ehemalige Mitarbeiter

Ehemalige Mitarbeiter

Prof. Dr. Bernd Hayo

Senior Academic Staff

Prof. Dr. Bernd Hayo


Curriculum Vitae:

  • Erstanstellung nach Habilitation: Professor für Makroökonomik , Phillips-Universität Marburg

Fields of Research:

  • Habilitation (2003) zum Thema: Quantitative Analyses and Economic Policy: Contributions to Monetary Policy and Foto Financial Markets, Opinion Research and to Public Finance
  • Träger des Wissenschaftspreises der Sparkasse Essen 2003


  • Clausen, V.; Hayo, B.: Asymmetric Monetary Policy Effects in EMU. In: Applied Economics, Vol 38 (2006), p. 1123-1134. CitationDetails

    This paper uses a semi-structural dynamic modelling approach to investigate asymmetric monetary transmission in Europe. A system of equations containing reaction functions for monetary policy, output and inflation equations is simultaneously estimated for France, Germany, and Italy. Extensive cross equation tests show that relatively large differences in simulated impulse responses are still consistent with the notion that the transmission mechanism is homogeneous across the three major EMU countries. However, monetary policy impulses show a relatively stronger effect on the output gap in Italy and Germany. Out-of-sample tests do not find a structural break in the transmission mechanisms prior to EMU.

  • Clausen, V.; Hayo, B.: Monetary Policy in the Euro Area - Lessons from the First Years. In: International Economics and Economic Policy, Vol 1 (2005) No 4, p. 349-364. CitationDetails

    This paper investigates in a consistent semi-structural empirical framework three current issues of monetary policy in the euro area. First, regarding policy transmission we offer a three-stage procedure to combine the efficient estimation of economic structure prior to EMU with current ECB monetary policy. Second, we test whether the regime change leads – before or after – EMU to structural instability. Third, we investigate the stance of monetary policy in Europe. We compare a "counterfactual" ECB reaction function based on average interest rates prior to EMU with actual ECB policy. Furthermore, we compare actual ECB policy with interest rate projections using Bundesbank reaction functions and euroland data.

  • Clausen, V.; Hayo, B.: Makroökonomische Implikationen der Mitgliedschaft Deutschlands in der Europäischen Währungsunion. In: Vierteljahrshefte zur Wirtschaftsforschung, Vol 71 (2002) No 3, p. 339-353. CitationDetails