Klaus Adam

Current Affiliations and Positions

Professor of Economics, Mannheim University, since fall 2008

Research Fellow, Center for Economic Policy Research (CEPR), London

Research Fellow, Center for Financial Studies (CFS), Frankfurt

Dean of Graduate Studies, Mannheim Graduate School of Economic and Social Sciences (GESS)

Academic Director of the Center for Doctoral Studies in Economics (CDSE) at Mannheim


Habilitation (2003), Goethe University, Frankfurt, Germany

Ph.D. (2001), European University Institute, Florence, Italy, with distinction

MA (1996), Bonn University, Germany, with distinction

Professional Service

Associate Editor, Journal of Monetary Economics (since 2009)

Associate Editor, Economic Journal (since 2009)

Associate Editor, Journal of Economic Dynamics and Control (since 2007)

Fondation Banque de France, Scientific Council and Evaluation Committee Member (since 2011)

Associate Editor, Macroeconomic Dynamics (2006-2011)

Editorial Panel Member, Economic Policy (2008-2010)

Former Positions

European Central Bank , Monetary Policy Research Division

Principal Economist (2007-2008), Senior Economist (2005-2006), Economist (2004)

Adjunct Professor, Goethe University of Frankfurt, 2004-2007

Updated: February 2012Assistant Professor, Goethe University of Frankfurt, 2001-2004

Carisal Fellow, Center for Studies in Economics and Finance, University of Salerno, Italy, 2000-2001

Visiting Positions

Bank of Japan IMES Research Visitor, June 2009

Program for Economic Research (PER) Visitor, Columbia University, December 2009, February 2011

Awards and Prizes

ERC Starting Grant No. 284262, ‘Boom and Bust Cycles in Asset Prices’, 2011-2016

Rotary-Prize for best economics thesis defended during 1999-2002 at EUI

Fondation Banque de France Grant, with A. Marcet and J.P. Nicolini, 2009-2010

Research Fields

Monetary Economics and Dynamic Macroeconomics

(optimal monetary policies; monetary and fiscal interactions; business cycles)

Learning and Expectations Formation

(adaptive learning; expectations driven fluctuations, asset price fluctuations)

Economics of Information and Uncertainty

(imperfect information; optimal information processing)


“Learning while Searching for the Best Alternative”, Journal of Economic Theory, Vol.101, 252-280, 2001.

“Learning and Equilibrium Selection in a Monetary Overlapping Generations Model with Sticky Prices”, Review of Economic Studies, Vol. 70(4), 887-908, 2003.

“On the Relation between Robust and  Bayesian Decision Making”,  Journal of Economic Dynamics and Control, Vol. 28(10), 2105-2117, 2004.

“Learning to Forecast and Cyclical Behavior of Output and Inflation”,  Macroeconomic Dynamics, Vol. 9(1), 1-27, 2005.

“Are Hyperinflation Paths Learnable?” with George Evans and Seppo Honkapohja,  Journal of Economic Dynamics and Control, Vol. 30, 2725-2748, 2006.

“Optimal Monetary Policy under Commitment with a Zero Bound on Nominal Interest Rates” with Roberto Billi, Journal of Money Credit and Banking, Vol. 38(7), 1877-1906, 2006.

“Optimal Monetary Policy with Imperfect Common Knowledge”,  Journal of Monetary Economics, Vol. 54(2), 276-301, 2007.

“Discretionary Monetary Policy  and the  Zero Lower Bound on Nominal Interest Rates”  with Roberto Billi, Journal of Monetary Economics, Vol. 54(3), 728-752, 2007.

“Experimental Evidence on the Persistence of Output and Inflation”,  Economic Journal, Vol. 117, 603-636, 2007.

“Monetary Conservatism and Fiscal Policy”, with Roberto Billi, Journal of Monetary Economics, Vol. 55(8), 1376-1388, 2008.

“Discussion: Regional Inflation Dynamics Within and Across Euro Area Countries and a Comparison With the United States” by G. Beck, K. Hubrich and M. Marcellino,  Economic Policy, 177-180, January 2009.

“Discussion: Financial Integration, Capital Mobility and Income Convergence”, by Abdul Abiad, Daniel Leigh and Ashoka Mody, Economic Policy, Vol. 58, 289-293, April 2009.

“Monetary Policy and Aggregate Volatility”, Journal of Monetary Economics, 56, S1-S18, 2009.

“Inflation Dynamics and Subjective Expectations in the United States”, Economic Inquiry, Vol. 49, 13–25, January 2011

“Internal Rationality, Imperfect Market Knowledge and Asset Prices”, with Albert Marcet Journal of Economic Theory, Vol. 146, 1224-1252, 2011.

“Government Debt and Optimal Monetary and Fiscal Policy”, European Economic Review, Vol. 55(1), 57-74, 2011.

“House Price Booms and the Current Account”, with Albert Marcet and Pei Kuang, NBER Macroeconomics Annual, 2011.

Work in Progress

‘Robustly Optimal Monetary Policy: A Microfounded Approach’ with Michael Woodford

Revised version submitted to Journal of Monetary Economics.

‘Stock Market Volatility and Learning’ with Albert Marcet and Juan Pablo Nicolini.

Revision requested at Review of Economic Studies.‘Booms and Busts in Asset Prices’ with Albert Marcet.

‘Optimal Sovereign Debt Default’ with Michael Grill.

‘Distortionary Fiscal Policy and Monetary Policy Goals’ with Roberto Billi