Assenmacher, Katrin

Monetary Policy


Monetary Policy Strategy

Current position

Head of Division

Fields of interest

Macroeconomics and Monetary Economics


Other current responsibilities
  • 2018
    Member, ECB Working Paper Editorial Board
  • 2012-2016
    Research Advisory Committee, Czech National Bank
  • 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

Journal publications

Assenmacher, K. and S. Krogstrup
Monetary Policy with Negative Interest Rates: De-linking Cash from Digital Money
International Journal of Central Banking, Forthcoming
Assenmacher, K. and C. Brand
The Swiss Sovereign Money Initiative
Credit and Capital Markets, Vol. 51 (4), pp. 621-644
Juselius, K. and Assenmacher, K.
Real Exchange Rate Persistence and the Excess Return Puzzle: The Case of Switzerland versus the US
Journal of Applied Econometrics, Vol. 32 (10), pp. 1145-1155
Dueker, M. and Assenmacher-Wesche, K.
Forecasting Macro Variables with a Qual VAR Business Cycle Turning Point Index
Applied Economics, Vol. 42 (23), pp. 2909-2920
Assenmacher.Wesche, K. and Gerlach, S.
Monetary Policy and Financial Imbalances: Facts and Fiction
Economic Policy, Vol. 25, pp. 437-482
Assenmacher-Wesche, K. and Gerlach, S.
Money Growth, Ouptu Gaps and Inflation at Low and High Frequency: Spectral Estimates for Switzerland
Journal of Economic Dynamics and Control, Vol. 32 (2), pp. 411.435
Assenmacher-Wesche, K.
Modeling Monetary Transmission in Switzerland with a Structural Cointegrated VAR Model
Swiss Journal of Economics and Statitsics, Vol. 144 (II), pp. 197-246
Assenmacher-Wesche, K., Gerlach, S. and Sekine, T.
Monetary Factors and Inflation in Japan
Journal of the Japanese and International Economies, Vol. 22 (3), pp. 343-363
Assenmacher-Wesche, K. and Gerlach, S.
Interpreting Euro Area Inflation at Low and High Frequencies
European Economic Review, Vol. 52 (6), pp. 964-986
Assenmacher-Wesche, K. and Gerlach, S.
Money at Low Frequencies
Journal of the European Economic Associaition, Vol. 5 (2,3), pp. 534-542
Assenmacher-Wesche, K.
Estimating Central Banks' Preferences from a Time-Varying Empirical Reaction Function
European Economic Review, Vol. 50 (8), pp. 1951-1974
Dueker, M., and Wesche, K.
European Business Cycles: New Indices and Their Synchronicity
Economic Inquiry, Vol. 41 (1), pp. 116-131
Wesche, K.
The Stability of European Money Demand: An Investigation of M3
Open Economies Review, Vol. 8 (4), pp. 371-391

Other publications

Wesche, K.
Die Geldnachfrage in Europa: Aggregationsprobleme und Empirie
Physica-Verlag, Heidelberg, Wirtschaftswissenschaftliche Beiträge, Bd. 154
Assenmacher, K., Seitz, F. and Tenhofen, J.
The Use of Large Denomination Banknotes in Switzerland
Deutsche Bundesbank (ed.), War on Cash: Is there a Future for Cash?, International Cash Conference 2017, pp. 148-199
Assenmacher, K.
Bridging the gap between structural VAR and DSGE models
Gürkaynak, R. and Tille, C. (eds), DSGE Models in the Conduct of Policy: Use as Intended, eBook, pp. 23-20
Monetary Policy Since the Financial Crisis: Why Interest Rates Need to Be Low
Oesterreichische Nationalbank (ed.), 41st Economics Conference 2013: A Changing Role for Central Banks, pp. 156-164
Assenmacher, K.
Forecasting the Swiss Economy with a Small GVAR Model
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, Oxford: Oxford University Press, pp. 244-254
Assenmacher-Wesche, K. and Gerlach, S.
Can Monetary Policy Really Be Used to Stabilize Asset Prices?
Felton, A. and Reinhart, C.M. (eds.), The First Global Financial Crisis of the 21st Century, Center for Economic Policy Research, London, pp. 163-166
Assenmacher-Wesche, K. and Gerlach, S.
Understanding the Link between Money Growth and Inflation in the Euro Area
Cobham, D. (ed.), The Travails of the Eurozone, Macmillan-Palgrave, London, 2007, 10-39
Assenmacher-Wesche, K.
Determinanten der Geldnachfrage in der Euro-Zone
Michler, A. and Thieme, H.J. (eds), Systeme monetärer Steuerung: Analyse und Vergleich geldpolitischer Strategien, Schriften zu Ordnungsfragen der Wirtschaft, Lucius, Stuttgart, pp. 60-81