Boris Hofmann

Research Adviser
Monetary and Economic Department

Boris Hofmann first joined the BIS in February 2011. Before taking up his current assignment in 2018, he was Senior/Principal Economist in the BIS's Monetary Policy Unit. 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

Mar 2019

Other authors: Ilhyock Shim and Hyun Song Shin

BIS Working Papers   | No 775
Mar 2019

Other authors: Hyun Song Shin and Mauricio Villamizar-Villegas

BIS Working Papers   | No 774
Sep 2018

Other authors: Ryan Niladri Banerjee

BIS Quarterly Review   | September 2018
Dec 2017

Other authors: Henning Hesse and James Weber

BIS Working Papers   | No 680
Dec 2017

Other authors: Gert Peersman

BIS Quarterly Review   | December 2017
Jun 2017

Other authors: Gert Peersman

BIS Working Papers   | No 649
Apr 2017

Other authors: Claudio Borio

BIS Working Papers   | No 628
Jun 2016

Other authors: Pavel Gertler

BIS Working Papers   | No 566
Jan 2016

Other authors: Ilhyock Shim and Hyun Song Shin

BIS Working Papers   | No 538
Oct 2015

Other authors: Claudio Borio and Leonardo Gambacorta

BIS Working Papers   | No 514
  • "Gauging the effectiveness of central bank forward guidance" (with M Andersson), in D Cobham, Ø Eitrheim, S Gerlach and JF Qvigstad (eds), Twenty years of inflation targeting: lessons learned and future prospects, Cambridge University Press, forthcoming.
  • "Post-crisis monetary policy balance of risks" (with J Caruana and A Filardo), in J Vallés (ed), Monetary policy after the Great Recession, FUNCAS Social and Economic Studies, June 2014, pp 217-44.
  • "Understanding global liquidity" (with S Eickmeier and L Gambacorta), European Economic Review, vol 68, May 2014, pp 1-18.
  • "The effectiveness of unconventional monetary policy at the zero lower bound: a cross-country analysis" (with L Gambacorta and G Peersman), Journal of Money, Credit and Banking, vol 46, issue 4, June 2014, pp 615-42.
  • "Flexible inflation targeting: performance and challenges" (with R Banerjee and S Cecchetti), in L Reichlin and R Baldwin (eds), Is inflation targeting dead? Central banking after the crisis, Vox eBooks, 2013.
  • "Monetary policy, housing booms and financial (im)balances" (with S Eickmeier), Macroeconomic Dynamics, vol 17, September 2013, pp 830-60.
  • "Time variation in U.S. wage dynamics" (with G Peersman and R Straub), Journal of Monetary Economics, vol 59, no 8, December 2012, pp 769-83.
  • "The role of money in the economy and in central banks" (with G Carboni and F Zampolli), in L Papademos and J Stark (eds), Enhancing monetary analysis, European Central Bank, 2010.
  • "Do monetary indicators lead euro area inflation?", Journal of International Money and Finance, vol 28, 2009, pp 1165-81.
  • "Macroeconomic fluctuations and bank lending: evidence for Germany and the euro area" (with S Eickmeier and A Worms), German Economic Review, vol 10, 2009, pp 193-223. Also published as Deutsche Bundesbank Discussion Paper 34/2006.
  • "Monetary policy orientation in times of low inflation" (with J von Hagen), in D Altig and E Nosal (eds), Monetary policy in low-inflation economies, Cambridge University Press, 2009.
  • "House prices, money, credit and the macroeconomy" (with C Goodhart), Oxford Review of Economic Policy, vol 24, 2008, pp 180-205.
  • "Financial structure and monetary transmission in the EMU" (with A Worms), in X Freixas, P Hartmann and C Mayer (eds), Financial markets and institutions: a European perspective, Oxford University Press, 2008.
  • House prices and the macroeconomy (with C Goodhart), Oxford University Press, 2007.
  • "EMU and the transmission of monetary policy: evidence from business lending rates", Empirica, vol 33, pp 209-29, 2006.
  • "Comparing monetary policy reaction functions: ECB vs. Bundesbank" (with B Hayo), Empirical Economics, vol 31, 2006, pp 645-62.
  • "The Phillips curve, the IS curve and monetary transmission: evidence for the US and the euro area" (with C Goodhart), CESifo Economic Studies, vol 51, 2005, pp 757-76.
  • "Inflation differentials among the euro area countries: potential causes and consequences" (with H Remsperger), Journal of Asian Economics, vol 16, 2005, pp 403-19.
  • "The IS curve and the transmission of monetary policy: is there a puzzle?" (with C Goodhart), Applied Economics, vol 37, 2005, pp 29-36.
  • "The determinants of bank credit in industrialized countries: do property prices matter?", International Finance, vol 7, 2004, pp 203-34. Also published as BIS Working Papers no 108.
  • "Interest rate pass-through and monetary transmission: evidence from individual financial institutions¿ retail rates" (with P Mizen), Economica, vol 71, 2004, pp 99-124. Earlier version published as Bank of England Working Papers no 170.
  • "Bank regulation and macroeconomic fluctuations" (with C Goodhart and M Segoviano), Oxford Review of Economic Policy, vol 20, 2004, pp 591-615.
  • "Macroeconomic implications of low inflation in the euro area" (with J von Hagen), North American Journal of Economics and Finance, vol 15, 2004, pp 5-23.
  • "A second central bank instrument?" (with C Goodhart), in PB Sørensen (ed), Monetary union in Europe. Historical perspectives and prospects for the future. Essays in honour of Niels Thygesen, DJØF Publishing, Copenhagen, 2004.
  • "Deflation, credit and asset prices" (with C Goodhart), in R Burdekin and P Siklos, Deflation. Current and historical perspectives, Cambridge University Press, 2004. Also published as HKIMR Working Paper no 18/2003.
  • "Do asset prices help to predict consumer price inflation?" (with C Goodhart), The Manchester School, vol 68, 2000, pp 122-40.