Mitarbeiter

Dr. Guntram Wolff

• Deutsche Bundesbank
• Central Office, Economics Department
• Wilhelm Epstein Str. 14
• D-60431 Frankfurt am Main
•  
• +49 69 9566-3353
• Guntram Wolff

Research Interests

• Macroeconomics
• Public economics
• Financial markets
• Fiscal and monetary policy interactions
• European integration.

Selected Publications and Working Papers

Journal articles

• Schulz, A. and G. B. Wolff (2009), The German sub-national government bond market: structure, determinants of yield spreads and Berlin’s forgone bail-out, Jahrbücher für Nationalökonomie und Statistik, 229(1).
• Wolff, G. B. and V. Reinthaler (2008), The effectiveness of subsidies revisited: accounting for wage and employment effects in business R&D, Research Policy, 37, 1403-1412.
• Hallerberg, M. and G. B. Wolff (2008), Fiscal institutions, fiscal policy and sovereign risk premia in EMU, Public Choice, 136(3), 379-396.
• Heppke-Falk, K. and G. B. Wolff (2008), Moral hazard and bail-out in fiscal federations: Evidence for the German Länder, Kyklos, 61(3), 425-446.
• Bernoth, K. and G. B. Wolff (2008), Fool the markets? Creative accounting, fiscal transparency and sovereign risk premia, Scottish Journal of Political Economy, 55(4), 465-487.
• Wolff, G. B., Fiscal crises in USD cities: Structural and non-structural causes, ICFAI Journal of Public Finance, VI(1).
• Wolff, G. B. (2007), Foreign direct investment in the enlarged EU: do taxes matter and to what extent?, Open Economies Review, 18, 327-346.
• von Hagen, J. and G. B. Wolff (2006), What do deficits tell us about debt? Empirical evidence on creative accounting with fiscal rules in the EU, Journal of Banking and Finance, 30 (12), 3259-3279.
• Wolff, G. B. (2006), Measuring tax burdens in Europe, The Swiss Review of International Economic Relations (Aussenwirtschaft), 3/2006.
• Burhop, C and G. B. Wolff (2005), A Compromise Estimate of German Net National Product 1851-1913 and its Implications for Growth and Business Cycles, Journal of Economic History, 65(3), 613-657.
• Burhop, C. and G. B. Wolff (2004), Data and method choice and their relevance for business cycle history; Datenwahl, Methodenwahl und ihre Bedeutung für die Konjunkturgeschichte, Vierteljahrschrift für Sozial- und Wirtschaftsgeschichte, 91(2), 141-154.

Working papers

• Setzer, R. and G. B. Wolff (2009), Money demand in the euro area: new insights from disaggregated data, mimeo.
• Ruscher, E. and G. B. Wolff (2009), External rebalancing is not just an exporters’ story: real exchange rates, the non-tradable sector and the euro, mimeo.
• Schulz, A. and G. B. Wolff (2008), Sovereign bond market integration: the euro, trading platforms and globalization, Bundesbank DP 12-2008
• Schulz, A. and G. B. Wolff (2008), The German sub-national government bond market: evolution, yields and liquidity, Bundesbank DP 6-2008
• von Kalckreuth, U. and G. B. Wolff (2007), Testing for contemporary fiscal policy discretion with real time data, Bundesbank DP 24-2007
• Tenhofen, J. and G. B. Wolff (2007), Does anticipation of government spending matter? Evidence from an expectation augmented VAR, Bundesbank DP 14-2007.
• Heppke-Falk, K., J. Tenhofen and G. B. Wolff (2006), The macroeconomic effects of exogenous fiscal policy shocks: a disaggregated SVAR analysis, Bundesbank DP 41-2006.
• von Hagen, J., R. R. Strauch and G. B: Wolff (2002), East Germany: Transition with Unification, Experiments and Experiences, ZEI Working Paper B02-19.

Book contributions

• Tournemire, G. and G. B. Wolff (2008), Bank lending and transmission to the real economy, in: Quarterly Report on the Euro Area, European Commission, DG ECFIN, Brussels, 7(4), December 2008.
• Wolff, G. B. (2006), Discussion of "European Productivity Gaps: Is R&D the Solution?", in: "Competitiveness and Growth in Europe: Lessons and Policy Implications for the Lisbon Strategy", Susanne Mundschenk, Michael Stierle, Ulrike Stierle - von Schütz and Iulia Traistaru (eds.), Edward Elgar, Cheltenham, UK; Northhampton, MA, USA.
• Traistaru, I. and G. B. Wolff (2002), Regional Specialization and Employment Dynamics in Transition Countries in: "Emerging Market Economies and European Economic Integration", Scott Hacker and Börje Johansson (eds.), Edward Elgar, Cheltenham, UK; Northhampton, MA, USA, 2004, working paper version ZEI Working Paper B02-18.