Boris Hofmann

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

  • " Bond risk premia and the exchange rate" (with I Shim and H S Shin), Journal of Money, Credit and Banking, December 2020.
  • " Monetary facts revisited" (with P Gertler), Journal of International Money and Finance, 2018.
  • "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, 2014.
  • "Understanding global liquidity" (with S Eickmeier and L Gambacorta), European Economic Review, 2014.
  • "Time variation in U.S. wage dynamics" (with G Peersman and R Straub), Journal of Monetary Economics, 2012.
  • The macroeconomic effects of asset purchases revisited" (with H Hesse and J Weber), Journal of Macroeconomics, 2018.
  • The influence of monetary policy on bank profitability" (with C Borio and L Gambacorta), International Finance, 2017.
  • Monetary analysis and the global financial cycle: An Asian central bank perspective" (with A Filardo and H Genberg), Journal of Asian Economics, 2016.
  • "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, 2014.
  • "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, 2013.
  • "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, 2010.
  • "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, 2009.
  • "Macroeconomic fluctuations and bank lending: evidence for Germany and the euro area" (with S Eickmeier and A Worms), German Economic Review, 2009.
  • "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, 2008.
  • "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, 2006.
  • "Comparing monetary policy reaction functions: ECB vs. Bundesbank" (with B Hayo), Empirical Economics, 2006.
  • "The Phillips curve, the IS curve and monetary transmission: evidence for the US and the euro area" (with C Goodhart), CESifo Economic Studies, 2005.
  • "Inflation differentials among the euro area countries: potential causes and consequences" (with H Remsperger), Journal of Asian Economics, 2005.
  • "The IS curve and the transmission of monetary policy: is there a puzzle?" (with C Goodhart), Applied Economics, 2005.
  • "The determinants of bank credit in industrialized countries: do property prices matter?", International Finance, 2004.
  • "Interest rate pass-through and monetary transmission: evidence from individual financial institutions¿ retail rates" (with P Mizen), Economica, 2004. 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, 2004.
  • "Macroeconomic implications of low inflation in the euro area" (with J von Hagen), North American Journal of Economics and Finance, 2004.
  • "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.
  • "Do asset prices help to predict consumer price inflation?" (with C Goodhart), The Manchester School, 2000.