Carl-Wolfram Horn

Postdoctoral Reseacher in Economics

Centre for Central Banking @ Frankfurt School

I am a Postdoctoral Researcher at the Centre for Central Banking at the Frankfurt School of Finance and Management. Previously, I worked as a trainee in the Monetary Policy Outlook Division of the Bank of England and as a trainee and research analyst in the Research Division of the European Central Bank. I obtained my Ph.D. in Economics from the European University Institute (EUI).

I am an applied macroeconomist. My research lies at the intersection of fiscal and monetary policy, financial markets, and firm heterogeneity, studying how macroeconomic shocks and policies affect financial markets and the real economy.

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Interests

Applied Macroeconomics
Monetary and Fiscal Policy
Financial Markets
Firm Dynamics

Education

PhD in Economics, 2024

European University Institute
ASP Program, 2017

Kiel Institute
MSc in Economics, 2016

University of Frankfurt
BSc in Economics, 2014

University of Münster

Research

Publications

Covid and Productivity in Europe: A Responsiveness Perspective

with

Leonardo Indraccolo

and

Russell Cooper

European Economic Review Vol. 163, Apr. 2024

Link

Stock market dynamics and the relative importance of domestic, foreign, and common shocks

with Martin Ademmer and

Josefine Quast

International Journal of Finance and Economics, Nov. 2020

Link

Working Papers

Monetary Policy and Mergers and Acquisitions

with

Johannes Fischer

R&R Journal of Corporate Finance

Link

Work in Progress

Back to Normal in the Euro Area: Convenience Yields and Short-Sales Costs
with Stefano Corradin

We study the role of repo markets in determining convenience yields of German bunds during the ECB's quantitative easing and the policy normalization period.

Financial Market Fragmentation and Monetary Policy in the Euro Area
with Emanuel Moench

We study how cross-country financial market fragmentation modulates the average effects and the dispersion of effects of common monetary policy across member states in the Euro area.

Monetary Policy and Public Procurement

I study the modulating effects of government contracting in the transmission of monetary policy to asset prices and firm-level investment among publicly-listed US companies.

The Short-Term Effects of Monetary Policy: Evidence from the UK
with Lennart Brandt, Johannes Fischer, Silvia Miranda-Agrippino, and Filippo Pallotti

We study the speed of the transmission of monetary policy to economic activity in the UK, exploiting a novel dataset of daily private credit- and debit-card spending, online prices, and posted vacancies.

Fiscal News and the Macroeconmy
with Thomas Walsh

We study how news about the government's current and future fiscal stance affects the macroeconomy. We identify fiscal news using high-frequency responses of financial markets to periodic and comprehensive fiscal announcements covering spending, taxation and debt issuance in the United Kingdom.