Maximilian Boeck

Macroeconomist | Researcher at FAU Nürnberg @FAUWiSo | PhD from @WU_econ

[Journal of International Economics @JIntlEcon]

New at JIE: "Has globalization changed the international transmission of U.S. monetary policy?" by Maximilian Boeck (@maxiboeck), Lorenzo Mori (@dSEA_Unipd)

https://t.co/fpIcmu2X9V

[Jonas Dovern 🇪🇺🇺🇦🇮🇱 @jonasdovern]

Looking forward to a very interesting workshop on "Heterogeneous Macro Expectations – New Evidence and Theory" @FAUWiSo at the end of this week that I organize with @maxiboeck.

[Maximilian Boeck @maxiboeck]

a counterfactual analysis, in which we impose that inflation expectations are insensitive to natural gas price shocks. This reduces the effect on inflation by 15 basis points after one year, pointing to pronounced second-round effects via price setting and wage bargaining.

[Maximilian Boeck @maxiboeck]

Happy to share that our research article "Natural gas prices, inflation expectations, and the pass-through to euro area inflation" (joint work with Thomas Zörner, @oenb) just appeared in the new issue of Energy Economics. Link: https://t.co/d1JlStUPzt

[Maximilian Boeck @maxiboeck]

price shocks. A 10% increase in natural gas prices raises inflation by 8 basis points on impact. Inflation increases further to 22 basis points after about one year, suggesting a role for second-round effects.

To distinguish between first- and second-round effects, we conduct

[Jonas Dovern 🇪🇺🇺🇦🇮🇱 @jonasdovern]

Brandnew paper by my colleague @maxiboeck in the JAE (open access).

They revisit the question of how expectation errors influence business cycle dynamics.

https://t.co/bV4TXaqmeK

[Efrem Castelnuovo @EfremCastel]

Exciting news! Our PhD candidate, Lorenzo Mori, is on the #EconJobMarket this year!
Check out his profile and research here: https://t.co/A7deW6y50h
Lorenzo is an empirical macroeconomist. He's an expert on monetary & fiscal policy and the identification of macroeconomic shocks.

[Maximilian Boeck @maxiboeck]

Thanks for organizing this great worksop at @jku_econ

[Michael Irlacher @irlacher_m]

Had amazing two days at the 3rd FIW-workshop @jku_econ filled with a lot of fun and learning! Thanks so much @HO2604 and @CentreFiw for giving us the opportunity to host this event @jkulinz again!

[Maximilian Boeck @maxiboeck]

@AnjaSebbesen congrats! looking forward to the working paper :)

[Maximilian Boeck @maxiboeck]

that we restrict our analysis to U.S. monetary policy shocks but we analyze the reaction of a typical safe-haven country group consisting of the Swiss franc and Japanese Yen.

We appreciate any feedback on the manuscript!

[Maximilian Boeck @maxiboeck]

🚨Working Paper Update 🚨

A recent interest rate hike of the Bank of Japan (BoJ) triggered a market sell-off due to a massive unwinding of Yen carry trades. If you are interested in how monetary policy and carry trade activity interacts, check out our heavily revised paper on 👇

[Maximilian Boeck @maxiboeck]

mainly happens through the interest rate differential. Crash risk is elevated when carry trade activity is elevated. To sum up, currency speculation is an amplifier of monetary policy transmission.

This aligns well with the narrative evidence of recent events. However, we note

[Maximilian Boeck @maxiboeck]

for long-term expectations. Hence, our results point to no de-anchoring tendencies in the euro area.

We are happy to discuss any comments on the paper!

[Maximilian Boeck @maxiboeck]

We have just posted a substantially revised version of our paper "Natural Gas Prices, Inflation Expectations, and the Pass-Through to Euro Area Inflation" (together with Thomas Zörner, @oenb).

See here: https://t.co/ARIwpLk3Q3.

[Maximilian Boeck @maxiboeck]

insensitive to natural gas price shocks. This reduces the effect on inflation by 15 basis points after one year, pointing to pronounced second-round effects via price setting and wage bargaining.

Lastly, effects are strongest for short-term inflation expectations and vanish