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  • A forest with birch trees photographed from below ©smallredgirl / Fotolia
    © smallredgirl / Fotolia
    Green Finance

    Climate change poses huge challenges for the financial sector, too. The Bundesbank supports the transition to a low-carbon economy.

    Green Finance
    • Overview Bundesbank
    • Organisation
      • Overview Organisation
      • Executive Board
        • Overview Executive Board
        • Professor Joachim Nagel
        • Dr Sabine Mauderer
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        • Overview Baden-Württemberg
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        • Overview Bavaria
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        • Overview Bremen, Lower Saxony and Saxony-Anhalt
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        • Overview Hesse
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        • Overview North Rhine-Westphalia
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        • Overview Rhineland-Palatinate and Saarland
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        • Overview Saxony and Thuringia
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    • Eurosystem
  • Digital Euro ©European Central Bank
    © European Central Bank
    Digital euro

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    Digital euro
    • Overview Tasks
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      • Overview Monetary policy
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        • Overview Outright transactions
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        • Overview Financial and monetary stability
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          • Overview Liquidity
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          • Overview Risk Management
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      • Overview Cash management
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        • Overview CashEDI
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    SDMX Web Service

    The Bundesbank provides a new procedure for the automated download of statistical data sets. The web service offers an interface for programmatic access.

    SDMX Web Service
    Blue digital binary data on computer screen ©ninog / fotolia
    © ninog / fotolia
    Time series databases

    The Bundesbank’s up-to-date statistical data in the form of time series (also available to download as a CSV file or SDMX-ML file).

    Time series databases
    • Overview Statistics
    • Banks and other financial corporations
      • Overview Banks and other financial corporations
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        • Overview Banks
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      • Overview Exchange rates
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      • Overview External sector
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        • Overview Interest rates and yields
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      • Overview Sets of indicators
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    • Time series databases
  • Cashless money transfer ©Maria Lungwitz
    © Maria Lungwitz
    Bank sort codes search

    Here you will find information on the bank sort code file and on the bank sort code update service. You can also download the bank sort code files.

    Bank sort codes search
    • Overview Service
    • Banking services for central banks
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      • Overview Banks and companies
      • Bund Bidding System (BBS)
        • Overview Bund Bidding System (BBS)
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        • Overview Collateralmanagement Access Portal (CAP)
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        • Overview ESM/EFSF Bidding System (EBS)
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        • Overview Mobilisation and Administration of Credit Claims (MACCs)
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      • OpenMarket Tender Operation System (OMTOS)
        • Overview OpenMarket Tender Operation System (OMTOS)
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      • PKI - Public Key Infrastructures
        • Overview PKI - Public Key Infrastructures
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      • Overview Federal securities
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        • Overview External sector forms centre
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        • Overview Banking Supervision
        • PRISMA: Refining and improving the supervisory reporting system
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        • Overview Banking Supervision form centre
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        • Overview Financial Stability
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  • Journalists at a press conference ©Frank Rumpenhorst
    © Frank Rumpenhorst
    Press

    In the press area, you will find press releases, speeches, guest contributions and interviews with Bundesbank Executive Board members as well as further press materials.

    Press
    • Overview Press
    • Press releases
      • Overview Press releases
      • Federal securities
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    • Speeches
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      • Overview Press materials
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  • An open book next to a laptop ©Dieter Roosen
    © Dieter Roosen
    Studies

    This section contains Bundesbank studies and conference papers. It also includes publications resulting from the research activities of Bundesbank staff and visiting researchers.

    Studies
    • Overview Publications
    • Reports and studies
    • Research
    • Statistics
  • Three people talking ©Björn Hänssler
    © Björn Hänssler
    Employer Bundesbank

    Information on work with a special value

    Employer Bundesbank
    • Overview Career
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      • Overview Employer Bundesbank
      • Job stories
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      • Overview Career opportunities
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  • Dr. Christina Gerberding
    Dr. Christina Gerberding
    • Product carbon contents – an encompassing and market based information system von Kalckreuth, U.

      2025 | Latin American Journal of Central Banking.

    • Choosing and using payment instruments: evidence from German microdata von Kalckreuth U., Schmidt T., Stix H.

      2014 | Empirical Economics, Vol. 46(3), pp. 1019-1055.

    • Using Cash to Monitor Liquidity – Implications for Payments, Currency Demand and Withdrawal Behavior von Kalckreuth U., Schmidt T., Stix H.

      2014 | Journal of Money, Credit and Banking, Vol. 46(8), pp. 1753-1786.

    • Identifying discretionary fiscal policy with real-time data von Kalckreuth U., Wolff G.

      2011 | Journal of Money, Credit and Banking, Vol. 43(6), 1271-1285.

    • Panel estimation of state dependent adjustment when the target is unobserved von Kalckreuth U.

      2011 | Empirical Economics, Vol. 40(1), 205-235.

    • Globalisation, Accumulation and Inequality – the Case of Germany von Kalckreuth U., Ziebarth G.

      2007 | Zeitschrift für Wirtschaftspolitik, Vol. 56(29), 231-251.

    • Dependence on external finance by manufacturing sector: Examining the measure and its properties von Fürstenberg G., von Kalckreuth U.

      2007 | Economie internationale, Vol. 111(1), 55-80.

    • Financial constraints and capacity adjustment – Evidence from a large panel of survey data von Kalckreuth U.

      2006 | Economica, Vol. 73, issue 292, 691-724.

    • Dependence on external finance – an inherent industry characteristic? von Fürstenberg G., von Kalckreuth U.

      2006 | Open Economies Review, Vol. 17(4), 541-559.

    • Stable solutions to homogeneous difference-differential equations with constant coefficients: Analytical instruments and an application to monetary policy. von Kalckreuth U., Krtscha M.

      2004 | Applications of Mathematics, Vol. 49(4), 373-386.

    • Exploring the role of uncertainty for corporate investment decisions in Germany von Kalckreuth U.

      2003 | Schweizerische Zeitschrift für Volkswirtschaft und Statistik (Swiss Journal of Economics), Vol. 139(2), 173-206.

    • New findings on firm investment and monetary transmission in the Euro area Chatelain J.-B., Hernando I., Generale A., von Kalckreuth U., Vermeulen P.

      2003 | Oxford Review of Economic Policy, Vol. 19(1), 1-11.

    • Monetary transmission in the new economy: Service life of capital, transmission channels and the speed of adjustment von Kalckreuth U., Schroeder J.

      2002 | Jahrbuch für Wirtschaftswissenschaften (Review of Economics), 53, 125-141.

  • Dr. Ulf von Kalckreuth
    Dr. Ulf von Kalckreuth
  • Other Working Papers and Publications

    • Revisions in Concurrent Seasonal Adjustments of Daily Air Pollution and Weekly Google Searches for Unemployment in Germany Webel, K.

      2024 | Proceedings of the 7th International Conference on Establishment Statistics.

    • Towards Seasonal Adjustment of Infra-Monthly Time Series with JDemetra+ Smyk A., Webel K.

      2022 | Proceedings of the 2022 Joint Statistical Meetings, Business and Economic Statistics Section, pp. 298-319.

    • Challenges and Recent Developments in the Seasonal Adjustment of Daily Time Series Webel K.

      2020 | Proceedings of the 2020 Joint Statistical Meetings, Business and Economic Statistics Section, pp. 1971-1997.

    • Täglicher Lkw-Maut-Fahrleistungsindex aus digitalen Prozessdaten der Lkw-Mauterhebung Cox M., Triebel J., Linz S., Fries C., Flores L. F., Lorenz A., Ollech D., Dietrich A., LeCrone J., Webel K.

      2020 | Wirtschaft und Statistik, Vol. 72(4), pp. 63-76.

    • Time-varying end-of-month effects in German currency in circulation Webel K., Dietrich A.

      2019 | Proceedings of the New Techniques and Technologies for Statistics 2019.

    • An overall seasonality test based on recursive feature elimination in conditional random forests Webel K., Ollech D.

      2018 | Proceedings of the 5th International Conference on Time Series and Forecasting, pp. 20-31.

    • Combining seasonality tests: a random forest approach Webel K., Ollech D.

      2017 | Proceedings of the New Techniques and Technologies for Statistics 2017.

    • Condensing information from multiple seasonality tests with random forests Webel K., Ollech D.

      2017 | Proceedings of the 61st ISI World Statistics Congress, forthcoming.

    • Assessing the Informational Content of Seasonality Tests by Random Forests of Conditional Inference Trees Ollech D., Webel K.

      2017 | Proceedings of the 2017 Joint Statistical Meetings, Business and Economic Statistics Section, pp. 1889-1900.

    • Time series-dependent selection of an appropriate seasonal adjustment approach Webel K.

      2013 | Proceedings of the 59th ISI World Statistics Congress, pp. 2962-2967.

    • Data-driven selection criteria for X-13ARIMA-SEATS seasonal adjustment algorithms Webel K.

      2013 | Proceedings of the 2013 Joint Statistical Meetings, Business and Economic Statistics Section, pp. 1972-1986.

    • Diversify with Care – Even in Private Equity Klier D. O., Welge M. K., Harrigan K. R., Webel K.

      2010 | Columbia Business School, Working Paper March 11.

  • Dr. Karsten Webel
    Dr. Karsten Webel
  • Refereed Publications

    • A Novel Tree-Based Combined Test for Seasonality Webel K., Ollech D.

      2025 | Data Science in Science, Vol. 4(1), 2517006.

    • Revisions in concurrent seasonal adjustments of daily and weekly economic time series Webel K.

      2025 | Statistical Journal of the IAOS, Vol. 41(2), pp. 265-293.

    • Seasonal Adjustment of Infra-Monthly Time Series with JDemetra+ Webel K., Smyk A.

      2024 | Journal of Official Statistics, Vol. 40(4), pp. 783-828.

    • A Random Forest-based Approach to Combining and Ranking Seasonality Tests Ollech D., Webel K.

      2023 | Journal of Econometric Methods, Vol. 12(1), pp. 117-130.

    • Chaos in German stock returns – New evidence from the 0-1 test Webel K.

      2012 | Economics Letters, Vol. 115(3), pp. 487-489.

    • A Short Note on the Dependence Structure of a Stochastic Process Generated by the Asymmetric Cusp Map Webel K.

      2012 | Communications in Statistics – Theory and Methods, Vol. 41(2), pp. 357-362.

  • Refereed Publications

    • Euro area banks' interest rate risk exposure to level, slope and curvature swings in the yield curve Foos D., Lütkebohmert E., Markovych M., Pliszka K.

      2022 | European Financial Management, Vol. 28(4), pp. 883-925.

    • Model and estimation risk in credit risk stress tests Grundke P., Pliszka K., Tuchscherer M.

      2020 | Review of Quantitative Finance and Accounting, Vol. 55, pp. 163-199. 

    • What are the real effects of financial market liquidity? Evidence on bank lending from the euro area Dombret A., Foos D., Pliszka K., Schulz A.

      2019 | Journal of International Financial Markets, Institutions & Money, Vol. 62, pp. 152-183.

    • A macroeconomic reverse stress test Grundke P., Pliszka K.

      2018 | Review of Quantitative Finance and Accounting, Vol. 50(4), pp. 1093-1130.

  • Refereed Publications

    • CDS and credit: The effect of the bangs on credit insurance, lending and hedging Gündüz Y., Ongena S., Tümer-Alkan G., Yu Y.

      2025 | Journal of Empirical Finance, Vol. 81, 101583.

    • Lighting up the dark: liquidity in the German corporate bond market Gündüz Y., Pelizzon L., Schneider M., Subrahmanyam M.G.

      2023 | Journal of Fixed Income, Vol. 33(1), pp. 5-41.

    • The Market Impact of Systemic Risk Capital Surcharges Gündüz Y.

      2023 | European Financial Management, Vol. 29(5), pp. 1401-1440.

    • Entropic characterization of Gross Domestic Product per capita (GDP) values of countries Gündüz G., Gündüz Y., Kuzucuoglu M.

      2022 | Physica A: Statistical Mechanics and its Applications, Vol. 603, 127831.

    • Bank Use of Sovereign CDS in the Eurozone Crisis: Hedging and Risk Incentives Acharya, V., Gündüz Y., Johnson T.C.

      2022 | Journal of Financial Intermediation, Vol. 50, 100964.

    • Will German banks earn their cost of capital? Dombret A., Gündüz Y., Rocholl J.

      2019 | Contemporary Economic Policy (formerly: Contemporary Policy Issues), Vol. 37(1), pp. 156-169.

    • A Thermodynamical View on Asset Pricing Gündüz G., Gündüz Y.

      2016 | International Review of Financial Analysis, Vol. 47, pp. 310-327.

    • The Common drivers of Default Risk Memmel C., Gündüz Y., Raupach P.

      2015 | Journal of Financial Stability, Vol. 16, pp. 232-247.

    • The Liquidity Premium in CDS Transaction Prices: Do Frictions Matter? Gehde-Trapp M., Gündüz Y., Nasev J.

      2015 | Journal of Banking and Finance, Vol. 61, pp. 184-205.

    • Market Transparency and the Marking Precision of Bond Mutual Fund Managers Cici G., Gibson S., Gündüz Y., Merrick Jr. J.J

      2015 | Journal of Portfolio Management, Vol. 41(2), pp. 126-137.

    • Does Modeling Framework Matter? A Comparative Study of Structural and Reduced-Form Models Gündüz Y., Uhrig-Homburg M.

      2014 | Review of Derivatives Research, Vol. 17, pp. 39-78.

    • Impacts of the Financial Crisis on Eurozone Sovereign CDS Spreads Gündüz Y., Kaya O.

      2014 | Journal of International Money and Finance, Vol. 49, pp. 425-442.

    • Predicting Credit Default Swap Prices with Financial and Pure Data-Driven Approaches Gündüz Y., Uhrig-Homburg M.

      2011 | Quantitative Finance, Vol. 11, pp. 1709-1727.

    • Viscoelastic Behavior of Stock Indices Gündüz G., Gündüz Y.

      2010 | Physica A, Vol. 389, pp. 5776-5784.

    • Trading Credit Default Swaps via Interdealer Brokers Gündüz Y., Lüdecke T., Uhrig-Homburg M.

      2007 | Journal of Financial Services Research, Vol. 32, pp. 141-159.

  • Dr. Yalin Gündüz
    Dr. Yalin Gündüz
  • Dr. Victoria Böhnke
    Dr. Victoria Böhnke
  • Other Publications

    • Estimating Endogenous Liquidity Using Transaction and Order Book Information Durand P., Gündüz Y., Thomazeau I.

      2013 | in: J. Batten, P. MacKay, N. Wagner (eds.), Advances in Financial Risk Management-Corporates, Intermediaries and Portfolios, Palgrave MacMillan.

    • Credit Default Swap Markets and Credit Risk Pricing – A Comparative Study Gündüz Y.

      2008 | Ph.D. Dissertation, University of Karlsruhe.

    • Decision Patterns and Information Availability in the Beer Distribution Game Kunze J., Gündüz Y.

      2006 | Proceedings of the 24th International System Dynamics Conference, Nijmegen, Netherlands.

    • Utilizing Financial Models in Market Design: The Search for a Benchmark Model Gündüz Y., Seese D., Uhrig-Homburg M.

      2006 | in: T. Dreier, R. Studer, C. Weinhardt (eds.), Information Management and Market Engineering, Universitätsverlag Karlsruhe, pp. 165-176.

    • A System Dynamics Approach to Modelling Business-to-Business Markets – Case of Siemens Y. Gündüz, Alsan A.

      2004 | Proceedings of the 22th International System Dynamics Conference, Oxford, England.

  • Dr. Carina Schlam (geb. Mössinger)
    Dr. Carina Schlam (geb. Mössinger)
  • Dr. Kirsten Schmidt
    Dr. Kirsten Schmidt
  • Refereed Publications

    • Transparency as a Remedy for Agency Problems in Securitization? The Case of ECB's Loan-Level Reporting Initiative Klein P., Mössinger C., Pfingsten A.

      2021 | Journal of Financial Intermediation, Vol. 46, 100853.

    • Glasklar? Transparenz als neues Wundermittel der Bankenregulierung Mössinger C.

      2020 | Perspektiven der Wirtschaftspolitik, Vol. 21, 149-161.

    • FRTB – eine unendliche Geschichte mit Happy End? Mössinger C., Pfingsten A.

      2019 | Zeitschrift für Bankrecht und Bankwirtschaft, Vol. 31, 316-329.

  • Dr. Christian Drescher
    Dr. Christian Drescher
  • Dr. Sigrid Röhrs
    Dr. Sigrid Röhrs
  • Refereed Publications

    • Assessing the Impact of Basel III: Review of Transmission Channels and Insights from Policy Models de Bandt O., Durdu B., Ichiue H., Mimir Y., Mohimont J., Nikolov K., Röhrs S., Sahuc J.G., Scalone V., Straughan M.

      2024 | International Journal of Central Banking, Vol. 20(1), pp. 1-52.

    • Reducing Government Debt in the Presence of Inequality Röhrs S., Winter C.

      2017 | Journal of Economic Dynamics and Control, Vol. 82, pp. 1-20.

    • Public Debt in a Political Economy Röhrs S.

      2016 | Macroeconomic Dynamics, Vol. 20(5), pp. 1282-1312.

    • Public versus Private Provision of Liquidity: Is There a Tradeoff? Röhrs S., Winter C.

      2015 | Journal of Economic Dynamics and Control, Vol. 53, pp. 314-339.

    • Homeownership, Mobility and Local Income Redistribution Röhrs S., Stadelmann D.

      2014 | Journal of Public Economic Theory, Vol. 16(4), pp. 569-605.

  • Dr. Thilo Pausch
    Dr. Thilo Pausch
  • Dr. Thomas Kick
    Dr. Thomas Kick
  • Dr. Cornelia Kerl
    Dr. Cornelia Kerl
  • Refereed Publications

    • Interest rate shocks, competition and bank liquidity creation Kick T.

      2022 | Financial Markets and Portfolio Management (formerly: Finanzmarkt und Portfolio Management), Vol. 36, pp. 409-441.

    • Loan supply and bank capital: A micro-macro linkage Kick T., Malinkovich S., Merkl C.

      2020 | Journal of International Money and Finance, Vol. 104, 102166.

    • Cross-border transmission of emergency liquidity Kick T., Koetter M., Storz M.

      2020 | Journal of Banking and Finance, Vol. 113, 105300.

    • The Real Effects of Bank Distress: Evidence from Bank Bailouts in Germany Bersch J., Degryse H., Kick T., Stein I.

      2020 | Journal of Corporate Finance, Vol. 60, 101521.

    • Do all new brooms sweep clean? Evidence for outside bank appointments Kick T., Nehring I., Schertler A.

      2017 | Journal of Banking and Finance, Vol. 84, pp. 135-151.

    • Bank Recapitalization, Regulatory Intervention and Repayment Kick T., Koetter M., Poghosyan T.

      2016 | Journal for Money, Credit and Banking, Vol. 48(7), pp. 1467-1494.

    • Bank liquidity creation and risk taking during distress Berger A.N., Bouwman C.H.S., Kick T., Schaeck K.

      2016 | Journal of Financial Intermediation, Vol. 2(2010,05), pp. 1-51.

    • Bank risk taking and liquidity creation following regulatory interventions and capital support Berger A., Bouwman C., Kick T., Schaeck K.

      2016 | Journal of Financial Intermediation, Vol. 26, pp. 115-141.

    • Bank Risk and Competition: Evidence from Regional Banking Markets Kick T., Prieto E.

      2015 | Review of Finance, Vol. 19(3), pp. 1185-1222.

    • Income Structure and Bank Business Models: Evidence on Performance and Stability from the German Banking Industry Busch R., Kick T.

      2015 | Schmalenbach Business Review, Vol. 67, pp. 226-253.

    • Earnings baths by CEOs during turnovers: Empirical evidence from German savings banks Bornemann S., Kick T., Pfingsten A., Schertler A.

      2015 | Journal of Banking and Finance, Vol. 53, pp. 188-201.

    • Early Warning Indicators for the German Banking System: A Macroprudential Analysis Jahn N., Kick T.

      2014 | Credit and Capital Markets, Vol. 47(1), pp. 5-47.

    • Stress testing German banks against a global credit crunch Düllmann K., Kick T.

      2014 | Financial Markets and Portfolio Management, Vol. 28, pp. 337-361.

    • Visible Reserves in Banks – Determinants of Initial Creation, Usage, and Contribution to Bank Stability Bornemann S., Homölle S., Hubensack C., Kick T., Pfingsten A.

      2014 | Journal of Business Finance and Accounting, Vol. 41(5) & (6), pp. 507-544.

    • Executive board composition and bank risk taking Berger A., Kick T., Schaeck K.

      2014 | Journal of Corporate Finance, Vol. 28, pp. 48-65.

    • Does it pay to have friends? Social ties and executive appointments in banking Berger A., Kick T., Koetter M., Schaeck K.

      2013 | Journal of Banking and Finance, Vol. 37, pp. 2087-2105.

    • Are banks using hidden reserves to beat earnings benchmarks? Bornemann S., Kick T., Memmel C., Pfingsten A.

      2012 | Journal of Banking and Finance, Vol. 36(8), pp. 2403-2415.

    • Monetary policy and financial (in)stability: An integrated micro-macro approach De Graeve F., Kick T., Koetter M.

      2008 | Journal of Financial Stability, Vol.4(3), pp. 205-231.

    • Slippery Slopes of Stress: Ordered Failure Events in German Banking. Kick T., Koetter M.

      2007 | Journal of Financial Stability, Vol. 3(2), pp. 132-148.

  • Dr. Daniel Foos
    Dr. Daniel Foos
  • Refereed Publications

    • Does greater transparency discipline the loan loss provisioning of privately held banks? Bischof J., Foos D., Riepe J.

      2023 | Journal European Accounting Review.

    • Euro area banks' interest rate risk exposure to level, slope and curvature swings in the yield curve Foos D., Lütkebohmert E., Markovych M., Pliszka K.

      2022 | European Financial Management, Vol. 28(4), pp. 883-925.

    • What are the real effects of financial market liquidity? Evidence on bank lending from the euro area Dombret A., Foos D., Pliszka K., Schulz A.

      2019 | Journal of International Financial Markets, Institutions & Money, Vol. 62, pp. 152-183.

    • Banks’ Equity Stakes and Lending: Evidence from a Tax Reform von Beschwitz B., Foos D.

      2018 | Journal of Banking and Finance, Vol. 96, pp. 322-343.

    • Cyclicality of SME lending and government involvement in banks Behr P., Foos D., Norden L.

      2017 | Journal of Banking and Finance, Vol. 77, pp. 64-77.

    • Loan growth and riskiness of banks Foos D., Norden L., Weber M.

      2010 | Journal of Banking & Finance, Vol. 34(12), pp. 2929-2940.

  • Other Working Papers and Publications

    • Banks' Equity Stakes and Lending: Evidence from a Tax Reform von Beschwitz B., Foos D.

      2016 | International Finance Discussion Papers 1183, Board of Governors of the Federal Reserve System.

  • Dr. Sven Blank
    Dr. Sven Blank
  • Refereed Publications

    • Real Interest Rates, Bank Borrowing and Fragility Ahnert T., Anand K., König P.

      2024 | Journal of Money, Credit and Banking, Vol. 56(6), pp. 1545-1571.

    • Leaping into the dark: A theory of policy gambles Anand K., Gai P., König P.

      2023 | Journal of Comparative Economics, Vol. 51(2), pp. 457-476.

    • The value of data privacy during the COVID-19 pandemic: a new set of survey questions Anand K., Helmschrott S., Schmidt T., Zhou S.

      2022 | Measurement Instruments for the Social Sciences, Vol. 4, 10 (2022).

    • Pre-emptive sovereign debt restructuring and holdout litigation Anand K., Gai P.

      2019 | Oxford Economic Papers New Series, Vol. 71(2), pp. 364-381.

    • Asset encumbrance, Bank Funding, and Financial Fragility Ahnert T., Anand K., Gai P., Chapman J.

      2019 | Review of Financial Studies, Vol. 32(6), pp. 2422-2455.

    • Structural Model for Fluctuations in Financial Markets Anand K., Khedair J., Kuehn R.

      2018 | Physical Review E, Vol. 97(5).

    • The Missing Links: A global study on uncovering financial network structure from partial data Anand K., van Lelyveld I., Banai A., Friedrich S., Garratt R., Halaj G., Fique J., Hansen I., Jaramillo S., Lee H., Molina-Borboa J., Nobili S., Rajan S., Salakhova S., Silva T., Silvestri L., de Souza S.

      2018 | Journal of Financial Stability, Vol. 35, pp. 107-119.

    • Filling in the blanks: Network structure and interbank contagion Anand K., Craig B., von Peter G.

      2015 | Quantitative Finance, Vol. 15(4), pp. 625-636.

    • Guarantees, Transparency and the Interdependency Between Sovereign and Bank Default Risk König P., Anand K., Heinemann F.

      2014 | Journal of Banking and Finance, Vol. 45, pp. 321-337.

    • A network model of financial system resilience Anand K., Gai P., Kapadia S., Wilison M., Brennan S.

      2013 | Journal of Economic Behavior and Organization, Vol. 85, pp. 219-235.

    • Epidemic of rules, rational negligence and market crashes Anand K., Kirman A., Marsili M.

      2012 | European Journal of Finance, Vol. 19(5), pp. 438-447.

    • Rollover risk, network structure and systemic financial crises Anand K., Gai P., Marsili M.

      2012 | Journal of Economic Dynamics and Control, Vol. 36/8, pp. 1088-1100.

  • Dr. Kartik Anand
    Dr. Kartik Anand
  • Other Working Papers and Publications

    • Quantifying contagion risk in funding markets: A model based stress-testing approach Anand K., Gauthier C., Souissi M.

      2015 | Bank of Canada Working Paper, 2015-32.

    • Stress testing the Canadian banking system: A system-wide approach Anand K., Bédard-Pagé G., Traclet V.

      2014 | Bank of Canada Financial System Review, June, pp. 61-68.

    • The safety of government bonds Anand K., Gai P.

      2013 | Bank of Canada Working Paper, 2013-34.

  • Dr. Patrick Hürtgen
    Dr. Patrick Hürtgen
  • Dr. Elmar Mertens
    Dr. Elmar Mertens
  • Bank Risk-Taking and Impaired Monetary Policy Transmission König P., Schliephake E.

    doi.org doi.org
  • Dr. Philipp Johann König
    Dr. Philipp Johann König
  • Refereed Publications

    • Money growth and inflation – how to account for the differences in empirical results Mandler M., Scharnagl M.

      2024 | Journal of Forecasting, Vol. 44 (3), pp. 1009-1025.

    • Estimating the country-specific effects of shocks to interest rate expectations in the Euro area Mandler M., Scharnagl M.

      2023 | Journal of Forecasting, Vol. 42(3), pp. 643-656.

    • Financial cycles across G7 economies: a view from wavelet analysis Mandler M., Scharnagl M.

      2022 | Journal of Economic Asymmetries, Vol. 26, e00277.

    • Financial Cycles in European Economies: A cross-country perspective using wavelet analysis Mandler M., Scharnagl M.

      2022 | Oxford Bulletin of Economics and Statistics (formerly: Bulletin of the Institute of Economics and Statistics), Vol. 84(3), pp. 569-593.

    • Heterogeneity in euro-area monetary policy transmission: results from a large multi-country BVAR model Mandler M., Scharnagl M., Volz U.

      2022 | Journal of Money, Credit and Banking, Vol. 54(2-3), pp. 627-649.

    • Bank loan supply shocks and alternative financing of non-financial corporations in the euro area Mandler M., Scharnagl M.

      2020 | The Manchester School, Vol. 88(S1), pp. 126-150.

    • Real and financial cycles in euro area economies: results from wavelet analysis Scharnagl M., Mandler M.

      2019 | Journal of Economics and Statistics, Vol. 239(5-6), pp. 895-916.

    • Inflation, deflation, and uncertainty: What drives euro area option-implied inflation expectations and are they still anchored in the sovereign debt crisis? Scharnagl M., Stapf J.

      2015 | Economic Modelling, Vol. 48, pp. 248-269.

    • Should monetary policy respond to money growth? New results for the euro area Gerberding C., Scharnagl M., Seitz F.

      2010 | International Finance, Vol. 13(3), pp. 409-441.

    • How effective are automatic stabilizers? Theory and empirical evidence for Germany and other OECD countries Scharnagl M., Tödter K.-H.

      2005 | in: C. Dreger and H. Galler (eds.), Advances in macroeconometric modeling, pp. 295-310.

    • The stability of German money demand: not just a myth Scharnagl M.

      1998 | Empirical Economics, Vol. 23(3), pp. 355-370.

    • Monetäres Reinvermögen versus Geldmenge M3: eine Entgegnung Clostermann J., Scharnagl M., Seitz F.

      1997 | Kredit und Kapital, Vol. 30(1), pp. 101-115.

  • Other Working Papers and Publications

    • Real and financial cycles in EU countries: Stylised facts and modelling implications Rünstler G., Balfoussia H., Burlon L., Buss G., Comunale M., de Backer B., Dewachter H., Guarda P., Haavio M., Hindrayanto I., Iskrev N., Jaccard I., Kulikov D., Kunovac D., Lenarcic C., Lequien M., Lozej M., Mandler M., Papageorgiou D., Pedersen J., Perez-Quiros G., Rannenberg A., Rots E., Scharnagl M., Welz P.

      2018 | ECB Occasional Paper, No. 205. 

    • Datenzugang in Deutschland: Der Paradigmenwechsel hat bereits stattgefunden Bender S.

      2014 | AStA Wirtschafts- und Sozialstatistisches Archiv, Vol. 8, No. 4, 237-248 (Comments to the article of Rendtel, U. in the same issue).

    • Households’ financial portfolio choices: a comparison between France and Germany (1978-2009) Avouyi Dovi S., Borgy V., Pfister C., Scharnagl M., Sedillot F.

      2013 | in: Winkler, B., A. van Riet and P. Bull (eds.), A Flow of Funds Perspective on the Financial Crisis, Palgrave Macmillan.

    • Households’ portfolio structure in Germany: Analysis of financial accounts data 1959-2009 Ram F., Scharnagl M.

      2011 | ECB Working Paper, No. 1355.

  • Nils Wehrhöfer, PhD
    Nils Wehrhöfer, PhD
  • Dr. Mu-Chun Wang
    Dr. Mu-Chun Wang
  • Research Brief

    • The child bonus in the coronavirus pandemic: a case of redistribution rather than fiscal stimulus Research Brief | 48th edition – June 2022
      13.06.2022 Deutsche Bundesbank, Research Centre Olga Goldfayn-Frank, Deutsche Bundesbank, Research Centre Vivien Lewis, Questionnaire Design Nils Wehrhöfer, Ph.D.
    • How do energy prices influence inflation expectations? Research Brief | 62nd edition – November 2023
      28.11.2023 Questionnaire Design Nils Wehrhöfer, Ph.D.
  • Refereed Publications

    • Estimation of Heterogeneous Agent Models: A Likelihood Approach Parra-Alvarez J.C., Posch O., Wang M.

      2023 | Oxford Bulletin of Economics and Statistics (formerly: Bulletin of the Institute of Economics and Statistics), Vol. 85(2), pp. 304-330.

    • Economic Theories and Macroeconomic Reality Loria F., Matthes C., Wang M.

      2022 | Journal of Monetary Economics (incl. Issues on the Carnegie-Rochester Conference Series on Public Policy), Vol. 126, pp. 105-117.

    • Choosing Prior Hyperparameters: With Applications to Time-Varying Parameter Models Amir-Ahmadi P., Matthes C., Wang M.-C.

      2020 | Journal of Business and Economic Statistics, Vol. 38(1), pp. 124-136.

    • Measurement Errors and Monetary Policy: Then and Now Amir-Ahmadi P., Matthes C., Wang M.-C.

      2017 | Journal of Economic Dynamics and Control, Vol. 79, pp. 66-78.

    • Drifts and Volatilities under Measurement Error: Assessing Monetary Policy Shocks over the Last Century Amir-Ahmadi P., Matthes C., Wang M.-C.

      2016 | Quantitative Economics, Vol. 7(2), pp. 591-611.

    • Incorporating Asymmetric Preferences into Fan Charts and Path Forecasts Demetrescu M., Wang M.-C.

      2014 | Oxford Bulletin of Economics and Statistics, Vol. 76(2), pp. 287-297.

    • What Drives Inflation in New Keynesian Models? Matthes C., Wang M.-C.

      2012 | Economics Letters, Vol. 114(3), pp. 338-342.

    • Comparing the DSGE Model with the Factor Model: An Out-of-Sample Forecasting Experiment Wang M.-C.

      2009 | Journal of Forecasting, Vol. 28(2), pp 167-182.

  • Refereed Publications

    • Are risky banks disciplined by large corporate depositors? Imbierowicz B., Saunders A., Steffen S.

      Journal of Money, Credit and Banking, forthcoming.

    • Bank Lending and Firms' Internal Capital Markets following a Deglobalization Shock Imbierowicz B., Nagengast A., Prieto E., Vogel U.

      2025 | Journal of International Economics, Vol. 174, 104119.

    • Financial Debt Contracting and Managerial Agency Imbierowicz B., Streitz D.

      2024 | Financial Management, Vol. 53(1), pp. 99-118.

    • What Drives Startup Valuations? Imbierowicz B., Rauch C.

      2024 | Journal of Banking and Finance, Vol. 168, 107251.

    • The transmission of bank capital requirements and monetary policy to bank lending in Germany Imbierowicz B., Löffler A., Vogel U.

      2021 | Review of International Economics, Vol. 29(1), pp. 144-164.

    • Does the Lack of Financial Stability Impair the Transmission of Monetary Policy? Acharya V. V., Imbierowicz B., Steffen S., Teichmann D.

      2020 | Journal of Financial Economics, Vol. 138(2), pp. 342-365.

    • Time-varying capital requirements and disclosure rules: Effects on capitalization and lending decisions Imbierowicz B., Kragh J., Rangvid J.

      2018 | Journal of Money, Credit and Banking, Vol. 50(4), pp. 573-602.

    • Covenant violations and dynamic loan contracting Freudenberg F., Imbierowicz B., Saunders A., Steffen S.

      2017 | Journal of Corporate Finance, Vol. 45, pp. 540-565.

    • The Roles of Corporate Governance in Bank Failures during the Recent Financial Crisis Berger A., Imbierowicz B., Rauch C.

      2016 | Journal of Money, Credit and Banking, Vol. 48(4), pp. 729-770.

    • The Relationship between Liquidity Risk and Credit Risk in Banks Imbierowicz B., Rauch C.

      2014 | Journal of Banking and Finance, Vol. 40, pp. 242-256.

    • Wealth Transfer Effects between Stockholders and Bondholders Imbierowicz B., Wahrenburg M.

      2013 | The Quarterly Review of Economics and Finance, Vol. 53, pp. 23-43.

  • Are risky banks disciplined by large corporate depositors? Imbierowicz B., Saunders A., Steffen S.

  • Dr. Björn Imbierowicz
    Dr. Björn Imbierowicz
  • The Impact of Covid-19 on Productivity Bloom N., Bunn P., Mizen P., Smietanka P., Thwaites G.

    doi.org doi.org
  • Hannah Paule-Paludkiewicz, Ph.D.
    Hannah Paule-Paludkiewicz, Ph.D.
  • Refereed Publications

    • Gender Norms and the Gender Gap in Higher Education Huber S.J., Paule-Paludkiewicz H.

      2024 | Labour Economics, Vol. 87, 102491.

    • Time Preferences over the Life Cycle and Household Saving Puzzles Kureishi W., Paule-Paludkiewicz H., Tsujiyama H., Wakabayashi M.

      2021 | Journal of Monetary Economics (incl. Issues on the Carnegie-Rochester Conference Series on Public Policy), Vol. 124, pp. 123-139.

    • Cultural Determinants of Household Saving Behavior Fuchs-Schündeln N., Masella P., Paule-Paludkiewicz H.

      2020 | Journal of Money, Credit and Banking, Vol. 52(5), pp. 1035-1070.

    • Long-term Changes in Married Couples’ Labor Supply and Taxes: Evidence from the US and Europe Since the 1980s Bick A., Brüggemann B., Fuchs-Schündeln N., Paule-Paludkiewicz H.

      2019 | Journal of International Economics, Vol. 118(May), pp. 44-62.

  • Refereed Publications

    • The Impact of Covid-19 on Productivity Bloom N., Bunn P., Mizen P., Smietanka P., Thwaites G.

      Review of Economics and Statistics, forthcoming.

    • The Impact of Covid-19 on Productivity Nicholas Bloom, Philip Bunn, Gregory Thwaites, Paul Mizen, Pawel Smietanka

      2025 | Review of Economics and Statistics, vol. 107, 28-41.

    • Economic uncertainty before and during the COVID-19 pandemic Altig D., Baker S., Barrero J. M., Bloom N., Bunn P., Chen S., Davis S. J., Leather J., Meyer B., Mihaylov E., Mizen P., Parker N., Renault T., Smietanka P., Thwaites G.

      2020 | Journal of Public Economics, Vol. 191, 104274.

    • Brexit and Uncertainty: Insights from the Decision Maker Panel Bloom N., Bunn P., Chen S., Mizen P., Smietanka P., Thwaites G., Young G.

      2018 | Fiscal Studies, Vol. 39(4), pp. 555-580.

  • Working Papers and Other Publications

    • The impact of Covid-19 on productivity Bloom N., Bunn P., Mizen P., Smietanka P., Thwaites G.

      2021 | VoxEU, 18 January 2021.

    • The Impact of Covid-19 on Productivity Bloom N., Bunn P., Mizen P., Smietanka P., Thwaites G.

      2020 | Bank of England, Staff Working Papers No. 900.

    • Campaign for Social Science Bloom N., Bunn P., Chen S., Mizen P., Smietanka P., Thwaites G.

      2020 | Social Science Provides an Essential Evidence Base for the Policy Response to COVID-19, 19 June 2020.

    • Brexit Uncertainty Has Fallen since the UK General Election Bloom N., Bunn P., Chen S., Mizen P., Smietanka P.

      2020 | VoxEU, 25 February 2020.

    • The Economic Impact of Coronavirus on UK Businesses: Early Evidence from the Decision Maker Panel Bloom N., Bunn P., Chen S., Mizen P., Smietanka P.

      2020 | VoxEU, 27 March 2020.

    • Coronavirus Expected to Reduce UK' Firms Sales by over 40% in Q2 Bloom N., Bunn P., Chen S., Mizen P., Smietanka P., Thwaites G.

      2020 | VoxEU, 20 May 2020.

    • Which Firms and Industries Have Been Most Affected by Covid-19? Bloom N., Bunn P., Chen S., Griffith R., Mizen P., Stroud R., Smietanka P., Thwaites G.

      2020 | Economics Observatory, 1 June 2020.

    • Economic uncertainty in the wake of the COVID-19 pandemic Altig D., Baker S., Barrero J. M., Bloom N., Bunn P., Chen S., Davis S. J., Meyer B., Mihaylov E., Mizen P., Parker N., Renault T., Smietanka P., Thwaites G.

      2020 | VoxEU, 24 July 2020.

    • Economic Uncertainty Before and During the COVID-19 Pandemic Altig D., Baker S., Barrero J. M., Bloom N., Bunn P., Chen S., Davis S. J., Meyer B., Mihaylov E., Mizen P., Parker N., Renault T., Smietanka P., Thwaites G.

      2020 | Bank Underground, 26 June 2020.

    • The Impact of Brexit on UK Firms Bloom N., Chen S., Mizen P., Smietanka P., Thwaites G.

      2019 | Working Paper Series. No. 26218 .

    • The Impact of Brexit on UK Firms Bloom N., Bunn P., Chen S., Mizen P., Smietanka P., Thwaites G.

      2019 | Bank of England, Staff Working Papers No. 818.

    • The Latest on Brexit from the Decision Maker Panel Bloom N., Bunn P., Chen S., Mizen P., Smietanka P.

      2019 | VoxEU, 25. September 2019.

    • Brexit is Already Affecting UK Businesses – Here's How Bloom N., Bunn P., Chen S., Mizen P., Smietanka P.

      2019 | Harvard Business Review, 13 March 2019.

    • The Impact of Brexit on UK Firms Bloom N., Bunn P., Chen S., Mizen P., Smietanka P.

      2019 | VoxEU, 4 September 2019.

    • Growing Pension Deficits and the expenditure decisions of UK companies Bunn P., Mizen P., Smietanka P.

      2018 | Bank of England, Staff Working Papers No. 714.

    • Business investment, cash holding and uncertainty since the Great Financial Crisis Bloom N., Mizen P., Smietanka P.

      2018 | Bank of England, Staff Working Papers No. 753.

    • Tracking the views of British businesses: evidence form the Decision Maker Panel Bloom N., Bunn P., Mizen P., Smietanka P., Thwaites G., Young G.

      2017 | Bank of England, Quarterly Bulletin, Vol. 57(2), pp. 110-120.

    • EU's Eastern Neighbours: Institutional Harmonisation and Potential Growth Bonus Radziwill A., Smietanka P.

      2009 | CASE Network Studies and Analyses No. 386/2009.

  • Dr. Esteban Prieto
    Dr. Esteban Prieto
  • Refereed Publications

    • Time-varying return correlation, news shocks, and business cycles Metiu N., Prieto Fernandes E.

      2025 | European Economic Review, Vol. 172, 104916.

    • Bank Lending and Firms' Internal Capital Markets following a Deglobalization Shock Imbierowicz B., Nagengast A., Prieto E., Vogel U.

      2025 | Journal of International Economics, Vol. 174, 104119.

    • The Global Financial Cycle and Macroeconomic Tail Risks Beutel J., Emter L., Metiu N., Prieto Fernandez E., Schüler Y.

      2025 | Journal of International Money and Finance, Vol. 156, 103342.

    • Financial shocks and inflation dynamics Abbate A., Eickmeier S., Prieto Fernandez E.

      2023 | Macroeconomic Dynamics, Vol. 27(2), pp. 350-378.

    • Banking deregulation, macroeconomic dynamics and monetary policy Buch C., Eickmeier S., Prieto Fernandez E.

      2022 | Journal of Financial Stability, Vol. 63, 101057.

    • Time variation in macro-financial linkages Eickmeier S., Marcellino M., Prieto Fernandez E.

      2016 | Journal of Applied Econometrics, Vol. 31(7), pp. 1215-1233.

    • Bank Risk and Competition: Evidence from Regional Banking Markets Kick T., Prieto E.

      2015 | Review of Finance, Vol. 19(3), pp. 1185-1222.

    • Do Better Capitalized Banks Lend Less? Long-Run Panel Evidence from Germany Buch C. M., Prieto E.

      2014 | International Finance, Vol. 17(1), pp. 1-23.

    • Macroeconomic factors and micro-level bank behavior Buch C. M., Eickmeier S., Prieto E.

      2014 | Journal of Money, Credit and Banking, Vol. 46(4), pp. 715-751.

    • In search for yield? Survey-based evidence on bank risk taking Buch C. M., Eickmeier S., Prieto E.

      2014 | Journal of Economic Dynamics and Control, Vol. 43, pp. 12-30.

  • Prof. Martin R. Götz, Ph.D.
    Prof. Martin R. Götz, Ph.D.
  • Refereed Publications

    • Do Bank Insiders Impede Equity Issuances Martin Götz, Luc Laeven, Ross Levine

      Journal of Financial Intermediation

    • Financial Integration and Business Cycle Synchronization: Evidence from U.S. States Goetz M., Gozzi J.C.

      2022 | Journal of International Economics, Vol. 135, 103561.

    • Competition and Bank Stability Goetz M.

      2018 | Journal of Financial Intermediation, Vol. 35A, pp. 57-69.

    • Does the Geographic Expansion of Banks Reduce Risk? Goetz M., Laeven L., Levine R.

      2016 | Journal of Financial Economics, Vol. 120(2), pp. 346-362.

    • Identifying the Valuation Effects and Agency Costs of Corporate Diversification: Evidence from the Geographic Diversification of U.S. Banks Goetz M., Laeven L., Levine R.

      2013 | Review of Financial Studies, Vol. 26(7), pp. 1787-1823.

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