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Günter Coenen

Economics

Division

Current Position

Senior Adviser

Fields of interest

Macroeconomics and Monetary Economics,Mathematical and Quantitative Methods

Email

gunter.coenen@ecb.europa.eu

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
2017-2020

Head of Division - Forecasting and Policy Modelling Division, Directorate General Economics, European Central Bank

2005-2020

Member - Forecast Steering Committee, European Central Bank

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)

3 January 2020
19 November 2018
21 June 2017
25 July 2016
26 August 2013
23 April 2013
5 October 2012
26 March 2012
5 May 2010
13 October 2008
14 May 2008
31 January 2008
24 April 2007
22 August 2005
27 April 2005
30 November 2004
28 April 2004
19 November 2003
1 September 2003
1 September 2003
1 August 2003
1 May 2003
1 March 2003
1 September 2002
1 November 2001
1 September 2000
1 January 2000
1 September 1999
2017
Journal of Applied Econometrics
Marginalized predictive likelihood comparisons of linear Gaussian state-space models with applications to DSGE, DSGE-VAR, and VAR models
  • Warne
  • Anders
  • Günter Coenen and Kai Christoffel
2014
International Journal of Central Banking
Risks to price stability, the zero lower bound and forward guidance: A real-time assessment
  • Coenen
  • Günter and Anders Warne
2013
Journal of Economic Dynamics and Control
Gauging the effects of fiscal stimulus packages in the euro area
  • Coenen
  • Günter
  • Roland Straub and Mathias Trabandt
2012
American Economic Review, Papers and Proceedings
Fiscal policy and the Great Recession in the euro area
  • Coenen
  • Günter
  • Roland Straub and Mathias Trabandt
2012
American Economic Journal: Macroeconomics
Effects of fiscal stimulus in structural models
  • 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
2010
SERIEs - Journal of the Spanish Economic Association
DSGE models and their use at the ECB
  • Christoffel
  • Kai
  • Günter Coenen
  • Roberto Motto
  • Massimo Rostagno and Frank Smets
2008
Economic Modelling
Fiscal consolidation in the euro area: Long-run benefits and short-run costs
  • Coenen
  • Günter
  • Mathias Mohr and Roland Straub
2008
Journal of Economic Dynamics and Control
Tax reform and labour-market performance in the euro area: A simulation-based analysis using the New Area-Wide Model
  • Coenen
  • Günter
  • Peter McAdam and Roland Straub
2007
Journal of Monetary Economics
Identifying the influences of nominal and real rigidities in aggregate price-setting behavior
  • Coenen
  • Günter
  • Andrew Levin and Kai Christoffel
2007
Journal of Economic Dynamics and Control
Inflation persistence and robust monetary policy design
  • Coenen
  • Günter
2005
International Finance
Does government spending crowd in private consumption? Theory and empirical evidence for the euro area
  • Coenen
  • Günter and Roland Straub
2005
International Journal of Central Banking
The performance and robustness of interest-rate rules in models of the euro area
  • Adalid
  • Ramon
  • Günter Coenen
  • Peter McAdam and Stefano Siviero
2005
European Economic Review
A small estimated euro area model with rational expectations and nominal rigidities
  • Coenen
  • Günter and Volker Wieland
2005
European Economic Review
Data uncertainty and the role of money as an information variable for monetary policy
  • Coenen
  • Günter
  • Andrew Levin and Volker Wieland
2005
Empirical Economics
Asymptotic confidence bands for the estimated autocovariance and autocorrelation functions of vector autoregressive models
  • Coenen
  • Günter
2004
Advances in Macroeconomics
Price stability and monetary policy effectiveness when nominal interest rates are bounded at zero
  • Coenen
  • Günter
  • Athanasios Orphanides and Volker Wieland
2004
American Economic Review, Papers and Proceedings
Exchange-rate policy and the zero bound on nominal interest rates
  • Coenen
  • Günter and Volker Wieland
2003
Journal of Monetary Economics
The zero-interest-rate bound and the role of the exchange rate for monetary policy in Japan
  • Coenen
  • Günter and Volker Wieland
2003
Scottish Journal of Political Economy
Persistence, the transmission mechanism and robust monetary policy
  • Angeloni
  • Ignazio
  • Günter Coenen and Frank Smets
2001
Journal of Applied Econometrics
The demand for M3 in the euro area
  • Coenen
  • Günter and Juan-Luis Vega
1995
WiSt - Wirtschaftswissenschaftliches Studium
Das Sattelpunktproblem in der monetären Wechselkurstheorie
  • Coenen
  • Günter
1997
Haag+Herchen, Frankfurt am Main
Intertemporale Substitution in der Realen Konjunkturtheorie: Eine empirische Untersuchung unter Verwendung simulationsgestützter indirekter Schätz- und Testverfahren
  • Coenen
  • Günter
2018
Hawks and Doves: Deeds and Words - Economics and Politics of Monetary Policymaking
More, and more forward-looking: Central bank communication after the crisis
  • Coenen
  • Günter
  • Michael Ehrmann
  • Gaetano Gaballo
  • Peter Hoffmann
  • Anton Nakov
  • Stefano Nardelli
  • Eric Persson and Georg Strasser
2017
DSGE Models in the Conduct of Policy: Use as Intended
DSGE models and counterfactual analysis
  • Coenen
  • Günter
  • Roberto Motto
  • Massimo Rostagno
  • Sebastian Schmidt and Frank Smets
2011
Handbook of Economic Forecasting
Forecasting with DSGE models
  • Christoffel
  • Kai
  • Günter Coenen and Anders Warne
2010
International Dimensions of Monetary Policy
International transmission and monetary policy cooperation
  • Coenen
  • Günter
  • Giovanni Lombardo
  • Frank Smets and Roland Straub
2003
Background Studies for the ECB’s Evaluation of Its Monetary Policy Strategy
Zero lower bound: Is it a problem in the euro area?
  • Coenen
  • Günter
2003
Background Studies for the ECB’s Evaluation of Its Monetary Policy Strategy
Downward nominal wage rigidity and the long-run Phillips curve: Simulation-based evidence for the euro area
  • Coenen
  • Günter
1998
Topics in Monetary Policy Modeling
Inflation versus monetary targeting in a P-star model with rational expectations
  • Coenen
  • Günter
2011
Manuscript, European Central Bank
Extended version of 'Fiscal policy and the Great Recession in the euro area', American Economic Review (Papers and Proceedings) 102(3)
  • Coenen
  • Günter
  • Roland Straub and Mathias Trabandt
2010
Research Bulletin No. 10, European Central Bank
When does fiscal stimulus work?
  • Coenen
  • Günter
  • Juha Kilponen and Mathias Trabandt
2010
IMF Working Paper WP/10/73
Effects of fiscal stimulus in structural models
  • 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
2009
Bank of Lithuania Working Paper No. 5
Estimation of the euro area output gap using the NAWM
  • Coenen
  • Günter
  • Frank Smets and Igor Vetlov
2009
Manuscript, European Central Bank
Extending the NAWM with a non-zero import content of exports
  • Coenen
  • Günter and Igor Vetlov
2009
Manuscript, European Central Bank
Extending the NAWM with a partial indexation mechanism linking wages and trend productivity
  • Coenen
  • Günter
2006
Research Bulletin No. 4, European Central Bank
How do VAT changes affect the economy? An illustration using the New Area-Wide Model
  • Coenen
  • Günter and Peter McAdam
2006
Research Bulletin No. 5, European Central Bank
A Real-Time DataBase (RTDB) for the euro area
  • Ciccarelli
  • Matteo
  • Günter Coenen and Jérôme Henry
2006
Issues in Inflation Targeting, Bank of Canada, Ottawa, pp. 82-87
Discussion of 'The New-Keynesian Phillips curve when inflation is non-stationary: The case of Canada' by Nicoletta Batini and Bergljot Bjørnson Barkbu
  • Coenen
  • Günter
2004
2003 Japan Conference: A Summary of the Papers, NBER, Cambridge, M.A., pp. 8-9
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)
  • Coenen
  • Günter and Volker Wieland
2004
Manuscript, European Central Bank
Extended version of 'Exchange-rate policy and the zero bound on nominal interest rates', American Economic Review (Papers and Proceedings) 94(2)
  • Coenen
  • Günter and Volker Wieland
1999
De Nederlandsche Bank, Staff Report No. 36, pp. 35-43
Discussion of 'Monetary transmission and controllability of money in Europe: A structural vector error correction approach', by Peter Vlaar and Helene Schuberth
  • Coenen
  • Günter
1998
Manuscript, Deutsche Bundesbank
Evaluating monetary policy rules in a P-star model with rational expectations using indirect inference
  • Coenen
  • Günter
1998
Discussion Paper of the Research Group of the Deutsche Bundesbank 2/98
Intertemporal effects of fiscal consolidation in an RBC model
  • Coenen
  • Günter
1995
Manuscript, Institute of Statistics and Econometrics, University of Kiel
A further note on computing competitive equilibria in linear-quadratic models
  • Coenen
  • Günter
1992
Arbeiten aus dem Institut für Statistik und Ökonometrie der Christian-Albrechts-Universität Kiel No. 66
Eine Einführung in die Analyse linearer sattelpunktstabiler Systeme
  • Coenen
  • Günter