Nėra lietuvių kalba
Maximilian Schröder
Research
- Division
Monetary Policy Research
- Current Position
-
Graduate Programme Participant
- Fields of interest
-
Macroeconomics and Monetary Economics,Mathematical and Quantitative Methods,Other Special Topics
- Education
- 2020-2024
PhD in Economics at CAMP - BI Norwegian Business School in Oslo, (Advisers: Leif A. Thorsrud, Dimitris Korobilis)
- Professional experience
- 2024-
Economist Graduate Programme Participant - External Developments Division, Directorate General International & European Relations, European Central Bank
- 15 January 2026
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 8, 2025Details
- Abstract
- Uncertainty surrounding trade policy has become a key factor shaping the investment and production decisions of firms. While text-based measures such as the trade policy uncertainty (TPU) index are widely used to track these developments, their readings can be misinterpreted when treated as direct measures of uncertainty shocks. Keyword-driven co-mentions might, for example, inflate the index in periods of heightened trade tensions. This box introduces an alternative text-based measure, constructed by regressing the raw TPU index on a set of covariates, that can be more reliably incorporated into standard macroeconomic models by removing some of the contamination and offers a clearer view of how trade policy uncertainty affects economic activity.
- JEL Code
- F13 : International Economics→Trade→Trade Policy, International Trade Organizations
E66 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→General Outlook and Conditions
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
- 30 June 2025
- OCCASIONAL PAPER SERIES - No. 372Details
- Abstract
- This report focuses on the implications of the changed inflation environment for the ECB’s monetary policy strategy, including the lessons learned from both the low inflation and high inflation periods, and the transition from one to the other. The starting point of the report is the outcome of the Monetary Policy Strategy Review 2020-21. While the previous review was conducted in an economic environment of low inflation, with interest rates in proximity to the effective lower bound (ELB), the inflation surge that followed the COVID-19 pandemic underscores the importance of a monetary policy strategy that enables the Governing Council to effectively respond to major changes in the inflation environment.
- 28 May 2021
- WORKING PAPER SERIES - No. 2560Details
- Abstract
- Understanding euro area financial market dynamics requires looking beyond borders. We introduce a novel Bayesian structural VAR model designed to jointly estimate the main drivers of euro area financial asset prices on a daily basis. The model explicitly accounts for transatlantic spillovers and the distinctive influence of the United States, particularly through its monetary policy and its role as a safe haven during periods of heightened risk aversion. The results show that euro area financial markets are influenced by a complex interplay of domestic factors, US influences, and global risk shocks, which can either amplify or mitigate financial dynamics at home. These significant spillovers can pose substantial challenges for monetary policy, particularly amidst economic and monetary policy divergence.
- JEL Code
- C32 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models, Diffusion Processes
C54 : Mathematical and Quantitative Methods→Econometric Modeling→Quantitative Policy Modeling
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
- 2024
- Journal of Business & Economic Statistics
- 2024
- Journal of Econometrics
- 2023
- International Journal of Forecasting