Boris Hofmann

Boris Hofmann

Head of Monetary Policy
Monetary and Economic Department
boris.hofmann@bis.org

Boris Hofmann is the Head of Monetary Policy in the Monetary and Economic Department. Before taking up his current position, he was the Research Adviser (2018-23) and Senior/Principal Economist (2011-18) in the same department. Prior to joining the BIS, he was Senior/Principal Economist in the ECB's Monetary Policy Strategy Division (2006-11), Economist in the Economics Department of the Deutsche Bundesbank (2003-06) and Research Officer at the Centre for European Integration Studies of the University of Bonn (1999-2003). He holds a PhD from the University of Bonn.

Fields of interest
  • Monetary policy
  • Macroeconomics
  • International economics

All BIS publications (53)

BIS Bulletin No 97
BIS Bulletin No 97 16 Jan 2025
Completing the post-pandemic landing
The global economy is on track for a soft landing, but the outlook has become more uncertain as new challenges loom. The…
By
Boris Hofmann
,
Ko Munakata
,
Tom Rosewall
and
Damiano Sandri
BIS Bulletin No 96
BIS Bulletin No 96 8 Jan 2025
Commodity prices and monetary policy: old and new challenges
Major price increases in energy and food were key drivers of the 2021–22 inflation surge. These large supply-driven…
By
Fernando Avalos
,
Ryan Niladri Banerjee
,
Matthias Burgert
,
Boris Hofmann
,
Cristina Manea
and
Matthias Rottner
BIS Working Paper No 1234 10 Dec 2024
Targeted Taylor rules: some evidence and theory
Monetary theory and central bank doctrine generally prescribe a forceful reaction to demand-driven inflation and an attenuated…
By
Boris Hofmann
,
Cristina Manea
and
Benoit Mojon
BIS Working Paper No 1234 10 Dec 2024
Targeted Taylor rules: some evidence and theory
Monetary theory and central bank doctrine generally prescribe a forceful reaction to demand-driven inflation and an attenuated…
By
Boris Hofmann
,
Cristina Manea
and
Benoit Mojon
Targeted Taylor rules: monetary policy responses to demand- and supply-driven inflation
Publication 10 Dec 2024
Targeted Taylor rules: monetary policy responses to demand- and supply-driven inflation
Central banks in advanced economies responded more strongly to demand-than supply-driven inflation in recent decades.
By
Boris Hofmann
,
Cristina Manea
and
Benoit Mojon
BIS Paper No 146 11 Jun 2024
Central bank capital and trust in money: lessons from history for the digital age
Historically, central banks have at times operated successfully with negative equity. This indicates that a negative equity…
By
Sarah Bell
,
Jon Frost
,
Boris Hofmann
,
Damiano Sandri
and
Hyun Song Shin
Quo vadis, r*? The natural rate of interest after the pandemic
Publication 4 Mar 2024
Quo vadis, r*? The natural rate of interest after the pandemic
The natural rate, or r*, may have increased but much uncertainty remains, making it a blurry guidepost for monetary policy.
By
Gianluca Benigno
,
Boris Hofmann
,
Galo Nuño Barrau
and
Damiano Sandri
BIS Working Paper No 1153 11 Dec 2023
Foreign institutional investors, monetary policy, and reaching for yield
This paper uses security-level data of euro area investment funds' bond holdings to analyze their reaching for yield in the US…
By
Ahmed Ahmed
,
Boris Hofmann
and
Martin Schmitz
BIS Bulletin No 74
BIS Bulletin No 74 13 Apr 2023
The changing nexus between commodity prices and the dollar: causes and implications
Commodity prices and the US dollar have moved in tandem recently, in contrast to their usual statistical pattern of moving in…
By
Boris Hofmann
,
Deniz Igan
and
Daniel Rees

All external publications (50)

External publication 1 Dec 2025
The impact of unconventional monetary policies on retail lending and deposit rates in the euro area
By
Boris Hofmann
,
Marco Jacopo Lombardi
and
Paul Mizen
External publication 1 Jul 2025
Fiscal and monetary interactions in a low interest rate world
By
Boris Hofmann
,
Athanasios Orphanides
,
Marco Jacopo Lombardi
and
Benoit Mojon
External publication 1 Jul 2025
What drives inflation? Disentangling demand and supply factors
By
Boris Hofmann
and
Sandra Eickmeier
External publication 10 Oct 2024
Whither the walking dead? The consequences of artificial intelligence for zombie firms
By
Boris Hofmann
,
Ryan Niladri Banerjee
and
Sebastian Doerr
External publication 25 Jul 2024
Central bank capital and trust in money: lessons from history for the digital age
By
Boris Hofmann
,
Hyun Song Shin
,
Jon Frost
,
Sarah Bell
and
Damiano Sandri
External publication 1 May 2024
Money growth and the post-pandemic surge in inflation
By
Boris Hofmann
,
Claudio Borio
and
Egon Zakrajsek
External publication 22 Apr 2024
The natural rate of interest after the pandemic
By
Boris Hofmann
,
Gianluca Benigno
,
Damiano Sandri
and
Galo Nuño Barrau
External publication 1 Mar 2024
Losing traction? The real effects of monetary policy when interest rates are low
By
Piti Disyatat
,
Boris Hofmann
,
Claudio Borio
and
Rashad Ahmed
External publication 24 Jan 2024
Money growth and the post-pandemic inflation surge: updating the evidence
By
Boris Hofmann
,
Claudio Borio
and
Egon Zakrajsek

All speeches (1)

Speech 24 Jan 2024
Money growth and the post-pandemic inflation surge: updating the evidence
Article by Mr Claudio Borio, Head of the Monetary and Economic Department of the BIS, Mr Boris Hofmann, Head of Monetary Policy…
By
Claudio Borio
,
Boris Hofmann
and
Egon Zakrajsek

All videos (1)

00:04:46
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Money through cooperation
Video 5 Jan 2022
Money through cooperation
In today's global economy, no country is isolated. All trade with one another. To enable this, money flows across national…
By
Boris Hofmann
and
Richard Jones

All podcasts (1)

00:20:00
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Podcast 13 Apr 2021
Zombie firms: the plight of the corporate undead
Ryan Banerjee and Boris Hofmann discuss how zombie firms have fared in the Covid-19 crisis and what lies ahead. Read more
By
Boris Hofmann
and
Ryan Niladri Banerjee
0:00 0:00

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