Sebastian Schmidt

The Practice of U.S. Monetary Policy Independence from Martin to Greenspan The Federal Reserve Board of Governors in Washington DC.

New #FEDSPaper: The Practice of U.S. Monetary Policy Independence from Martin to Greenspan: www.federalreserve.gov/econres/feds... #EconSky

…primary surpluses and monetary seigniorage do. An exogenous drop in the private-sector demand for convenience assets reduces seigniorage revenues and raises the price level. It also results in a wealth transfer across countries owing to the heterogeneity in convenience yields.

I study price level determination in a currency union when some member countries‘ government securities earn a convenience yield. These convenience assets generate fiscal seigniorage revenues that, given appropriate fiscal and monetary policies, back the union‘s price level, much like…

My new working paper on Fiscal seigniorage and price level determination in a currency union: www.ecb.europa.eu/pub/pdf/scpw...

Monetary–Fiscal Policy Interactions When Price Stability Occasionally Takes a Back Seat What are the macro-economic consequences of a government that is limited in its willingness or ability to raise primary surpluses, and a central bank that accommodates its interest-rate policy to the...

Monetary–Fiscal Policy Interactions When Price Stability Occasionally Takes a Back Seat - Schmidt - Journal of Money, Credit and Banking - Wiley Online Library onlinelibrary.wiley.com/doi/10.1111/...

Annual Macro Meeting of the @vfsecon.bsky.social
@uniheidelberg.bsky.social, May 7-8, 2026
Call for Papers: macroeconomics.committee.socialpolitik.de/sites/defaul...
We welcome submissions in all areas of macroeconomics and from researchers at all career stages.

ECB-IMF conference on Fiscal Policy and EMU Governance coming up in December: www.ecb.europa.eu/press/confer...

This reminds me of our ECB Discussion Paper on monetary-fiscal policy interactions and risks to price stability in times of high government debt, with Cristina Checherita-Westphal, Anna Rogantini and Jean-David Sigaux, published about a year ago: www.ecb.europa.eu/pub/pdf/scpd...

Macro Musings with David Beckworth: George Hall on the Fiscal Consequences of the US War on COVID Check out David's Substack: for a special 500th episode post! George Hall is a professor of economics at Brandeis University and formerly worked as an economist at the Chicago Federal Reserve Bank. ...

macromusings.libsyn.com/george-hall-...

Happy to see “Fiscal Backing for Price Stability in a Monetary Union“ with Bartosz Mackowiak in print.

Herzlichen Glückwunsch, Christian, das freut mich.