Jörg Krämer

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Jörg Wilhelm Krämer (born August 7, 1966 ) is a German economist . He is the chief economist at Commerzbank AG .

Life

Jörg Krämer studied economics at the Rheinische Friedrich-Wilhelms-Universität Bonn and the Westfälische Wilhelms-Universität Münster . In 1992 he joined the economic department of the Kiel Institute for the World Economy. He did his doctorate under Horst Siebert , the then president of the institute and member of the expert council for the assessment of the macroeconomic situation, with an empirical thesis on monetary aggregates.

From 1996 he worked for the investment bank Merrill Lynch and from 1997 for the investment company Invesco , where he was appointed chief economist in 2000. In 2005, Krämer became chief economist at Bayerische Hypo- und Vereinsbank AG . In 2006, Krämer moved to Commerzbank AG as chief economist and head of research .

Krämer has been a lecturer at the University of Münster since 2017 and is a member of the ECB shadow council. Krämer has been a member of the Catholic German Student Union (KDSt.V.) Alania Bonn in the CV since 1987.

Positions

In the economic policy debate, Krämer represents liberal, regulatory positions. He is one of the economists most cited by the media in German-speaking countries. He was critical of economic stimulus programs and warned, for example, in 2008: "It is a fallacy to believe that one can control the consumption of millions of people."

In the debate about the sovereign debt crisis, the purchase of government bonds by the ECB and the Target2 balances , he took a clear position and supported the position of the Deutsche Bundesbank . He sees the causes of the sovereign debt crisis not being broadly resolved, but merely whitewashed by the ECB's loose monetary policy. He warns of the side effects of this policy, which lowers the incentives for reform in countries like Italy, promotes so-called zombie companies and encourages the emergence of new bubbles in the financial and real estate markets.

Krämer advocates a fundamentally new monetary policy strategy for the ECB. He calls for a monetary policy strategy of comprehensive stabilization. The ECB should not only concern itself with price stability, but must also strive for financial stability. If, for example, loans or house prices rise too sharply, the ECB should raise its interest rates to prevent dangerous bubbles even if inflation is still below the ECB's target. Banking supervision alone cannot prevent bubbles. Nevertheless, Krämer advocates a higher equity base for banks as well as the bail-in principle, according to which the capital providers should first and foremost be responsible for bank losses. This strengthens the principle of responsibility and promotes solid business models for banks.

Fonts

  • Theory and empirical determination of interest-weighted monetary aggregates , Kiel Institute for the World Economy (IfW) 1994
  • Interest-weighted monetary aggregates and price levels , Kiel Institute for the World Economy 1994.
  • Monetary policy: back to potential orientation , Kiel Institute for the World Economy 1994, together with Joachim Scheide
  • Interest-weighted monetary aggregates and economic activity , Kiel Institute for the World Economy 1994.
  • Can interest-weighted amounts of money be controlled better than ordinary amounts of money? Kiel Institute for the World Economy 1994.
  • Estimation of money demand functions: interest-weighted versus ordinary money supplies , Institut für Weltwirtschaft Kiel 1995.
  • Determinants of the expected real long-term interest rates in the G7 countries , Kiel Institute for the World Economy 1996.
  • Interest-weighted versus conventional monetary aggregates : Theory and empirical evidence for the Federal Republic of Germany , Mohr Tübingen 1996, ISBN 3-16-146568-7 .

Web links

Individual evidence

  1. ↑ Chief Economist goes to Commerzbank , Manager Magazin , February 20, 2006.
  2. ↑ FAZ ranking list of economists: Germany's most influential economists 2018 . ISSN  0174-4909 ( faz.net [accessed August 8, 2019]).
  3. ↑ “Consumption cannot be controlled” , Focus , December 8, 2008.
  4. ^ Ferdinand Knauß: Economist Jörg Krämer: "We are threatened by a real estate bubble". Retrieved August 8, 2019 .
  5. ↑ Jörg Krämer: For a monetary policy of comprehensive stabilization (PDF) Commerzbank. December 2, 2016. Retrieved August 13, 2019.
  6. ↑ Commerzbank economist on monetary policy: The ECB needs a new strategy. Retrieved August 8, 2019 .
personal data
SURNAME Krämer, Jörg
ALTERNATIVE NAMES Krämer, Jörg W .; Krämer, Jörg Wilhelm (full name)
BRIEF DESCRIPTION German economist, chief economist at Commerzbank AG
DATE OF BIRTH 7th August 1966