…primary surpluses and monetary seigniorage do. An exogenous drop in the private-sector demand for convenience assets reduces seigniorage revenues and raises the price level. It also results in a wealth transfer across countries owing to the heterogeneity in convenience yields.
10.02.2026 10:15 — 👍 0 🔁 0 💬 0 📌 0
I study price level determination in a currency union when some member countries‘ government securities earn a convenience yield. These convenience assets generate fiscal seigniorage revenues that, given appropriate fiscal and monetary policies, back the union‘s price level, much like…
10.02.2026 10:13 — 👍 0 🔁 0 💬 1 📌 0
My new working paper on Fiscal seigniorage and price level determination in a currency union: www.ecb.europa.eu/pub/pdf/scpw...
10.02.2026 10:10 — 👍 1 🔁 0 💬 1 📌 0
Annual Macro Meeting of the @vfsecon.bsky.social
@uniheidelberg.bsky.social, May 7-8, 2026
Call for Papers: macroeconomics.committee.socialpolitik.de/sites/defaul...
We welcome submissions in all areas of macroeconomics and from researchers at all career stages.
09.12.2025 16:55 — 👍 7 🔁 5 💬 1 📌 0
This reminds me of our ECB Discussion Paper on monetary-fiscal policy interactions and risks to price stability in times of high government debt, with Cristina Checherita-Westphal, Anna Rogantini and Jean-David Sigaux, published about a year ago: www.ecb.europa.eu/pub/pdf/scpd...
18.10.2025 11:13 — 👍 1 🔁 0 💬 0 📌 0
Happy to see “Fiscal Backing for Price Stability in a Monetary Union“ with Bartosz Mackowiak in print.
27.06.2025 14:29 — 👍 2 🔁 0 💬 0 📌 0
Herzlichen Glückwunsch, Christian, das freut mich.
15.02.2025 07:04 — 👍 1 🔁 0 💬 0 📌 0
VoxEU – CEPR’s policy portal - promotes "research-based policy analysis and commentary by leading economists". VoxEU columns cover all fields of economics broadly defined and are widely read.
Political scientist by day (and night). GWU and Brookings. Co-editor, https://goodauthority.org/
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Geoeconomics of Asia and how it relates to the rest of the world, especially Europe. NATIXIS, BRUEGEL, HKUST. @aligarciaherrero @econtwitter.net
Professor of Economics London Business School
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President European Economic Association. Views are my own.
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Professor at Goethe University Frankfurt, Director of the CEPR Research and Policy Network on Household Finance
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President, PIIE. Globalist. Former central banker. Political economy with a policy purpose. Writes on macroeconomic policy, G7/China relations, globalization, and economies of US, UK, Germany, Japan, and PRC.
Professor of economics at the European University Institute.
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Quant, Economist. I write about the US monetary policy at eightateeight.substack.com and about trade at https://eighttradeeight.substack.com/ 🇨🇭
Frankfurter Allgemeine Sonntagszeitung, Ressortleiter Wirtschaft & Wert.
Executive Board of the European Central Bank, University of Bonn (on leave) #NieWiederIstJetzt
Economist (Professor at the University of Michigan), Literal Transatlanticist, Posts about Economics, Politics, Policy and Academia
President ifo Institute, Professor of Economics, University of Munich.
Former Deputy Prime Minister of Bulgaria (2021, 2022-2023)
Economist - Monetary and Europe
Macroeconomist, Prof at University of Basel, CEPR research fellow, CesIfo, KOF ETHZ, Swiss Finance Institute
http://www.sarah-lein.ch/
Prof. at Uni Neuchâtel, Research Fellow at KOF/ETH, Co-Editor at SJES, more on http://dankaufmann.com
