UNIVERSITY OF COLOGNE

Department of Economics, Econ-Office Zollstock (Building 415)
Sibille-Hartmann-Straße 2 - 8; 50969 Köln
Office 3.428 (Entrance B, Orange, 3rd Floor)

Email: schabertwiso.uni-koeln.de
Phone: +49 221 470 2483
Office hours by appointment

Principal Investigator at ECONtribute

Research Focus

Monetary Theory and Policy, Fiscal Policy, Financial Economics, and International Macroeconomics

Curriculum Vitae

Full CV

Recent Working Papers

• Monetary policy with interest on reserves, satiated money demand and capital requirements, (September 2024) with Ruopu Hu 
• "Can Monetary Policy be Superior for Financial Stabilization?" (Version: October 2024)
• "Financial Regulation, Interest Rate Responses, and Distributive Effects", with Christian Loenser and Joost Röttger (Version: November 2021)
• "On the Role of MBS for the Macroeconomic Effects of QE1" with Hamza Polattimur (This Version: April 2020).
• "Interest Rate Spreads and Forward Guidance", with Christian Bredemeier and Christoph Kaufmann (This Version: May 2018). [Additional Material]

Older Working Papers

• "Interest Rates, Money, and Banks in an Estimated Euro Area Model", with Kai Christoffel (Version: August 2014).
• "Fiscal Policy, Sovereign Default, and Bailouts", with Falko Juessen (Version: December 2013).
• "Monetary Policy, Interest Rates, and Liquidity Premia", with Samuel Reynard (Version: August 2013).

Publications

• "Taxing versus subsidizing debt under financial frictions" (Version: September 2024), Economic Theory, forthcoming, https://rdcu.be/dXJkD
• "Why Are Fiscal Multipliers Moderate Even Under Monetary Accommodation?" with Christian Bredemeier and Falko Juessen, European Economic Review, vol. 141, 2022, 103970
• "Monetary Policy, Financial Constraints, and Redistribution", with Christian Loenser, International Economic Review, vol. 61, 2020, 1501-1529.
• "Default Risk Premia on Government Bonds in a Quantitative Macroeconomic Model", with Falko Juessen and Ludger Linnemann, Macroeconomic Dynamics, vol. 20, 2016, pp. 380-403.
• "Liquidity Premia and Interest Rate Parity", with Ludger Linnemann, Journal of International Economics, vol. 97, 2015, pp. 178-192.
• "Optimal Central Bank Lending", Journal of Economic Theory, vol. 157, pp. 485-516. (Version: January 2015)
• "A Monetary Analysis of Balance Sheet Policies", with Markus Hoermannn, The Economic Journal, vol. 125, 2015, pp. 1888-1917.
• "Sovereign Default and the Stability of Inflation Targeting Regimes", with Sweder van Wijnbergen, IMF Economic Review, vol. 62, 2014, pp. 261-287.
• "Optimal Government Expenditures and Unemployment", with Ludger Linnemann, Journal of Economic Dynamics and Control, vol. 36, 2012, pp. 795-811.
• "Fiscal Rules, Interes Payments on Debt, and the Irrelevance of the Taylor Principle", with Ludger Linnemann, Scottish Journal of Political Economy, vol. 59, 2012, pp. 250-265.
• "Exchange rate policy under sovereign default risk", Economics Letters, vol. 112, 2011, pp. 179-181.
• "Monetary policy under a fiscal theory of sovereign default", Journal of Economic Theory 145(2), 20120, pp. 860-868.
• "Debt Non-neutrality- Policy Interactions, and Macroeconomic Stability", with Ludger Linnemann, International Economic Review 51(2), 2010, pp. 461-474. (additional appendix)
• "An interest rate peg might be better than you think", with Markus Hoermann, Economics Letters, vol. 105, 2009, pp. 156-158.
• "Distortionary Taxation, Debt, and the Price Level", with Leopold von Thadden, Journal of Money, Credit, and Banking, vol. 41, 2009, pp. 159-188.
• "Money Supply, Macroeconomic Stability, and the Implementation of Interest Rate Targets", Journal of Macroeconomics, vol. 31, 2009, pp. 333-344.
• "Federal Reserve Policy through a Money Supply Lens", with Ibrahim Chowdhury, Journal of Monetary Economics, vol. 55, 2008, pp. 825-834.
• "Central bank instruments, fiscal policy regimes, and the requirements for equilibrium determinacy", Review of Economic Dynamics, vol. 9, 2006, pp. 742-762.
• "On the Validity of the Taylor Principle in Open Economies", with Ludger Linnemann, International Finance, vol. 9, 2006, pp. 343-367.
• "Can money matter for interest rate policy?", with Matthias Brückner, Journal of Economic Dynamics and Control, vol. 30, 2006, pp. 2823-2957.
• "Inflation dynamics and the cost channel of monetary transmission", with Ibrahim Chowdhury and Mathias Hoffmann, European Economic Review, vol. 50, 2006, pp. 995-1016.
• "Productive government expenditure in monetary business cycle models", with Ludger Linnemann, Scottish Journal of Political Economy, vol. 53, 2006, pp. 28-46.
• "Identifying monetary policy shocks with changes in open market operations", European Economic Review, vol. 49, 2005, pp. 561-577.
• "Interactions of monetary and fiscal policy via open market operations",
  The Economic Journal, vol. 114, 2004, C186-C206.
• "Can fiscal spending stimulate private consumption?", with Ludger Linnemann, Economics Letters, vol. 82, 2004, pp. 173-179.
• "Fiscal policy in the new neoclassical synthesis", with Ludger Linnemann, Journal of Money, Credit, and Banking, vol. 35, 2003, pp. 911-929.
• "Monetary policy, agency costs, and output dynamics", with Ludger Linnemann, German Economic Review, vol. 4, 2003, pp. 341-364.
• "Supply-side effects of monetary policy and equilibrium multiplicity", with Matthias Brückner, Economics Letters, vol. 79, 2003, pp. 205-211.
• "Open Market Shocks in a Business Cycle Model with Financial Intermediation", with Burkhard Heer, in: Hairault, J.O. and H. Kempf (eds.), 2002, Market Imperfections and Macroeconomic Dynamics, Kluwer Academic Publishers.