Lebenslauf:

Akademische Grade:

• Diploma in Economics (London School of Economics and Political Science, 1987)
• Master of Science in Economics (London School of Economics and Political Science, 1988) 
• Dr. sc. pol. (Universität Kiel, 1992)
• Dr. habil. sc. pol. (Universität Kiel, 1999)
   

Beruflicher Werdegang:

• 1.9.1988 - 31.3.1993: Universität Kiel, Wissenschaftlicher Mitarbeiter bei Prof. Dr. Manfred Willms
• 1.4.1993 - 31.3.1999: Universität Kiel, Wissenschaftlicher Assistent bei Prof. Dr. Manfred Willms
• 1.4.1999 - 31.3.2000: Universität Kiel, Akademischer Rat
• 1.4.2000 - 31.8.2000: Universität Bonn, Lehrstuhlvertretung am Institut für Internationale Wirtschaftspolitik
• 1.9.2000 - 31.5.2001: Indiana University, Kelley School of Business, Visiting Assistant Professor am Department of Business Economics and Public Policy
• seit 1.6.2001: Universität Essen, Professor für Volkswirtschaftslehre, insbes. Internationale Wirtschaftsbeziehungen
• seit 1.3.2003: Universität Duisburg-Essen, Campus Essen, Professor für Volkswirtschaftslehre, insbes. Internationale Wirtschaftsbeziehungen

Forschungsgebiete:

• Internationale Wirtschaftsbeziehungen, insbesondere monetäre Makroökonomik offener Volkswirtschaften
• Ökonometrische Modelle des monetären Sektors
• Internationale Finanzmärkte

Forschungsaufenthalte:

•  01/1990- 02/1990 Reserve Bank of New Zealand, Wellington
  Projekt: Vergleich der Geldpolitik in Neuseeland und in der Bundesrepublik Deutschland 
• 03/1991- 04/1991  Deutsche Bundesbank, Frankfurt a.M., Volkswirtschafliche Abteilung 
   Projekt zur geldpolitischen Koordination in der Übergangsphase zur Europäischen Währungsunion 
• 02/1997- 04/1997 Massachusetts Institute of Technology, Boston Visiting Scholar am Department of Economics 
   Projekt zur asymmetrischen geldpolitischen Transmission in Europa 
• 10/2002 Indiana University, Kelley School of Business, Department of Business Economics and Public Policy 
   Projekt: Foreign Price Shocks and Monetary Policy in an Asymmetric Monetary Union 
• 3-4/2005 Johns Hopkins University, Washington, DC, American Institute for Contemporary German Studies (AICGS), DAAD-AICGS Research fellow 
   Projekt: Ageing in Open Economies: Comparing the US and Germany

Projekte:

• Monetary Policy Dynamics in a Large Monetary Union with Asymmetric Interest Rate Transmission (mit Hans-Werner Wohltmann)
• General Equilibrium Modeling of Ageing Economies

Publikationen:

• Goemans, Pascal: The impact of public consumption and investment in the euro area during periods of high and normal uncertainty.. In: Economic Modelling (2023). doi:10.1016/j.econmod.2023.106370BIB DownloadDetails
• Clausen, V.: Memorial Event for Ansgar Belke - November 25 - 26th, 2021 in Essen. In: Credit and Capital Markets (2022) Nr. 3/2022, S. 413-417. doi:10.3790/ccm.55.3.413BIB DownloadDetails
• Clausen, V.; Schlösser, A.; Thiem, C.: Economic Policy Uncertainty in the Euro Area: Cross-Country Spillovers and Macroeconomic Impact. In: Journal of Economics and Statistics (2019) Nr. 239/5, S. 957-981. VolltextBIB DownloadDetails
• Clausen, V.: A plea for an exit from Brexit and a second referendum. In: International Economics and Economic Policy (2019) Nr. 16, S. 31-35. doi:https://doi.org/10.1007/s10368-018-00430-1VolltextBIB DownloadKurzfassungDetails

  This note argues that basically all strands of available empirical and quantitative evidence on the economic effects of Brexit arrive at the conclusion that the economic burden for Britain will be substantial. Furthermore, there are good reasons to expect that these costs are currently even underestimated as dynamic effects of Brexit are insufficiently captured by existing methods. Furthermore, all scenarios assume an orderly Brexit which looks increasingly unlikely. The best way forward is an exit from Brexit and to call for a second referendum on the concrete two policy alternatives which are now on the table.

  Brexit, the exit of Britain from the EU, is scheduled to happen on March 29, 2019. At present, the Brexit train seems almost unstoppable. While most earlier economic and political discussions centered around the concrete design of Brexit and the impact of different arrangements of economic integration in the post-Brexit period (“soft” versus “hard” Brexit), the most pressing question now is whether an orderly Brexit can still be accomplished.

• Clausen, V.; Wohltmann, H. W.: Oil Price Dynamics and Monetary Policy in a Heterogeneous Monetary Union. In: Journal of Economics and Statistics (2013) Nr. 233/2, S. 159-187. BIB DownloadDetails
• Clausen, V.; Schürenberg-Frosch, H.: Aid, Spending Strategies and Productivity Effects - A Multi-Sectoral CGE-Analysis for Zambia. In: Economic Modelling (2012) Nr. 29/6, S. 2254-2268. BIB DownloadKurzfassungDetails

  Numerous econometric studies fail to detect a significant and robust relationship between international aid and economic growth in the recipient countries. Dutch Disease effects might be responsible for this result. This paper examines the relation between aid and its effectiveness in a multi-sector multi-household Computable General Equilibrium (CGE)-framework. Given that international transfers to African countries increasingly take the form of general financial support to the government, different spending strategies and their macroeconomic, sectoral and distributional effects are evaluated in a two-stage simulation making a distinction between immediate direct effects and possible long-run effects from increased productivity. The presence of sector-specific factors weakens Dutch Disease effects and shifts the burden of adjustment primarily to other exporting sectors. While the model simulates the effects of additional aid in Zambia it can be used as a blueprint for other African countries.

• Clausen, V.; Schürenberg-Frosch, H.: Private Consumption and Cyclical Asymmetries in the Euro Area. In: Intereconomics (2012) Nr. 47/3, S. 190-196. VolltextBIB DownloadDetails
• Schröder, H.; Clausen, V.; Behr, A. (Hrsg.): Essener Beiträge zur empirischen Wirtschaftsforschung - Festschrift für Prof. Dr. Walter Assenmacher, Springer Gabler, Wiesbaden 2012 (ISBN: 978-3-8349-3095-8). BIB DownloadDetails
• Clausen, V.; Schürenberg-Frosch, H.: Unterschiedliche nationale Konsumfunktionen als Quelle konjunktureller Asymmetrien in Europa?. In: Schröder, Hendrik; Clausen, Volker; Behr, Andreas (Hrsg.): Essener Beiträge zur empirischen Wirtschaftsforschung. Springer Gabler, 2012, S. 53-74. BIB DownloadDetails
• Clausen, V.; Wohltmann, H. -W.: Oil price shocks and Cyclical Dynamics in an Asymmetric Monetary Union, 247. Ruhr Economic Papers, Essen 2011. (ISBN 978-3-86788-283-5) VolltextBIB DownloadKurzfassungDetails

  Dieser Beitrag untersucht die dynamischen Effekte antizipierter und nicht-antizipierter Ölpreiserhöhungen in einer kleinen Währungsunion mit zwei Mitgliedsländern, die gleichzeitig durch asymmetrische Lohnanpassungsgleichungen und asymmetrische Zinsreagibilitäten der Güternachfrage gekennzeichnet sind. In dieser strukturell asymmetrischen Währungsunion führen gemeinsame externe Ölpreisschocks zu vorübergehenden konjunkturellen Divergenzen innerhalb der Währungsunion. Im Fall antizipierter Ölpreiserhöhungen kommt es im Verlauf des Anpassungsprozesses zu einer Umkehrung des Konjunkturgefälles innerhalb der Währungsunion. Die Stabilisierung der Outputentwicklungen innerhalb der Währungsunion ist über den gesamten Zeitraum grundsätzlich möglich, erfordert jedoch eine Ausgestaltung der Geldpolitik, die in qualitativer Hinsicht zeitkonsistent, aber in quantitativer Sicht zeitinkonsistent ist. Sie erfordert nämlich, dass die Zentralbank für den Zeitpunkt der antizipierten Ölpreiserhöhung eine Verringerung der Wachstumsrate der Geldmenge glaubwürdig ankündigt, letztendlich zum späteren Zeitpunkt der Ölpreiserhöhung eine etwas schwächere geldpolitische Reaktion implementiert.

• Clausen, V.; Klose, J.: Optimale Geld- und Fiskalpolitik unter Unsicherheit. In: Wirtschaftswissenschaftliches Studium, Jg. 39 (2010) Nr. 5, S. 236-242. BIB DownloadDetails
• Clausen, V.; Schürenberg-Frosch, H.: Aid, Spending Strategies and Productivity Effects - A Multi-Sectoral CGE-Analysis for Zambia, 127. Ruhr Economic Papers, Essen 2009. (ISBN 978-3-86788-142-5) BIB DownloadKurzfassungDetails

  Numerous econometric studies fail to detect a signicant and robust relationship
  between international aid and economic growth in the recipient countries.
  Dutch Disease effects might be responsible for this result.This paper examines
  the relation between aid and its effectiveness in a multi-sector multihousehold
  Computable General Equilibrium (CGE)-framework. Given that
  international transfers to African countries increasingly take the form of general
  financial support to the government, different spending strategies and
  their macroeconomic, sectoral and distributional effects are evaluated in a
  two-stage simulation making a distinction between immediate direct effects
  and possible long-run effects from increased productivity. While the model
  simulates the effects of additional aid in Zambia it can be used as a blueprint
  for other African countries.

• Clausen, V.; Hayo, B.: Asymmetric Monetary Policy Effects in EMU. In: Applied Economics, Jg. 38 (2006), S. 1123-1134. BIB DownloadKurzfassungDetails

  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, Jg. 1 (2005) Nr. 4, S. 349-364. BIB DownloadKurzfassungDetails

  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.; Wohltmann, H. W.: Monetary and Fiscal Policy Dynamics in an Asymmetric Monetary Union. In: Journal of International Money and Finance, Jg. 24 (2005) Nr. 1, S. 137-367. BIB DownloadKurzfassungDetails

  This paper investigates the dynamic effects of monetary and fiscal policy in a monetary union, which is characterized by asymmetric interest rate transmission. This asymmetry gives rise to intertemporal reversals in the relative effectiveness of policy on member country outputs. The direction and the number of these reversals depend on whether policies are unanticipated or anticipated. We also study the coordination between monetary and fiscal policy in a monetary union. Monetary policy may completely stabilize European output after unanticipated fiscal policy shocks. With anticipated fiscal policy shocks, complete stabilization throughout the overall adjustment process requires monetary policy to be time-inconsistent.

• Clausen, V.: Comment on paper by A. Kuhn: The International Transmission of Monetary Policy Shocks: Evidence for Selected OECD Countries. In: Scheide, J.; Straubhaar, T.; Winkelmann, R. (Hrsg.): Applied Economics Quarterly Supplement 2003: Globalisation: the End of National Economic Policy? New Forms of International Business Cycle Linkages. 2003, S. 143-147. BIB DownloadDetails
• Clausen, V.; Wohltmann, H. -W.: Foreign Price Shocks and Monetary Policy in an Asymmetric Monetary Union, 124. Wirtschaftswissenschaften, Diskussionsbeiträge Aus Dem Fachbereich (Hrsg.), Essen 2002. PDFBIB DownloadDetails
• Clausen, V.; Hayo, B.: Makroökonomische Implikationen der Mitgliedschaft Deutschlands in der Europäischen Währungsunion. In: Vierteljahrshefte zur Wirtschaftsforschung, Jg. 71 (2002) Nr. 3, S. 339-353. BIB DownloadDetails
• Clausen, V.: Internationale Kapitalmobilität und nationale Wirtschaftspolitik. In: Wirtschaftswissenschaftliches Studium, Jg. 31 (2002) Nr. 11, S. 621-626. PDFBIB DownloadDetails
• Clausen, V.: Unterschiedliche makroökonomische Strukturen, wirtschaftliche Integration und einheitliche Geldpolitik in Europa. In: Jahrbücher für Nationalökonomie und Statistik, Bd. 222 (2002) Nr. 1, S. 1-21. BIB DownloadKurzfassungDetails

  This paper reviews the literature on asymmetric monetary transmission within the European Monetary Union (EMU). At first, a stylized model is presented in order to highlight the importance of asymmetric monetary transmission for the decision-making of the European Central Bank (ECB). The transmission mechanism is then decomposed into several subsequent stages. Various macroeconomic indicators for the EU countries related to financial, goods and labor markets are then used to assess the empirical relevance of asymmetries across the EU countries. Then, models of a monetary union are used to assess to which extent cross-country differences in individual channels of transmission translate into differences in the overall strength of monetary transmission in Europe. Finally, the paper assesses the extent to which the transmission patterns in Europe convergence as a result of the establishment of EMU. The paper finds the empirical evidence on cross-country differences in the policy impact to be inconclusive and provides suggestions for further theoretical and empirical research.

• Clausen, V.; Wohltmann, H. W.: Dynamische Effekte symmetrischer Nachfrage- und Angebotspolitiken in einer asymmetrischen Währungsunion. In: Jahrbücher für Nationalökonomie und Statistik, Bd. 222 (2002) Nr. 2, S. 230-257. BIB DownloadKurzfassungDetails

  The paper analyzes the dynamic effects of anticipated symmetric demand and supply side policies within the framework of a macroeconomic model of a small monetary union, which is characterized by asymmetric wage adjustment equations of Phillips‘ curve type. It is shown that an anticipated simultaneous increase in government expenditure in both member countries leads to a short-run fall in output and to temporary divergences in output developments. From the perspective of the country with the lower wage flexibility the output differential is positive in the short-run. In the course of the subsequent adjustment process the relative cyclical position is reversed. The difference between the two member country outputs changes its sign due to changes in the internal and external terms of trade. Similar results hold with a simultaneous reduction of labor extra-costs in both countries. Compared with a symmetric increase in government expenditure the development of the output differential is essentially opposite in sign.

• Clausen, V.: Asymmetric Monetary Transmission in Europe. Springer-Verlag, Berlin, Heidelberg, New York 2001. BIB DownloadDetails
• Clausen, V.; Wohltmann, H. W.: Geldpolitik, Fiskalpolitik und ausländische Zinsschocks in einer asymmetrischen Währungsunion. In: Kredit und Kapital, Jg. 34 (2001) Nr. 2, S. 149-177. BIB DownloadKurzfassungDetails

  This paper analyzes the dynamic effects of monetary policy, fiscal policy, and foreign interest rate shocks in a monetary union, which is small relative to the rest of the world and simultaneously characterized by supply-side and demand-side asymmetries. We investigate both, the implications at the aggregate European level as well as in the individual member countries. The analysis distinguishes between anticipated and unanticipated shocks. We find that monetary policy, which is expansionary at the aggregate European level, may have a contractionary impact in individual member countries. Whereas monetary and fiscal policy cause temporary cyclical divergences within the monetary union, shocks to the world interest rate lead to lasting cyclical divergences within the monetary union.

• Clausen, V.; Jeong-Ryeol, K.: The Long-Run Stability of European Money Demand. In: Journal of Economic Integration, Jg. 15 (2000) Nr. 3, S. 468-505. BIB DownloadKurzfassungDetails

  The European Central Bank uses a monetary strategy which represents a combination of monetary targeting and direct inflation targeting In this context, the stability of the long-run European money demand function is widely seen as a precondition for a strategy of monetary targeting. This paper investigates the aggregate demand for money in Europe including those countries representing the initial group in the European Monetary Union. First, we identify stable (in the sense of cointegrated) European money demand functions for M1 as well as for M3. Second, we investigate parameter constancy over time and do not find suggestive evidence of structural instability Overall, the results provide empirical support for the European Central Bank to target a European monetary aggregate.

• Clausen, V.: Feste versus flexible Wechselkurse - Anmerkungen zum Nobelpreis 1999 an Robert A. Mundell. In: Wirtschaftsdienst, Jg. 79 (1999) Nr. 12, S. 748-752. BIB DownloadDetails
• Clausen, V.: Geldnachfrage und Geldpolitik in Europa. In: Baltensperger, E. (Hrsg.): Transmissionsmechanismen der Geldpolitik, Schriften des Vereins für Socialpolitik, Bd. 264. Berlin 1999, S. 55-92. BIB DownloadDetails
• Clausen, V.: Money Demand and Monetary Policy in Europe. In: Weltwirtschaftliches Archiv, Bd. 134 (1998) Nr. 4, S. 712-740. BIB DownloadKurzfassungDetails

  The European Central Bank will soon have to decide on her monetary strategy. This paper discusses properties of money demand functions and implications for monetary policy in a monetary targeting regime. Special attention is paid to different concepts of stability of money demand, to the length and variability of adjustment lags, and to the controllability of the money stock. At the European level, stable money demand functions are identified for M1 and M3. However, M3 appears to be less controllable than M1. Long and variable adjustment lags in the demand for M3 weaken the case for broad money as a monetary target.

• Clausen, V.: Problems in the Transition to European Monetary Union. In: Kredit und Kapital, Jg. 31 (1998) Nr. 4, S. 471-493. BIB DownloadKurzfassungDetails

  Three potential problems in the transition to European Monetary Union are analyzed in a three country model of a currency union. The problems discussed are the choice of a misaligned conversion rate at the time of the move to the currency union, the uncertainty with respect to the future stance of monetary policy of the European Central Bank and the risk of an asymmetric real wage push within the monetary union. The macroeconomic implications of these disturbances are analyzed and alternative strategies for monetary and fiscal policy are evaluated.

• Clausen, V.; Willms, M.: Probleme des Übergangs zur Europäischen Währungsunion. In: Heinemann, F.; Schröder, M. (Hrsg.): Europäische Währungsunion und Kapitalmärkte, Schriftenreihe des Zentrums für Europäische Wirtschaftsforschung, Bd 17. Baden-Baden 1997, S. 11-31. BIB DownloadDetails
• Clausen, V.: Comment on paper by J. M. van Brabant: Banking, Foreign Investment, Endogenous Growth and Systemic Transformation. In: Welfens, P. J . J.; Wolf, H. C. (Hrsg.): Banking, International Capital Flows and Growth in Europe. Berlin, Heidelberg 1997, S. 259-262. BIB DownloadDetails
• Clausen, V.: China: Marktpotential und Strategien für den Markteintritt. In: Studie für die Unternehmensberatung Tillinghast. Frankfurt a. M. 1995. BIB DownloadDetails
• Clausen, V.; Willms, M.: Der Buffer-Stock-Ansatz der Geldnachfrage. In: Duwendag, D. (Hrsg.): Neuere Entwicklungen in der Geldtheorie und Währungspolitik, Schriften des Vereins für Socialpolitik, Bd. 235. Berlin 1995, S. 11-43. BIB DownloadDetails
• Clausen, V.: Konsequenzen einer Abweichung vom Geldmengenziel für die Geldpolitik. In: Schweizerische Zeitschrift für Volkswirtschaft und Statistik, Jg. 131 (1995) Nr. 4, S. 617-636. BIB DownloadKurzfassungDetails

  The Bundesbank failed to achieve her monetary targets in numerous years. Against this background the present paper discusses the implications of these deviations for the exchange rate and the price level. The model by Dornbusch (1976) is augmented by an equation which captures the correction of the deviations in subsequent periods. In the case of single period deviations with immediately beginning correction the volatility of the exchange rate and the price level will be the smaller, the more decisively the money stock is driven back to the equilibrium level. In contrast, in the case of the multi-period deviations the volatility of the exchange rate will be the higher the faster the correction of the money stock.

• Clausen, V.: Konsolidierung des Staatshaushalts und Wechselkurs. In: Konjunkturpolitik, Jg. 41 (1995) Nr. 2, S. 95-114. BIB DownloadKurzfassungDetails

  The paper analyzes the implications of fiscal consolidation efforts for the real external exchange rate. In the model following Dornbusch (1976) augmented by an equation reflecting the evolution of government spending, it is shown that the fluctuations of the real external exchange rate will be the smaller, the more decisively policy makers reduce public deficits. On the other hand, all other macroeconomic variables exhibit more short-term variability. In the decision about the speed of fiscal consolidation, policy makers face a short-term tradeoff between real exchange rate and other macroeconomic stability.

• Clausen, V.; Stahn, C.: Eingriffsmöglichkeiten in die Staatshaushalte der Empfängerländer bei der Kreditvergabe von IWF und Weltbank. In: Studie für die Unternehmensberatung Tillinghast. Frankfurt a. M. 1994. BIB DownloadDetails
• Clausen, V.: Zur Bedeutung der Geldnachfragefunktion für die Geldpolitik. In: Wirtschaftswissenschaftliches Studium, Jg. 23 (1994) Nr. 7, S. 330-335. BIB DownloadDetails
• Clausen, V.; Willms, M.: Lessons from German Monetary Union for European Monetary Union. In: Journal of International and Comparative Economics, Jg. 3 (1994) Nr. 3, S. 195-228. BIB DownloadKurzfassungDetails

  The paper analyses the macroeconomic effects of monetary union in Germany (GMU) and tries to draw conclusions for European Monetary Union (EMU). For Germany, currency conversion led to a substantial appreciation in East Germany and contributed there to a decline in production and to heavy unemployment, necessitating high fiscal transfers. Interest rates rose, the DM-exchange rate appreciated and the capital account turned into a deficit position. On the other hand, it seems that money supply, money demand, and inflation have only been influenced in the short run. It can be shown that many of the problems experienced in Germany result from the joint and rapid introduction of the monetary, economic and social unification with a former socialist country. Therefore, if EMU is introduced as a separate affair costs and benefits will be relatively small, especially once wages are allowed to be flexible. The basic lesson from GMU for EMU is not to overloook the problems associated with a social union in Europe and not to underestimate the pressure towards wage equalisation in a monetary union.

• Clausen, V.: Geldpolitik, Fiskalpolitik und Wechselkurs. Verlag Peter Lang, Frankfurt a. M. 1993. BIB DownloadKurzfassungDetails

  Gegenstand der Untersuchung ist die theoretische und empirische Analyse der Bedeutung der Geld- und Fiskalpolitik für die Wechselkursentwicklung. Als Referenzsystem wird dabei das Modell von Dornbusch (1976) zugrundegelegt. Mittels einer theoretischen Sensitivitätsanalyse wird zunächst für geldpolitische Impulse geprüft, inwieweit die Hypothese überschießender Wechselkursreaktionen (Overshooting) auch in verallgemeinerten Modellstrukturen Gültigkeit besitzt. Im nächsten Schritt wird die Frage gestellt, unter welchen Umständen auch durch fiskalpolitische Impulse überschießende Wechselkursreaktionen ausgelöst werden. In der empirischen Analyse wird sowohl der kurz- als auch der langfristige Einfluß der Geld- und Fiskalpolitik auf die Entwicklung des DM/Dollar-Wechselkurses geschätzt.

• Clausen, V.; Willms, M.: Unabhängigkeit der Zentralbank. In: Wirtschaftswissenschaftliches Studium, Jg. 22 (1993) Nr. 12, S. 605-610. BIB DownloadDetails
• Clausen, V.: Fiskalpolitik und Wechselkursovershooting. In: Kredit und Kapital, Jg. 26 (1993) Nr. 3, S. 347-361. BIB DownloadKurzfassungDetails

  This paper demonstrates on the basis of a modified (Dornbusch 1976) model with real income levels determined by short-term demand and with a nominal monetary demand level dependent upon the consumer price index that substantial exchange rate fluctuations may be caused by fiscal impulses in both the long and the short terms. Exchange-rate-overshooting in the short term occurs whenever the interest rate response is normal, i. e. when the level of domestic interest rises after a period of expansionary fiscal policy. It is shown that the longterm exchange rate effects of an expansionary fiscal policy course depend strongly on the respective combination of structural parameters. These effects have hitherto been neglected in the analyses made, which focused exclusively on the short-term fluctuations around an equilibrium value not yet examined in detail. It is also demonstrated that there may be a tradeoff between the short-term and the long-term exchange-rate varialility under certain circumstances.

• Clausen, V.; Haupt, T.: Zur Notwendigkeit einer Elbquerung westlich von Hamburg. In: Studie für den Unternehmensverband Südholstein. Kiel 1989. BIB DownloadDetails

Tagungen:

• Ausschuß für Geldtheorie und Geldpolitik des Vereins für Socialpolitik, Frankfurt a.M., Februar 1994. 
• Jahrestagung der European Economic Association, Maastricht, September 1994. 
• Universität Mainz, Seminar Lehrstuhl Prof. Sauernheimer, Mai 1995. 
• Ausschuß für Geldtheorie und Geldpolitik des Vereins für Socialpolitik, Frankfurt a.M., Februar 1997. 
• Jahrestagung der European Economic Association, Toulouse, September 1997. 
• Jahrestagung des Vereins für Socialpolitik, Kassel, September 1997. 
• Universität Passau, Workshop Internationale Wirtschaftsbeziehungen, April 1999 
• Workshop International Financial Integration, Kieler Institut für Weltwirtschaft, Kiel, Februar 2000.
• International Atlantic Economic Society, München, März 2000. 
• Universität Bonn, Forschungsseminar, Mai 2000. 
• Dealing with the Euro: Implications for Policy, Banking and Business, St. Louis, Oktober 2000. 
• University of Illinois, EU-US Seminar, Urbana-Champaign, IL April 2001 
• Universität Duisburg, Forschungsseminar, November 2001.
• Universität Witten-Herdecke, Forschungsseminar, Dezember 2001.
• Wissenschaftliche Hochschule für Unternehmensführung Koblenz, Forschungsseminar, April 2002.
• Ruhr-Universität Bochum, Forschungskolloquium, April 2002.
• Ausschuss für Außenwirtschaftstheorie und -politik des Vereins für Socialpolitik, Mainz, Mai 2002.
• Indiana University, Kelley School of Business, Department of Business Economics and Public Policy, Workshop, Bloomington, Indiana, Oktober 2002.
• ARGE Konferenz, Berlin, Mai 2003. 
• Universität Dresden, Workshop Sovereign Risk, Financial Crises and Stability, Juni 2003. 
• Universität Köln, Institut für Wirtschaftspolitik, Juli 2003. 
• Bergische Universität Wuppertal, Wuppertal, April 2004. 
• Ausschuss für Außenwirtschaftstheorie und -politik des Vereins für Socialpolitik, Paderborn, Mai 2004 . 
• Johns-Hopkins-University, American Institute for Contemporary German Studies, Washington, DC, April 2005.
• Georgetown University, BMW Center for German and European Studies, Washington, DC, April 2005. 
• Ausschuss für Außenwirtschaftstheorie und -politik des Vereins für Socialpolitik, München , Mai 2005. 
• Universität Göttingen, CEGE Symposium, Globalisierung in kritischer Diskussion, Juni 2005. 
• Bergische Universität Wuppertal, EU-US Conference, Wuppertal, Juli 2005. 
• Verein für Socialpolitik, Jahrestagung Bonn, September 2005. 
• Ausschuss für Außenwirtschaftstheorie und -politik des Vereins für Socialpolitik,  Frankfurt a. M. , Mai 2006. 
• EU Conference,  Frankfurt a. M.,  Juli 2006 . 

Lehrveranstaltungen:

• Makroökonomik geschlossener und offener Volkswirtschaften
• Europäische Währungsunion
• Theorie und Politik des internationalen Handels
• Multinationale Unternehmen

Mitgliedschaften:

• Verein für Socialpolitik
• Ausschuss für Außenwirtschaftstheorie und -politik des Vereins für Socialpolitik
• American Economic Association

Inneruniversitäre Funktionen:

• Mitglied und stellvertretender Vorsitzender des Senats der Universität Duisburg-Essen (2008-2010)
• Studiendekan der Fakultät für Wirtschaftswissenschaften (2002-2004)
• Dekan der Fakultät für Wirtschaftswissenschaften (2012-2016)
• Prodekan der Fakultät für Wirtschaftswissenschaften (2016-2021)
• Prodekan für Forschung der Fakultät für Wirtschaftswissenschaften (seit 2023)
• Mitglied der Universitätskommission für Entwicklungsplanung und Finanzen (seit März 2021)
• Mitglied und stellvertretender Direktor des Instituts für Betriebswirtschaft und Volkswirtschaft (seit 2020)
• Mitglied des Prüfungsausschusses WiWi der Fakultät für Wirtschaftswissenschaften (2006-2012)
• Vorsitzender der Auswahlkommission für den Master VWL der Fakultät für Wirtschaftswissenschaften (2006-2012)
• Bibliotheksbeauftragter der VWL in der Fakultät für Wirtschaftswissenschaften (2006-2012)