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Indiana University Bloomington


The Kelley Advantage

Our faculty members sit on the editorial boards of more than 10 leading journals in economics.

Juergen von Hagen

Contact Information

(812) 855-3360
jvonhage [at] indiana [dot] edu (E-mail)
Business School

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Faculty Web Page

  • Adjunct Visiting Professor


  • Bloomington


  • Diploma, University of Bonn, 1981
  • PhD, University of Bonn, 1986

Professional Experience

  • Federal Reserve Bank of St. Louis, Spring 2005
  • Bank of Japan 2002
  • Sultanate of Oman, 2001
  • European Parliament, 1998, 1999
  • World Bank, Economic Development Institute 1998, 2006
  • Research Consultant, Interamerican Development Bank, 1996, 1997, 1999
  • Special Consultant, European Commission 1995
  • Visiting Professor, Tel Aviv University 1995
  • International Baltic Economic Commission, 1991
  • Visiting Professor, Catholic University of Leuven, July-August, 1991
  • Visiting Professor, University of Giessen, May-June 1991
  • Research Consultant, International MonetaryFund, Washington DC, March 1991, March 1992; March 1995, May 1998, July 2001
  • Visiting Research Fellow, University of Bonn, May - August 1990
  • Visiting Scholar, Board of Governors of the Federal Reserve System, April 1990
  • Visiting Assistant Professor, Indiana University 1987 - 88
  • Visiting Scholar, Federal Reserve Bank of St. Louis, February to April 1987, Jan. to August 1989

Awards, Honors & Certifications

  • Research Fellow, BRUEGEL, Brussels, since 2005
  • Program Chair, Annual Conference of the International Institute for Public Finance 2005
  • Invited Lecture, Annual Meetings of the German Economics Association (Verein für Socialpolitik), October 2003
  • Opening Lecture, Journees de l’Association Francaise de Science Economique, May 2003
  • Inaugural Francis Y Edgeworth Lecture, Irish Economic Association, May 2002
  • Academic Advisory Council of the German Federal Minister of Economics, since 2001
  • Member, Deutsche Akademie der Naturforscher Leopoldina, since 2001
  • Fellow World Economic Forum 2001, 2002, 2003
  • Research Council of Deutsche Bundesbank, 2000-
  • Academic Advisory Council, Hallesches Institut für Wirtschaftsforschung, 1999-
  • Macroeconomic Committee of the German Economic Association (Chairman), 2000-
  • Council of the European Economic Association, 1999-2002
  • Commite Economique de la Nation, France, 1999-2003
  • Council of the German Economic Association, 1998-
  • First Winner of the Gossen Prize of the Verein für Socialpolitik (German Economics Association), 1997
  • Thyssen Lecture, Georgetown University, April 1997
  • CEPR Economic Policy Panel, 1992-94
  • Research Fellow, Center for Economic Policy Research, London, since 1992
  • Best Teacher Award, Indiana University School of Business Graduate Student Committee 1991

Professional Interests

International Macroeconomics, Public Finance, Federalism

Selected Publications

  • Jürgen von Hagen, 2010. "The Sustainability of Public Finances and Fiscal Policy Coordination in the EMU", 412, CASE-Center for Social and Economic Research. Read Abstract ››

  • Kerstin Bernoth & Jürgen von Hagen & Casper G. de Vries, 2010. "The Forward Premium Puzzle and Latent Factors Day by Day", Discussion Papers of DIW Berlin 989, DIW Berlin, German Institute for Economic Research. Read Abstract ››

  • Ralf Hepp & Jürgen von Hagen, 2010. "Interstate Risk Sharing in Germany: 1970-2006", Working papers 2010-13, University of Connecticut, Department of Economics. Read Abstract ››

  • von Hagen, Jürgen (2010), “Sticking to Fiscal Plans: The Role of Institutions,” Public Choice, Vol. 144, No. 3-4, September, pp. 487-503. Read Abstract ››

  • von Hagen, Jürgen and Jean Pisani-Ferry (2009), "To The Commissioner for Economic and Monetary Affairs," in André Sapir (ed.), Memos to the New Commission, Brussels: Bruegel.

  • von Hagen, Jürgen and Valeriya Dinger (2009), “Does Interbank Borrowing Reduce Risk?,” Journal of Money, Credit, and Banking, Vol. 41, No. 2-3, March-April, pp. 491-506. Read Abstract ››

  • von Hagen, Jürgen and Jizhong Zhou (2009), “Fear of Floating and Pegging. A Simultaneous Choice Model of De-jure and De-facto Exchange Rate Regimes in Developing Countries,” Open Economies Review, Vol. 20, No. 3, pp. 293-315.  Read Abstract ››

  • von Hagen, Jürgen and Valeriya Dinger (2009), “How Small are the Banking Sectors in Central and Eastern European Countries Really?,” Journal of Financial Regulation and Compliance, Vol. 17, No. 2, pp. 96-118. Read Abstract ››

  • von Hagen, Jürgen, Ludger Schuknecht, and Guido Wolswijk (2009), “Government Risk Premiums in the Bond Market: EMU and Canada,” European Journal of Political Economy, Vol. 25, No. 3, September, pp. 371-384.  Read Abstract ››

  • Robin Pope & Reinhard Selten & Sebastian Kube & Jürgen von Hagen, 2009. "Prominent Numbers, Indices and Ratios in Exchange Rate Determination and Financial Crashes: in Economists’ Models, in the Field and in the Laboratory," Bonn Econ Discussion Papers bgse18_2009, University of Bonn, Germany. Read Abstract ››

  • Jürgen von Hagen, 2009. "Monetary Policy on the Way Out of the Crisis", Policy Contributions 379, Bruegel. Read Abstract ››

  • Jürgen von Hagen & Jean Pisani-Ferry & Jakob von Weizsäcker, 2009. "Exit: Time to Plan,"  Essays and Lectures 343, Bruegel. Read Abstract ››

  • Hepp, Ralf & von Hagen, Jürgen, 2009. "Fiscal Federalism in Germany: Stabilization and Redistribution Before and After Unification," CEPR Discussion Papers 7246, C.E.P.R. Discussion Papers. Read Abstract ››

  • Jürgen von Hagen & Jean Pisani-Ferry & Jakob von Weizsäcker, 2009. "A European Exit Strategy," Policy Briefs 344, Bruegel. Read Abstract ››

  • Robin Pope, & Reinhard Selten, & Sebastian Kube, & Jürgen von Hagen, 2009. "Managed Floats to Damp Shocks like 1982-5 and 2006-9: Field and Laboratory Evidence for Chinese Interest in a Single World Currency," Bonn Econ Discussion Papers bgse26_2009, University of Bonn, Germany.  Read Abstract ››

  • Jürgen von Hagen, 2009. "The Monetary Mechanics of the Crisis," Policy Contributions 335, Bruegel. Read Abstract ››

  • Schuknecht, Ludger & von Hagen, Jürgen & Wolswijk, Guido, 2009. "Government Bond Risk Premiums in the EU revisited: The Impact of the Financial Crisis," CEPR Discussion Papers 7499, C.E.P.R. Discussion Papers. Read Abstract ››

  • Zimmermann, Klaus F. & Burda, Michael C. & Konrad, Kai A. & Schneider, Friedrich & Schneider, Hilmar & von Hagen, Jürgen & Wagner, Gert G., 2009. "The Petersberg Declaration," IZA Policy Papers No. 1, Institute for the Study of Labor (IZA). Read Abstract ››

  • Jürgen von Hagen & Iulia Siedschlag, 2008. "Managing Capital Flows: Experiences from Central and Eastern Europe," Papers WP234, Economic and Social Research Institute (ESRI). Read Abstract ››

  • Jürgen von Hagen & Charles Wyplosz, 2008. "EMU's Decentralized System of Fiscal Policy," European Economy - Economic Papers 306, Directorate General Economic and Monetary Affairs, European Commission. Read Abstract ››

  • von Hagen, Jürgen, Klaus F. Zimmermann, Michael C. Burda, Kai Konrad, Friedrich Schneider, Hilmar Schneider, and Gert G. Wagner (2008), “Petersberger Erklärung: Anstöße für eine zukunftsgerichtete Arbeitsmarktpolitik,” Wirtschaftsdienst, Vol. 88, No. 12, pp. 814-815. Read Abstract ››

  • von Hagen, Jürgen (2008), “European Experiences with Fiscal Rules and Institutions,” in Elizabeth Garrett, Elizabeth A. Graddy, and Howell E. Jackson (eds.), Fiscal Challenges - An Interdisciplinary Approach to Budget Policy, Cambridge: Cambridge University Press. Read Abstract ››

  • von Hagen, Jürgen, Alan Ahearne, and Birgit Schmitz (2008), “Current Account Imbalances in the Euro Area,” in Anders Aslund and Marek Dabrowski (eds.), Challenges of Globalization, Washington, D.C.: Peterson Institute for International Economics. Read Abstract ››

  • Jürgen von Hagen, “Coming of Age: Report on the Euro Area” (with Jean Pisani-Ferry, Philippe Aghion, Marek Belka, Lars Heikensten, and Andre Sapir) Bruegel Blueprint 4, Brussels: Bruegel 2008.
  • von Hagen, Jürgen and Haiping Zhang (2008), “Financial Frictions, Capital Reallocation, and Aggregate Fluctuations,” Journal of Economic Dynamics and Control, Vol. 32, No. 3, pp. 978-999. Read Abstract ››

  • von Hagen, Jürgen and Haiping Zhang (2008), "A Welfare Analysis of Capital Account Liberalization," Review of International Economics, Vol. 16, No. 3, August, pp. 576-590. Read Abstract ››

  • von Hagen, Jürgen and Jizhong Zhou (2008), "The Interaction Between Capital Controls and Exchange Rate Regimes: Evidence from Developing Countries," International Economic Journal, Vol. 22, No. 2, pp. 163-185. Read Abstract ››

  • von Hagen, Jürgen and Stefan Niemann (2008), “Coordination of Monetary and Fiscal Policies: A Fresh Look at the Issue,” Swedish Economic Policy Review, Vol. 15, No. 1, pp. 89-124. Read Abstract ››

  • von Hagen, Jürgen, Karl-Martin Ehrhart, Roy Gardner, and Claudia Keser (2007), “Budget Processes: Theory and Experimental Evidence,” Games and Economic Behavior, 59:2, 279-292.  Read Abstract ››

  • von Hagen, Jürgen, Mark Hallerberg, and Rolf R. Strauch (2007), "The Design of Fiscal Rules and Forms of Governance in European Union Countries," European Journal of Political Economy, Vol. 23, No. 2, pp. 338-359. Read Abstract ››

  • von Hagen, Jürgen and Tai-kuang Ho (2007), “Money Market Pressure and Banking Crises,” Journal of Money, Credit, and Banking, Vol. 39, No. 5, pp. 1037-1066. Read Abstract ››