Prof. Dr. Zeno Enders

Work in Progress

Growth Expectations, undue Optimism, and short-run Fluctuations
with Michael Kleemann and Gernot Müller. January 2020
CEPR Discussion Paper 11521 and Bundesbank Discussion Paper No 11/2017
Conditionally accepted, The Review of Economics and Statistics

Market Depth, Leverage, and Speculative Bubbles
with Hendrik Hakenes, May 2019. CESifo Working Paper No. 6806
Conditionally accepted, Journal of the European Economic Association


Firm expectations and economic activity
with Franziska Hünnekes and Gernot Müller, December 2019
Update of CESifo Working Paper No. 7623

Effects of a European Unemployment Insurance
with David Vespermann, February 2019



Monetary Policy Announcements and Expectations: Evidence from German Firms
with Franziska Hünnekes and Gernot Müller, July 2019. CEPR Discussion Paper 13916
Journal of Monetary Economics 108 (2019), 45-63

Heterogeneous Consumers, Segmented Asset Markets, and the Effects of Monetary Policy
April 2018. CESifo Working Paper No. 6467
Accepted, The Economic Journal

Global Banking, Trade, and the International Transmission of the Great Recession
with Alexandra Born, CESifo Working Paper No. 6912
Featured on Christian Zimmermann's NEP-DGE Blog

Summary on RES media briefing

The Economic Journal 129 (2019), 2691-2721

International Financial Market Integration, Asset Compositions, and the Falling Exchange Rate Pass-Through
with Almira Enders and Mathias Hoffmann
Journal of International Economics 110 (2018), 151-175

Second-round effects after oil price shocks: Evidence for the euro area and Germany
with Almira Enders
Economics Letters 159C (2017), 208-213

Has the Euro changed the Business Cycle?
with Philip Jung and Gernot Müller
Klaus-Liebscher Award 2010 of the Austrian Central Bank
European Economic Review 59 (2013), 189-211

How do Fiscal and Technology Shocks affect Real Exchange Rates?
New Evidence for the United States
with Gernot Müller and Almuth Scholl
Journal of International Economics 83 (2011), 53-69

Global Banks and International Business Cycles
with Robert Kollmann and Gernot Müller
3rd most cited paper in the EER since 2011
European Economic Review 55 (2011), 407-426

On the International Transmission of Technology Shocks
with Gernot Müller
Journal of International Economics 78 (2009), 45-59


Dr. Thomas Eife 


Price Competition in an Inflationary Environment
with Peter Duersch
Journal of Monetary Economics 104 (2019), 48-66

Optimal Price Setting During a Currency Changeover: Theory and Evidence from French Restaurants
with Nicoletta Berardi and Erwan Gautier. Working Paper version
Applied Economics 46 (2014), 2766-2782

Explaining Inflation Persistence by a Time-Varying Taylor Rule
with Christian Conrad. Working Paper version
Journal of Macroeconomics 34 (2012), 419-428


Older work

Explaining the Persistent Effect of the Euro-Changeover on German Restaurant Prices
October 2011

Do Menu Costs Make Prices Sticky?
October 2008

Coping With People´s Inflation Perceptions during a Currency Changeover
with Timothy Coombs, November 2007 (revised version)
Presented at the EMU Governance & Euro Changeover Conference, Malta 2007
An earlier version (December 2006) is available here.

Price Setting Behaviour and Price Setting Regulations at the Euro Changeover
September 2006


Dr. Sebastian K. Rüth


Systematic Monetary Policy and the Macroeconomic Effects of Shifts in Residential Loan-to-Value Ratios (with R. Bachmann), accepted for publication at the International Economic Review (2019).

Fiscal Stimulus and Systematic Monetary Policy: Postwar Evidence for the United States
Economics Letters 173, (2018), 92-96

Current Account Dynamics and the Housing Cycle in Spain
with D. Maas and E. Mayer
Journal of International Money and Finance 87 (2018), 22-43

State-Dependent Monetary Policy Transmission and Financial Market Tensions
Economics Letters 157 (2017), 56-61

Total Factor Productivity and the Propagation of Shocks: Empirical Evidence and Implications for the Business Cycle
with E. Mayer and J. Scharler
Journal of Macroeconomics 50(C) (2016), 335-346

Government Debt, Inflation Dynamics and the Transmission of Fiscal Policy Shocks
with E. Mayer and J. Scharler
Economic Modelling 3 (2013), 762-771


Work in progress

Shifts in Monetary Policy and Exchange Rate Dynamics: Is Dornbusch's Overshooting Hypothesis Intact, After All?, Discussion Paper Series No.673, Heidelberg University, 2019 (submitted).


The Interplay Between Oil and Food Commodity Prices: Has It Changed over Time? (with G. Peersman and W. Van der Veken), CESifo Working Paper No. 7826, and Discussion Paper Series No.665, Heidelberg University, 2019 (submitted).

The Propagation of Public to Private Spending via Personal Disposable Income: Revisited
with C. Simon, 2018
Ghent University (under revision)

Towards a Consumer Sentiment Channel of Monetary Policy
with S. Debes, J. Gareis, and E. Mayer, 2014
Revise and Resubmit, Macroeconomic Dynamics


Christopher Zuber


Recessions and Potential Output: Disentangling Measurement Errors, Supply Shocks, and Hysteresis Effects
with Jonas Dovern, January 2019
Accepted, The Scandinavian Journal of Economics


Work in progress

Revisions of Potential Output Estimates in the EU after the Great Recession
with Jonas Dovern, May 2019, CESifo Working Paper No. 7681


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Latest Revision: 2020-03-02
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