I am an Assistant Professor of Applied Macroeconomics at the University of Neuchâtel and Research Fellow at the KOF Swiss Economic Institute, ETH Zurich. I also held part-time teaching positions at the University of Bern and the Study Center Gerzensee. Before turning to academia, I worked as Senior Economist at the Swiss National Bank.

My research focuses on inflation and exchange rate dynamics, the role of different monetary regimes, and nominal frictions. I propose econometric tools to quantify and deal with measurement error in 19th century inflation data. In addition, I work on measuring the impact of large exchange rate fluctuations on the price- and wage-setting behavior, as well as, labor demand in Switzerland. Finally, I analyze the effects of exit strategies with large central bank balance sheets.

Follow me on Twitter (@KaufmannDani) or on my blog.


  • 22 April 2020: I published a policy report on Swiss monetary policy in a low interest rate environment.

  • 16 April 2020: My paper on 19th century deflation has been published at the Journal of Applied Econometrics. Here is the off-print

  • 13 November 2019: A new version of my paper Is Deflation Costly After All? is now available with an extensive online appendix

  • 15 September 2019: I have a new blog post on the US term spread and the risk of a recession. Enjoy!

  • 9 September 2019: On 26 September I will talk about the strong Swiss franc and monetary policy at a joint event of CVCI and the KOF Swiss Economic Institute in Lausanne. There will also be presentations and discussions with J.-C. Biver and J.-E. Sturm. The event is free for students and you can find more information here.

  • 15 August 2019: Our paper on macroeconomic dynamics at the effective lower bound is now available ahead of print in Studies in Nonlinear Dynamics & Econometrics.

  • 15 May 2019: My project with Fabio Canetg on the causal effects of interest rate floor policies is now available as a working paper.

Research interests

Monetary macroeconomics, monetary history, forecasting

Selected key projects

Shocking interest rate floors, 2019

  • We identify the causal effect of surprise changes in an interest rate floor exploiting regular auctions of SNB Bills (Swiss central bank debt securities). We find that a restrictive interest rate floor shock causes a higher money market rate, an appreciation of the Swiss franc, and a decline in stock prices.

  • with Fabio Canetg

  • [working paper, short_presentation, long presentation]

Is deflation costly after all? The perils of erroneous historical classificationsJournal of Applied Econometrics, doi:10.1002/jae.2762, 2020