call download fax letter pdf search x chevron
"jcr:20d5b2d1-0447-43cc-bbcc-3e13b018d077" (String)
campus on sunny day with trees campus on sunny day with trees
CfCB logo

About

Central banks play a critical role in maintaining price stability, promoting economic stability, and safeguarding the financial system. Their actions and policies have a significant impact on financial markets and the overall economy.

At the Centre for Central Banking, we are dedicated to fostering research excellence, conducting outreach activities, and building a vibrant community in the field of central banking. Our focus extends beyond monetary policy and encompasses other crucial areas where central banks hold key responsibilities, including financial stability and payment systems.

european central banking building in frankfurt at day

Our mission is to educate students and the wider public about the vital role and activities of central banks and their significance for the financial system. Situated in Frankfurt, the only city in the world that houses two central banks, the Centre for Central Banking at Frankfurt School is uniquely positioned to deepen knowledge about the inner workings and impactful contributions of central banks.

Join us in exploring the intriguing world of central banking, where research meets practice, and discover the profound influence central banks have on our economy and financial landscape.

Team

Centre Directors

Prof. Dr. Jens Weidmann

Jens Weidmann
Professor of Practice in Central Banking

Prof. Dr. Emanuel Mönch

Post-Docs

Carl-Wolfram Horn

Carl-Wolfram Horn
PostDoc

Affiliated Members
Professors

Dr. Alina Bartscher

Alina Kristin Bartscher
Assistant Professor of Finance

Prof. Dr. Adalbert Winkler

Prof. Dr. Sascha Steffen

Dr. Kaspar Zimmermann

Kaspar Zimmermann
Assistant Professor of Finance / DWS Junior Chair in Finance

Post-Docs

Nora Lamersdorf

Nora Lamersdorf
Postdoctoral Researcher am FIRE Center

Doctoral Students

News

Frankfurt School launches new “Centre for Central Banking"

Frankfurt am Main, 11 October 2023

201012 FS Centre for Central Banking BCL a 1920x1080_08777

201012 FS Centre for Central Banking BCL b 1920x1080_08824

The Frankfurt School of Finance & Management announced the establishment of the “Frankfurt School Centre for Central Banking”. The announcement was made during a guest lecture by Lord Mervyn King, former Governor of the Bank of England, on 11 October 2023 at the Frankfurt School. The new Centre will officially commence its activities in January of 2024, strategically expanding the business school’s expertise in teaching and research on central banking topics and building on the school’s strong academic track record with one of the leading finance departments in Europe. The Frankfurt School Centre for Central Banking will address pressing issues in central banking, conduct relevant research projects and expand the business school’s academic and executive education programmes as well as its networking activities in the realm of central banks.

Read More

Events

    

Upcoming Events

Event title
Date
Place
Registration

Guest lecture by Signe Krogstrup

Governor of National Bank of Denmark

19 February 2024 FS Campus Register Here

Guest lecture by Boris Vujčić

Governor of the Croatian National Bank

28 May 2024 Frankfurt am Main

Recent Events

Guest Lecture by François Villeroy de Galhau, Governor of the Banque de France

Frankfurt am Main, 12 December 2023

As part of its series of events on current topics from the world of Central Banking, the Centre of Central Banking has hosted the Governor of the Banque de France, François Villeroy de Galhau, for a guest lecture on the topic "The reawakening of Europe and the Franco-German engine" on 12 December 2023. In his lecture, Gouverneur Villeroy de Galhau took the audience on a ‘tour de force’ of the structural transformations necessary to build a stronger and more resilient European economy and made a forceful plea for deeper European integration and shared solutions in the face of these joint long-term challenges.

Read More

a speaker talking on the podium

audience listen to the speaker

a guy explaining in a conference

three men taking picture together

                                                                                                                                                              

Guest Lecture by Lord Mervyn King, former Governor of the Bank of England

Frankfurt am Main, 11 October 2023

As part of its official launch announcement and its series of events on current topics from the world of Central Banking, the Centre of Central Banking has hosted Lord Mervyn King, former Governor of the Bank of England, for a guest lecture on the topic "New Ideas for Central Banks: The Audacity of Pessimism" on 11 October 2023. In his lecture, Lord King provided keen insights into the various challenges central banks have been facing in recent years and their role as lenders of last resort. 

Read More

people talking and laughing

A man talking on the podium

20231011 Mervyn King Lecture b 1920x1080 FS_08174

people welcoming a special guest

                                                                                                                                                              

Guest Lecture by Ignazio Visco, former Governor of the Bank of Italy

Frankfurt am Main, 1 March 2023

As part of its series of events on current topics from the world of Central Banking, the Centre of Central Banking hosted Ignazio Visco, former Governor of the Bank of Italy, for a guest lecture on "Monetary Policy and the Return of Inflation " on 1 March 2023. In his lecture, Ignazio Visco provided a review of the development of inflation in the past decades, the reasons and consequences of the current high inflation and the uncertainty surrounding its outlook which requires a careful and balanced policy response. 

Read More

three people taking selfie

a conference in a room

people talking at the terrace

a man giving lecturer

Research

Journal Publications
2023 Acharya, V., Engle, R., Jager, M., Steffen, S. (2023). Why did bank stocks crash during COVID-19?, Review of Financial Studies, forthcoming.
Acharya, V., Jager, M., Steffen, S. (2023). Contingent credit under stress, Annual Review of Financial Economics, Vol. 16, forthcoming.
Bayer, C., Born, B., Luetticke, R. (2023). Shocks, Frictions, and Inequality in US Business Cycles, American Economic Review, conditionally accepted.
Bayer, C., Born, B., Luetticke, R. (2023). The Liquidity Channel of Fiscal Policy, Journal of Monetary Economics, 134, pp. 86-117.
Bayer, C., Born, B., Luetticke, R., Müller, G. J. (2023). The Coronavirus Stimulus Package: How large is the transfer multiplier?, Economic Journal, 133(652), pp. 1318-1347.
Born, B., D’Ascanio, F., Müller, G. J., Pfeifer, J. (2023). Mr. Keynes meets the Classics: Government Spending and the Real Exchange Rate, Journal of Political Economy, forthcoming.
Carvalho, C., Eusepi, S., Moench, E., Preston, B. (2023). Anchored Inflation ExpectationsAmerican Economic Journal: Macroeconomics Vol. 15(1), pp. 1-47.
Cooper, R., Horn, C.-W., Indraccolo, L. (2023). Covid and Productivity in Europe: A Responsiveness PerspectiveEuropean Economic Review, forthcoming.
Crump, R. K., Eusepi, S., Moench, E., Preston, B. (2023). The Term Structure of Expectations, Handbook of Economic Expectations, Elsevier, Chapter 17, p. 504-540.
2022 Acharya, V., Chauhan, R., Rajan, R., Steffen, S. (2022). Liquidity Dependence: Why Shrinking Central Bank Balance Sheets Is An Uphill Task, Proceedings of the Jackson Hole Economic Symposium of the Federal Reserve Bank of Kansas City on “Reassessing Constraints on the Economy and Policy”.
Bartscher, A. K., Kuhn, M., Schularick, M., Wachtel, P. (2022). Monetary Policy and Racial InequalityBrookings Papers on Economic Activity, Spring. 1-47.
Born, B., Enders, Z., Müller, G. J., Niemann, K. (2022). Firm expectations about production and prices: Facts, determinants, and effects, Handbook of Economic Expectations, Elsevier, Chap. 12, pp. 355–384.
Hoffmann, M., Moench, E., Pavlova, L., Schultefrankenfeld, G. (2022). Would Households Understand Average Inflation Targeting?, Journal of Monetary Economics Vol. 129 (Supplement), pp. 52-66.
Moench, E., Soofi-Siavash, S. (2022). What Moves Treasury Yields?Journal of Financial Economics Vol. 146(3), pp. 1016-1043.
Winkler, A. (2022). Does Financial Dominance Explain the Recent Rise in Inflation?, Economists' Voice 19 (2): 187-203.

Working Papers

Acharya, V., Chauhan, R., Rajan, R., Steffen, S. (2023). Liquidity Dependence and the Waxing and Waning of Central Bank Balance Sheets.
Assenmacher, K., Berentsen, A., Brand, C., Lamersdorf, N. (2021). A unified framework for CBDC design: remuneration, collateral haircuts and quantity constraints, ECB Working Paper No. 2578, European Central Bank.
Bachmann, R., Born, B., Goldfayn-Frank, O., Kocharkov, G., Luetticke, R., Weber, M. (2023). A Temporary VAT Cut as Unconventional Fiscal Policy.
Bergman, N. K., Born, B., Matsa, D., Weber, M. (2022). Inclusive Monetary Policy: How Tight Labor Markets Facilitate Broad-Based Employment Growth.
Boneva, L., Jensen, J., Weidner, S. (2023). The Impact of Monetary Policy and Lender-of-Last-Resort Announcements on the Treasury Market, CEPR Discussion Paper No. 18426. Center for Economic Policy Research.
Born, B., Dalal, H., Lamersdorf, N., Steffen, S. (2023). Monetary Policy in the Age of Social Media: A Twitter-Based Inflation Analysis.
Born, B., Enders, Z., Menkhoff, M., Müller, G. J., Niemann, K. (2023). Firm Expectations and News: Micro v Macro.
Chavleishvili, S., and Moench, E. (2023). Natural Disasters as Macroeconomic Tail Risks.
Fischer, J. J., Horn, C.-W. (2023). Monetary Policy and Mergers and Acquisitions.
Hoffmann, M., Moench, E., Pavlova, L., Schultefrankenfeld, G. (2023). Forceful or Persistent: How the ECB's New Inflation Target Affects Households' Inflation Expectations, Bundesbank Discussion Paper No. 27/2023, Deutsche Bundesbank.
Hoffner, F., Steffen, S. (2023). Estimating German Bank Climate Risk Exposure using the EU Emissions Trading System.
Ma, Y., Zimmermann, K. (2023). Monetary Policy and Innovation, NBER Working Paper No. 31698. National Bureau of Economic Research.
Martini, F., Sautner Z., Theunisz, C., Steffen, S. (2023). Climate Transition  Risks of Banks.  
Moench, E., Jank, S., Schneider, M. (2022). Safe Asset Shortage and Collateral Reuse, CEPR Discussion Paper No. 16439, Center for Economic Policy Research.

Papers published in German

2023 Winkler, A. (2023). Inflationsbekämpfung und Finanzkrisen (Inflation control and financial crises), Wirtschaftsdienst Vol. 103(4), S. 226-227.
Winkler, A. (2023). Und wieder grüßt das Murmeltier - zur internationalen Rolle des US-Dollar (Here we go again – on the international role of the US Dollar), Zeitschrift für das gesamte Kreditwesen Jg. 76(15), S. 768-772.