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Sebastian Giesen

Researcher · Deutsche Bundesbank

Researcher at the Deutsche Bundesbank Research Centre working on monetary economics and applied econometrics. Co-author with Gerke and Kienzler of a paper on interest rate pegs and the reversal puzzle.

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Online First Journal of Money, Credit and Banking Online 23 Jun 2025

Interest Rate Pegs and the Reversal Puzzle: On the Role of Anticipation

Rafael Gerke · Sebastian Giesen · Daniel Kienzler

This paper revisits the "reversal puzzle" — the counterintuitive result, first documented by Carlstrom, Fuerst and Paustian (CFP, 2015), that in standard New Keynesian models the effect of forward …

Monetary Policy Expectations Macro Dynamics Methodology Free Read ↗