Klaus Adam

University of Mannheim

Professor of Economics

Department of Economics

L7 ,3-5

Mannheim, 68131

Germany

http://adam.vwl.uni-mannheim.de/1528.0.html

European Central Bank (ECB) - Department of Research

Sonnemannstrasse 22

Frankfurt am Main, 60314

Germany

Centre for Economic Policy Research (CEPR)

Research Affiliate

London

United Kingdom

SCHOLARLY PAPERS

37

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4,148

SSRN CITATIONS
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1,142

CROSSREF CITATIONS

499

Scholarly Papers (37)

Optimal Monetary Policy Under Commitment with a Zero Bound on Nominal Interest Rates

Number of pages: 55 Posted: 09 Dec 2004
Klaus Adam and Roberto M. Billi
University of Mannheim and Sveriges Riksbank
Downloads 262 (207,612)

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Optimal Monetary Policy Under Commitment with a Zero Bound on Nominal Interest Rates

FRB of Kansas City Working Paper No. 05-07
Number of pages: 41 Posted: 24 Jan 2006
Klaus Adam and Roberto M. Billi
University of Mannheim and Sveriges Riksbank
Downloads 171 (310,055)
Citation 58

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Nonlinear Optimal Policy, Zero Interest Rate Bound, Commitment, Liquidity Trap, New Keynesian

Optimal Monetary Policy Under Commitment with a Zero Bound on Nominal Interest Rates

Number of pages: 36 Posted: 18 Dec 2003
Klaus Adam and Roberto M. Billi
University of Mannheim and Sveriges Riksbank
Downloads 13 (1,020,816)
Citation 49
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Non-linear optimal policy, zero interest rate bound, commitment, liquidity trap, new Keynesian

Optimal Monetary Policy Under Commitment with a Zero Bound on Nominal Interest Rates

Journal of Money Credit and Banking, Forthcoming
Posted: 27 Oct 2005
Klaus Adam and Roberto M. Billi
University of Mannheim and Sveriges Riksbank

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Nonlinear optimal policy, zero interest rate bound, commitment, liquidity trap, New Keynesian

2.
Downloads 376 (142,402)
Citation 62

Stock Market Volatility and Learning

ECB Working Paper No. 862
Number of pages: 55 Posted: 26 Feb 2008
University of Mannheim, Universitat Autònoma de Barcelona - Institut d'Anàlisi Economica CSIC and Universitat Pompeu Fabra
Downloads 374 (142,086)

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Asset pricing, learning, near-rational price forecasts

Stock Market Volatility and Learning

CEPR Discussion Paper No. DP6518
Number of pages: 50 Posted: 06 Jun 2008
University of Mannheim, Universitat Pompeu Fabra and Universitat Autònoma de Barcelona - Institut d'Anàlisi Economica CSIC
Downloads 2 (1,123,779)
Citation 26
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asset pricing puzzles, consumption-based asset pricing, learning

3.
Downloads 373 (143,675)
Citation 8

Stock Price Cycles and Business Cycles

Number of pages: 82 Posted: 18 Sep 2019
Klaus Adam and Sebastian Merkel
University of Mannheim and Princeton University
Downloads 268 (202,909)
Citation 5

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booms and busts, business cycles, financial accelerator, stock market volatility

Stock Price Cycles and Business Cycles

Number of pages: 68 Posted: 16 Feb 2019
Klaus Adam and Sebastian Merkel
University of Mannheim and Princeton University
Downloads 105 (457,134)
Citation 8

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Stock Price Cycles and Business Cycles

CEPR Discussion Paper No. DP13866
Number of pages: 82 Posted: 02 Aug 2019
Klaus Adam and Sebastian Merkel
University of Mannheim and Princeton University
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4.
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Citation 26

Optimal Trend Inflation

CESifo Working Paper Series No. 7028
Number of pages: 66 Posted: 15 Jul 2018
Klaus Adam and Henning Weber
University of Mannheim and Deutsche Bundesbank
Downloads 70 (591,789)

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optimal inflation rate, sticky prices, firm heterogeneity

Optimal Trend Inflation

CFS Working Paper, No. 579
Number of pages: 78 Posted: 27 Sep 2017 Last Revised: 28 Feb 2018
Klaus Adam and Henning Weber
University of Mannheim and Deutsche Bundesbank
Downloads 59 (648,224)
Citation 3

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optimal inflation rate, sticky prices, firm heterogeneity

Optimal Trend Inflation

American Economic Review , Vol. 109(2), pp. 702-737, 2019
Number of pages: 36 Posted: 17 Feb 2019
Klaus Adam and Henning Weber
University of Mannheim and Deutsche Bundesbank
Downloads 57 (659,692)
Citation 24

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Optimal Trend Inflation

Bundesbank Discussion Paper No. 25/2017
Posted: 07 Sep 2017
Klaus Adam and Henning Weber
University of Mannheim and Deutsche Bundesbank
Downloads 44 (741,886)

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optimal inflation rate, sticky prices, firm heterogeneity

Optimal Trend Inflation

CEPR Discussion Paper No. DP12160
Number of pages: 78 Posted: 25 Jul 2017
Klaus Adam and Henning Weber
University of Mannheim and Deutsche Bundesbank
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Firm Heterogeneity, optimal inflation

5.

Stock Price Booms and Expected Capital Gains

Number of pages: 69 Posted: 23 Jul 2015
Klaus Adam, Albert Marcet and Johannes Beutel
University of Mannheim, Universitat Autònoma de Barcelona - Institut d'Anàlisi Economica CSIC and University of Mannheim Graduate School of Economic and Social Sciences, Students
Downloads 193 (278,844)
Citation 107

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stock pricing

6.

Inflation Dynamics and Subjective Expectations in the United States

Number of pages: 40 Posted: 06 Aug 2003
Klaus Adam and Mario Padula
University of Mannheim and University "Ca' Foscari" of Venice
Downloads 182 (293,816)

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Inflation, Phillips curve, Subjective Expectations

7.
Downloads 181 (295,187)
Citation 12

Expectations Data in Asset Pricing

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2022-59
Number of pages: 45 Posted: 06 May 2022
Klaus Adam and Stefan Nagel
University of Mannheim and University of Chicago - Booth School of Business
Downloads 157 (333,902)

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Expectations Data in Asset Pricing

NBER Working Paper No. w29977
Number of pages: 44 Posted: 02 May 2022 Last Revised: 29 May 2023
Klaus Adam and Stefan Nagel
University of Mannheim and University of Chicago - Booth School of Business
Downloads 24 (906,176)

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8.
Downloads 169 (313,370)
Citation 24

Monetary Conservatism and Fiscal Policy

ECB Working Paper No. 663
Number of pages: 48 Posted: 02 Aug 2006
Klaus Adam and Roberto M. Billi
University of Mannheim and Sveriges Riksbank
Downloads 83 (535,022)

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sequential non-cooperative policy games, discretionary policy, time consistent policy, conservative monetary policy

Monetary Conservatism and Fiscal Policy

Number of pages: 43 Posted: 12 Feb 2007
Klaus Adam and Roberto M. Billi
University of Mannheim and Sveriges Riksbank
Downloads 72 (582,562)
Citation 3

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sequential non-cooperative policy games, discretionary policy, time consistent policy, conservative monetary policy

Monetary Conservatism and Fiscal Policy

CEPR Discussion Paper No. 5740
Number of pages: 42 Posted: 16 Aug 2006
Klaus Adam and Roberto M. Billi
University of Mannheim and Sveriges Riksbank
Downloads 14 (1,009,990)
Citation 3
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Discretionary policy, sequential non-cooperative policy games, time consistent policy, conservative monetary policy

Discretionary Monetary Policy and the Zero Lower Bound on Nominal Interest Rates

FRB of Kansas City Working Paper No. 05-08
Number of pages: 41 Posted: 24 Jan 2006
Klaus Adam and Roberto M. Billi
University of Mannheim and Sveriges Riksbank
Downloads 85 (527,044)
Citation 45

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Nonlinear Optimal Policy, Occasionally Binding Constraint, Sequential Policy, Markov Perfect Equilibrium, Liquidity Trap

Discretionary Monetary Policy and the Zero Lower Bound on Nominal Interest Rates

Journal of Monetary Economics, Forthcoming
Number of pages: 41 Posted: 03 Jan 2006
Klaus Adam and Roberto M. Billi
University of Mannheim and Sveriges Riksbank
Downloads 75 (568,856)

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nonlinear optimal policy, occasionally binding constraint, sequential policy, Markov perfect equilibrium, liquidity trap

Do Survey Expectations of Stock Returns Reflect Risk-Adjustments?

CFS Working Paper, No. 600, 2018
Number of pages: 38 Posted: 19 Nov 2018
Klaus Adam, Dmitry Matveev and Stefan Nagel
University of Mannheim, Government of Canada - Bank of Canada and University of Chicago - Booth School of Business
Downloads 68 (601,457)

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Do Survey Expectations of Stock Returns Reflect Risk-Adjustments?

CESifo Working Paper No. 7285
Number of pages: 37 Posted: 21 Feb 2019
Klaus Adam, Dmitry Matveev and Stefan Nagel
University of Mannheim, Government of Canada - Bank of Canada and University of Chicago - Booth School of Business
Downloads 51 (695,554)
Citation 2

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survey expectations, expected stock returns

Do Survey Expectations of Stock Returns Reflect Risk-Adjustments?

NBER Working Paper No. w25122
Number of pages: 36 Posted: 08 Oct 2018 Last Revised: 22 Feb 2023
Klaus Adam, Dmitry Matveev and Stefan Nagel
University of Mannheim, Government of Canada - Bank of Canada and University of Chicago - Booth School of Business
Downloads 23 (915,821)
Citation 27

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Do Survey Expectations of Stock Returns Reflect Risk-Adjustments?

CEPR Discussion Paper No. DP13213
Number of pages: 38 Posted: 08 Oct 2018
Klaus Adam, Stefan Nagel and Dmitry Maatvev
University of Mannheim, University of Chicago - Booth School of Business and Government of Canada - Bank of Canada
Downloads 1 (1,132,482)
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Estimating the Optimal Inflation Target from Trends in Relative Prices

Number of pages: 85 Posted: 03 Feb 2020
Klaus Adam and Henning Weber
University of Mannheim and Deutsche Bundesbank
Downloads 131 (386,443)

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micro price data, optimal inflation, U.K. inflation target

Estimating the Optimal Inflation Target from Trends in Relative Prices

CEPR Discussion Paper No. DP14335
Number of pages: 85 Posted: 29 Jan 2020
Klaus Adam and Henning Weber
University of Mannheim and Deutsche Bundesbank
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Citation 1
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Micro price data, optimal inflation, U.K. inflation target

Price Trends Over the Product Life Cycle and the Optimal Inflation Target

Deutsche Bundesbank Discussion Paper No. 32/2019
Number of pages: 82 Posted: 11 Nov 2019
Klaus Adam and Henning Weber
University of Mannheim and Deutsche Bundesbank
Downloads 90 (508,110)

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Optimal Inflation Rate, Product Life Cycle, U.K. Micro Price Data

Price Trends Over the Product Life Cycle and the Optimal Inflation Target

CESifo Working Paper No. 7889
Number of pages: 77 Posted: 23 Oct 2019
Klaus Adam and Henning Weber
University of Mannheim and Deutsche Bundesbank
Downloads 37 (793,666)
Citation 1

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optimal inflation rate, product life cycle, U.K. micro price data

Optimal Monetary Policy Under Discretion with a Zero Bound on Nominal Interest Rates

Number of pages: 46 Posted: 09 Dec 2004
Klaus Adam and Roberto M. Billi
University of Mannheim and Sveriges Riksbank
Downloads 112 (435,738)
Citation 3

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nonlinear policy, zero lower bound, liquidit y trap

Optimal Monetary Policy Under Discretion with a Zero Bound on Nominal Interest Rates

Number of pages: 43 Posted: 19 Oct 2004
Klaus Adam and Roberto M. Billi
University of Mannheim and Sveriges Riksbank
Downloads 10 (1,052,410)
Citation 2
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Nonlinear policy, zero lower bound, liquidity trap

14.

Learning to Forecast and Cyclical Behavior of Output And Inflation

European University Institute Working Paper No. ECO 2000/25, University of Frankfurt Mimeo, CFS Working Paper No. 2003/02
Number of pages: 46 Posted: 02 Oct 2001
Klaus Adam
University of Mannheim
Downloads 106 (451,265)
Citation 12

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Learning, Business Cycles, Rational Expectations, Inefficient Forecasts, Output and Inflation Persistence

15.
Downloads 105 (457,461)
Citation 2

Distortionary Fiscal Policy and Monetary Policy Goals

Number of pages: 40 Posted: 24 Mar 2010
Roberto M. Billi and Klaus Adam
Sveriges Riksbank and University of Mannheim
Downloads 61 (637,265)
Citation 5

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discretion, Nash and Stackelberg equilibria, policy biases, sequential non-cooperative policy games

Distortionary Fiscal Policy and Monetary Policy Goals

Riksbank Research Paper Series No. 109, Sveriges Riksbank Working Paper Series No. 278
Number of pages: 18 Posted: 18 Dec 2013
Klaus Adam and Roberto M. Billi
University of Mannheim and Sveriges Riksbank
Downloads 44 (748,897)

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optimal policy, lack of commitment, conservative monetary policy

On the Relation between Robust and Bayesian Decision Making

Number of pages: 17 Posted: 24 Feb 2003
Klaus Adam
University of Mannheim
Downloads 102 (467,037)
Citation 4

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robust decision theory, uncertainty aversion, risk aversion

On the Relation Between Robust and Bayesian Decision Making

Posted: 18 Aug 2004
Klaus Adam
University of Mannheim

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Robust decision theory, uncertainty aversion, risk aversion

17.
Downloads 100 (470,388)
Citation 50

Optimal Monetary Policy with Imperfect Common Knowledge

Number of pages: 28 Posted: 05 May 2003
Klaus Adam
University of Mannheim
Downloads 88 (515,518)

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optimal policy, information frictions, imperfect common knowledge, higher order beliefs, Shannon capacity

Optimal Monetary Policy with Imperfect Common Knowledge

Number of pages: 35 Posted: 22 Oct 2004
Klaus Adam
University of Mannheim
Downloads 12 (1,031,666)
Citation 14
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Private information, rational inattention, Shannon capacity, nominal demand management, information imperfections

Optimal Monetary Policy with Imperfect Common Knowledge

Journal of Monetary Economics, Forthcoming
Posted: 27 Oct 2005
Klaus Adam
University of Mannheim

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Private information, rational inattention, Shannon capacity, nominal demand management, information imperfections

18.

Are Stationary Hyperinflation Paths Learnable?

Number of pages: 31 Posted: 13 May 2003
University of Mannheim, University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 98 (476,704)
Citation 3

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Indeterminacy, Inflation, Stability of Equilibria, Seigniorage

Distributional Consequences of Asset Price Inflation in the Euro Area

Bundesbank Discussion Paper No. 27/2015
Number of pages: 22 Posted: 21 Jun 2016
Klaus Adam and Panagiota Tzamourani
University of Mannheim and Deutsche Bundesbank
Downloads 92 (500,925)

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monetary policy, asset prices, net wealth distribution, inequality, household survey

Distributional Consequences of Asset Price Inflation in the Euro Area

CEPR Discussion Paper No. DP10897
Number of pages: 28 Posted: 28 Oct 2015
Klaus Adam and Panagiota Tzamourani
University of Mannheim and Deutsche Bundesbank
Downloads 0
Citation 15
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asset price inflation, wealth redistribution

20.

The Case for a Positive Euro Area Inflation Target: Evidence from France, Germany and Italy

Bank of Italy Temi di Discussione (Working Paper) No. 1344
Number of pages: 51 Posted: 19 Nov 2021
University of Mannheim, Banque de France - Centre de Recherche, European Central Bank (ECB) and Deutsche Bundesbank
Downloads 88 (510,709)
Citation 1

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optimal inflation target, micro price trends, welfare

Experimental Evidence on the Persistence of Output and Inflation

Number of pages: 62 Posted: 21 Jun 2005
Klaus Adam
University of Mannheim
Downloads 74 (573,477)

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Experiments, Output and Inflation Dynamics, Restricted Perceptions Equilibrium, Rational Expectations

Experimental Evidence on the Persistence of Output and Inflation

Number of pages: 56 Posted: 25 May 2005
Klaus Adam
University of Mannheim
Downloads 14 (1,009,990)
Citation 5
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Experiments, output and inflation dynamics, restricted perceptions equilibrium, rational expectations

Leaning Against Housing Prices as Robustly Optimal Monetary Policy

CESifo Working Paper Series No. 7071
Number of pages: 66 Posted: 21 Jul 2018
Klaus Adam and Michael Woodford
University of Mannheim and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 37 (793,666)

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asset price bubbles, leaning against the wind, inflation targeting

Leaning Against Housing Prices As Robustly Optimal Monetary Policy

CFS Working Paper, No. 601, 2018
Number of pages: 67 Posted: 19 Nov 2018
Klaus Adam and Michael Woodford
University of Mannheim and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 32 (834,437)
Citation 1

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Leaning Against Housing Prices as Robustly Optimal Monetary Policy

NBER Working Paper No. w24629
Number of pages: 64 Posted: 25 May 2018 Last Revised: 19 Apr 2023
Klaus Adam and Michael Woodford
University of Mannheim and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 14 (1,009,990)

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Leaning Against Housing Prices as Robustly Optimal Monetary Policy

CEPR Discussion Paper No. DP12937
Number of pages: 67 Posted: 21 May 2018
Klaus Adam and Michael Woodford
University of Mannheim and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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Asset price bubbles, Inflation targeting, leaning against the wind, optimal target criterion

23.

Optimal Sovereign Default

Bundesbank Discussion Paper No. 09/2013
Number of pages: 52 Posted: 21 Jun 2016
Klaus Adam and Michael Grill
University of Mannheim and European Central Bank (ECB)
Downloads 75 (561,566)
Citation 3

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Fiscal Policy, Sovereign Risk

Learning and Equilibrium Selection in a Monetary Overlapping Generations Model with Sticky Prices

CFS Working Paper No. 2003/03
Number of pages: 42 Posted: 02 Oct 2001
Klaus Adam
University of Mannheim
Downloads 72 (582,562)
Citation 1

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adaptive learning, sticky prices, temporary equilibrium, equilibrium selection

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adaptive learning, sticky prices, temporary equilibrium, equilibrium selection

The Case for a Positive Euro Area Inflation Target: Evidence from France, Germany and Italy

Banque de France Working Paper No. 825
Number of pages: 43 Posted: 16 Aug 2021
affiliation not provided to SSRN, University of Mannheim, Banque de France - Centre de Recherche, European Central Bank (ECB) and Deutsche Bundesbank
Downloads 35 (809,574)

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Optimal Inflation Target, Micro Price Trends, Welfare

The Case for a Positive Euro Area Inflation Target: Evidence from France, Germany and Italy

ECB Working Paper No. 2021/2575
Number of pages: 45 Posted: 28 Jul 2021
University of Mannheim, Banque de France - Centre de Recherche, European Central Bank (ECB) and Deutsche Bundesbank
Downloads 27 (887,229)

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Robustly Optimal Monetary Policy in a New Keynesian Model with Housing

CESifo Working Paper No. 8127
Number of pages: 66 Posted: 04 Mar 2020
Klaus Adam and Michael Woodford
University of Mannheim and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 45 (735,007)

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robust policy design, leaning against housing prices, distorted expectations

Robustly Optimal Monetary Policy in a New Keynesian Model with Housing

NBER Working Paper No. w26833
Number of pages: 65 Posted: 09 Mar 2020 Last Revised: 27 Apr 2023
Klaus Adam and Michael Woodford
University of Mannheim and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 12 (1,042,160)

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Robustly Optimal Monetary Policy in a New Keynesian Model with Housing

CEPR Discussion Paper No. DP14445
Number of pages: 67 Posted: 03 Mar 2020
Klaus Adam and Michael Woodford
University of Mannheim and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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Citation 4
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27.

Price Level Changes and the Redistribution of Nominal Wealth Across the Euro Area

ECB Working Paper No. 1853
Number of pages: 58 Posted: 30 Sep 2015
Klaus Adam and Junyi Zhu
University of Mannheim and Deutsche Bundesbank
Downloads 51 (680,755)
Citation 37

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price level, redistribution, Euro Area, household survey

28.

House Price Booms and the Current Account

NBER Working Paper No. w17224
Number of pages: 43 Posted: 19 Jul 2011 Last Revised: 26 Jul 2023
Klaus Adam, Pei Kuang and Albert Marcet
University of Mannheim, Goethe University Frankfurt - House of Finance and London School of Economics & Political Science (LSE)
Downloads 48 (698,756)
Citation 15

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29.

Should Macroeconomists Consider Restricted Perceptions Equilibria? Evidence from the Experimental Laboratory

Number of pages: 46 Posted: 19 Nov 2002
Klaus Adam
University of Mannheim
Downloads 46 (711,360)

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Experiments, Equilibrium Selection, Restricted Perceptions

30.

The Case for a Positive Euro Area Inflation Target: Evidence from France, Germany and Italy

Deutsche Bundesbank Discussion Paper No. 26/2021
Number of pages: 46 Posted: 09 Sep 2021
University of Mannheim, Banque de France - Centre de Recherche, European Central Bank (ECB) and Deutsche Bundesbank
Downloads 31 (819,006)

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Optimal inflation target, micro price trends, welfare

31.

Government Debt and Optimal Monetary and Fiscal Policy

CEPR Discussion Paper No. DP8064
Number of pages: 37 Posted: 22 Nov 2010
Klaus Adam
University of Mannheim
Downloads 4 (1,065,290)
Citation 2
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non-contingent debt, Ramsey optimal policy, second-order approximation, sticky prices

32.

Internal Rationality and Asset Prices

CEPR Discussion Paper No. DP7498
Number of pages: 39 Posted: 17 Nov 2009
Klaus Adam and Albert Marcet
University of Mannheim and London School of Economics & Political Science (LSE)
Downloads 4 (1,065,290)
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learning, rationality

33.

Robustly Optimal Monetary Policy in a Microfounded New Keynesian Model

CEPR Discussion Paper No. DP8826
Number of pages: 65 Posted: 01 Mar 2012
Klaus Adam and Michael Woodford
University of Mannheim and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 3 (1,072,416)
Citation 5
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belief distortions, near-rational expectations, robust control, target criterion

34.

Subjective Housing Price Expectations, Falling Natural Rates and the Optimal Inflation Target

CEPR Discussion Paper No. DP17187
Number of pages: 80 Posted: 27 May 2022
Klaus Adam, Oliver Pfäuti and Timo Reinelt
University of Mannheim, University of Mannheim and University of Mannheim
Downloads 0 (1,094,414)
Citation 3
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effective lower bound, housing booms, Keywords: Monetary Policy, Natural rate of interest, optimal inflation target, Subjective Housing Price Expectations

35.

The Case for a Positive Euro Area Inflation Target: Evidence from France, Germany and Italy

CEPR Discussion Paper No. DP16828
Number of pages: 42 Posted: 04 Feb 2022 Last Revised: 29 Mar 2022
University of Mannheim, Banque de France - Centre de Recherche, European Central Bank (ECB) and Deutsche Bundesbank
Downloads 0 (1,094,414)
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micro price trends, optimal inflation target, Welfare

36.

Are Hyperinflation Paths Learnable?

Journal of Economic Dynamics and Control, Forthcoming
Posted: 27 Oct 2005
University of Mannheim, University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business

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Indeterminacy, inflation, stability of equilibria, seigniorage

37.

Learning to Forecast and Cyclical Behavior of Output and Inflation

Posted: 19 Aug 2004
Klaus Adam
University of Mannheim

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Learning, Business Cycles, Rational Expectations, Inefficient Forecasts, Output and Inflation Persistence