Patrick Hürtgen

Patrick Hürtgen is a Research Professor at the Research Centre of the Deutsche Bundesbank. His work focuses on international macroeconomics, monetary policy design, fiscal sustainability, and the role of expectations in economic decision-making. He has contributed to understanding the effects of monetary policy at the zero lower bound, fiscal policy during crises, and the transmission of monetary shocks across economies with fixed vs. floating exchange rates.

Key research interests include imperfect information in expectations formation, which influences how households and firms respond to central bank communication. His studies have highlighted the importance of disagreement in inflation expectations for policy efficacy and the differing impacts of monetary policy under varying economic regimes. Recent work examines Bundesbank policy spillovers to European economies, emphasizing the role of exchange rate regimes in determining policy transmission.

Hürtgen's publications span high-impact journals like the Journal of Political Economy and Journal of Monetary Economics, with a focus on empirical macroeconomics and policy analysis. His research bridges theoretical models with real-world data, often utilizing historical policy archives to construct novel measures of monetary shocks.

He has collaborated on ECB policy communication strategies and co-authored foundational studies on the effectiveness of forward guidance. His work underscores the necessity of incorporating realistic expectations dynamics into macroeconomic frameworks to better guide policy decisions in uncertain environments.