Honorary Professor (Willy Brandt School of Public Policy)

Visiting address

University of Erfurt
Willy Brandt School of Public Policy
C19 – Forschungsbau „Weltbeziehungen“
Max-Weber-Allee 3
99089 Erfurt

Mailing address

University of Erfurt
Willy Brandt School of Public Policy
Postfach 90 02 21
99105 Erfurt

Prof. Dr. Guntram Wolff

Guntram Wolff is a senior fellow at Bruegel and was the Director of the German Council on Foreign Relations (DGAP) from 2022-24. From 2013 to 2022, he was director of Bruegel, a Brussels-based institute on economic policy in Europe, which he developed into a leading global think tank. His research focuses on European political economy, economic statecraft, geoeconomics, climate policy and Germany's geopolitical strategy. His work has been published in academic journals such as Nature, Science, Nature Communications, Journal of European Public Policy, Journal of Money, Credit, and Banking, European Journal of Political Economy, Climate Policy, Energy Policy, and Foreign Affairs

Since 2013, Wolff has been speaking twice a year to the Economic and Financial Affairs Council (ECOFIN), the informal meeting of the EU's finance ministers and central bank governors, on a wide variety of topics. From 2012 to 2016, he served as a member of the French prime minister's Conseil d'Analyse Economique.

From 2008 until 2011, Wolff worked on euro area macroeconomics and euro area governance reform at the European Commission. He began his professional career in the research department of the Deutsche Bundesbank, which he joined after completing his PhD in economics at the University of Bonn. 



Claeys, G., Le Mouel, M., Tagliapietra, S., Wolff, G. B., & Zachmann, G. (2024). The Macroeconomics of Decarbonisation: Implications and Policies. Cambridge University Press. 

Gritz, A., & Wolff, G. (2024). Gas and energy security in Germany and central and Eastern EuropeEnergy Policy184, 113885. 

Laya, A. G., Grand, C., Pisarska, K., Tocci, N., & Wolff, G. (2024, February 2). Trump-Proofing EuropeForeign Affairs

Steinberg, F., & Wolff, G. (2024). Dealing with Europe’s economic (in-)securityGlobal Policy15(1), 183–192. 

Darvas, Zs. & Wolff, G. (2022). A green fiscal pact for the EU: increasing climate investments while consolidating budgetsClimate Policy. 

Oliu-Barton, M., Pradelski, B.S.R., Woloszko, N. et al. (2022). The effect of COVID certificates on vaccine uptake, health outcomes, and the economyNat Commun 13, 3942.

Lenaerts, K., Tagliapietra, S. & Wolff, G. (2022). The global quest for green growth: an economic policy perspectiveSustainability, 14(9).

Hausmann, R., Łoskot-Strachota, A., Ockenfels, A. et al. (2022). How to weaken Russian oil and gas strengthScience, (letter), Vol 376 (6592). p. 469. letter is based on longer working paper available here.

Ockelfels, A., Tagliapietra, S. & Wolff, G. (2022). Three ways Europe could limit Russian oil and gas revenuesNature, (correspondance) Vol 604, 246.

Efstathiou, K. & Wolff, G. (2022). What drives implementation of the European Union's policy recommendations to its member countries?Journal of Economic Policy Reform.

Poitiers, N., Tagliapietra, S., Wolff, G. et al. (2022). The Kremlin's gas wars: How Europe can protect itself from Russian blackmailForeign Affairs.

Calero Valdez, A., Iftekhar, N. E., Bohm, R. et al. (2022). Act fast together: effectively confronting Omicron in EuropeBMJ – British Medical Journal.

Oliu-Barton, M., Pradelski, B., Algan, Y. et al. (2022). Elimination versus mitigation of SARS-CoV-2 in the presence of effective vaccinesLancet Global Health , vol 10(1), pp. E142-E147.

Tagliapietra, S. & Wolff, G. (2021). Conditions are ideal for a new climate clubEnergy Policy, vol 158, 112527.

Tagliapietra, S. & Wolff, G. (2021). Form a climate club: United States, European Union and ChinaNature 591, pp 526-528.

Leonard, M., Pisani-Ferry, J., Shapiro, J. et al. (2021). The EU can't separate climate policy from foreign policyForeign Affairs.

Demertzis, M. & Wolff, G. (2020). Hybrid and cybersecurity threats and the European Union's financial systemJournal of Financial Regulation, Oxford University Press, Vol 6(2), pp. 306-16. (earlier version: Bruegel Policy Contribution 2019/ 10, prepared for and presented at the informal ECOFIN in Helsinki in September 2019).

Leonard, M., Pisani-Ferry, J. Ribakova, E. et al.  (2019). Securing Europe's economic sovereigntySurvival, Vol 61(5), pp. 75-98.

Demertzis, M. & Wolff, G. (2019). What are the prerequisites for a euro area fiscal capacity?.  Journal of Economic Policy Reform, Vol 23(3).

Demertzis, M., Merler, S. & Wolff, G. (2018). Capital markets union and the fintech opportunityJournal of Financial Regulation. Oxford University Press. (earlier version was Bruegel Policy Contribution 2017/22,  presented at the informal ECOFIN in Tallinn, Estonia on September 15, 2017).

Hallerberg, M., Marzinotto, B. & Wolff, G. (2017). Explaining the Evolving Role of National Parliaments Under the European SemesterJournal of European Public Policy, 25(2), pp 250-267.

Véron, N. & Wolff, G. (2016).  Capital markets union: a vision for the long termJournal of Financial Regulation, 0, 1–24. Oxford University Press 2016. (earlier version is Bruegel Policy Contribution 2015/05, presented to informal ECOFIN, Riga).

Iara, A. & Wolff, G. (2014). Rules and risk in the euro areaEuropean Journal of Political Economy, 34, pp 222–236.

Setzer, R.  & Wolff, G. (2012). Money demand in the euro area: new insights from disaggregated dataInternational Economics and Economic Policy.

Angeloni, C., Merler, S. & Wolff, G. (2012). Policy lessons from the eurozone crisisThe International Spectator: Italian Journal of International Affairs, vol 47(4).

von Kalckreuth, U. &  Wolff, G. (2011). Identifying discretionary fiscal policy reactions with real time dataJournal of Money, Credit and Banking, 43(6), 1271-1285.

Setzer, R., van den Noord, P. & Wolff G. (2011). Heterogeneity in money holdings across euro area countries: the role of housing. European Journal of Political Economy, 27(4), 764-780.

Heppke-Falk, K., Tenhofen, J. & Wolff G. (2010). The macroeconomic effects of exogenous fiscal policy shocks in Germany: a disaggregated SVAR analysisJournal of Economics and Statistics (Jahrbücher für Nationalökonomie und Statistik) 230(3), 328-355.

Schulz, A. & Wolff, G. (2009). The German sub-national government bond market: structure, determinants of yield spreads and Berlin's forgone bail-out.  Journal of Economics and Statistics (Jahrbücher für Nationalökonomie und Statistik) 229(1), 61-83. 

Halleberg, M. & Wolff, G. (2008). Fiscal institutions, fiscal policy and sovereign risk premia in EMUPublic Choice 136(3), 379-396. 

Reinthaler, V. & Wolff, G. (2008). The effectiveness of subsidies revisited: accounting for wage and employment effects in business R&DResearch Policy 37, 1403-1412.

Bernoth, K. & Wolff, G. (2008). Fool the markets? Creative accounting, fiscal transparency and sovereign risk premia. Scottish Journal of Political Economy 55(4), 465-487.

Heppke-Falk, K. & Wolff G. (2008). Moral hazard and bail-out in fiscal federations: Evidence for the German LänderKyklos 61(3), 425-446.

Wolff, G. (2007). Foreign direct investment in the enlarged EU: do taxes matter and to what extent?Open Economies Review 18(3), 327-346. 

von Hagen, J. & Wolff, G. (2006). What do deficits tell us about debt? Empirical evidence on creative accounting with fiscal rules in the EUJournal of Banking and Finance 30 (12), 3259-3279.

Burhop, C. & Wolff, G. (2005). A compromise estimate of German Net National Product 1851-1913 and its implications for growth and business cyclesJournal of Economic History 65 (3), September, 613-657. 

Courses taught at the Brandt School

Winter Semester 2023/24

  • The Economics of Climate Change

Summer Semester 2023

  • The Economics of Climate Change