Guntram Wolff

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Guntram Wolff is a German economist who has been the Director of Bruegel since June 2013. His research is focused on the European economy and governance, fiscal and monetary policy, and global finance. He regularly testifies to the European Union Finance Ministers’ ECOFIN meeting, the European Parliament, the German Parliament (Bundestag) and the French Parliament (Assemblée Nationale). From 2012 until 2016, he was a member of the Conseil d’Analyse Economique (CAE) under successive Prime Ministers Jean-Marc Ayrault and Manuel Valls.


Wolff holds a PhD from the University of Bonn, studied economics in Bonn, Toulouse, Pittsburgh and Passau. He is fluent in German, English, French and has some knowledge of Bulgarian and Spanish.


Wolff joined Bruegel from the European Commission, where he worked on the macroeconomics of the euro area and the reform of euro area governance. Prior to joining the Commission, he was coordinating the research team on fiscal policy at Deutsche Bundesbank. He also worked as an adviser to the International Monetary Fund (IMF).

In 2018, IMF Managing Director Christine Lagarde appointed Wolff to the External Advisory Group on Surveillance, a group mandated to review the Fund's operational priorities through 2025.[1]

Wolff has taught economics at the University of Pittsburgh and at Université libre de Bruxelles. He has published numerous papers in leading academic journals. His columns and policy work are published and cited in leading international media such as the Financial Times, the New York Times, Wall Street Journal, Caixin, Nikkei, El País, La Stampa, FAZ, Handelsblatt, Les Echos, BBC, ZDF, among others.

Other activities[edit]


His publications are available on Recent Bruegel publications can be found here:

Selected academic journal publications include

  • Identifying discretionary fiscal policy reactions with real time data, with Ulf von Kalckreuth, Journal of Money, Credit and Banking 2011,.[4]
  • Heterogeneity in money holdings across euro area countries: the role of housing, with Ralph Setzer and Paul van den Noord, European Journal of Political Economy, older version: European Economy - Economic Paper 407, Deutsche Bundesbank DP 4/2010. see also:, May 15. 2010 and European Economy Research Letter
  • The macroeconomic effects of exogenous fiscal policy shocks in Germany: a disaggregated SVAR analysis with Kirsten H. Heppke-Falk and Jörn Tenhofen, Journal of Economics and Statistics – Jahrbücher für Nationalökonomie und Statistik, 230 (3), 2010. older version Bundesbank DP 41-2006
  • The German sub-national government bond market: structure, determinants of yield spreads and Berlin’s foregone bail-out with Alexander Schulz, Journal of Economics and Statistics – Jahrbücher für Nationalökonomie und Statistik, 229(1), 61-83, 2009. An initial version of the article appeared as Bundesbank DP 6-2008,[5] see also Bundesbank monthly bulletin article of June 2008.[5]
  • Fiscal institutions, fiscal policy and sovereign risk premia in EMU with Mark Hallerberg, Public Choice, 136(3-4), 379-396, 2008. (Springer online [6]) working paper: Bundesbank DP 35-2006.[5]
  • The effectiveness of subsidies revisited: accounting for wage and employment effects in business R&D with Volker Reinthaler, Research Policy, 37, 1403–1412, 2008.[7]
  • Moral hazard and bail-out in fiscal federations: Evidence for the German Länder with Kirsten Heppke-Falk, Kyklos – International Review for Social Sciences, 61(3), 425-46, 2008 [8]
  • Fool the markets? Creative accounting, fiscal transparency and sovereign risk premia with Kerstin Bernoth, Scottish Journal of Political Economy, 55(4), 465-87, 2008 [9]
  • What do deficits tell us about debt? Empirical evidence on creative accounting with fiscal rules in the EU with Jürgen von Hagen, Journal of Banking and Finance, volume 30 (12), 3259-3279, 2006.
  • A Compromise Estimate of German Net National Product 1851-1913 and its Implications for Growth and Business Cycles with Carsten Burhop, Journal of Economic History, volume 65 (3), p. 613-657, 2005.


  1. ^ IMF Managing Director Christine Lagarde Names External Advisory Groups for the 2020 Comprehensive Surveillance Review International Monetary Fund (IMF), press release of October 30, 2018.
  2. ^ Guntram Wolff Mastercard Center for Inclusive Growth.
  3. ^ International Advisory Board Solvay Brussels School of Economics and Management,
  4. ^ von Kalckreuth, ULF; Wolff, Guntram B. (2011). "Identifying Discretionary Fiscal Policy Reactions with Real-Time Data". Journal of Money, Credit and Banking. 43 (6): 1271–1285. doi:10.1111/j.1538-4616.2011.00425.x.
  5. ^ a b c Internetredaktion (2012-05-23). "Deutsche Bundesbank - Service - Die Seite wurde nicht gefunden" (PDF) (in German). Retrieved May 14, 2013.
  6. ^ Hallerberg, Mark; Wolff, Guntram B. (2008). "Fiscal institutions, fiscal policy and sovereign risk premia in EMU". Public Choice. 136 (3–4): 379–396. doi:10.1007/s11127-008-9301-2.
  7. ^ Wolff, Guntram B.; Reinthaler, Volker (2008). "The effectiveness of subsidies revisited: Accounting for wage and employment effects in business R&D". Research Policy. 37 (8): 1403–1412. doi:10.1016/j.respol.2008.04.023. hdl:10419/39482.
  8. ^ "Moral Hazard and Bail-Out in Fiscal Federations: Evidence for the German Länder - Heppke-Falk - 2008 - Kyklos - Wiley Online Library". 2008-07-17. Archived from the original on 2013-01-05. Retrieved May 14, 2013.
  9. ^ "FOOL THE MARKETS? CREATIVE ACCOUNTING, FISCAL TRANSPARENCY AND SOVEREIGN RISK PREMIA - Bernoth - 2008 - Scottish Journal of Political Economy - Wiley Online Library". Archived from the original on February 5, 2011. Retrieved May 14, 2013.

External links[edit]