Dirk Niepelt

Dirk Niepelt is a Professor of Macroeconomics at the University of Bern's Economic Institute and a CEPR research fellow. He teaches multiple graduate and undergraduate courses including Macroeconomics I & II, Macro Finance, and Fiscal and Monetary Policies. His academic work bridges theoretical macroeconomics with practical policy analysis in monetary economics and financial regulation.

Niepelt's research focuses on the intersection of digital finance, monetary policy, and banking regulation. He has made significant contributions to understanding central bank digital currencies (CBDC), particularly examining their implications for traditional banking systems and monetary policy transmission. His work on epidemic control modeling during the pandemic demonstrated the application of macroeconomic frameworks to public health crises. He has also conducted influential research on too-big-to-fail institutions, public liquidity backstops, and the social costs of liquidity provision.

His recent publications reveal a strong emphasis on the evolving digital finance landscape, with numerous papers analyzing CBDC designs across different jurisdictions. Niepelt frequently collaborates with Cyril Monnet and Remo Taudien on Swiss banking regulation issues, producing quantitative analyses of too-big-to-fail subsidies and liquidity backstop mechanisms. His research combines rigorous theoretical modeling with practical policy recommendations, often addressing immediate regulatory challenges.

Niepelt serves as a member of the Bank of England and HM Treasury's CBDC Academic Advisory Group, reflecting his standing as a leading expert in digital currency research. His analysis of the Swiss banking sector, particularly regarding UBS and Credit Suisse, has informed policy debates on financial stability. He has estimated that UBS Group AG benefited from an annual senior debt subsidy of approximately $2.9 billion due to its too-big-to-fail status.

As an educator, Niepelt emphasizes microfoundations and dynamic aspects of economic decision-making in his teaching. His courses follow established textbooks while incorporating cutting-edge research, and he maintains an active academic blog discussing contemporary economic issues. His work on fiscal theory of the price level (FTPL) and New Keynesian model critiques has contributed to ongoing debates about monetary policy transmission mechanisms.