For more information on the Konstanz Seminar and recent programs, go to

45. Konstanz Seminar on Monetary Theory and Policy
June 3rd - June 6th, 2014

The seminar will be held from June 3rd - June 6th, 2014, on the Island of Reichenau at the Lake of Constance. The first session will begin on June 4th at 9:00 a.m., the last session will terminate on June 6th at noon. There will be an informal get-together for dinner in the evening of June 3rd.

The final seminar program is now available.

Lake Constance

Accommodation and seminar presentations will be at Strandhotel Löchnerhaus, located on Reichenau Island.  (Find it here in Google maps.)

Coming from Zurich Airport, you will first have to catch a train to Konstanz Bahnhof.
(see Timetable Zurich-Airport to Konstanz, accessed via Deutsche Bahn Information & Booking)
From there you take a regional train to Reichenau(Baden)/Reichenau Bahnhof and finally a bus (bus no. 7372)
to Reichenau Stedigasse/Anlegestelle which is next to the Strandhotel Löchnerhaus.
(see Timetable Konstanz to Reichenau-Stedigasse, accessed via Deutsche Bahn Information & Booking)

More information on the Konstanz seminar, its history and academic and policy accomplishments are available here.

Presenter Title pdf-Files
Christian Bayer
(University of Bonn)
Precautionary Savings, Illiquid Assets, and the Aggregate Consequences of Shocks to Household Income Risk
with Ralph Lütticke (BGSE - University of Bonn), Lien Pham-Dao (BGSE - University of Bonn), and Volker Tjaden (BGSE - University of Bonn)
Roel Beetsma
(University of Amsterdam)
A comparison of nominal and indexed debt under fiscal constraints
with Ed Westerhout (CPB Netherlands Bureau for Economic Policy Analysis)
Cem Çakmaklı
(University of Amsterdam)
Bayesian Semiparametric Dynamic Nelson-Siegel Model
Refet S. Gürkaynak
(Bilkent University Ankara)
Judging the DSGE Model by Its Forecast
with Rochelle M. Edge (Federal Reserve Board) and Burçin Kısacıkoğlu (Johns Hopkins University)
Robert Kollmann
(ECARES, Université Libre de Bruxelles & CEPR)
What drives the German current account? And how does it affect other EU member states?
with Marco Ratto (JRC, EU Commission), Werner Roeger (DG-ECFIN, EU Commission), Jan in't Veld (DG-ECFIN, EU Commission), and Lukas Vogel (DG-ECFIN, EU Commission)
Federico Mandelman
(Federal Reserve Bank of Atlanta)
Labor Market Polarization and International Macroeconomic Dynamics
Fernando M. Martin
(Federal Reserve Bank of St. Louis)
Debt, Inflation and Central Bank Independence
Gernot Müller
(University of Bonn)
Exit expectations in currency unions
with Alexander Kriwoluzky (University of Bonn) and Martin Wolf (BGSE - University of Bonn)
Paul Pichler
(Oesterreichische Nationalbank)
Collateral, liquidity and debt sustainability
with Stefan Niemann (University of Essex)
Policy Session Speaker:
Klaas Knot
(President of De Nederlandsche Bank)