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Günter Coenen

European Central Bank (ECB)

Sonnemannstrasse 22

Frankfurt am Main, 60314

Germany

SCHOLARLY PAPERS

39

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244

Scholarly Papers (39)

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 470 (149,606)

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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 363 (202,386)
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 774 (80,512)
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 599 (112,746)
Citation 1

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

4.

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 395 (185,792)
Citation 12

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

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 229 (330,938)

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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 162 (461,307)
Citation 4

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non-Ricardian households, fiscal policy, DSGE modeling, 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 272 (277,054)
Citation 8

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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 27 (1,400,723)
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 276 (275,238)
Citation 6

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fiscal policy, DSGE modeling, Bayesian inference, Euro area

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 Ghent University - Department of General Economics
Downloads 176 (427,552)
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 Ghent University - Department of General Economics
Downloads 99 (699,970)
Citation 6

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

9.

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, Banka Slovenije, 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 260 (293,053)
Citation 1

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

10.

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 256 (298,892)

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

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 154 (482,631)
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 100 (694,787)

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

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 224 (339,975)

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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 25 (1,430,393)
Citation 13
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Inflation targeting, price stability, monetary policy rules, liquidity trap

13.

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 234 (326,127)
Citation 14

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

14.

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 201 (387,924)
Citation 17

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

15.

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 198 (384,172)
Citation 8

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

16.

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 172 (440,151)
Citation 26

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

17.

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), Banque de France and Bank of Portugal
Downloads 170 (449,518)
Citation 1

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Employment, inequality, monetary policy

18.

Inflation Persistence and Robust Monetary Policy Design

Number of pages: 56 Posted: 27 Apr 2004
Günter Coenen
European Central Bank (ECB)
Downloads 166 (451,954)
Citation 8

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

19.

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 163 (459,428)
Citation 2

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

20.

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 Ghent University - Department of General Economics
Downloads 163 (459,428)

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Persistence, transmission process, monetary policy, euro area

21.

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 162 (461,984)
Citation 12

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

22.

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)

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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 124 (582,609)
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 26 (1,415,710)
Citation 3
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Euro area, Kalman filter, macroeconomic modelling, measurement error, monetary policy rules, rational expectations

24.

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 142 (521,245)
Citation 7

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

25.

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 137 (534,155)

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

26.

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), Ghent University - Department of General Economics and European Central Bank (ECB)
Downloads 136 (540,814)
Citation 3

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

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 109 (648,902)
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 22 (1,473,203)
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European Monetary Union, Euro area, nominal rigidities, inflation persistence, staggered contracts, macroeconomic models

28.

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 130 (558,171)
Citation 7

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

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 80 (812,480)

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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 48 (1,107,422)

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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 1 (1,664,434)
Citation 6
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asset purchases, effective lower bound, forward guidance, make-up strategies, monetary policy

30.

Inflation and Monetary Policy in Medium-sized New Keynesian DSGE Models

ECB Working Paper No. 2025/3137
Number of pages: 48 Posted: 15 Oct 2025
European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Ghent University - Department of General Economics, European Central Bank (ECB) and National Bank of Belgium
Downloads 128 (584,619)

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effective lower bound, forecast evaluation, inflation dynamics, optimal policy, policy counterfactuals

31.

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 116 (613,149)

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

32.

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 102 (679,608)
Citation 11

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

33.

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 99 (694,528)
Citation 1

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

34.

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 92 (730,864)
Citation 1

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

35.

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 64 (924,743)

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36.

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 50 (1,063,489)

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37.

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

Central Bank of Ireland Research Paper Series No. 8, 2023
Number of pages: 70 Posted: 23 Feb 2026
Günter Coenen, Matija Lozej and Romanos Priftis
European Central Bank (ECB), Central Bank of Ireland and European Central Bank (ECB)
Downloads 8 (1,555,090)

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Climate change, carbon taxation, DSGE model, monetary policy

38.

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 Ghent University - Department of General Economics
Downloads 3 (1,579,934)
Citation 10
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39.

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