Grothe, Magdalena

ESRB Secretariat

Current position

Principal Financial Stability Expert

Fields of interest

Financial Economics,
International Economics,
Macroeconomics and Monetary Economics


  • 2005-2008
    PhD in Finance, University of Cologne, Germany
  • 2003-2005
    MSc in Economics, University of Cologne, Germany
  • 1999-2004
    MSc in International Economics, University of Łódź, Poland
Professional experience
  • 2015-
    Principal Financial Stability Expert - Secretariat to the European Systemic Risk Board, European Central Bank, Frankfurt, Germany
  • 2018
    Member of an Expert Panel of the National Science Centre, Poland
  • 2017-2018
    Visiting staff within the Schuman Programme - Risk Control Division, Deutsche Bundesbank, Frankfurt, Germany
  • 2009-2015
    Economist - Capital Markets and Financial Structure Division, Directorate General Monetary Policy, European Central Bank, Frankfurt, Germany
Teaching experience
  • 2013-2018
    Guest lectures at the University of Łódź and Warsaw School of Economics on financial market analysis and systemic risk assessment, Poland

Journal publications

Bengtsson, E., Grothe, M. and Lepers, E.
Home, safe home: cross-country monitoring framework for vulnerabilities in the residential real estate sector
Journal of Banking and Finance, in press
Grothe, M. and Meyler, A.
Inflation forecasts: Are market-based and survey-based measures informative?
International Journal of Financial Research, Vol. 9(1), 171–188
Ejsing, J., Grothe, M. and Grothe, O.
Liquidity and credit premia in the yields of highly-rated sovereign bonds
Journal of Empirical Finance, Vol. 33, 160–173

Other publications

Grothe, M.
Liquidity risk in periods of intensive information flow
VMV Münster
Grothe, M. and Żukowski, B.
Short-term and longer-term social interactions from the game theoretical perspective
Łukowski, P., Gemel, A. and Żukowski, B. (eds.). "Cognition, Meaning and Action. Lodz-Lund Studies in Cognitive Science", Wydawnictwo Uniwersytetu Łódzkiego - Columbia University Press
Grothe, M. et al., as member of the Joint Task Force of the ESRB Advisory Technical Committee, the ESRB Advisory Scientific Committee and the ESCB Financial Stability Committee on low interest rates and structural change
Macroprudential policy issues arising from low interest rates and structural changes in the EU financial system
European Systemic Risk Board