Selected working papers, journal articles, books and contributions to books, articles in newspapers and periodicals, and reports. See the CV for a complete list (with urls for downloads). The blog (in the categories research and contributions) contains abstracts and short summaries.
Working Papers and Work in Progress
- Implications of Financial Architecture Change, mimeo, June 2024.
- Payments and Prices. September 2024 version. CEPR Discussion Paper 18291 and SNB Working Paper 3/2023, July 2023.
- Optimal Epidemic Control (with Martín Gonzalez-Eiras). Uni Bern Discussion Paper 23-11, October 2023.
- Monetary Policy with Reserves and CBDC: Optimality, Equivalence, and Politics. CEPR Discussion Paper 15457, November 2020.
- Tractable Epidemiological Models for Economic Analysis (with Martín Gonzalez-Eiras). CEPR Discussion Paper 14791.
- Financial Policy. CEPR Discussion Paper 12755, February 2018.
Journal Articles
- Money and Banking with Reserves and CBDC. Journal of Finance 79(4), 2505–2552, August 2024.
- Sovereign Bond Prices, Haircuts and Maturity (with Tamon Asonuma and Romain Ranciere). Journal of International Economics 140, 103689, January 2023.
- The Political Economy of Early COVID-19 Interventions in US States (with Martín Gonzalez-Eiras). Journal of Economic Dynamics and Control 140, 104309, July 2022.
- Austerity (with Harris Dellas). Economic Journal 131(634), 697–712, February 2021.
- Dynamic Tax Externalities and the U.S. Fiscal Transformation (with Martín Gonzalez-Eiras). Journal of Monetary Economics 114, 144–158, October 2020.
- Reserves For All? Central Bank Digital Currency, Deposits, and their (Non)-Equivalence. International Journal of Central Banking 16(3), 211–238, June 2020. CEPR discussion paper 13065, July 2018, with additional discussion and references.
- On the Optimal “Lockdown” During an Epidemic (with Martín Gonzalez-Eiras). Covid Economics 7, 68–87, April 2020.
- On the Equivalence of Public and Private Money (with Markus Brunnermeier). Journal of Monetary Economics 106, 27–41, October 2019. Featured in Central Banking, May 2019; The Economist, December 2020.
- Das Geschäftsmodell hinter Libra (Libra’s Business Model) (with Corinne Zellweger-Gutknecht). Jusletter, 1 July 2019.
- Sovereign Debt with Heterogeneous Creditors (with Harris Dellas, previously circulated as “Credibility for Sale”). Journal of International Economics 99(S1), S16–S26, March 2016.
- Politico-Economic Equivalence (with Martín Gonzalez-Eiras). Review of Economic Dynamics 18(4), 843–862, October 2015.
- Debt Maturity without Commitment. Journal of Monetary Economics 68(S), S37–S54, December 2014.
- The Swiss Debt Brake—Ten Years On (with Christoph Schaltegger). Swiss Journal of Economics and Statistics 149(2), 111–113, June 2013.
- Organizers’ Introduction: Twenty-Five Years of Study Center Gerzensee (with Harris Dellas and Marcel Savioz). Journal of Money, Credit and Banking 44(S2), 3–8, December 2012.
- Ageing, Government Budgets, Retirement and Growth (with Martín Gonzalez-Eiras). European Economic Review 56(1), 97–115, January 2012.
- The Future of Social Security (with Martín Gonzalez-Eiras). Journal of Monetary Economics 55(2), 197–218, March 2008 (lead article).
- Starving the Beast? Intra-Generational Conflict and Balanced Budget Rules. European Economic Review 51(1), 145–159, January 2007.
- The Stability Pact—Rationales, Problems, Alternatives (with Assar Lindbeck). Kyklos 59(4), 579–600, November 2006.
- Timing Tax Evasion. Journal of Public Economics 89 (9–10), 1611–1637, September 2005.
- The Fiscal Myth of the Price Level. Quarterly Journal of Economics 119(1), 277–300, February 2004.
- Tax Smoothing versus Tax Shifting. Review of Economic Dynamics 7, 27–51, January 2004.
Books
- Central Bank Digital Currency: Considerations, Projects, Outlook (editor). CEPR Press, London, 2021.
- Macroeconomic Analysis. MIT Press, Cambridge, 2019. MIT Press flyer 1, flyer 2.
- Monetary Economic Issues Today, Festschrift in Honour of Ernst Baltensperger (with Thomas Moser, Carlos Lenz, and Marcel Savioz, editorial committee), Swiss National Bank/Orell Füssli, Zürich, 2017.
- Wirtschaftspolitik nach der Krise (Economic Policy After the Crisis) (with Ernst Baltensperger and Boris Zürcher, editors), Study Center Gerzensee, Gerzensee, 2010.
Contributions to Books
- A Macroeconomic Perspective on Retail CBDC and the Digital Euro. In: Christos V. Gortsos and Rolf Sethe, editors, Central Bank Digital Currencies, ch. 3, EIZ Publishing, Zurich, October 2023.
- Introduction. In: Dirk Niepelt, editor, Central Bank Digital Currency: Considerations, Projects, Outlook, CEPR Press, London, 2021.
- `Reserves for All:’ Political Rather than Macroeconomic Risks. In: Dirk Niepelt, editor, Central Bank Digital Currency: Considerations, Projects, Outlook, ch. 5, CEPR Press, London, 2021.
- Digital Money, Payments and Banks. Discussion of Antonio Fatás’ chapter in: Elena Carletti, Stijn Claessens, Antonio Fatás and Xavier Vives, The Bank Business Model in the Post-Covid-19 World, CEPR/IESE Report, London, 2020.
- Digital Money: Private versus Public (with Markus Brunnermeier). In: Antonio Fatás, editor, The Economics of Fintech and Digital Currencies, VoxEU Book, London, 2019.
- Central Bank Digital Currency: What Difference Does It Make? In: Ernest Gnan and Donato Masciandaro, editors, Do We Need Central Bank Digital Currency? Economics, Technology and Institutions, SUERF, The European Money and Finance Forum, Vienna, 2018.
- Die Vollgeld-Initiative und eine Alternative (The Swiss Sovereign Money Initiative, and an Alternative). In: Thomas Moser, Carlos Lenz, Marcel Savioz and Dirk Niepelt, editorial committee, Monetary Economic Issues Today, Festschrift in Honour of Ernst Baltensperger, Swiss National Bank/Orell Füssli, Zürich, 2017.
- Social Security Reform: Economics and Politics. In: Günther Greulich et. al., editors, Empirische Konjunktur- und Wachstumsforschung, 181–195, Rüegger, Zürich, 2005.
Articles in Newspapers and Periodicals
- Augenwischerei um SNB-Ausschüttungen (Misconceptions about SNB Distributions). Neue Zürcher Zeitung, January 25, 2024.
- Retail CBDC and the Social Costs of Liquidity Provision. VoxEU, September 27, 2023.
- Why the Digital Euro Might be Dead on Arrival (with Cyril Monnet). VoxEU, August 10, 2023. Related articles published in The Banker, Les Echos.
- Der digitale Euro könnte zur Totgeburt werden (Digital Euro, Dead on Arrival?). Neue Zürcher Zeitung, July 5, 2023.
- Digital Euro: An Assessment of the First Two Progress Reports. SUERF Policy Brief 612, June 15, 2023.
- Finanzplatz steuert auf eine Verstaatlichung der UBS zu (Switzerland on its Way to Nationalizing UBS). Neue Zürcher Zeitung, March 22, 2023.
- Alfred Lehar & Christine Parlour: “Systemic Fragility in Decentralized Markets.” Written comments summarizing discussion at 21st BIS Annual Conference. Contained in BIS Working Paper 1062, December 2022.
- Kampf um die Währungshoheit (Defending Monetary Sovereignty) [with Markus Brunnermeier]. Schweizer Monat, April 2022.
- Digital Finance bedroht Geld- und Währungshoheit (Digital Finance Threatens Monetary Sovereignty). Neue Zürcher Zeitung, February 17, 2022.
- Interview on CBDC. Riksbank Research News, pp. 2–3, December 2021.
- Digitales Notenbankgeld — und nun? (CBDC—What Next?). Finanz und Wirtschaft, December 8, 2021.
- Central Bank Digital Currency: Considerations, Projects, Outlook. VoxEU, November 24, 2021.
- Die Nationalbank ist an vielen Fronten gefordert (Challenges for the Swiss National Bank). Neue Zürcher Zeitung, August 10, 2021. Related article published in Ökonomenstimme, August 13, 2021.
- Schuldenbremse — Licht und Schatten (Debt Brake—Merits and Risks). Finanz und Wirtschaft, June 5, 2021. Related article published in Ökonomenstimme, June 10, 2021.
- Die Schattenseiten von Schuldenbremsen (The Dark Side of Debt Limits). ifo Schnelldienst 4/2021, April 14, 2021.
- Money Creation, Bank Profits, and Central Bank Digital Currency. VoxEU, February 5, 2021.
- Staatsschulden sind keineswegs kostenlos (Free Government Debt?). Neue Zürcher Zeitung, February 1, 2021. Related article published in Ökonomenstimme, February 5, 2021.
- The Pandemic Endgame. VoxEU, January 11, 2021.
- Wirtschaftspolitik in Corona-Zeiten (Economic Policy in Times of Corona). Finanz und Wirtschaft, December 9, 2020. Related article published in Ökonomenstimme, December 10, 2020.
- Unabhängigkeit der Nationalbank (Independence of the SNB). Finanz und Wirtschaft, July 25, 2020. Related article published in Ökonomenstimme, July 29, 2020.
- Monetäre Staatsfinanzierung mit Folgen (Monetary Financing of Government). Die Volkswirtschaft, July 24, 2020.
- Macroeconomic Analysis. VoxEU, June 22, 2020.
- Tractable Epidemiological Models for Economic Analysis. VoxEU, June 5, 2020.
- Wenn die Notenbank den Staat finanziert (When the Central Bank Finances the State). Frankfurter Allgemeine Sonntagszeitung, May 31, 2020.
- Preise müssen sich frei bilden können (Prices Must Reflect Scarcity). Neue Zürcher Zeitung, April 2, 2020. Related article published in Ökonomenstimme, April 3, 2020.
- Editorial. Newsletter, Study Center Gerzensee, February 2020.
- Digital Money and Central Bank Digital Currency: An Executive Summary for Policymakers. VoxEU, February 3, 2020. Russian version published in Econs, February 13, 2020.
- Digital Finance. Finanz und Wirtschaft, January 4, 2020.
- Libra Paves the Way for Central Bank Digital Currency. VoxEU, September 12, 2019. Also published in finews and World News Monitor, September 17, 2019.
- Digitales Zentralbankgeld (Central Bank Digital Currency). Finanz und Wirtschaft, June 29, 2019. Related article published in Ökonomenstimme, July 9, 2019.
- ‘Moderne monetäre Theorie’: Ein makroökonomisches Perpetuum mobile (The Macroeconomic Perpetuum Mobile). Neue Zürcher Zeitung, April 25, 2019.
- Public versus Private Digital Money: Macroeconomic (Ir)relevance (with Markus Brunnermeier). VoxEU, March 20, 2019.
- Die SNB schuldet den Pensionskassen nichts (Nothing the SNB Owes to Pension Funds). Neue Zürcher Zeitung, March 13, 2019. Related article published in Ökonomenstimme, March 22, 2019.
- Editorial. Newsletter, Study Center Gerzensee, February 2019.
- Nicht-Wissen kann schützen (Knowing Less Protects). Finanz und Wirtschaft, November 24, 2018. Related article published in Ökonomenstimme, November 26, 2018.
- Kosten und Nutzen eines Vollgeldsystems (Costs and Benefits of ‘Sovereign Money’). ifo Schnelldienst 16/2018, August 23, 2018.
- Central Bank Digital Currency: Why It Matters and Why Not. VoxEU, August 20, 2018.
- Elektronisches Zentralbankengeld hat Vorteile (Benefits of ‘Reserves for All’). finews.ch, April 9, 2018.
- Für elektronisches Zentralbankgeld (In Favor of Central Bank Digital Currency). Neue Zürcher Zeitung, March 15, 2018. Related article published in Ökonomenstimme, March 19, 2018.
- Editorial. Newsletter, Study Center Gerzensee, February 2018.
- Regulierung und Wettbewerb (Regulation and Competition). Finanz und Wirtschaft, December 13, 2017. Related article published in Ökonomenstimme, December 15, 2017.
- Geldschöpfung ‘aus dem Nichts’ (Money from Thin Air). Neue Zürcher Zeitung, November 16, 2017. Related article published in Ökonomenstimme, November 20, 2017.
- Kunden sollten zwischen Sichtguthaben und elektronischem Notenbankgeld wählen können (Let People Choose Between Deposits and Reserves). Neue Zürcher Zeitung, August 17, 2017. Related article published in Ökonomenstimme, August 21, 2017.
- Makroökonomie hat nicht versagt (It’s Not Macroeconomics That Let Us Down). Finanz und Wirtschaft, August 2, 2017. Related article published in Ökonomenstimme, August 4, 2017.
- Should Central Banks Fear the Blockchain? The European Finance Review, February-March 2017.
- Editorial. Newsletter, Study Center Gerzensee, January 2017.
- Kosten eines Vollgeld-Systems sind hoch (Costly Sovereign Money). Die Volkswirtschaft, 1–2 2017, December 21, 2016.
- Wer hat Angst vor Blockchain? (Who’s Afraid of the Blockchain?). Neue Zürcher Zeitung, November 29, 2016. Longer version published in Ökonomenstimme, December 14, 2016.
- Fehldiagnose Secular Stagnation (Secular Stagnation Skepticism). Finanz und Wirtschaft, November 23, 2016. Related article published in Ökonomenstimme, November 24, 2016.
- Central Banking and Bitcoin: Not yet a Threat. VoxEU, October 19, 2016. Also published in LSE Business Review (Bitcoin May Have Implications for Monetary Policy) and World Economic Forum (Blockchain, Cryptocurrencies, and Central Banks: Opportunity or Threat?), October 21, 2016.
- Causes of the Transformation of the US Fiscal System in the 1930s. VoxEU, October 11, 2016, with Martin Gonzalez-Eiras.
- Geldpolitik soll eigenständig bleiben (Monetary Policy Independence). Finanz und Wirtschaft, July 20, 2016. Related article published in Ökonomenstimme, July 29, 2016.
- Elektronisches Notenbankgeld ja, Vollgeld nein (Reserves for All, But no Sovereign Money). Neue Zürcher Zeitung, June 16, 2016. Related article published in Ökonomenstimme, June 17, 2016.
- Zinsen, Inflation und Realismus (Interest, Inflation and Realism). Finanz und Wirtschaft, April 30, 2016. Related article published in Ökonomenstimme, May 6, 2016.
- Editorial. Newsletter, Study Center Gerzensee, February 2016.
- Neue Geldpolitik, alte Optionen (New Monetary Policies, Old Policy Options). Finanz und Wirtschaft, January 20, 2016. Related article published in Ökonomenstimme, January 21, 2016.
- Fiskalunion auf tönernen Füssen (Fiscal Union on Shaky Grounds). Finanz und Wirtschaft, October 7, 2015. Related article published in Ökonomenstimme, October 9, 2015.
- Grollaps (Grollapse). Neue Zürcher Zeitung online, August 1, 2015. Adapted from Ökonomenstimme, July 16, 2015.
- Zentralbankeinlagen für alle – ein neues monetäres Regime? (Reserves for Everyone?). ifo Schnelldienst 13/2015, July 16, 2015.
- Institutionelle Schwächen der EU (Institutional Problems in the EU). Finanz und Wirtschaft, July 15, 2015. Related article published in Ökonomenstimme, July 16, 2015.
- Bankensektor im Umbruch (Structural Changes in Banking). Finanz und Wirtschaft, April 18, 2015. Related article published in Ökonomenstimme, April 20, 2015.
- Inflation wegen hoher Staatsschulden? (Inflation Due to High Public Debt?) (with Enzo Rossi). Finanz und Wirtschaft, March 11, 2015. Long version published in Ökonomenstimme, March 13, 2015.
- Europäische Wettbewerbsfähigkeit (European Competitiveness). ifo Schnelldienst 4/2015, February 26, 2015.
- Notenbankgeld für alle? (Reserves for Everyone?). Neue Zürcher Zeitung, February 20, 2015. Related article published in Ökonomenstimme, February 24, 2015.
- Editorial. Newsletter 01.15, Study Center Gerzensee, January 2015.
- Reserves for Everyone—Towards a New Monetary Regime? VoxEU, January 21, 2015.
- Ungewissheit um Umschuldungen (Uncertainty Surrounding Debt Restructurings). Finanz und Wirtschaft, December 13, 2014. Related article published in Ökonomenstimme, December 15, 2014.
- Das Gespenst der Austerität (The Spectre of Austerity). Finanz und Wirtschaft, September 13, 2014. Related article published in Ökonomenstimme, September 17, 2014.
- Kapital im 21. Jahrhundert (Capital in the Twenty-First Century). Finanz und Wirtschaft, June 14, 2014. Related article published in Ökonomenstimme, June 19, 2014.
- Vollgeld, Liquidität und Stabilität (100% Money, Liquidity and Stability). Neue Zürcher Zeitung, May 12, 2014. Extended version published in Ökonomenstimme, May 13, 2014.
- Holdup im Kampf um Kundendaten (Holdup and Privacy). Finanz und Wirtschaft, March 29, 2014. Related article published in Ökonomenstimme, April 4, 2014.
- Editorial. Newsletter 01.14, Study Center Gerzensee, January 2014.
- Vom Wert von Prognosen (On the Value of Forecasts). Finanz und Wirtschaft, December 14, 2013. Related article published in Ökonomenstimme, December 18, 2013.
- Die Ära der Zentralbanken (The Central Bank Era). Finanz und Wirtschaft, September 28, 2013. Related article published in Ökonomenstimme, September 30, 2013.
- Bankensanierung durch Bail-in (Bank Bail-In). Finanz und Wirtschaft, June 29, 2013. Related article published in Ökonomenstimme, July 1, 2013.
- Kollektive Selbsttäuschung (Collective Self Delusion). Finanz und Wirtschaft, March 30, 2013. Related article published in Ökonomenstimme, April 2, 2013.
- Editorial. Newsletter 01.13, Study Center Gerzensee, January 2013.
- Riskante Renten (Risky Entitlements). Finanz und Wirtschaft, January 5, 2013. Related article published in Ökonomenstimme, January 8, 2013.
- ‘Mehr Europa’ greift zu kurz (‘More Europe’ Does Not Suffice). Wirtschaftsdienst 92(11), November 2012.
- ‘Mehr Europa’ greift zu kurz (‘More Europe’ Does Not Suffice). Finanz und Wirtschaft, September 8, 2012. Related article published in Ökonomenstimme, September 10, 2012.
- Banken und Staaten (Banks and States). Finanz und Wirtschaft, June 20, 2012. Related article published in Ökonomenstimme, June 22, 2012.
- Leistungsbilanz ist keine Zielgrösse (Current Account Is Not a Policy Target). Finanz und Wirtschaft, March 24, 2012.
- Editorial. Newsletter 01.12, Study Center Gerzensee, January 2012.
- Leistungsbilanzungleichgewichte in der EU (Current Account Imbalances in Europe). Plenum der Ökonomen (invited), December 11, 2011. Related article published in Ökonomenstimme, December 12, 2011.
- Bedroht der demografische Wandel die Produktivität? (Does Population Ageing Reduce Productivity Growth?). Neue Zürcher Zeitung, November 16, 2011. Related article published in Ökonomenstimme, November 16, 2011.
- Does Population Ageing Reduce Productivity Growth? VoxEU, June 24, 2011, with Martin Gonzalez-Eiras.
- Die Zukunft des Euros (The Euro’s Future). Finanz und Wirtschaft, February 23, 2011. Related article published in Ökonomenstimme, March 1, 2011.
- Editorial. Newsletter 01.11, Study Center Gerzensee, January 2011.
- Bei der Bankenregulierung gibts kein Allheilmittel (No Cure-All When it Comes to Regulating Banks). Berner Zeitung, June 14, 2010. Related article published in Ökonomenstimme, June 18, 2010.
- Interview with Nobuhiro Kiyotaki. Newsletter 01.10, Study Center Gerzensee, January 2010.
- Interview with Hyun S. Shin: Leverage. Newsletter 01.09, Study Center Gerzensee, January 2009.
- Interview with Ricardo Caballero: ‘Global Imbalances’ and Financial Development. Newsletter 01.08, Study Center Gerzensee, January 2008.
- Interview with Lawrence J. Christiano: Identifying the Effects of Monetary Policy. Newsletter 01.07, Study Center Gerzensee, January 2007.
- Interview with Jean-Charles Rochet: Banking Crises. Newsletter 07.05, Study Center Gerzensee, July 2005.
Reports
- Digital Euro: An assessment of the first two progress reports. Report for the European Parliament, April 2023.
- Financial Policy. Report for the Swedish Fiscal Policy Council, September 2014.