Coenen, Günter

Other current responsibilities
  • 2005
    Member - Forecast Steering Committee, European Central Bank
Education
  • 1992-1996
    Doctorate in Economics, University of Kiel, Germany
  • 1988-1992
    Diploma in Economics, University of Kiel, Germany
  • 1986-1988
    Pre-Diploma in Economics, University of Cologne, Germany
Professional experience
  • 2016-2017
    Senior Adviser - Directorate General Research, European Central Bank
  • 2011-2017
    Member - Monetary Policy Committee, European System of Central Banks
  • 2008-2017
    Chair - Working Group on Econometric Modelling, European System of Central Banks
  • 2011-2016
    Head of Division - Monetary Policy Research Division, Directorate General Research, European Central Bank
  • 2013
    Research Visitor - Board of Governors of the Federal Reserve System
  • 2005-2011
    Head of Division - Econometric Modelling Division, Directorate General Research, European Central Bank
  • 2004-2005
    Deputy Head of Division - Monetary Policy Research Division, Directorate General Research, European Central Bank
  • 2003-2004
    Principal - Monetary Policy Research Unit, General Economic Research Division, Directorate General Research, European Central Bank
  • 1998-2003
    Economist/Senior Economist - Monetary Policy Research Unit, General Economic Research Division, Directorate General Research, European Central Bank
  • 1996-1998
    Economist - Econometric Modelling Division, Economics Department, Deutsche Bundesbank, Frankfurt, Germany
Awards
  • 1996
    Erich Schneider prize of the Institute of Theoretical Economics, University of Kiel, Germany (for the doctoral thesis)

ECB Working Paper Series

2018
2017
2013
2012
2010
2008
2007
2005
2004
2003
2002
2001
2000
1999

ECB Research bulletin

Journal publications

2017
Warne, Anders, Günter Coenen and Kai Christoffel
Marginalized predictive likelihood comparisons of linear Gaussian state-space models with applications to DSGE, DSGE-VAR, and VAR models
Journal of Applied Econometrics, Vol. 32(1), pp. 103-119
2014
Coenen, Günter and Anders Warne
Risks to price stability, the zero lower bound and forward guidance: A real-time assessment
International Journal of Central Banking, Vol. 10(2), pp. 7-54
2013
Coenen, Günter, Roland Straub and Mathias Trabandt
Gauging the effects of fiscal stimulus packages in the euro area
Journal of Economic Dynamics and Control, Vol. 37(2), pp. 367-386
2012
Coenen, Günter, Roland Straub and Mathias Trabandt
Fiscal policy and the Great Recession in the euro area
American Economic Review, Papers and Proceedings, Vol. 102(3), pp. 71-76
Coenen, Günter, Chris Erceg, Charles Freedman, Davide Furceri, Michael Kumhof, René Lalonde, Douglas Laxton, Jesper Lindé, Annabelle Mourougane, Dirk Muir, Susanna Mursula, John Roberts, Werner Roeger, Stephen Snudden, Mathias Trabandt and Jan in't Veld
Effects of fiscal stimulus in structural models
American Economic Journal: Macroeconomics, Vol. 4(1), pp. 22-68
2010
Christoffel, Kai, Günter Coenen, Roberto Motto, Massimo Rostagno and Frank Smets
DSGE models and their use at the ECB
SERIEs - Journal of the Spanish Economic Association, Vol. 1(1-2), pp. 51-65
2008
Coenen, Günter, Mathias Mohr and Roland Straub
Fiscal consolidation in the euro area: Long-run benefits and short-run costs
Economic Modelling, Vol. 25(5), pp. 912-932
Coenen, Günter, Peter McAdam and Roland Straub
Tax reform and labour-market performance in the euro area: A simulation-based analysis using the New Area-Wide Model
Journal of Economic Dynamics and Control, Vol. 32(8), pp. 2543-2583
2007
Coenen, Günter, Andrew Levin and Kai Christoffel
Identifying the influences of nominal and real rigidities in aggregate price-setting behavior
Journal of Monetary Economics, Vol. 54(8), pp. 2439-2466
Coenen, Günter
Inflation persistence and robust monetary policy design
Journal of Economic Dynamics and Control, Vol. 31(1), pp. 111-140
2005
Coenen, Günter and Roland Straub
Does government spending crowd in private consumption? Theory and empirical evidence for the euro area
International Finance, Vol. 8(3), pp. 435-470
Adalid, Ramon, Günter Coenen, Peter McAdam and Stefano Siviero
The performance and robustness of interest-rate rules in models of the euro area
International Journal of Central Banking, Vol. 1(1), pp. 95-132
Coenen, Günter and Volker Wieland
A small estimated euro area model with rational expectations and nominal rigidities
European Economic Review, Vol. 49(5), pp. 1081-1104
Coenen, Günter, Andrew Levin and Volker Wieland
Data uncertainty and the role of money as an information variable for monetary policy
European Economic Review, Vol. 49(4), pp. 975-1006
2004
Coenen, Günter, Athanasios Orphanides and Volker Wieland
Price stability and monetary policy effectiveness when nominal interest rates are bounded at zero
Advances in Macroeconomics, Vol. 4(1), Article 1
Coenen, Günter and Volker Wieland
Exchange-rate policy and the zero bound on nominal interest rates
American Economic Review, Papers and Proceedings, Vol. 94(2), pp. 80-84
2003
Coenen, Günter and Volker Wieland
The zero-interest-rate bound and the role of the exchange rate for monetary policy in Japan
Journal of Monetary Economics, Vol. 50(5), pp. 1071-1101
Angeloni, Ignazio, Günter Coenen and Frank Smets
Persistence, the transmission mechanism and robust monetary policy
Scottish Journal of Political Economy, Vol. 50(5), pp. 527-549
2001
Coenen, Günter and Juan-Luis Vega
The demand for M3 in the euro area
Journal of Applied Econometrics, Vol. 16(6), pp. 727-748
1995
Coenen, Günter
Das Sattelpunktproblem in der monetären Wechselkurstheorie
WiSt - Wirtschaftswissenschaftliches Studium, Vol. 24(8), pp. 430-433

Other publications

1997
Coenen, Günter
Intertemporale Substitution in der Realen Konjunkturtheorie: Eine empirische Untersuchung unter Verwendung simulationsgestützter indirekter Schätz- und Testverfahren
Haag+Herchen, Frankfurt am Main, Dissertation
2018
Coenen, Günter, Michael Ehrmann, Gaetano Gaballo, Peter Hoffmann, Anton Nakov, Stefano Nardelli, Eric Persson and Georg Strasser
More, and more forward-looking: Central bank communication after the crisis
Hawks and Doves: Deeds and Words - Economics and Politics of Monetary Policymaking, Sylvester C. W. Eijffinger and Donato Masciandaro (eds), CEPR Press, London, Chapter 13, pp. 125-133
2017
Coenen, Günter, Roberto Motto, Massimo Rostagno, Sebastian Schmidt and Frank Smets
DSGE models and counterfactual analysis
DSGE Models in the Conduct of Policy: Use as Intended, Refet S. Gürkaynak and Cédric Tille (eds), CEPR Press, London, Chapter 7, pp. 70-82
2011
Christoffel, Kai, Günter Coenen and Anders Warne
Forecasting with DSGE models
Handbook of Economic Forecasting, Michael P. Clements and David F. Hendry (eds), Oxford University Press, Oxford, Chapter 4, pp. 89-127
2010
Coenen, Günter, Giovanni Lombardo, Frank Smets and Roland Straub
International transmission and monetary policy cooperation
International Dimensions of Monetary Policy, Jordi Galí and Mark Gertler (eds), NBER, Cambridge, M.A., Chapter 3, pp. 157-192
2003
Coenen, Günter
Zero lower bound: Is it a problem in the euro area?
Background Studies for the ECB’s Evaluation of Its Monetary Policy Strategy, Otmar Issing (ed.), European Central Bank, Frankfurt am Main, pp. 139-155
Coenen, Günter
Downward nominal wage rigidity and the long-run Phillips curve: Simulation-based evidence for the euro area
Background Studies for the ECB’s Evaluation of Its Monetary Policy Strategy, Otmar Issing (ed.), European Central Bank, Frankfurt am Main, pp. 127-138
1998
Coenen, Günter
Inflation versus monetary targeting in a P-star model with rational expectations
Topics in Monetary Policy Modeling, BIS (ed.), BIS Conference Papers Vol. 4, Bank for International Settlements, Basle, pp. 215-234
2011
2010
Coenen, Günter, Juha Kilponen and Mathias Trabandt
When does fiscal stimulus work?
Research Bulletin No. 10, European Central Bank
Coenen, Günter, Chris Erceg, Charles Freedman, Davide Furceri, Michael Kumhof, René Lalonde, Douglas Laxton, Jesper Lindé, Annabelle Mourougane, Dirk Muir, Susanna Mursula, John Roberts, Werner Roeger, Stephen Snudden, Mathias Trabandt and Jan in't Veld
Effects of fiscal stimulus in structural models
IMF Working Paper WP/10/73
2009
Coenen, Günter, Frank Smets and Igor Vetlov
Estimation of the euro area output gap using the NAWM
Bank of Lithuania Working Paper No. 5
Coenen, Günter and Igor Vetlov
Extending the NAWM with a non-zero import content of exports
Manuscript, European Central Bank
2006
Coenen, Günter and Peter McAdam
How do VAT changes affect the economy? An illustration using the New Area-Wide Model
Research Bulletin No. 4, European Central Bank
Ciccarelli, Matteo, Günter Coenen and Jérôme Henry
A Real-Time DataBase (RTDB) for the euro area
Research Bulletin No. 5, European Central Bank
2004
Coenen, Günter and Volker Wieland
Extended summary of 'The zero-interest-rate bound and the role of the exchange rate for monetary policy in Japan', Journal of Monetary Economics 50(5)
2003 Japan Conference: A Summary of the Papers, NBER, Cambridge, M.A., pp. 8-9
1999
1998
Coenen, Günter
Evaluating monetary policy rules in a P-star model with rational expectations using indirect inference
Manuscript, Deutsche Bundesbank
Coenen, Günter
Intertemporal effects of fiscal consolidation in an RBC model
Discussion Paper of the Research Group of the Deutsche Bundesbank 2/98
1995
Coenen, Günter
A further note on computing competitive equilibria in linear-quadratic models
Manuscript, Institute of Statistics and Econometrics, University of Kiel
1992
Coenen, Günter
Eine Einführung in die Analyse linearer sattelpunktstabiler Systeme
Arbeiten aus dem Institut für Statistik und Ökonometrie der Christian-Albrechts-Universität Kiel No. 66