Grothe, Magdalena

International & European Relations


International Policy Analysis

Current position

Lead Economist

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
  • 2020-
    Lead Economist - International Policy Analysis Division, Directorate General International & European Relations, European Central Bank
  • 2015-2020
    Lead Financial Stability Expert - Secretariat to the European Systemic Risk Board, European Central Bank
  • 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
  • 2009-2015
    Economist - Capital Markets and Financial Structure Division, Directorate General Monetary Policy, European Central Bank
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, Vol. 112; previous version: ECB WP 2096
Grothe, M.
Monitoring vulnerabilities in the residential real estate sector in Poland
Gospodarka Narodowa / The Polish Journal of Economics, Vol. 2(302), pp. 5-24
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; previous version: ECB WP 1865
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; previous version: ECB WP 1440

Other publications

Assouan, E. et al., Grothe, M. as secretary of the ESRB workstream on margin calls.
Liquidity risks arising from margin calls
European Systemic Risk Board
Grothe, M. et al., as one of secretaries 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
Liebig, T., Schnabel, I. et al., Grothe, M. as secretary of the workstream within the Joint ESRB/ESCB Task Force on low interest rates and structural change
The impact of low interest rates and ongoing structural changes from horizontal, cross-country and EU-wide perspectives
European Systemic Risk Board
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.
Liquidity risk in periods of intensive information flow
VMV Münster