Professional positions

Since Aug 2017, Assistant Professor, University of Neuchâtel

Since Aug 2017, Research Fellow, KOF Swiss Economic Institute, ETH Zurich

Feb 2022 to Jul 2022, Lecturer (part-time), Graduate Institute for International and Development Studies, Geneva

Nov 2014 to Aug 2017, Postdoctoral researcher, ETH Zurich

Aug 2015 to Jan 2017, Lecturer (part-time), University of Bern

Jan 2016 to Jun 2016, Visiting Scholar, UC Berkeley

Jan 2011 to Sep 2014, Senior economist (since 2009 member of senior staff), Swiss National Bank, Inflation Forecasting, Zurich

Apr 2006 to Dec 2010, Economist, Swiss National Bank, Economic Analysis, Zurich

Publications in refereed journals

Overnight rate and signalling effects of central bank bills, 2022, European Economic Review, forthcoming

  • 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

  • A previous version was titled 'Shocking interest rate floors'

  • [accepted manuscript, online appendix, replication files, working paper]

  • In the news: [Finanz und Wirtschaft]

Do sticky wages matter? New evidence from matched firm-survey and register data, 2022, Economica, forthcoming

with Anne Kathrin Funk

  • We examine the role of wage rigidities after the Swiss National Bank removed an exchange rate floor leading to a 1% decline in the price level. We find that sticky wages caused a 0.3% decline in income, 0.9% decline in employment income, and a 0.05 percentage point increase in the unemployment rate. 

  • [accepted manuscript, online appendix, working paper]

  • In the news: [Tages Anzeiger]

A daily fever curve for the Swiss economy, Swiss Journal of Economics and Statistics, 156(6), doi:10.1186/s41937-020-00051-z, 2020

Is deflation costly after all? The perils of erroneous historical classificationsJournal of Applied Econometrics, 35(5), 614-628, doi:10.1002/jae.2762, 2020

Trend fundamentals and exchange rate dynamics, Economicadoi:10.1111/ecca.12334, 2020

  • We propose a multivariate unobserved-components stochastic volatility model to explain exchange rate dynamics. We find that changes in trend inflation is a relevant factor explaining the persistence of exchange rate fluctuations.

  • with Florian Huber

  • [update 2019, working paper]

Constrained interest rates and changing dynamics at the zero lower bound, Studies in Nonlinear Dynamics & Econometricsdoi:10.1515/snde-2017-0098, 24(2), 2019

  • We propose a VAR with endogenous regime-switching to measure the impact of risk premium shocks with binding and non-binding effective lower bound in Switzerland. The effective lower bound leads to more persistent declines in the price level and a more persistent appreciation.

  • with Gregor Bäurle, Sylvia Kaufmann and Rodney Strachan

  • [publicationworking paper]

Nominal stability over two centuriesSwiss Journal of Economics and Statistics, 155(7), 1-23, doi:10.1186/s41937-019-0033-7, 2019

  • I estimate nominal trends for Switzerland from 1800-2017 using an unobserved-components stochastic-volatility model. Today's monetary regime, flexible inflation targeting, is the most stable monetary regime.

  • [publication, update 2018, working paper, codes]

Measuring exchange rate, price, and output dynamics at the effective lower bound, Oxford Bulletin of Economics and Statistics, vol. 80(6), 1243-1266,doi:10.1111/obes.12260, 2018

Business tendency surveys and macroeconomic fluctuationsInternational Journal of Forecasting, 33(4),  878-893, doi:10.1016/j.ijforecast.2017.04.005, 2017

  • We use a mixed-frequency factor model to examine the forecasting performance of Swiss business tendency survey data. Business tendency surveys provide additional information for forecasting inflation, employment growth, and the output gap.

  • with Rolf Scheufele

  • [publicationupdate sep. 2016working paper]

Sticky prices or rational inattention — What can we learn from sectoral price data?European Economic Review, 64, 384-394, doi:10.1016/j.euroecorev.2013.10.001, 2013

  • We use a factor model to document stylized facts for Swiss sectoral dynamics and confront these facts with two popular price-setting models. Overall, the findings tend to support multi-sector models with sticky prices rather than rational inattention.

  • with Sarah Lein

  • [publication]

Combining disaggregate forecasts for inflation: The SNB's ARIMA modelSwiss National Bank Economic Study, No. 7,, 2013

  • We evaluate the SNB's short-term forecasting model based on sectoral inflation rates and propose a state-space model to deal with changes in the survey frequency over time. The model performs well relative to various benchmarks, in particular, over short-term horizons.

  • with Marco Huwiler

  • [publication]

Asymmetries in price-setting behavior: New microeconometric evidence from SwitzerlandJournal of Money Credit and Banking, 44, 211-236, doi:10.1111/j.1538-4616.2012.00558.x, 2012

  • We propose an econometric framework to estimate reduced-form (S,s)-pricing rules from firm-level price data. Applying the estimator to Swiss data, we find that the prevalence of positive relative to negative price changes is largely due to a positive aggregate inflation trend.

  • with Bo E. Honoré and Sarah Lein

  • [publication, working paper]

  • in the news: [Jackson Hole speech T. Jordan]

Is there a Swiss price puzzle?Swiss Journal of Economics and Statistics, 148(I), 57-75, doi:10.1007/bf03399360, 2012

  • We use a factor model and Swiss sectoral price data to examine whether there is a price puzzle, i.e. an increase in the price level after a restrictive monetary policy shock. Although there is no price puzzle on average, rents and durable goods prices tend to rise. This is consistent with the cost channel of monetary policy.

  • with Sarah Lein

  • [publication]

Price-setting behaviour in Switzerland: Evidence from CPI micro dataSwiss Journal of Economics and Statistics, 145(III), 293-349, doi:10.1007/bf03399283, 2009

  • I document stylized facts of Swiss firm's price-setting behavior based on a novel micro price data set. Prices tend to be sticky, but price changes are sizable when they occur. Sticky prices, however, depend on the state of the economy, in particular, firms facing higher rates of inflation adjust their prices more frequently. 

  • [publication, working paper]

  • in the news: [Finanz&Wirtschaft]

Ongoing research and unpublished working papers

Do bonuses offset the allocative effects of downward rigid base wages?, 2022, American Economic Review Papers&Proceedings, forthcoming

with Anne Kathrin Funk

  • We examine whether downward flexible wage components, such as bonuses, are used as a margin of adjustment to circumvent base wage rigidities. Those components indeed mitigate the allocative effects of downward nominal wage rigidity. At least in Switzerland, they do not suffice to completely offset the allocative effects of downward rigid base wages. 

Interest rates in Switzerland 1852-2020, 2021

with Cédric TilleFlorian HuberRebecca Stuart and Niko Hauzenberger

  • We construct novel monthly interest rate and exchange rate data for Switzerland and analyse the most important driving forces.

  • [Policy report]

A Swiss business cycle history 1848-2020, 2020

with Marc Burri and Rebecca Stuart

Adjustment costs and delayed overshooting, 2020

with Teodoro Bevilacqua

Does government-backed lending reduce unemployment? An assessment of the Swiss COVID-19 credit program, IRENE Working Papers No. 20-10, Institute of Economic Research, University of Neuchâtel, 2020

Export prices, markups, and currency choice after a large appreciation, 2019

The timing of price changes and the role of heterogeneity, 2010

  • I use Swiss firm-level price data to estimate hazard functions controlling for unobserved heterogeneity. I find that the downward-sloping pattern observed in aggregate hazard functions largely stems from unobserved heterogeneity and temporary sales.

  • [working paper]

Policy and opinion pieces

Évolution des taux d’intérêt suisses : une perspective de 1852 à 2020 (in French, la vie économique)

The new agreement on the distribution of SNB profits: some implications, IRENE Policy Report 21-1, University of Neuchâtel, 2021 [policy report]

Tracking the health of the Swiss economy during the Covid-19 crisis (with Marc Burri, LexTech Institute)

Was nun Herr Jordan? Statement on SNB's monetary and investment policy (in German, appearance in SRF Tagesschau and Eco)

Le Covid-19 souligne les limites de la politique monétaire de la BNS (Le Temps)

Les crédits Covid-19 au chevet des PME et de l’emploi (in French, La vie économique)

Schaden Deflation und rigide Löhne der Wirtschaft? Die Bedeutung von Lohnrigidität für die Geldpolitik (with Anne Kathrin Funk, in German, Ökonomenstimme)

Wie weiter mit der Tiefzinspolitik? Szenarien und Alternativen, information event for members of parliament, Commission de l’Économie et des Redevances (CER), 2020

Wie weiter mit der Tiefzinspolitik? Szenarien und Alternativen, presentation at Swiss Bankers Association, 2020


Geldökonom Daniel Kaufmann im Swissinfo-Gespräch, Geldcast mit Fabio Canetg (Swissinfo)

Eine Fieberkurve für die Schweizer Wirtschaft (with Marc Burri, in German, Ökonomenstimme)

Ein neues Tool für die SNB (with Alex Rathke and Jan-Egbert Sturm, in German, Ökonomenstimme)

Was kann die SNB noch tun? (with Alex Rathke and Jan-Egbert Sturm, in German, Ökonomenstimme)


Wie weiter mit der Tiefzinspolitik? Szenarien und Alternativen, IRENE Policy Report 20-01, University of Neuchâtel, 2020 [policy report, replication files, Le Temps]

Oser d'avantage d'inflation (in French, La vie économique)

Negativzinsen: Sinn oder Unsinn? Eine Schweizer Perspektive (Die Presse)

Zukunftsmusik für die Nationalbank (with Fabio Canetg, in German, Finanz und Wirtschaft)


Eine Exit Strategie für die Nationalbank: SNB Bills (with Fabio Canetg, in German, Ökonomenstimme)

Le franc fort et le rôle de la politique monétaire (in French, CVCI Lausanne, Summary BCV)

Passt der geldpolitische Auftrag der SNB? (with Simon Schmid, in German, Republik)


Was kann Geldpolitik überhaupt ausrichten? (with Simon Schmid, in German, Republik)

Wie problematisch ist die Bilanz der SNB? (with Simon Schmid, in German, Republik)

Warum sind die Zinsen so tief? (with Simon Schmid, in German, Republik)

Entwerten Zentralbanken unser Geld? (with Simon Schmid, in German, Republik)

GDP forecasts by the Federal Government’s Expert Group: Evaluation and improvement, Report for the State Secretariat for Economic Affairs (SECO), mimeo.

Systèmes monétaires et l’initiative « Monnaie Pleine » (in French, presentation)

La guerre commerciale mondiale aura-t-elle lieu? (in French, RTN)

Die Kosten von Deflation: Eine historische Analyse (in German, KOF Spezialanalyse)

What drives exchange rate persistence? The role of trend inflation (KOF Bulletin)

Preisstabilität in der Schweiz seit dem 19. Jahrhundert (in German, NZZ onlineÖkonomenstimmeKOF Bulletin)

Grants and other professional activities

Grant for the project Erhebung der Schweizer Konsumentenstimmung, by the State Secretariat of Economic Affairs (SECO), 2021, with Georg Lutz, Boris Wernli, Oliver Lipps, Michèle Ernst Stähli, Erika Antal, and Marc Burri

Grant for the project Interest rate and exchange rate fluctuations over two centuries, by the State Secretariat of Economic Affairs, 2020, with Cédric TilleFlorian HuberRebecca Stuart and Niko Hauzenberger

Financial support for the policy report Wie weiter mit der Tiefzinspolitik? Szenarien und Alternativen, by the Swiss Bankers Association, 2020


Grant for the project A Swiss Business Cycle History 1848-2020, Seed Money for project preparation by the University of Neuchâtel, 2020, with Marc Burri

Financial support for the IRENE Research Seminar, Swiss National Bank, 2018-2023


Grant for the project Monetary Non-Neutrality: Measurement, Causes, and Consequences, Seed Money for project preparation by the University of Neuchâtel, 2018, with Anne Kathrin Funk

Grant for the project Combination of Expert Forecasts by the State Secretariat of Economic Affairs, 2017

Grant for the project Structural change of the Swiss economy in a difficult monetary environment by the State Secretariat of Economic Affairs, 2017, with Tobias Renkin

Referee for Applied Economics Letters, Computational Economics, Economic Journal, Empirical Economics (3×), Focus on European Economic Integration, German Economic Review, International Economics, Journal of Business Cycle Research, Journal of Economic History, Journal of International Money and Finance, Journal of Macroeconomics, Journal of Money, Credit and Banking, Oxford Bulletin of Economics and Statistics (4×), Review of International Economics (4×), Scottish Journal of Political Economy, Swiss Journal of Economics and Statistics (5×)

Advisor for the visitor center SNB, since 2020, joint project of the SNB and the Bernisches Historisches Museum

President of advisory group on the 2020 revision of the producer and import price indices at the Swiss Federal Statistical Office

Organizer of Money Talks, since 2020, a quarterly online discussion round fostering exchange between academia, policy institutions, and the private sector.

Member of LexTech Institute, since 2021, University of Neuchâtel

Organizer of the Swiss Macro Meeting 2019, a workshop fostering exchange between academia, policy institutions, and the private sector, with Sarah Lein and Samad Sarferaz.

Organizer of a PhD Workshop, since 2019, Université de Neuchâtel.

Reviewer Annual Conference Verein für Socialpolitik, 2021

Reviewer OeNB Anniversary Fund, 2021

Expert maturité gymnasiale Porrentruy, 2021

Session organizer and scientific program committee at 2016 and 2017 CFE-ERCIM

Member of the dean's office, Faculty of Economics and Business, Université de Neuchâtel 2019-2021

Member of the Assemblée de l’Université de Neuchâtel 2018-2019

PhD supervisor for Elizabeth Steiner (Swiss National Bank), Teodoro Bevilacqua and Marc Burri (University of Neuchâtel)
PhD committee for Benjamin Tissot-Daguette, Sabina Kummer-Noormamode (University of Neuchâtel)