I am a Professor of Economics at Universität Hamburg, and a research fellow at CEPR, CESifo, and the IMFS. Previously, I was a central bank economist at the Federal Reserve Bank of San Francisco. My research focuses on the role of financial markets for the macroeconomy, monetary policy, and climate change. I am particularly interested in understanding the effects of monetary policy on the yield curve and asset prices—including monetary policy surprises, forward guidance, monetary policy communication, quantitative easing, monetary policy uncertainty, and risks to the economic outlook. More recently I’ve been working on social discount rates, the social cost of carbon and climate finance.