Research Interests

• monetary policy
• econometric modeling

Refereed Publications

• Mandler, M. and M. Scharnagl (2020), Bank loan supply shocks and alternative financing of non-financial corporations in the euro area, Manchester School, forthcoming.
• Scharnagl, M. and M. Mandler (2019), Real and financial cycles in euro area economies: Results from wavelet analysis, Journal of Economics and Statistics, 239(5-6), 895-916.
• Scharnagl, M. and J. Stapf (2015), Inflation, deflation, and uncertainty: What drives euro area option-implied inflation expectations and are they still anchored in the sovereign debt crisis?, Economic Modelling, Vol. 48(C), 248-269.
• Gerberding C., M. Scharnagl and F. Seitz (2010), Should monetary policy respond to money growth? New results for the euro area, International Finance, Vol. 13(3), 409-441.
• Scharnagl M. and K.-H. Tödter (2005), How effective are automatic stabilizers? Theory and empirical evidence for Germany and other OECD countries, in: C. Dreger and H. Galler (eds.), Advances in macroeconometric modeling, 295-310.
• Scharnagl M. (1998), The stability of German money demand: not just a myth, Empirical Economics, Vol. 23(3), 355-370.
• Clostermann J., M. Scharnagl and F. Seitz (1997), Monetäres Reinvermögen versus Geldmenge M3: eine Entgegnung, Kredit und Kapital, Vol. 30(1), 101-115.

Other Working Papers and Publications

• Rünstler, G., H. Balfoussia, L. Burlon, G. Buss, M. Comunale, B. de Backer, H. Dewachter, P. Guarda, M. Haavio, I. Hindrayanto, N. Iskrev, I. Jaccard, D. Kulikov, D. Kunovac, C. Lenarcic, M. Lequien, M. Lozej, M. Mandler, D. Papageorgiou, J. Pedersen, G. Perez-Quiros, A. Rannenberg, E. Rots, M. Scharnagl and P. Welz (2018), Real and financial cycles in EU countries: Stylised facts and modelling implications, ECB Occasional Paper, No. 205. 
• Avouyi Dovi, S., V. Borgy, C. Pfister, M. Scharnagl and F. Sedillot (2013), Households’ financial portfolio choices: a comparison between France and Germany (1978-2009), in: Winkler, B., A. van Riet and P. Bull (eds.), A Flow of Funds Perspective on the Financial Crisis, Palgrave Macmillan.
• Ramb, F. and M. Scharnagl (2011), Households’ portfolio structure in Germany: Analysis of financial accounts data 1959-2009, ECB Working Paper, No. 1355.