt
European Central Bank (ECB), European Central Bank (ECB) and Goethe University Frankfurt
Downloads 258 (232,000)
Citation 6

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fiscal policy, DSGE modeling, Bayesian inference, Euro area

Price Stability and Monetary Policy Effectiveness When Nominal Interest Rates are Bounded at Zero

Number of pages: 39 Posted: 06 Aug 2003
European Central Bank (ECB), Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Frankfurt
Downloads 211 (283,111)

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Inflation targeting, price stability, monetary policy rules, liquidity trap

Price Stability and Monetary Policy Effectiveness When Nominal Interest Rates are Bounded at Zero

Number of pages: 29 Posted: 24 Jun 2003
European Central Bank (ECB), Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Frankfurt
Downloads 24 (984,543)
Citation 13
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Inflation targeting, price stability, monetary policy rules, liquidity trap

9.

Inflation Dynamics and International Linkages: A Model of the United States, the Euro Area and Japan

Number of pages: 49 Posted: 14 Jan 2003
Günter Coenen and Volker Wieland
European Central Bank (ECB) and University of Frankfurt
Downloads 235 (256,456)

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Macroeconomic Modelling, Nominal Rigidities, Inflation Persistence, International Linkages, Monetary Policy Rules

Effects of State-Dependent Forward Guidance, Large-Scale Asset Purchases and Fiscal Stimulus in a Low-Interest-Rate Environment

ECB Working Paper No. 2020/2352
Number of pages: 54 Posted: 04 Jan 2020 Last Revised: 10 Dec 2021
Günter Coenen, Carlos Montes-Galdón and Frank Smets
European Central Bank (ECB), European Central Bank and European Central Bank (ECB)
Downloads 144 (393,412)
Citation 1

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asset purchases, effective lower bound, euro area, fiscal policy, forward guidance, monetary policy

Effects of State-Dependent Forward Guidance, Large-Scale Asset Purchases and Fiscal Stimulus in a Low-Interest-Rate Environment

CFS Working Paper, No. 639, 2020
Number of pages: 52 Posted: 08 Feb 2020
Günter Coenen, Carlos Montes-Galdón and Frank Smets
European Central Bank (ECB), European Central Bank and European Central Bank (ECB)
Downloads 86 (574,850)
Citation 6

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Effective lower bound, monetary policy, forward guidance, asset purchases, fiscal policy, euro area

11.

Zero Lower Bound: Is it a Problem in the Euro Area?

Number of pages: 26 Posted: 26 Jan 2004
Günter Coenen
European Central Bank (ECB)
Downloads 219 (271,950)
Citation 14

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Zero-interest-rate bound, price stability, nominal rigidities, interest rate

Gauging the Effects of Fiscal Stimulus Packages in the Euro Area

FRB International Finance Discussion Paper No. 1061
Number of pages: 50 Posted: 27 Nov 2012
Günter Coenen, Roland Straub and Mathias Trabandt
European Central Bank (ECB), European Central Bank (ECB) and Goethe University Frankfurt
Downloads 116 (466,381)
Citation 9

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Fiscal policy, fiscal multiplier, European Economic Recovery Plan, DSGE modelling, Bayesian inference, euro area

Gauging the Effects of Fiscal Stimulus Packages in the Euro Area

ECB Working Paper No. 1483
Number of pages: 47 Posted: 18 Oct 2012
Günter Coenen, Roland Straub and Mathias Trabandt
European Central Bank (ECB), European Central Bank (ECB) and Goethe University Frankfurt
Downloads 88 (566,605)

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Fiscal policy, fiscal multiplier, European Economic Recovery Plan, DSGE

13.

The Demand for M3 in the Euro Area

Number of pages: 57 Posted: 11 Dec 2002
Günter Coenen and Juan Luis Vega-Croissier
European Central Bank (ECB) and Europaische Zentralbank
Downloads 178 (328,734)
Citation 26

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Money Demand, Euro Area, Cointegration, Error-correction Model, Impulse

14.

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, European Central Bank (ECB), Banque de France, European Central Bank (ECB), European Central Bank (ECB), De Nederlandsche Bank, European Central Bank, Deutsche Bundesbank, 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 & Management, European Central Bank, European Central Bank, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), ZEW – Leibniz Centre for European Economic Research, National Bank of Belgium, Bank of Italy and Bank of Italy
Downloads 172 (338,730)
Citation 1

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

15.

Persistence, the Transmission Mechanism and Robust Monetary Policy

Number of pages: 32 Posted: 02 Dec 2003
Ignazio Angeloni, Günter Coenen and Frank Smets
Italian Finance Ministry - International Financial Relations, European Central Bank (ECB) and European Central Bank (ECB)
Downloads 154 (371,973)

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Persistence, transmission process, monetary policy, euro area

16.

Exchange-Rate Policy and the Zero Bound on Nominal Interest Rates

Number of pages: 25 Posted: 14 Oct 2004
Günter Coenen and Volker Wieland
European Central Bank (ECB) and University of Frankfurt
Downloads 151 (378,139)
Citation 2

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monetary policy rules, zero-interest-rate bound, liquidity trap, nominal rigidities, exchange rates

17.

Risks to Price Stability, the Zero Lower Bound and Forward Guidance: A Real-Time Assessment

ECB Working Paper No. 1582
Number of pages: 47 Posted: 12 Sep 2013
Günter Coenen and Anders Warne
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 150 (380,253)
Citation 12

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monetary policy, deflation, zero lower bound, forward guidance, DSGE modeling, Euro area

18.

Tax Reform and Labour-Market Performance in the Euro Area: A Simulation-Based Analysis Using the New Area-Wide Model

ECB Working Paper No. 747
Number of pages: 73 Posted: 25 Apr 2007
Günter Coenen, Peter McAdam and Roland Straub
European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 142 (397,268)
Citation 26

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DSGE modelling, limited asset-market participation, fiscal policy, tax

19.

Inflation Persistence and Robust Monetary Policy Design

Number of pages: 56 Posted: 27 Apr 2004
Günter Coenen
European Central Bank (ECB)
Downloads 138 (406,213)
Citation 8

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Macroeconomic modelling, staggered contracts, inflation persistence, monetary policy rules, robustness, euro area

Data Uncertainty and the Role of Money as an Information Variable for Monetary Policy

Number of pages: 46 Posted: 17 Dec 2001
Andrew T. Levin, Günter Coenen and Volker Wieland
affiliation not provided to SSRN, European Central Bank (ECB) and University of Frankfurt
Downloads 110 (485,665)
Citation 1

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Euro Area, Kalman filter, measurement error, monetary policy rules, rational expectations

Data Uncertainty and the Role of Money as an Information Variable for Monetary Policy

Number of pages: 47 Posted: 01 May 2003
Günter Coenen, Andrew T. Levin and Volker Wieland
European Central Bank (ECB), affiliation not provided to SSRN and University of Frankfurt
Downloads 21 (1,017,140)
Citation 3
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Euro area, Kalman filter, macroeconomic modelling, measurement error, monetary policy rules, rational expectations

21.

Macroeconomic Effects of Carbon Transition Policies: An Assessment Based on the Ecb's New Area-Wide Model with a Disaggregated Energy Sector

ECB Working Paper No. 2023/2819
Number of pages: 72 Posted: 18 May 2023
Günter Coenen, Romanos Priftis and Matija Lozej
European Central Bank (ECB), European Central Bank (ECB) and Central Bank of Ireland
Downloads 129 (428,106)
Citation 11

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carbon taxation, climate change, DSGE model, euro area, monetary policy, fiscal policy

22.

Downward Nominal Wage Rigidity and the Long-Run Phillips Curve: Simulation-Based Evidence for the Euro Area?

Number of pages: 21 Posted: 29 Dec 2003
Günter Coenen
European Central Bank (ECB)
Downloads 128 (430,629)

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Downward nominal wage rigidity, price stability, long-run Phillips curve, euro area

23.

International Transmission and Monetary Policy Cooperation

ECB Working Paper No. 858
Number of pages: 48 Posted: 01 Feb 2008
European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 126 (435,873)
Citation 3

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New Area Wide Model, international policy coordination, DSGE, two-country model

24.

Employment and the Conduct of Monetary Policy in the Euro Area

ECB Occasional Paper No. 2021/275
Number of pages: 149 Posted: 23 Sep 2021 Last Revised: 28 Jan 2022
European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Central Bank of Ireland, Bank of Latvia, Deutsche BundesbankEuropean Central Bank (ECB)University of Kiel, European Central Bank (ECB), European Central Bank (ECB), Banco de España, Deutsche Bundesbank, KU Leuven, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Národná banka Slovenska, Deutsche Bundesbank, European Central BankECB, European Central Bank (ECB), Bank of Italy, Banque de France, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) - Directorate General Economics, Central Bank of Ireland, Banque de France, Národná banka Slovenska, European Central Bank (ECB), European Central Bank (ECB), Bank of Portugal, Banco de España, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB)CEPR, Bank of Italy, Banco de España, Bank of Finland - Research, National Bank of Belgium, University of Bonn, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Bank of Portugal, Bank of Finland, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Université Paris I Panthéon-Sorbonne and Bank of Portugal
Downloads 122 (446,741)
Citation 1

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Employment, inequality, monetary policy

A Small Estimated Euro Area Model with Rational Expectations and Nominal Rigidities

Number of pages: 33 Posted: 12 Dec 2002
Günter Coenen and Volker Wieland
European Central Bank (ECB) and University of Frankfurt
Downloads 93 (546,829)
Citation 4

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European Monetary Union, Euro Area, Macroeconomic Modelling, Rational Expectations, Nominal Rigidities, Overlapping Wage Contracts, Inflation Persistence, Monetary Policy Rules

A Small Estimated Euro Area Model with Rational Expectations and Nominal Rigidities

Number of pages: 34 Posted: 07 Nov 2002
Günter Coenen and Volker Wieland
European Central Bank (ECB) and University of Frankfurt
Downloads 21 (1,017,140)
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European Monetary Union, Euro area, nominal rigidities, inflation persistence, staggered contracts, macroeconomic models

26.

Identifying the Influences of Nominal and Real Rigidities in Aggregate Price-Setting Behavior

Number of pages: 49 Posted: 13 Dec 2004
Günter Coenen and Andrew T. Levin
European Central Bank (ECB) and affiliation not provided to SSRN
Downloads 111 (479,455)
Citation 7

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overlapping contracts, nominal rigidity, real rigidity, inflation persistence, simulation-based indirect inference

27.

Fiscal Consolidation in the Euro Area: Long-Run Benefits and Short-Run Costs

ECB Working Paper No. 902
Number of pages: 48 Posted: 14 May 2008
Günter Coenen, Matthias F. Mohr and Roland Straub
European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 108 (489,009)
Citation 7

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DSGE modelling, limited asset-market participation, fiscal policy, fiscal consolidation, euro area

28.

The Performance and Robustness of Interest-Rate Rules in Models of the Euro Area

Number of pages: 48 Posted: 01 Jun 2005
European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) and Bank of Italy
Downloads 97 (530,705)

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macroeconomic modelling, model uncertainty, monetary policy rules, robustness, euro area

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
European Central Bank (ECB), European Central Bank and European Central Bank (ECB)
Downloads 58 (713,722)

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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
European Central Bank (ECB), European Central Bank and European Central Bank (ECB)
Downloads 32 (914,997)

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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
European Central Bank (ECB), European Central Bank and European Central Bank (ECB)
Downloads 0
Citation 6
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asset purchases, effective lower bound, forward guidance, make-up strategies, monetary policy

30.

Predictive Likelihood Comparisons with DSGE and DSGE-VAR Models

ECB Working Paper No. 1536
Number of pages: 59 Posted: 11 May 2013
European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 86 (568,205)
Citation 1

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Bayesian inference, forecasting, Kalman filter, missing data, Monte Carlo integration

31.

Marginalized Predictive Likelihood Comparisons of Linear Gaussian State-Space Models with Applications to DSGE, DSGE-VAR, and VAR Models

CFS Working Paper, No. 478
Number of pages: 27 Posted: 10 Oct 2014
European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 81 (588,792)
Citation 11

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Bayesian inference, density forecasting, Kalman filter, missing data, Monte Carlo integration, predictive likelihood

32.

Asymptotic Confidence Bands for the Estimated Autocovariance and Autocorrelation Functions of Vector Autoregressive Models

Number of pages: 33 Posted: 10 Dec 2002
Günter Coenen
European Central Bank (ECB)
Downloads 80 (593,083)
Citation 1

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Vector Autoregressions, Autocovariances and Autocorrelations, Confidence Bands, D-method, Bootstrap Method, Euro Area, Phillips Curve, Yield Curve

33.

Intertemporal Effects of Fiscal Policy in an RBC Model

Bundesbank Series 1 Discussion Paper No. 1998,02E
Number of pages: 56 Posted: 07 Jun 2016
Günter Coenen
European Central Bank (ECB)
Downloads 43 (794,095)

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34.

Intertemporale Effekte Einer Fiskalischen Konsolidierung in Einem Rbc-Modell

Bundesbank Series 1 Discussion Paper No. 1998,02
Number of pages: 60 Posted: 07 Jun 2016
Günter Coenen
European Central Bank (ECB)
Downloads 32 (880,546)

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35.

Effects of State-Dependent Forward Guidance, Large-Scale Asset Purchases and Fiscal Stimulus in a Low-Interest-Rate Environment

CEPR Discussion Paper No. DP16050
Number of pages: 52 Posted: 14 May 2021
Günter Coenen, Carlos Montes-Galdón and Frank Smets
European Central Bank (ECB), European Central Bank and European Central Bank (ECB)
Downloads 0 (1,229,198)
Citation 10
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36.

Exchange-Rate Policy and the Zero Bound on Nominal Interest

Posted: 27 Apr 2004
Volker Wieland and Günter Coenen
University of Frankfurt and European Central Bank (ECB)

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Monetary policy rules, zero-interest-rate bound, liquidity trap, rational expectations, nominal rigidities, exchange rates