Sarah M. Lein
I am assistant professor of macroeconomics at the University of Basel. Before joining the Uni Basel in November 2014, I worked as a Senior Economist in the Economic Analysis Unit at the Swiss National Bank. I received my doctoral degree from the University of Zurich in 2009.
My research interests lie in the fields of monetary economics, international macroeconomics and finance, and business cycles. My recent research focuses on the effect of exchange-rate changes on prices and expenditures, the role of currency of invoicing for allocations, on the role of financial constraints for employment and capital adjustment, and on the intersection between price-setting behaviour of firms at the microeconomic level and the inflation process at the macroeconomic level. Furthermore, I have worked on estimates of the Phillips curve relationship based on micro data, imperfect information in monetary economics, and on the economics of reforms.
I am also an associated research professor at KOF ETH Zurich and an officer at the European Chapter of CEBRA (Central Bank Research Association).
Conference on New Economics of Exchange Rate Adjustment (joint with BIS, Uni Cambridge, BoE).
Sarah M. Lein - CURRICULUM VITAELong CV (pdf)
PhD (Dr. oec.) in Economics, University of Zurich, 2009.
PhD Programme Gerzensee, Macroeconomics and Econometrics. Year of graduation: 2007
M.Sc. in Economics, University of Konstanz, 2005.
Exchange Year, University of Sussex, 2002-2003.
Employment and Affiliations
Assistant Professor Macroeconomics (tenure track), University of Basel, Sep 2015 --
Associated Research Professor, KOF ETH Zurich, Aug 2014 --
Assistant Professor Monetary Macroeconomics (non-tenure track), University of Basel, Nov 2014 -- Aug 2015
Senior Economist, Economic Analysis, Swiss National Bank, Aug 2008 -- Oct 2014
Research and Teaching Assistant, Chair of Applied Macroeconomics Prof J.-E. Sturm, Department of Management, Technology and Economics, ETH Zurich, Oct 2005-Jul 2008.
Intern, European Central Bank, DG Economics, Jun 2005-Sep 2005.
Student Research Assistant, Chair of Monetary Economics Prof J-.E. Sturm, Department of Economics, University of Konstanz, Nov 2004-Jul 2005.
Summer Analyst, Fixed Income Research, European Economics, Barclays Capital London, Aug 2004-Oct 2004.
Research Assistant (Part-Time), Industry Risk Analysis, Deutsche Bank Research Frankfurt, May 2004-Aug 2004.
Student Research Assistant, Chair of Macroeconomic Theory Prof H.-J. Ramser, Department of Economics, University of Konstanz, Germany, Oct 2003-May 2004.
Summer Intern, Macro Trends, Deutsche Bank Research Frankfurt, Jul 2003-Oct 2003.
Sarah M. Lein - RESEARCH
“Exchange Rates and Prices: Evidence from the 2015 Swiss Franc Appreciation” (2018) with Raphael Auer and Ariel Burstein, revise and resubmit, American Economic Review
“Employment Adjustment and Financial Constraints - Evidence from Firm-level Data” (2018) with Gregor Bäurle and Elizabeth Steiner, WWZ Working Paper 2018/07, revise and resubmit, European Economic Review.
Work in Progress
"A Structural Approach to Estimate Inflation at the Household Level", with Rahel Braun (draft available upon request)
"How large is the Financial Accelerator? Estimates based on Firm-level Data", with Gregor Bäurle and Elizabeth Steiner (draft available upon request)
"Exchange-rate pass-through and quality adjustments", with Andreas Freitag (draft available upon request)
Selected and Recent Publications
“Sources of Bias in Inflation Rates and Implications for Inflation Dynamics" (2019) with Rahel Braun, Journal of Money, Credit, and Banking, forthcoming.
Price elasticities and demand-side real rigidities in micro data and in macro models (2019) with Günter W. Beck, Journal of Monetary Economics, forthcoming.
“Exports and Invoicing: Evidence from the 2015 Swiss Franc Appreciation” (2019) with Raphael Auer, Ariel Burstein and Katharina Erhardt, American Economic Review: Papers and Proceedings, forthcoming.
The Role of Media for Consumers’ Inflation Expectation Formation (2014), with Michael Lamla, Journal of Economic Behavior and Organization, 106, pages 62-77. [Working paper version]
Sticky Prices or Rational Inattention: What can we Learn from Sectoral Price Data? (2013), with Daniel Kaufmann, European Economic Review, 64(4), pages 384-394.
Asymmetries in Price-Setting Behaviour: New Microeconometric Evidence from Switzerland (2012), with Bo E. Honoré and Daniel Kaufmann, Journal of Money, Credit and Banking, 44(4), pages 211-236 [Working paper version].
When do Firms Adjust Prices? Evidence from Micro Panel Data (2010), Journal of Monetary Economics, 57(6), pages 696-715 [Working paper version].