Springe direkt zu Inhalt

Dr. Philipp Engler

Published Papers

Fiscal Devaluation in a Monetary Union, with Giovanni Ganelli, Juha Tervala and Simon Voigts, IMF Economic Review, 2017p. 1–32,  Download IMF Working Paper

Sovereign Risk, Interbank Freezes, and Aggregate Fluctuations, with Christoph Große Steffen, forthcoming in the  European Economic ReviewDownload ECB Working Paper


Fiscal Risk Sharing and Stabilization in the EMU, with Kerstin Bernoth, in: G. Christodoulakis (Ed.): Managing Risks in the European Periphery Debt Crisis, Palgrave Macmillan, December 2014, pp.148-162


Opposition to capital market opening with Alexander Wulff, Applied Economics Letters, 21(6), 2014 pp.425-428


Beggar-Thyself or Beggar-Thy-Neighbour? The Welfare Effects of Monetary Policy with Juha Tervala, Economic Modelling, 2011,  28, pp.2034-2040


External Imbalances and the US Current Account: How Supply-Side Changes affect an Exchange Rate Adjustment, with Michael Fidora and Christian Thimann, Review of International Economics, 17(5), 2009, pp.927-941


The Effect of Capital Requirement Regulation on the Transmission of Monetary Policy: Evidence from Austria, with Jokipii, T. , Merkl, C., Rovira Kaltwasser, P., Vinhas de Souza, L., Empirica, December 2007, 34(5), pp.411-425


Working Papers

Progressive Taxes and Monetary Policy in a Currency Union, with Wolfgang Strehl, Download


A Transfer Mechanism for a Monetary Union, with Simon Voigts, Download FU Discussion Paper 

See also Thomas Fricke's article in the Financial Times Deutschland (in German) and the article in the DIW Economic Bulletin


Policy Papers

Economic impact of the recent decrease in social security contribution – A model based analysis, with Robert Kirchner, Simon Voigts and Oleksandra Betliy, Germany Advisory Group Ukraine Policy Briefing 9/2016 (technical note coming soon)


Mopping up Ukraine’s Banking Sector: Short-term Pain, Long-term Gain, with Robert Kirchner and Vitaliy Kravtchuk, German Advisory Group Ukraine Policy Paper 1/2016


The transmission mechanism in Moldova. Reasons for its weakness and recommedations for its strengthening, with Ricardo Giucci, German Economic Team Moldova Policy Paper 1/2015


Devaluation of the Moldovan Leu, but no overshooting, with Ricardo Giucci, German Economic Team Moldova Newsletter May-June 2015


Fiscal Devaluation: Economic Stimulus for Crisis Countries in the Euro Area, with Kerstin Bernoth and Patrick Burauel, DIW Economic Bulletin 10/2014


Safe Bonds for the European Monetary Union: Strengthening Bailout Ban with More Robust Financial System, with Christoph Große Steffen, DIW Economic Bulletin 10/2014

See also Marcel Fratzscher's article in "Die Zeit" as well as Martin Blessing's statements in "Handelsblatt"


A Transfer Mechanism as a Stabilization Tool in the EMU, with Kerstin Bernoth, DIW Economic Bulletin, vol. 3(1)


Book Review

Wickens, Michael: Macroeconomic Theory. A Dynamic General Equilibrium Approach (2nd Ed.),

Journal of Economics, January 2013, (108, 1) pp. 107-109


Older Papers

Monetary Policy and Unemployment in in Open Economies, Download FU Discussion Paper


Global Rebalancing in a Three-Country Model, Download FU Discussion Paper


Gains from Migration in a New-Keynesian Framework