Mathias Klein

Mathias Klein

Senior ekonom

Research Division
Monetary Policy Department
Sveriges Riksbank
SE-103 37 Stockholm, Sweden

Telefon +46 8 787 04 63

Macroeconomics, macroeconometrics, financial cycles, fiscal and monetary policy

Short bio

Mathias joined the research group in August 2019. He holds a doctoral degree from the Ruhr Graduate School in Economics and TU Dortmund University. After obtaining his PhD, he worked for three years as post-doctoral researcher at the German Institute for Economic Research (DIW Berlin).

Mathias’s main research interest are macroeconomics and macroeconometrics with a particular focus on fiscal and monetary policy, private credit cycles, and financial frictions. Mathias is currently working on how the financial cycle affects the monetary policy transmission mechanism. In another project, he is investigating whether fiscal policy is more effective in stimulating the economy in times when monetary policy is constrained by the zero lower bound on nominal interest rates. Furthermore, he is also studying whether the level of aggregate uncertainty impacts on how fiscal policy interventions transmit to the economy.



Ph.D., Economics, Ruhr Gaduate Scholl in Economics/TU Dortmund University, 2017.
M.Sc., Economics, University of Leipzig, 2012


The time-varying effect of fiscal policy on inflation: evidence from historical US data (with Ludger Linnemann), Economics Letters, accepted for publication.

Tax and spending shocks in the open economy: are the deficits twins? (with Ludger Linnemann), European Economic Review, accepted for publication.

Income Redistribution, Consumer Credit, and keeping up with the Riches (with Christopher Krause), Journal of Money, Credit and Banking, accepted for publication.

Macroeconomic effects of government spending: the Great Recession was (really) different (with Ludger Linnemann), Journal of Money, Credit and Banking 51, 2019, 1237-1264. 

Austerity, Inequality, and Private Debt Overhang (with Roland Winkler), European Journal of Political Economy 57, 2019, 89-106. 

Austerity and Private Debt, Journal of Money, Credit and Banking 49, 2017, 1555-1585.

Inequality and Household Debt: A Panel Cointegration Analysis, Empirica 42, 2015, 391-412. 

Working Papers

Monetary policy and Household (De-)leveraging (with Martin Harding). 

Government Spending Multipliers in (Un)certain Times (with Jan Philipp Fritsche and Malte Rieth). 

The Government Spending Multiplier at the Zero Lower Bound: International Evidence from Historical Data (with Roland Winkler). 

What accounts for the German Labor Market Miracle? A Comprehensive Approach (with Stefan Schiman). 


European Economic Review, Journal of Money, Credit and Banking, Journal of International Money and Finance, Oxford Bulleting of Economics and Statistics, Applied Economics