Michael Kühl

Michael Kühl is a Research Professor at the Deutsche Bundesbank's Research Centre within the Directorate General Economics. His research focuses on macroeconomics, monetary economics, international finance, and financial markets. He explores topics such as central bank asset purchases, leverage constraints in financial systems, exchange rate dynamics, and the transmission mechanisms of economic shocks. His work bridges theoretical frameworks with empirical analysis, emphasizing policy relevance for central banking and financial stability.

Key research interests include the interaction between monetary and fiscal policies, the effects of quantitative easing, and the role of bank capital in propagating economic shocks. He also investigates non-fundamental factors driving exchange rate movements and the implications of imperfect information in financial markets.

His publications span prestigious journals like the International Journal of Central Banking and the Journal of Macroeconomics. Recent work includes analyses of fiscal-monetary coordination, optimal central bank interventions, and the impact of government bond purchases on financial institutions. He contributes to policy-oriented discussions on mitigating financial stress and designing effective monetary policy frameworks.

• Directorate General Economics, Deutsche Bundesbank
• Research Professors, Research Council, and Research Fellows Program

His research has addressed critical issues such as the Euro's introduction impact on currency markets, long-run exchange rate target values, and the role of global economic sentiments in shaping smaller EU economies' financial conditions.