Christian Wipf

I am an Economist at the Financial Stability Division of the Austrian National Bank. I obtained my PhD at the University of Bern in 2020.

My research interests are in macroeconomics, monetary economics, banking and financial economics.

I have recently worked on the current inflationary spike, optimal inflation targets, narrow banking and CBDC proposals, and monetary policy transmission since the Great Financial Crisis.

Please see my cv and my resume for more details.

Research

Liquidity, the Mundell-Tobin Effect, and the Friedman Rule (with Lukas Altermatt), Journal of Money, Credit and Banking , 56(5), 2024, pdf

why it can be optimal to have long-run inflation targets above the deflationary prescription of the Friedman rule

The effects of cost-push inflation on Austrian banks , Oesterreichische Nationalbank Financial Stability Report , 46, 2023, pdf

how the post 2021 inflationary spike affected the Austrian macroeconomy and the banking sector

Should Banks Create Money? , submitted, pdf

why fractional reserve banking is economically useful and what these benefits are worth against alternatives like 100% reserves

Opaqueness and Optimal Intermediary Financing (with Kumar Rishabh), pdf

why banks hold so many mortgages and what this implies for regulation

The Quantity Theory and Inflation since the Great Financial Crisis (with Heon Lee), pdf

how low and stable inflation can be reconciled with record low interest rates and massively expanded central bank balance sheets