Economist @ECB. This is my personal website. All views are my own and do not represent the views of the ECB or the Eurosystem.

Research

Journal articles

Altavilla, Carlo; Boucinha, Miguel; Burlon, Lorenzo; Giannetti, Mariassunta; Schumacher, Julian (2025): Central bank liquidity reallocation and bank lending: Evidence from the tiering system, Journal of Financial Economics, Vol. 168, 104058Schumacher, Julian; Trebesch, Christoph; and Enderlein, Henrik (2021): Sovereign Defaults in Court, Journal of International Economics, Vol. 131, 103388.Fang, Chuck; Schumacher, Julian; and Trebesch, Christoph (2021): Restructuring Sovereign Bonds: Holdouts, Haircuts and the Effectiveness of CACs, IMF Economic Review, Vol. 69, 155-196.Grosse Steffen, Christoph; Grund, Sebastian; and Schumacher, Julian (2019): Collective action clauses in the euro area: a law and economic analysis of the first five years, Capital Markets Law Journal, Vol. 14(2), pp. 134-154. Working paper: SSRN.

Chamon, Marcos; Schumacher, Julian; and Trebesch, Christoph (2018): Foreign-Law Bonds: Can They Reduce Sovereign Borrowing Costs?, Journal of International Economics, Vol. 114, pp. 164-179.
Schumacher, Julian; Trebesch, Christoph; and Enderlein, Henrik (2015): What explains sovereign debt litigation?, Journal of Law and Economics, Vol. 58(3), pp. 585-623.Schumacher, Julian and Weder di Mauro, Beatrice (2015): Greek debt sustainability and official crisis lending, Brookings Papers on Economic Activity, Fall 2015, pp. 279-304.

Schumacher, Julian (2015): Sovereign debt litigation in Argentina: Implications of the pari passu default, Journal of Financial Regulation, Vol. 1(1), pp. 143-138.

Working papers

Altavilla, Carlo; Rostagno, Massimo; and Schumacher, Julian (2025): When banks hold back: credit and liquidity provision, ECB Working Paper No. 3009

Gebauer, Stefan; Pool, Sebastian; and Schumacher, Julian (2024): The inflationary consequences of prioritising central bank profits, ECB Working Paper No. 2985

Altavilla Carlo; Rostagno, Massimo; and Schumacher, Julian (2023): Anchoring QT: Liquidity, credit and monetary policy implementation, CEPR Discussion Paper No. 18581

Andritzky, Jochen and Schumacher, Julian (2019): Long-Term Returns in Distressed Sovereign Bond Markets: How Did Investors Fare?, IMF Working Paper No. 19/138

Other publications

Gebauer, Stefan; Thomas McGregor; and Julian Schumacher (2024): How central bank communication affects the economy, The ECB Blog, 31 July.

Bouscasse, Jean-Francois; Daniel Kapp; Danielle Kedan; Thomas McGregor; and Julian Schumacher (2023): How words guide markets: measuring monetary policy communication, The ECB Blog, 9 August.

Bouabdallah, Othman; William Hynes; Thomas Kostka; Julian Schumacher; and Vilem Valenta (2023): Fiscal policy: from free to affordable lunch, The ECB Blog, 4 January.

Böninghausen, Benjamin; Leon Fernandez Brennan; Laura McCabe; and Julian Schumacher (2023): The pandemic emergency purchase programme – an initial review, Economic Bulletin, Issue 8/2022.

Boucinha, Miguel; Lorenzo Burlon; Marco Corsi; Guido della Valle; Jens Eisenschmidt; Sebastiaan Pool; Julian Schumacher; Olivier Vergote; and Iwona Marmara (2022): Two-tier system for remunerating excess reserve holdings, ECB Occasional Paper Series, No. 302.

Linzert, Tobias and Julian Schumacher (2022): Die Rolle der EZB, ifo Schnelldienst, Vol. 75(6), pp. 16-19.

Ligthart, Nick and Julian Schumacher (2020): The transmission of negative interest rates in euro area money markets, Box 2 in: Boucinha, Miguel and Lorenzo Burlon, Negative rates and the transmission of monetary policy, Economic Bulletin, Issue 3/2020.

Schumacher, Julian and Ine van Robays (2019): The September policy package, Economic Bulletin, Issue 6/2019.