ehemalige Mitarbeiter

Ehemalige Mitarbeiter

Dr.  Jens Klose

Wissenschaftlicher Mitarbeiter

Dr. Jens Klose

Homepage:
http://www.sachverstaendigenrat-wirtschaft.de/klose.html

Lebenslauf:

Erstanstellung nach Promotion: Referent im Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung

Träger des Wissenschaftspreises der Sparkasse Essen 2014

Akademische Ausbildung:

  • Januar 2009:
    Master of Arts in Volkswirtschaftslehre, Masterarbeit: Does the ECB rely on a Taylor-rule?  A comparison between real-time and ex-post revised data
  • August 2007 - Dezember 2007:
    Auslandstudium an der Norwegian School of Economics and Business Adminstration (NHH) in Bergen (Norwegen)
  • April 2007 - Januar 2009:
    Universität Duisburg-Essen: Masterstudium der Volkswirtschaftslehre
  • März 2007:
    Bachelor of Arts in Volkswirtschaftslehre, Bachelorarbeit: Die geldpolitischen Instrumente der EZB und des Federal Reserve Systems der USA - Ein Vergleich
  • April 2004 - März 2007:
    Universität Duisburg-Essen: Bachelorstudium der Volkswirtschaftslehre

Berufserfahrung:

  • April 2009 - September 2012
    wissenschaftlicher Mitarbeiter am Lehrstuhl für Internationale Wirtschaftsbeziehungen von Prof. Dr. Clausen, Universität Duisburg-Essen, Campus Essen
  • April 2008 - Februar 2009:
    wissenschaftliche Hilfskraft am Lehrstuhl für Internationale Wirtschaftsbeziehungen von Prof. Dr. Clausen, Universität Duisburg-Essen, Campus Essen
  • Mai 2007 - Juli 2007:
    studentische Hilfskraft am Lehrstuhl für Makroökonomik von Prof. Dr. Belke, Universität Duisburg-Essen, Campus Essen
  • November 2006 - Januar 2007:
    studentische Hilfskraft am Lehrstuhl für Quantitative Wirtschaftspolitik von PD. Dr. Budzinski, Universität Duisburg-Essen, Campus Essen

Forschungsgebiete:

  • Geldtheorie und -politik
  • Geldpolitische Regeln
  • Taylor Regeln
  • Finanzkrisen

Thema der Dissertation: The Taylor Rule in Times of Crisis – Empirical Evidence of the Financial Turmoil 2007-08

Projekte:

  • Taylor Regeln und Real Time Daten
  • Taylor Regeln in der Finanzkrise
  • Schätzungen des gleichgewichtigen Realzinses
  • Asymmetrische Taylor Regeln
  • Nullzinspolitik


Publikationen:

Filter:
  • Klose, J.: Implicit Taylor Reaction Functions for Euro Area Countries. In: International Journal of Monetary Economics and Finance, Jg. 2 (2012) Nr. 5.2012, S. 153-168. RIS Download Details
  • Klose, J.: The Taylor Rule in Times of Crisis - Empirical Evidence of the Financial Turmoil 2007-08 (1). 2012. RIS Download Details
  • Klose, J.: Political Business Cycles and Monetary Policy Revisited - An Application of a Two-Dimensional Asymmetric Taylor reaction Function. In: International Economics and Economics Policy, Jg. 9 (2012) Nr. 3/4, S. 265-295. RIS Download Details
  • Weigert, B.; Klose, J.: Das Verrechnungssystem der Federal Reserve und seine Übertragbarkeit auf den Euroraum, Wirtschaftsdienst (Hrsg.), 2012. RIS Download Details
  • Klose, J.: Political Business Cycles and Monetary Policy Revisited - An Application of a Two-Dimensional Asymmetric Taylor Reaction Function, Ruhr Economic Paper (Hrsg.), 2011. RIS Download Details
  • Belke, A.; Klose, J.: Does the ECB Rely on a Taylor Rule During the Financial Crisis? Comparing Ex-post and Real Time Data with Real Time Forecasts. In: Economic Analysis and Policy (2011) Nr. 41, S. 147-171. RIS Download Details
  • Belke, A.; Klose, J.: Does the ECB Rely on a Taylor Rule? Comparing Ex-post with Real Time Data. In: Banks and Bank Systems, Jg. 6 (2011) Nr. 2, S. 46-61. RIS Download Details
  • Klose, J.: A Simple Way to Overcome the Zero Lower Bound of Interest Rates for Central Banks: Evidence from the Fed and the ECB within the Financial Crisis. In: International Journal of Monetary Economics and Finance, Jg. 4 (2011) Nr. 3, S. 279-296. doi:10.1504/IJMEF.2011.040923 RIS Download Details

    In this paper we investigate how Fed and ECB monetary policy changed within the financial crisis of 2007-2010. We argue that due to the very low interest rates classical monetary policy rules like e.g. the Taylor rule could lead to false conclusions. We propose a new way of conducting monetary policy when the zero lower bound becomes binding via shaping the inflation expectations. Our results indicate that using this modified Taylor rule shows similar tendencies in the reaction coefficients as the standard Taylor rule at least if no interest smoothing term is included.

  • Klose, J.: Asymmetric Taylor Reaction Functions of the ECB: An Approach Depending on the State of the Economy. In: North American Journal of Economics and Finance, Jg. 22 (2011) Nr. 2, S. 149-163. doi:10.1016/j.najef.2011.01.002 RIS Download Details

    We introduce a new approach to estimate asymmetric Taylor reaction functions where asymmetries depend crucially on the state of the economy which is in the Taylor rule framework the combination of inflation and output deviations. Thus we categorize the sample into four subsamples which correspond to all possible combinations concerning inflation and output deviations. Moreover we introduce a quadratic  term of inflation and the output gap in the estimation equation for each state in order to capture possible nonlinearities within each state. The approach is tested using data for the ECB because the ECB has communicated an explicit inflation target.

  • Clausen, V.; Klose, J.: Optimale Geld- und Fiskalpolitik unter Unsicherheit. In: Wirtschaftswissenschaftliches Studium, Jg. 39 (2010) Nr. 5, S. 236-242. RIS Download Details
  • Belke, A.; Klose, J.: (How) Do the ECB and the Fed React to Financial Market Uncertainty? - The Taylor Rule in Times of Crisis, DIW Discussion Paper 972, Ruhr Economic Paper 166, ROME Discussion Paper Series 10-01, Berlin, Essen 2010. RIS Download Details

    We assess differences that emerge in Taylor rule estimations for the Fed and the ECB before
    and after the start of the subprime crisis. For this purpose, we apply an explicit estimate of the
    equilibrium real interest rate and of potential output in order to account for variations within
    these variables over time. We argue that measures of money and credit growth, interest rate
    spreads and asset price inflation should be added to the classical Taylor rule because
    these variables are proxies of a change in the equilibrium interest rate and are, thus, also
    likely to have played a major role in setting policy rates during the crisis.
    Our empirical results gained from a state-space model and GMM estimations reveal that, as
    far as the Fed is concerned, the impact of consumer price inflation, and money and credit
    growth turns negative during the crisis while the sign of the asset price inflation coefficient
    turns positive. Thus we are able to establish significant differences in the parameters of the
    reaction functions of the Fed before and after the start of the subprime crisis. In case of the
    ECB, there is no evidence of a change in signs. Instead, the positive reaction to credit growth,
    consumer and house price inflation becomes even stronger than before. Moreover we find
    evidence of a less inertial policy of both the Fed and the ECB during the crisis.


    JEL code: E43, E52, E58

  • Belke, A.; Klose, J.: Does the ECB Rely on a Taylor Rule? - Comparing Ex-post with Real Time Data, DIW Discussion Paper 917, Ruhr Economic Paper 133, ROME Discussion Paper Series 09-05, Berlin, Essen 2009. RIS Download Details

    We assess the differences that emerge in Taylor rule estimations for the ECB when using ex-post data instead of real time forecasts and vice versa. We argue that previous comparative studies in this field mixed up two separate effects. First, the differences resulting from the use of ex-post and real time data per se and, second, the differences emerging from the use of non-modified real time data instead of real-time data based forecasted values and vice versa. Since both effects can influence the reaction to inflation and the output gap either way, we use a more clear-cut approach to disentangle the partial effects. Our estimation results indicate that using real time instead of ex post data leads to higher estimated inflation coefficients while the opposite is true for the output gap coefficients. If real time data forecasts for the current period are used (since actual data become available with a lag), this empirical pattern is even strengthened in the sense of even increasing the inflation response but lowering the reaction to the output gap while the reverse is true if "true" forecasts of real time data for several periods are employed.

    JEL Classification:
    E43, E58

Tagungen:

  • 9th European Economic and Finance Society Conference, Athen (Griechenland): (How) Do the ECB and the Fed React to Financial Market Uncertainty? - The Taylor Rule in Times of Crisis, 03.06.2010 - 06.06.2010.
  • 17th Global Finance Conference, Posen (Polen): (How) Do the ECB and the Fed React to Financial Market Uncertainty? - The Taylor Rule in Times of Crisis, 27.06.2010 - 30.06.2010.
  • 12th INFER Annual Conference, Münster: Asymmetric Taylor Reaction Functions of the ECB – An Approach Depending on the State of the Economy, 03.09.2010 - 05.09.2010.
  • 5. ifo Workshop Makroökonomik und Konjunktur, Dresden: A Simple Way to Overcome the Zero-Lower-Bound of Interest Rates for Central Banks - Evidence from the Fed and the ECB within the Financial Crisis, 18.11.2010-19.11.2010.

Lehrveranstaltungen:

  • Makroökonomik I
  • Makroökonomik II
  • Monetäre Außenwirtschaft (Makroökonomik III)
  • Reale Außenwirtschaft
  • Seminar: Globalisierung - Die Bedeutung Chinas in der Weltwirtschaft

Mitgliedschaften:

  • Euro Area Business Cycle Network (EABCN)
  • International Network for Economic Research (INFER)
  • Verein für Socialpolitik (VfS)

Weitere Funktionen:

Gutachtertätigkeit für wissenschaftliche Zeitschriften:

  • Economic Modelling
  • Public Choice

Links: