Publications of the Institute of Money and International Finance

Dräger, L. and Nghiem, G. (2024): Inflation Literacy, Inflation Expectations, and Trust in the Central Bank: A Survey Experiment,  forthcoming in Review of Economics and Statistics

Dräger, L. (2025): Central Bank Communication with the General Public,  forthcoming chapter in Routledge Handbook of Economic Expectations in Historical Perspective

Dräger, L.; Gründler, K. and Potrafke, N. (2025): Political Shocks and Inflation Expectations: Evidence from the 2022 Russian Invasion of Ukraine,  Journal of International Economics, 153, 104029
DOI: https://doi.org/10.1016/j.jinteco.2024.104029

Marenčák, M. and Nghiem, G. (2024): Elasticity of intertemporal substitution in the euro area,  Journal of Economic Behavior & Organization, 229, 106847
DOI: https://doi.org/10.1016/j.jebo.2024.106847

Dräger, L.; Lamla, M. J. and Pfajfar, D. (2024): How to limit the spillover from an inflation surge to inflation expectations?,  Journal of Monetary Economics, 144, 103546
DOI: https://doi.org/10.1016/j.jmoneco.2023.12.004

Dräger, L. and Lamla, M. J. (2024): Consumers' Macroeconomic Expectations,  Journal of Economic Surveys, 38(2), 427-451
DOI: http://doi.org/10.1111/joes.12590

Dräger, L.; Kolaiti, T. and Sibbertsen, P. (2023): Measuring macroeconomic convergence and divergence within EMU using long memory,  Empirical Economics, 65, 2333-2356
DOI: https://doi.org/10.1007/s00181-023-02426-6

Bui, D.; Dräger, L.; Hayo, B. and Nghiem, G. (2023): Macroeconomic expectations and consumer sentiment during the COVID-19 pandemic: The role of others’ beliefs,  European Journal of Political Economy, 77, 102295
DOI: https://doi.org/10.1016/j.ejpoleco.2022.102295

Bui, D.; Dräger, L.; Hayo, B. and Nghiem, G. (2022): The effects of fiscal policy on households during the COVID-19 pandemic: Evidence from Thailand and Vietnam,  World Development, 153, 105828
DOI: https://doi.org/10.1016/j.worlddev.2022.105828

Dräger, L. and Nghiem, G. (2021): Are Consumers‘ Spending Decisions in Line With an Euler Equation?,  The Review of Economics and Statistics, 103(3), 580-596
DOI: 10.1162/rest_a_00909

Dräger, L. and Proaño, C. (2020): Cross-Border Banking and Macroprudential Policies in Asymmetric Currency Unions,  Macroeconomic Dynamics, 24(2), 255-290
DOI: https://doi.org/10.1017/S1365100518000214

Dräger, L. and Lamla, M.J. (2017): Imperfect Information and Inflation Expectations: Evidence from Microdata,  Oxford Bulletin of Economics & Statistics, 79, 933-968
DOI: https://doi.org/10.1111/obes.12189

Dräger, L. and Lamla, M.J. (2017): Explaining Disagreement on Interest Rates in a Taylor-rule Setting,  The Scandinavian Journal of Economics, 119, 987-1009
DOI: https://doi.org/10.1111/sjoe.12217

Dräger, L.; Lamla, M.J. and Pfajfar, D. (2016): Are Survey Expectations Theory-Consistent? The Role of Central Bank Communication and News,  European Economic Review, 85, 84-111
DOI: https://doi.org/10.1016/j.euroecorev.2016.01.010

Dräger, L. (2016): Recursive Inattentiveness with Heterogeneous Expectations,  Macroeconomic Dynamics, 20, 1073-1100
DOI: https://doi.org/10.1017/S1365100514000741

Dräger, L. (2015): Inflation Perceptions and Expectations in Sweden - Are Media Reports the "Missing Link"?,  Oxford Bulletin of Economics & Statistics, 77(5), 681-700
DOI: https://doi.org/10.1111/obes.12078

Dräger, L.; Menz, J.-O. and Fritsche, U. (2014): Perceived Inflation under Loss Aversion,  Applied Economics, 46(3), 282-293
DOI: https://doi.org/10.1080/00036846.2013.844328

Dräger, L. and Lamla, M.J. (2012): Updating Inflation Expectations: Evidence from Micro Data,  Economic Letters, 117, 807-810
DOI: https://doi.org/10.1016/j.econlet.2012.08.033

Vogel, L. (2009): The endogeneity of the natural rate of growth - an empirical study for Latin-American countries,  International Review of Applied Economics, 23(1), 41-53
DOI: https://doi.org/10.1080/02692170802496869

Vogel, L. and Hein, E. (2008): Distribution and growth reconsidered: empirical results for six OECD countries,  Cambridge Journal of Economics, 32(3), 479-511
DOI: https://doi.org/10.1093/cje/bem047

Dräger, L.; Floto, M.; Schröder, M. (2024): Inflation Expectations and Economic Preferences,  Hannover Economic Papers No. dp-726; CESifo Working Paper No. 11326 | File |

Dalloul, A. (2024): The Fed Speaks, but does the Press Repeat? Investigating the Communication Channel between the Fed and the Written Press,  Hannover Economic Papers No. dp-724 | File |

Nghiem, G.; Dräger, L. and Dalloul, A. (2024): Anchoring Households' Inflation Expectations When Inflation Is High,  Hannover Economic Papers No. dp-719; CESifo Working Paper No. 11042 | File |

Bui, D.; Dräger, L.; Hayo, B.; Nghiem, G. (2024): The Marginal Propensity to Consume and Household Savings During the COVID-19 Pandemic: Evidence from Thailand and Vietnam,  Hannover Economic Papers No. dp-717 | File |

Behringer, J.; Dräger, L.; Dullien, S. and Gechert, S. (2024): News and Views on Public Finances: A Survey Experiment,  Hannover Economic Papers No. dp-715; CESifo Working Paper No. 10891 | File |

Dräger, L. and Lamla, M. J. (2023): Consumers' Macroeconomic Expectations,  Hannover Economic Papers No. dp-714; CESifo Working Paper No. 10709 | File |

Dräger, L. (2023): Central Bank Communication with the General Public,  Hannover Economic Papers No. dp-713; CESifo Working Paper No. 10713 | File |

Dräger, L. and Nghiem, G. (2023): Inflation Literacy, Inflation Expectations, and Trust in the Central Bank: A Survey Experiment,  Hannover Economic Papers No. dp-709 and CESifo Working Paper No. 10539 | File |

Eiblmeier, S. (2023): Differential Effects of Unconventional Monetary Policy,  Hannover Economic Papers No. dp-707 | File |

Dräger, L.; Lamla, M.J. and Pfajfar, D. (newest version from October 2023) (2023): How to Limit the Spillover from an Inflation Surge to Inflation Expectations?,  Hannover Economic Papers No. dp-694; CESifo Working Paper No. 10330 | File |

Dräger, L.; Lamla, M. J. and Pfajfar, D. (newest version from February 2023) (2023): The Hidden Heterogeneity of Inflation and Interest Rate Expectations: The Role of Preferences,  Finance and Economics Discussion Series 2020-054; Board of Governors of the Federal Reserve System; Hannover Economic Papers No.dp- 666 and CESifo Working Paper No. 9637 | File |

Dräger, L.; Gründler, K. and Potrafke, N. (2022): Political Shocks and Inflation Expectations: Evidence from the 2022 Russian Invasion of Ukraine,  CESifo Working Paper No. 9649 | File |

Bui, D.; Dräger, L.; Hayo, B. and Nghiem, G. (2021): Consumer Sentiment During the COVID-19 Pandemic: The Role of Other’s Beliefs,  Hannover Economic Papers No. 680; MAGKS Joint Discussion Paper Series in Economics No. 202049 and CESifo Working Paper No. 9010 (2021) | File |

Bui, D.; Dräger, L.; Hayo, B. and Nghiem, G. (2021): The Effects of Fiscal Policy on Households during the COVID-19 Pandemic: Evidence from Emerging Economies,  Hannover Economic Papers No. dp-685; MAGKS Joint Discussion Paper Series in Economics No. 20-2021 | File |

Dräger, L.; Kolaiti, T. and Sibbertsen, P. (2020): Measuring Macroeconomic Convergence And Divergence within EMU Using Long Memory,  Hannover Economic Papers No. dp-675 | File |

Dräger, L.; Nguyen, D. B. B.; Prokopczuk, M. and Sibbertsen, P. (2020): The Long Memory of Equity Volatility and the Macroeconomy: International Evidence,  Hannover Economic Papers No. dp-667 | File |

Nghiem, G. and Massenot, B. (2019): Depressed Demand and Supply,  SAFE Working Paper No. 257 | File |

Dräger, L. and Lamla, M.J. (2018): Is the Anchoring of Consumers´ Inflation Expectations Shaped by Experience?,  CESifo Working Paper No. 7042 | File |

Dräger, L. and Nghiem, G. (2018): Are Consumers' Spending Decisions in Line With an Euler Equation?,  IPP Discussion Paper, Johannes Gutenberg University Mainz, 1802. Earlier version published under: Dräger, L. (2016): Are Consumers Planning Consumption According to an Euler Equation?, CESifo Working Paper, 6249; IPP Discussion Paper, Johannes Gutenberg-University Mainz, 1621 and Macroeconomics and Finance Series, University of Hamburg, 05/2016 | File |

Dräger, L. and Proaño, C. (2015): Cross-Border Banking and Business Cycles in Asymmetric Currency Unions,  Deutsche Bundesbank Discussion Paper 21/2015; Macroeconomics and Finance Series, University of Hamburg, 1/2015 and IMK Working Paper, 2016/161 | File |

Dräger, L.; Lamla, M.J. and Pfajfar, D. (2015): Are Survey Expectations Theory-Consistent? The Role of Central Bank Communication and News,  Finance and Economics Discussion Series, Federal Reserve Board, 2015-035. Earlier version published under the title "Are Consumer Expectations Theory-Consistent? The Role of Macroeconomic Determinants and Central Bank Communication", KOF Working Paper, ETH Zurich, 345; CentER Discussion Paper, 2013-063 and Macroeconomics and Finance Series, University of Hamburg, 1/2014 | File |

Dräger, L. and Lamla, M.J. (2015): Disagreement à la Taylor: Evidence from Survey Microdata,  KOF Working Paper, ETH Zurich, 380 and Macroeconomics and Finance Series, University of Hamburg, 3/2015 | File |

Dräger, L.; Arnold, E. and Fritsche, U. (2014): Evaluating the Link between Consumers’ Savings Portfolio Decisions, their Inflation Expectations and Economic News,  Macroeconomics and Finance Series, University of Hamburg, 2/2014 | File |

Dräger, L. and Fritsche, U. (2013): Don’t Worry, Be Right! Survey Wording Effects on Inflation Perceptions and Expectations,  Macroeconomics and Finance Series, Univerity of Hamburg, 8/2013 | File |

Dräger, L. and Lamla, M.J. (2013): Anchoring of Consumers’ Inflation Expectations: Evidence from Microdata,  KOF Working Paper, ETH Zurich, 339 and Macroeconomics and Finance Series, University of Hamburg, 5/2013 | File |

Dräger, L. and Lamla, M.J. (2013): Imperfect Information and Inflation Expectations: Evidence from Microdata,  KOF Working Paper, ETH Zurich, 329 and Macroeconomics and Finance Series, University of Hamburg, 1/2013 | File |

Dräger, L.; Menz, J. and Fritsche, U. (2011): Perceived Inflation under Loss Aversion,  Macroeconomics and Finance Series, University of Hamburg, 5/2011 | File |

Dräger, L. (2011): Endogenous Persistence with Recursive Inattentiveness,  KOF Working Paper, ETH Zurich, 285 and Macroeconomics and Finance Series, University of Hamburg, 3/2011 | File |

Dräger, L. (2011): Inflation Perceptions and Expectations in Sweden – Are Media Reports the "Missing Link"?,  KOF Working Paper, ETH Zurich, 273 and Macroeconomics and Finance Series, University of Hamburg, 1/2011 | File |

Dräger, L. (2010): Why don’t people pay attention? Endogenous Sticky Information in a DSGE Model,  KOF Working Paper, ETH Zurich, 260 and Macroeconomics and Finance Series, University of Hamburg, 2/2010 | File |

Vogel, L.; Menz, J.-O. and Fritsche, U. (2009): Prospect Theory and Inflation Perceptions – An Empirical Assessment,  Macroeconomics and Finance Series, University of Hamburg, 3/2009 | File |

Vogel, L. and Menz, J.-O. (2009): A Detailed Derivation of the Sticky Price and Sticky Information New Keynesian DSGE Model,  Macroeconomics and Finance Series, University of Hamburg, 2/2009 | File |

Vogel, L. (2008): The relationship between the hybrid New Keynesian Phillips curve and the NAIRU over time,  Macroeconomics and Finance Series, University of Hamburg, 3/2008 | File |

Vogel, L. (2007): The endogeneity of the natural rate of growth-an empirical study for Latin-American countries,  Macroeconomics and Finance Series, University of Hamburg, 4/2007 | File |

Hein, E. and Vogel, L. (2007): Distribution and growth reconsidered - empirical results for Austria, France, Germany, the Netherlands, the UK and the USA,  IMK Working Paper, 3/2007 | File |

Dräger, L. (2011): Deviations from Rationality – Essays on Inflation Perceptions and Expectations,  KOF Dissertation Series, ETH Zurich, 10

Vogel, L. (2009): The Hybrid New Keynesian Phillips Curve and the NAIRU over Time,  VDM Verlag