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Falk Mazelis

European Central Bank (ECB)

Sonnemannstrasse 22

Frankfurt am Main, 60314

Germany

Deutsche Bundesbank - Economic Research Centre

SCHOLARLY PAPERS

19

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Scholarly Papers (19)

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), Bank of Estonia and European Central Bank (ECB)
Downloads 580 (118,447)
Citation 3

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Fiscal Policy, Monetary Policy, Monetary Union

2.

Non-Bank Financial Intermediation in the Euro Area: Implications for Monetary Policy Transmission and Key Vulnerabilities

ECB Occasional Paper No. 2021/270
Number of pages: 86 Posted: 23 Sep 2021 Last Revised: 19 Jan 2022
European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), De Nederlandsche Bank, Banque de France, Athens University of Economics and Business - Department of Accounting and Finance, European Central Bank (ECB), Banque Centrale du Luxembourg, European Central Bank (ECB), European Central Bank (ECB), Bank of Finland, European Central Bank (ECB), Banque Centrale du Luxembourg, International Monetary FundEuropean Central Bank, Financial Research Division, Bank of Finland - Research, Oesterreichische Nationalbank (OeNB), European Central Bank (ECB), Oesterreichische Nationalbank (OeNB), European Central Bank, European Central Bank (ECB), Banco de España, Bank of Finland, Bank of Italy, Banque de France, Banque de France, European Central Bank (ECB), De Nederlandsche Bank, European Central Bank (ECB), Bank of Italy and Central Bank of Ireland
Downloads 526 (135,619)
Citation 5

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Asset purchases, Financial markets stress, Low interest rates, Monetary policy transmission, Non-bank intermediation, Risk-taking

The Role of Financial Stability Considerations in Monetary Policy and the Interaction with Macroprudential Policy in the Euro Area

ECB Occasional Paper No. 2021272
Number of pages: 142 Posted: 23 Sep 2021 Last Revised: 18 Nov 2021
ECB -DG Monetary Policy, Banque de France, European Central Bank (ECB), De Nederlandsche Bank, European Central Bank (ECB), Deutsche Bundesbank - Economics Department, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Banque de France, European Central Bank (ECB), European Central Bank, Bank of Slovenia, Leibniz Institute for Financial Research SAFE, Banco de España, Banque de France - Centre de Recherche, Bank of Italy, Banco de España, Deutsche Bundesbank, Central Bank of Malta, Bank of Greece, Bank of Greece, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Deutsche Bundesbank, Bank of Finland, European Central Bank (ECB)CEPR, Bank of Slovenia, National Bank of Belgium, Central Bank of Cyprus, Latvijas Banka, De Nederlandsche Bank, Oesterreichische Nationalbank (OeNB), Deutsche Bundesbank, Bank of Italy, De Nederlandsche Bank - Monetary and Economic Policy Department, European Central Bank (ECB), European Central Bank (ECB), Deutsche Bundesbank, University of Giessen - Department of Economics and Bank of Slovenia
Downloads 272 (278,118)

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financial frictions, Monetary policy, systemic risk

The Role of Financial Stability Considerations in Monetary Policy and the Interaction with Macroprudential Policy in the Euro Area

ECB Occasional Paper No. 2023/272
Number of pages: 142 Posted: 16 May 2023
ECB -DG Monetary Policy, Universitat Pompeu Fabra (UPF) - Centre de Recerca en Economia Internacional (CREI), Banque de France, European Central Bank (ECB), De Nederlandsche Bank, European Central Bank (ECB), Deutsche Bundesbank - Economics Department, European Central Bank (ECB), European Central Bank (ECB), Research Centre, European Central Bank (ECB), Bank of Portugal, European Central Bank (ECB), European Central Bank (ECB), Banque de France, European Central Bank (ECB), European Central Bank, Bank of Slovenia, Banque de FranceMassachusetts Institute of Technology (MIT) - Sloan School of Management, Deutsche Bundesbank - Economic Research Centre, Leibniz Institute for Financial Research SAFE, Banco de España, Banque de France - Centre de Recherche, Bank of Italy, Banco de España, Deutsche Bundesbank - Economic Research Centre, Suomen Pankki – Finlands Bank, Central Bank of Malta, Bank of Greece, Bank of Greece, European Central Bank (ECB), Banca d’Italia, European Central Bank (ECB), Oesterreichische Nationalbank (OeNB), European Central Bank (ECB), European Central Bank (ECB), Banco de España, European Central Bank (ECB), Central Bank of Ireland, European Central Bank (ECB), Deutsche Bundesbank - Economic Research Centre, Suomen Pankki – Finlands Bank, European Central Bank (ECB), European Central Bank (ECB)CEPR, Deutsche Bundesbank - Economic Research Centre, Banka Slovenije, Banque Nationale de Belgique, Central Bank of Cyprus, European Central Bank (ECB), Latvijas Banka, De Nederlandsche Bank, Oesterreichische Nationalbank (OeNB), Deutsche Bundesbank - Economic Research Centre, Banca d’Italia, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Oesterreichische Nationalbank (OeNB), Deutsche Bundesbank - Economic Research Centre, Deutsche Bundesbank - Economic Research Centre and Národná banka Slovenska
Downloads 165 (453,548)

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financial frictions, Monetary policy, systemic risk

4.

Macroprudential Policy Measures: Macroeconomic Impact and Interaction with Monetary Policy

ECB Working Paper No. 20202376
Number of pages: 65 Posted: 21 Feb 2020 Last Revised: 18 Nov 2021
University of St. Gallen - Institute of Economics (FGN), 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), European Central Bank (ECB) - Directorate General Research and University of Chicago - Booth School of Business
Downloads 394 (186,949)

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5.

Macroprudential Regulation and Leakage to the Shadow Banking Sector

DIW Berlin Discussion Paper No. 1814, 2019
Number of pages: 99 Posted: 08 Aug 2019
Stefan Gebauer and Falk Mazelis
European Central Bank and European Central Bank (ECB)
Downloads 288 (264,351)
Citation 5

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Macroprudential Regulation, Monetary Policy, Shadow Banking, Non-Bank Financial Institutions, Financial Frictions

6.

Taylor-Rule Consistent Estimates of the Natural Rate of Interest

ECB Working Paper No. 2257 (2019); ISBN 978-92-899-3519-7
Number of pages: 56 Posted: 29 Mar 2019
Claus Brand and Falk Mazelis
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 269 (282,737)
Citation 1

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Natural Rate of Interest, Equilibrium Real Rate, Taylor Rule, Bayesian Estimation, Unobserved Components, Beveridge-Nelson Decomposition

7.

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

8.

A Strategic View on the Economic and Inflation Environment in the Euro Area

ECB Occasional Paper No. 2025/371
Number of pages: 194 Posted: 01 Jul 2025
Christiane Nickel, Juha Kilponen, Enrique Moral-Benito, Gerrit Koester, Elena Bobeica, Claus Brand, Pablo Burriel, Marteen Dossche, Gabriele Galati, Michele Lenza, Matteo Ciccarelli, Almira Enders, Sarah Holton, Bettina Landau, Fabrizio Venditti, David Lodge, Beatrice Pierluigi, Eva Ortega, Harri Pönkä, Thomas Warmedinger, Branislav Albert, Ugo Albertazzi, Maria Grazia Attinasi, Marta Banbura, Niccolò Battistini, Andrejs Bessonovs, Dennis Bonam, Vladimir Borgy, Alexandre Carvalho, Cristina D. Checherita-Westphal, Agostino Consolo, Agostino Consolo, Giuseppe Corbisiero, Pietro Cova, Nathaniel Debono, Luca Dedola, Ettore Dorrucci, Michaela Elfsbacka Schmöller, Lorenz Emter, Juraj Falath, Friedrich Fritzer, Annette Fröhling, Pablo Garcia-Sanchez, Johannes Gareis, Alex Grimaud, Adam Gulan, Marco Hoeberichts, José Emilio Gumiel, Christian Höynck, John Hutchinson, Alexandros Karakitsios, Evangelia Kasimati, Daria Kazakova, Geoff Kenny, Friderike Kuik, Laura Lebastard, Paloma Lopez-Garcia, Marko Luketina, Reamonn Lydon, Ana-Simona Manu, Catalina Martínez Hernández, Giulia Martorana, Baptiste Meunier, Wolfgang Modery, Daphne Momferatou, Carlos Montes-Galdón, Chiara Osbat, Adrian Page, Gasper Ploj, Reet Reedik, Tomas Reichenbachas, Pedro Ribeiro, Juliette Sagot, Béla Szörfi, Máté Tóth, Maria Teresa Valderrama, Joris Wauters, Thomas Westermann, Ivan Žilić, Helene Zimmer, Roberta Zizza, Robert Zorko, Pablo Aguilar, Yildiz Akkaya, Elena Angelini, Katarzyna Bańkowska, Colm Bates, Jeanne Beck, Nicola Benatti, Lea Bitter, Vasco Botelho, Mohammed Chahad, Kai Philipp Christoffel, Bruno De Backer, Rodolfo Dinis Rigato, Elisabeth Falk, Claudia Foroni, Emanuele Franceschi, Jose Elias Gallegos, Dimitris Georgarakos, Gavin Goy, Johannes Groß, Elke Hahn, Jaime Martínez-Martín, Boryana Ilieva, Markus Jorra, Petteri Juvonen, Hanno Kase, Iván Kataryniuk, Georgi Kocharkov, Antoine Kornprobst, Neil Lawton, Noëmie Lisack, Demosthenes Ioannou, Falk Mazelis, Thomas McGregor, Aidan Meyler, Tobias Müller, Galo Nuño, Iván Ordoñez Martínez, Andrea Papetti, Joan Paredes, Miles Parker, Blanca Prat I, Romanos Priftis, Roehe Oke, Moreno Roma, Fabian Schupp, Antoine Sigwalt, Christian Speck, Elisabeth Wieland, Srecko Zimic, Mario D'Agostino, Filippo Durero, Claudia Esposito, Dario Esposito, Christian Huber, Ivelina Ilkova, Alicja Kobayashi, Elias Krief, Claudio Manzoni and Philip Muggenthaler-Gerathewohl
European Central Bank (ECB), Bank of Finland - Research, Banco de España, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Banco de España, European Central Bank (ECB) - Directorate General Economics, De Nederlandsche Bank, European Central Bank (ECB), European Central Bank (ECB), Deutsche Bundesbank, European Central Bank (ECB), European Central Bank (ECB), Bank of Italy, European Central Bank (ECB), European Central Bank (ECB), Bank of Spain, DG Economics, Statistics and Research, Bank of Finland, European Central Bank (ECB), Národná banka Slovenska, ECB -DG Monetary Policy, European Central Bank (ECB), European Central Bank, European Central Bank (ECB), Latvijas Banka, De Nederlandsche Bank, Banque de France, Banque de France, European Central Bank (ECB), European Central BankECB, Central Bank of Ireland, Bank of Italy, Central Bank of Malta, Bank of Italy, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Národná banka Slovenska, Oesterreichische Nationalbank (OeNB), Deutsche Bundesbank, Banque Centrale du Luxembourg, Deutsche Bundesbank, Oesterreichische Nationalbank (OeNB), Bank of Finland - Research, De Nederlandsche Bank, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Bank of Greece, Bank of Greece, Deutsche Bundesbank, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) - Directorate General Economics, Hrvatska Narodna Banka, Central Bank of Ireland, 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, European Central Bank (ECB), European Central Bank (ECB), Bank of Slovenia, Bank of Estonia, Bank of Lithuania, Bank of Portugal, Banque de France, European Central Bank (ECB), European Central Bank (ECB), Austrian National Bank, National Bank of Belgium, European Central Bank (ECB), Hrvatska Narodna Banka, National Bank of Belgium, Bank of Italy, Banka Slovenije, 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), European Central Bank (ECB), European Central Bank, European Central Bank (ECB), European Central Bank (ECB), National Bank of Belgium, European Central Bank (ECB), Deutsche Bundesbank, European Central Bank (ECB), European Central Bank (ECB), Banco de España, European Central Bank (ECB) - Directorate General Research, De Nederlandsche Bank, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Deutsche Bundesbank, Bank of Finland, European Central Bank (ECB), Banco de España, Deutsche Bundesbank, 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), European Central Bank (ECB), Banco de España, European Central Bank (ECB), Bank of Italy, European Central Bank, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Deutsche Bundesbank, European Central Bank (ECB), Deutsche Bundesbank, Banque de France, Deutsche Bundesbank, European Central Bank (ECB), European Central Bank (ECB) - Directorate General Research, 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), European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 210 (364,680)

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9.

Macroprudential Regulation and Leakage to the Shadow Banking Sector

ECB Working Paper No. 20202406
Number of pages: 62 Posted: 08 Jul 2020
Falk Mazelis and Stefan Gebauer
European Central Bank (ECB) and European Central Bank
Downloads 194 (391,686)
Citation 1

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financial frictions, macroprudential policy, monetary policy, non-bank financial institutions, policy coordination

10.

Monetary Policy Strategies for the Euro Area: Optimal Rules in the Presence of the ELB

ECB Working Paper No. 2023/2797
Number of pages: 40 Posted: 22 Mar 2023
Falk Mazelis, Roberto Motto and Annukka Ristiniemi
European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 175 (435,504)

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asset purchases, effective lower bound, forward guidance, makeup strategies, monetary policy, optimal policy

11.

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

12.

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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13.

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

14.

A Toolkit for Computing Constrained Optimal Policy Projections (COPPs)

ECB Working Paper No. 2021/2555
Number of pages: 47 Posted: 24 May 2021
European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) and Sveriges RiksbankParis School of Economics (PSE)
Downloads 112 (630,858)
Citation 5

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15.

Mitigating the Forward Guidance Puzzle: Inattention, Credibility, Finite Planning Horizons and Learning

ECB Working Paper No. 20202426
Number of pages: 32 Posted: 25 Jun 2020
Oliver Groot and Falk Mazelis
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 82 (790,029)

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expectations, monetary policy, unconventional policy

16.

Asymmetric Monetary Policy Rules for the Euro Area and the Us

ECB Working Paper No. 20212587
Number of pages: 39 Posted: 14 Sep 2021 Last Revised: 18 Nov 2021
Norges Bank, European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 80 (803,225)
Citation 9

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Bayesian Estimation, effective lower bound, Inflation targeting, Markov-switching DSGE, optimal monetary policy

17.

Battle of the Ages: Distributional and Aggregate Effects of Monetary Policy in a Model with Age Demographics

ECB Working Paper No. 2025/3125
Number of pages: 93 Posted: 01 Oct 2025
London School of Economics, European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 70 (883,195)

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aging, monetary-policy shocks, New-Keynesian model, precautionary savings, unemployment risk

18.

Using Forecast-Augmented VAR Evidence to Dampen the Forward Guidance Puzzle

ECB Working Paper No. 20202495
Number of pages: 21 Posted: 01 Dec 2020
European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) and European Central Bank
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Citation 4

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19.

Disciplining Expectations and the Forward Guidance Puzzle

ECB Working Paper No. 20202424
Number of pages: 63 Posted: 25 Jun 2020
European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) and European Central Bank
Downloads 65 (916,100)
Citation 1

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Bayesian estimation, DSGE models, expectations formation, forecasting, monetary policy