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Katrin Assenmacher

Monetary Policy

Division

Monetary Policy Strategy

Current Position

Head of Division

Fields of interest

Macroeconomics and Monetary Economics

Email

Katrin.Assenmacher@ecb.europa.eu

Other current responsibilities
2018

Member, ECB Working Paper Editorial Board

2012-2016

Research Advisory Committee, Czech National Bank

Education
1992-1997

PhD in Economics, University of Bonn, Germany

1987-1992

MA in Economics, University of Bonn, Germany

Professional experience
2010-2016

Head of Division - Monetary Policy Analysis Division, Swiss National Bank, Zurich

2016

Head of Division - Monetary Policy Strategy Division, Directorate General Monetary Policy, European Central Bank

2004-2010

Economist - Research Division, Swiss National Bank, Zurich

1997-2004

Assistant Professor - University of Bonn, Germany

Teaching experience
2007-2016

Empirical Models in Monetary Policy - University of Zurich, Switzerland

2009-2009

Inflation Forecasting with Time Series Models - Central Banker's Course, Study Center Gerzensee, Switzerland

2007-2008

Introduction to Macroeconomics - University of Bern, Switzerland

2001-2002

Advanced Macroeconomics - University of Bonn, Germany

21 September 2021
OCCASIONAL PAPER SERIES - No. 274
Details
Abstract
This paper examines the importance of central bank communication in ensuring the effectiveness of monetary policy and in underpinning the credibility, accountability and legitimacy of independent central banks. It documents how communication has become a monetary policy tool in itself; one example of this being forward guidance, given its impact on inflation expectations, economic behaviour and inflation. The paper explains why and how consistent, clear and effective communication to expert and non-expert audiences is essential in an environment of an ever-increasing need by central banks to reach these audiences. Central banks must also meet the demand for more understandable information about policies and tools, while at the same time overcoming the challenge posed by the wider public’s rational inattention. Since the European Central Bank was established, the communications landscape has changed dramatically and continues to evolve. This paper outlines how better communication, including greater engagement with the wider public, could help boost people’s understanding of and trust in the Eurosystem.
JEL Code
E43 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
30 July 2021
WORKING PAPER SERIES - No. 2578
Details
Abstract
We study the macroeconomic effects of central bank digital currency (CBDC) in a dynamic general equilibrium model. Timing and information frictions create a need for inside (bank deposits) and outside money (CBDC) to finance production. To steer the quantity of CBDC, the central bank can set the lending and deposit rates for CBDC as well as collateral and quantity requirements. Less restrictive provision of CBDC reduces bank deposits. A positive interest spread on CBDC or stricter collateral or quantity constraints reduce welfare but can contain bank disintermediation, especially if the elasticity of substitution between bank deposits and CBDC is small.
JEL Code
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money
E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
E51 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Money Supply, Credit, Money Multipliers
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
14 January 2020
WORKING PAPER SERIES - No. 2365
Details
Abstract
Extending the data set used in Beyer (2009) from 2007 to 2017, we estimate I(1) and I(2) money demand models for euro area M3. We find that the elasticities in the money demand and the real wealth relations identified previously in Beyer (2009) have remained remarkably stable throughout the extended sample period, once only a few additional deterministic variables in the long run relationships for the period after the start of the global financial crisis and the ECB’s non- standard monetary policy measures are included. Testing for price homogeneity in the I(2) model we find that the nominal-to-real transformation is not rejected for the money relation whereas the wealth relation cannot be expressed in real terms.
JEL Code
E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money
C32 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models, Diffusion Processes
C22 : Mathematical and Quantitative Methods→Single Equation Models, Single Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models &bull Diffusion Processes
23 December 2008
WORKING PAPER SERIES - No. 976
Details
Abstract
This paper tests the expectations hypothesis (EH) of the term structure of interest rates in US data, using spectral regression techniques that allow us to consider different frequency bands. We find a positive relation between the term spread and the change in the long-term interest rate in a frequency band of 6 months to 4 years, whereas the relation is negative at higher and lower frequencies. We confirm that the variance of term premia relative to expected changes in long-term interest rates dominates at high and low frequencies, leading the EH to be rejected in those bands but not in the intermediate frequency band.
JEL Code
C22 : Mathematical and Quantitative Methods→Single Equation Models, Single Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models &bull Diffusion Processes
E43 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
Network
ECB workshop on the analysis of the money market
2021
International Journal of Central Banking
Monetary Policy with Negative Interest Rates: De-linking Cash from Digital Money
  • Assenmacher, K. and S. Krogstrup
2018
Credit and Capital Markets
  • Assenmacher, K. and C. Brand
2017
Journal of Applied Econometrics
  • Juselius, K. and Assenmacher, K.
2010
Applied Economics
  • Dueker, M. and Assenmacher-Wesche, K.
2010
Economic Policy
  • Assenmacher.Wesche, K. and Gerlach, S.
2008
Journal of Economic Dynamics and Control
  • Assenmacher-Wesche, K. and Gerlach, S.
2008
Swiss Journal of Economics and Statitsics
  • Assenmacher-Wesche, K.
2008
Journal of the Japanese and International Economies
  • Assenmacher-Wesche, K., Gerlach, S. and Sekine, T.
2008
European Economic Review
  • Assenmacher-Wesche, K. and Gerlach, S.
2008
National Institute Economic Review
  • Assenmacher-Wesche, K. and Pesaran, M.H.
2007
Journal of the European Economic Associaition
  • Assenmacher-Wesche, K. and Gerlach, S.
2006
European Economic Review
  • Assenmacher-Wesche, K.
2003
Economic Inquiry
  • Dueker, M., and Wesche, K.
1997
Open Economies Review
  • Wesche, K.
1998
Physica-Verlag, Heidelberg
Die Geldnachfrage in Europa: Aggregationsprobleme und Empirie
  • Wesche, K.
2017
Deutsche Bundesbank (ed.), War on Cash: Is there a Future for Cash?
  • Assenmacher, K., Seitz, F. and Tenhofen, J.
2017
Gürkaynak, R. and Tille, C. (eds), DSGE Models in the Conduct of Policy: Use as Intended
Bridging the gap between structural VAR and DSGE models
  • Assenmacher, K.
2013
Oesterreichische Nationalbank (ed.), 41st Economics Conference 2013: A Changing Role for Central Banks
  • Assenmacher
2013
Di Mauro, F. and Pesaran, M.H. (eds.), The GVAR Handbook: Structure and Applications of a Macro Model of the Global Economy for Policy Analysis
Forecasting the Swiss Economy with a Small GVAR Model
  • Assenmacher, K.
2008
Felton, A. and Reinhart, C.M. (eds.), The First Global Financial Crisis of the 21st Century
Can Monetary Policy Really Be Used to Stabilize Asset Prices?
  • Assenmacher-Wesche, K. and Gerlach, S.
2007
Cobham, D. (ed.), The Travails of the Eurozone
Understanding the Link between Money Growth and Inflation in the Euro Area
  • Assenmacher-Wesche, K. and Gerlach, S.
2007
Michler, A. and Thieme, H.J. (eds), Systeme monetärer Steuerung: Analyse und Vergleich geldpolitischer Strategien, Schriften zu Ordnungsfragen der Wirtschaft
Determinanten der Geldnachfrage in der Euro-Zone
  • Assenmacher-Wesche, K.