Boris Hofmann

Principal Economist
Monetary and Economic Department, Monetary Policy

Boris Hofmann joined the BIS in February 2011. Previously he worked at the Centre for European Integration Studies of the University of Bonn (1999-2003), the Economics Department of the Deutsche Bundesbank (2003-06) and the Economics Department of the European Central Bank (2006-11). He holds a PhD from the University of Bonn.

Fields of interest

  • Monetary policy
  • Financial stability and macroprudential issues
  • Financial markets

Date BIS research papers
Dec 2017

The macroeconomic effects of asset purchases revisited

BIS Working Papers No 680

Other authors: Henning Hesse and James Weber

Dec 2017

Is there a debt service channel of monetary transmission?

BIS Quarterly Review December 2017

Other authors: Gert Peersman

Jun 2017

Monetary policy transmission and trade-offs in the United States: Old and new

BIS Working Papers No 649

Other authors: Gert Peersman

Apr 2017

Is monetary policy less effective when interest rates are persistently low?

BIS Working Papers No 628

Other authors: Claudio Borio

Jun 2016

Monetary facts revisited

BIS Working Papers No 566

Other authors: Pavel Gertler

Jan 2016

Sovereign yields and the risk-taking channel of currency appreciation

BIS Working Papers No 538

Other authors: Ilhyock Shim and Hyun Song Shin

Oct 2015

The influence of monetary policy on bank profitability

BIS Working Papers No 514

Other authors: Claudio Borio and Leonardo Gambacorta

Sep 2015

International monetary spillovers

BIS Quarterly Review September 2015

Other authors: Előd Takáts

Mar 2015

The costs of deflations: a historical perspective

BIS Quarterly Review March 2015

Other authors: Claudio Borio, Magdalena Erdem and Andrew Filardo

Sep 2014

Monetary analysis and the global financial cycle: an Asian central bank perspective

BIS Working Papers No 463

Other authors: Andrew Filardo and Hans Genberg

  • "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.