Keith Kuester

Keith Kuester

University of Bonn
Department of Economics
Institute for Macroeconomics and Econometrics

mailing address: Adenauerallee 24-42, 53113 Bonn, Germany

Phone: +49 (228) 73-62195; fax: -9189


Office: Kaiserplatz 7-9, Bonn, Room 4.007

Office hours: Please make an appointment by email.



Research interests

Macroeconomics and Monetary Economics, Labor Economics.


Curriculum vitae

PDF (July 2015).


Working papers and work in progress

  • Doves for the Rich, Hawks for the Poor? Distributional Consequences of Monetary Policy (2016), with Nils Gornemann and Makoto Nakajima.
    Revise and resubmit at Econometrica.
    Abstract.   Download.
  • The fiscal mix in the euro-area crisis -- dimensions and a model-based assessment of effects (2016), with Giovanni Callegari and Francesco Drudi.
    prepared for April 2016 Economic Policy Panel.
  • The Case for Flexible Exchange Rates in a Great Recession (2016), with Giancarlo Corsetti and Gernot Müller.
    Abstract.   Download.



  • Fiscal Volatility Shocks and Economic Activity (2015), with Jesús Fernández-Villaverde, Pablo A. Guerrón-Quintana, and Juan Rubio-Ramírez. American Economic Review, vol. 105 (11), pp. 3352-84.
    Abstract.   Download.
  • Optimal Labor-Market Policy in Recessions (2015), with Philip Jung.
    American Economic Journal: Macroeconomics, 7(2): 124-56.
    Abstract.   Download.
  • Sovereign Risk and Macroeconomic Stability in the Euro Area (2014), Giancarlo Corsetti, André Meier, and Gernot Mueller,
    Journal of Monetary Economics, 61(Jan), pp. 53-73.
    Abstract.   Download.
  • Sovereign Risk, Fiscal Policy, and Macroeconomic Stability (2013) , with Giancarlo Corsetti, André Meier, and Gernot Mueller,
    Economic Journal, 123(566), pp. F99-F132.
    Abstract.   Download.
  • Floats, Pegs and the Transmission of Fiscal Policy (2013) , with Giancarlo Corsetti and Gernot Mueller,
    in Luis Felipe Céspedes and Jordi Galí (eds) "Series on Central Banking, Analysis, and Economic Policies, Volume 17: Fiscal Policy and Macroeconomic Performance," p. 235-281, , Santiago: Central Bank of Chile.
    Abstract.   Download.
  • The (Un)Importance of Unemployment Fluctuations for the Welfare Cost of Business Cycles (2011), with P. Jung.
    Journal of Economic Dynamics and Control, 35(10), p. 1744-1768. Abstract.   Published version.
  • Real Price and Wage Rigidities with Matching Frictions (2010).
    Journal of Monetary Economics, 57(4), p. 466-477. Abstract, Published Version
  • Debt Consolidation and Fiscal Stabilization of Deep Recessions (2010), with G. Corsetti, A. Meier and G. Mueller.
    American Economic Review, Papers and Proceedings, 100(2), p. 41-45. Abstract,   Published Version Earlier version.
  • Resuscitating the Wage Channel in Models with Unemployment Fluctuations (2008), with K. Christoffel.
    Journal of Monetary Economics, 2008, 55(5), p. 865-887. Abstract,   Published VersionWorking Paper.
  • Optimal Monetary Policy Rules for the Euro Area (2005), with A. Dieppe and P. McAdam.
    Journal of Common Market Studies, 2005, 43(3), p. 507 - 537. Abstract,   Published VersionWorking paper.


Older papers

  • Inflation Dynamics with Labour Market Matching: Assessing Alternative Specifications (2009), with Kai Christoffel, James Costain, Gregory de Walque, Tobias Linzert, Stephen Millard, and Olivier Pierrard,
    Philadelphia Fed Working Paper 09-6.



  • Summer term 16: Monetary Economics (Master), Topics in Macroeconomics (PhD)
  • Previous terms: PhD Macro I, Monetary Economics (Master), Geldtheorie und -politik (Bachelor)