Job Market Candidates 2024/25
Ph.D. Program in Economics
Clara Lindemann
Contact Information
Chair of Macroeconomics,
Goethe University Frankfurt
Theodor-W.-Adorno Platz 3
60629 Frankfurt am Main
Phone: +49 1753555544
E-Mail, Personal website
Education
Ph.D., Economics, Goethe University Frankfurt, GSEFM program, 2025 (expected)
Visiting Student Researcher, University of California, Berkeley, 2024
M.Sc., Quantitative Economics, Goethe University Frankfurt, GSEFM program, 2022
Erasmus Exchange Year, Toulouse School of Economics, 2016-2017
B.Sc., Economics, Mannheim University, 2018
Fields of Specialization
Macro Modeling, Consumer Expectations, Monetary Economics, Heterogeneous Agents Models, Climate Economics
Teaching Areas
Macroeconomics, Monetary Policy, Macro Modeling
Curriculum Vitae
Click here to download the CV.
References
Professor Mathias Trabandt
Chair of Macroeconomics
Goethe University Frankfurt
Professor Alexander Meyer-Gohde
Goethe University Frankfurt
Professor Yuriy Gorodnichenko
Quantedge Presidential Professor of Economics
Department of Economics
University of California, Berkeley
ygorodni[at]econ.berkeley[dot]edu
Job Market Paper
Households’ Inflation Expectations and their Consumption Basket
Abstract: In this paper I study the pass-through from consumers’ personal inflation rates to their inflation expectations using a German household dataset on consumer expectations. Exploiting information on individual consumption baskets and macro data on goods inflation rates I calculate a personal inflation rate and estimate the effect of the personal inflation rate on inflation expectations. I find a time-varying dispersion of the personal inflation rate across consumers and a significant positive effect of an increase in the personal inflation rate on consumers inflation expectations. This effect is stable across different socio-economic groups, but more pronounced in times of high inflation. I analyze the impact of my empirical findings using a New Keynesian model with sticky wages and a Lucas island model. My modeling framework shows that the increase in inflation expectations due to an increase in personal inflation rates and the heterogeneity across agents amplifies the reaction of inflation and dampens the reaction of output following a demand shock.
Other Papers
Inflation, Inequality, and the Business Cycle (with Sofia Semik and Mathias Trabandt)
Abstract: In this paper we introduce a nonlinear Phillips curve with a state-dependent slope into an otherwise standard HANK model. We show that the nonlinear Phillips curve is crucial for the model to be able to account jointly for the properties of inflation and inequality observed in the data. Our model implies that over the business cycle inflation and income inequality increase more strongly than they decrease. Thus, our model is able to account well for the observed positive skewed distribution of US inflation rates and income inequality. A version of our model with a constant Phillips curve slope fails to account for the observed skewness in inflation and inequality.
Forward Guidance and the Zero Lower Bound on Inflation Expectations
Abstract: In this paper I explore unconventional monetary policy interventions as a potential cause for a zero lower bound on inflation expectations. I therefore implement a zero lower bound on inflation expectations and compare this to a situation where the central bank engages in unconventional monetary policy, especially forward guidance. My simulations show that in a New Keynesian model with a central bank that uses forward guidance policy a zero lower bound on inflation expectations can be a result of monetary policy.