Seminar für Makroökonomie



Stephan Sauer

Dr.oec.publ. Stephan Sauer


Website: Stephan Sauer

Weitere Informationen

Seit 2007 bei der EZB; ausgezeichnet mit dem Dissertationspreis des Münchener Volkswirte Alumni Clubs und dem Wissenschaftspreis der Bayerischen Landesbank.

Curriculum Vitae


2003-2007: PhD Student in Economics, University of Munich. Thesis:   Frameworks for the Theoretical and Empirical Analysis of Monetary Policy.

1998-2003: Studies in Economics and Politics, University of Munich, received degree "Diplom-Volkswirt" in 07/2003. Thesis:   Arbitrage, Liquidity, and Systemic Risk - Theoretical Considerations about the Crisis of LTCM.

2000-2001: University of Warwick, UK.

1997: Abitur, Max-Planck-Gymnasium, Munich.

Grants and Prizes

Alumni-Prize for Young Economists



2006: European Central Bank, Monetary Policy Strategy Division, Frankfurt.

2003: Ifo Institute, Financial Markets Division, Munich.

2001: Allianz PIMCO Asset Management, Economics & Strategy Research, Munich.

2001: Goldman Sachs, Fixed Income, Currencies & Commodities, London.

Further Work Experience

2001-2003: Student Assistant, Seminar for Macroeconomics, University of Munich.

1999-2000: Student Assistant, CES, University of Munich.

1998-99: Working Student, HVB-Info GmbH, Munich.

1997-98: Social Service, St. Hildegard, Munich.


Summer Term 2007: Theory of Monetary Policy

Winter Term 2006/2007: Macroeconomics

Winter Term 2005/2006: Theory of Monetary Policy; New Keynesian Macroeconomics

Summer Term 2005: Macroeconomics

Winter Term 2004/2005: Theory of Monetary Policy; Banking Regulation

Summer Term 2004: Macroeconomics; Current Approaches to Monetary Policy

Winter Term 2003/2004: Theory of Monetary Policy; Monetary Policy and Asset Prices

Advised theses

  • New Open Economy Macroeconomics: A Step Beyond Mundell-Fleming?
  • Macroeconomic Volatility: Empirics, Explanations, and Implications
  • Should Monetary Policy Respond to Asset Prices: A Literature Survey
  • Regulation of Hedge Funds with a Focus on Risk-Management-Models
  • The Bundesbank's Monetary Policy in the View of the Taylor-Rule: Ex-post vs. Real-time Data
  • Central Banking during Crises: The Monetary Policy Reaction to September 11
  • Inflation Targeting in Developing and Transition Countries - Characteristics, Experiences and Possible Implementation in the Ukraine
  • The Role of Financial Intermediation in Macroeconomic Models
  • Theory and Empirics of the Natural Real Interest Rate
  • The Influence of ECB Communication on Interest Rate Expectations in the Euro Area

Research Interests

(International) Monetary Economics, Financial Market Regulation.

Working Papers

Liquidity Risk and Monetary Policy, University of Munich, Discussion Papers in Economics 2007-27, August 2007.

Three Liquidity Crises in Retrospective: Implications for Central Banking Today, University of Munich, Discussion Papers in Economics 2007-26, August 2007.

Discretion Rather than Rules? When is discretionary policy-making better than the timeless perspective?, ECB Working Paper No. 717, January 2007.

When Discretion is Better: Initial Conditions and the Timeless Perspective, June 2005, available upon request.


Discretion Rather than Rules? When is Discretionary Policy-Making Better than the Timeless Perspective? International Journal of Central Banking 6 (2) (2010) 1-30

When Discretion is Better: Initial Conditions and the Timeless Perspective, Economics Letters 107 (2), (2010) 128-130;

Using Taylor Rules to Understand European Central Bank Monetary Policy (with Jan-Egbert Sturm), German Economic Review, 2007, Vol. 8, No. 3, pp. 375-398. (Published Version,  CESifo Working Paper No. 1110, December 2003)

Frameworks for the Theoretical and Empirical Analysis of Monetary Policy, PhD-Thesis, University of Munich, July 2007.

Consequences of Inflation Differentials in the Euro Area (with Steffen Henzel, in German), ifo Schnelldienst 59 (11), 2006, pp. 12-27. Reprinted in: Abberger, Flaig, Nierhaus (eds.), ifo Forschungsberichte Nr. 33, ifo Konjunkturumfragen und Konjunkturanalyse, 2007.

Interest Rate Reaction Functions: The Influence of Growth Rates vs. Deviations from Trend as Output Gap Measures (with Jan-Egbert Sturm), in: Advances in Macroeconometric Modeling. Papers and Proceedings of the 4th IWH Workshop in Macroeconometrics; Dreger, Galler (eds), Nomos Verlag, Baden Baden, 2005, pp. 275-294.

Übungen zur Makroökonomie, Pearson Studium, 2004, 2nd ed. 2006. (with J. Forster and U. Klüh) 

Selected Presentations

  • European Economic Association in Budapest (2007)
  • European Meeting of the Econometric Society in Vienna (2006)
  • ECB Frankfurt: Monetary Policy Strategy Division (2006)
  • Xth Spring Meeting of Young Economists (2005)
  • IWH Halle: Workshop in Monetary and Financial Economics (2005)
  • Austrian Economic Association: Annual Meeting (2004)
  • IWH Halle: Workshop in Macroeconometrics (2003)
  • CFS Frankfurt: Empirical Methods for Building Macroeconomic Models (2003)

Selected Discussions

  • EDGE Jamboree Dublin (2004)
  • CESifo Venice Summer Institute (2004)


  • Applied Economics Quarterly,
  • CESifo Economic Studies