Prof. Dr. Ulrich Klüh

Research Focuses

  • Macroeconomics, especially pragmatic Keynesian macroeconomics
  • Financial markets / Financial institutions / Financial market regulation
  • Central banks
  • History of dogmas and theory

Department at SECP

  • Political Economy and Society
  • Macro- and microeconomic analyses

Effects of sustainability transformation on politics and society


Office F15, 124
Phone +49.6151.16-39240
Fax +49.6151.16-38399

 Since October 2015  

Darmstadt Business School, Darmstadt University of Applied Sciences

Professor of Economics, Vice Dean (since 2017)

August 2010 – September 2015  

Savings Banks Finance Group, Frankfurt

Director Savings Banks Academy

August 2008 – July 2010  

German Council of Economic Experts (GCEE)

Secretary General

October 2005 – August 2008  

International Monetary Fund, Washington DC

Economist, Monetary and Capital Markets and African Department

April 2001 – September 2005  

Ludwig-Maximilians University, Munich

Research assistant and lecturer at the chair for macroeconomics

July 2004 – October 2004  

International Monetary Fund, Washington DC

Summer Intern Monetary and Financial Systems Department

October 1996 – March 2001  

Johann Wolfgang Goethe University, Frankfurt

Research Assistant (part-time)

July 1997 – October 1998  

WEFA GmbH, Frankfurt

Assistant of Senior Economist (part-time)

August 1996 – September 1996  

Lazard Frère & Co. LLC, New York

Summer-Intern Latin American Section

September 1993 – September 1994  

Missionários do Verbo Divino, Amazon Region


Education & Degrees

2001 – 2006 Munich Graduate School of Economics                   

PhD Studies
Thesis: “Financial Safety Net Design and Systemic Stability”
February 2006: Dr. oec. pub. (“summa cum laude”)


1994 – 2000 Johann Wolfgang Goethe University, Frankfurt   

Studies in Economics
Majors: Monetary Economics and International Finance, Public
Finance, International Business Administration
October 2000: Diploma in Economics (“very good”)


1999 University of California, Berkeley                                             

Exchange Student
Diploma in International Trade and Commerce (“awarded with distinction“)


“In a society in conformity with the market, there can at best be individual, perhaps even collectively incremental, but by no means transformative choices.” – Prof. Dr. Ulrich Klüh


„Blockchained? Digitization, Economic Policy, and Economic Politics“.
Yearbook Normative and Institutional Foundations of Economics 18 (edited, with Richard Sturn)

„Regional Disparities and Surveillance Capitalism“.
Forthcoming in: Klaus Ahrend and others (eds.): Smart Region 4.0  Berlin: Springer.


„Minsky meets Habermas: Ein interdisziplinärer Selbstversuch.“
In: Gemeinhart, Alexander (Hrsg.): Die Praxis der Gesellschaftswissenschaften. Darmstadt, Schader Stiftung.

„Kapitalismus und Freiheit“. Jahrbuch Normative und institutionelle Grundlagen der Ökonomik 17 (Hrsg.; together with Jan-Egbert Sturn and Katharina Hirschbrunn), Marburg: Metropolis Verlag.

„Der Fluch der Sachzwänge: Notizen zur Relevanz politischer Alternativen in der digitalen und ökologischen Transformation“. Jahrbuch Normative und institutionelle Grundlagen der Ökonomik 17, S. 247-271  (together with Andreas Kaltwasser).


„Gestalt-Theorie der Sozialpolitik“, (together with Gisela Kubon-Gilke and others). Marburg: Metropolis Verlag.

„Can Finance/Capitalism save the Planet?“ In: Robischon, Tobias and Katharina Borowski (Hrsg.): Taking back Control. Zur globalen Finanzkrise und den Ambitionen einer Steuerung des Finanzsystems, Tagungsreader. Darmstadt, Schader-Stiftung.


“New Deals: Transformation ökonomischer Institutionen und demokratische Politik“. in: Jahrbuch Normative und Institutionelle Grundlagen der Ökonomik 16.

“Makroökonomie: Das Übungsbuch (Exercises in Macroeconomics)”, Munich, Germany: Pearson Education (5th edition, with T. Hagen and S. Sauer).

“No more cakes and ale: Banks and Banking Regulation in The Post-Bretton Woods Macro-Regime”, in: Heinemann, Frank, Watzka, Sebastian and Klüh, Ulrich (Hrsg.): “Monetary Policy, Financial Crises, and the Macroeconomy“, Berlin: Springer.

“Monetary Policy, Financial Crises, and the Macroeconomy“, (edited) with Heinemann, Frank, und Watzka, Sebastian.  Berlin: Springer.


„Kapitalakkumulation durch Kapitalbesteuerung? Eine kontextuelle Analyse der Vermögensbesteuerung“, in: Ethik und Gesellschaft –  1-2016.

„Makroökonomische/Sozialpolitische Perspektiven auf die Sozialpolitik/Makroökonomie“, erscheint als Teil eines Buchprojekts in: Kubon-Gilke, Gisela, Klüh, Ulrich u.a.: Gestalt-Theorie der Sozialpolitik.


“’Denken in Makroregimes’ und Große Transformationen: Eine Anwenderperspektive“, in: Jahrbuch Normative und Institutionelle Grundlagen der Ökonomik  15 (2015).


“Sismondis Spur: Krisen- und Selbstverständnis der Ökonomik (Crises in the history of economic thought)”, in: Held, Martin, G. Kubon-Gilke and R. Sturn. Normative und institutionelle Grundfragen der Ökonomik, Metropolis Verlag, Marburg.

“Makroökonomie: Das Übungsbuch (Exercises in Macroeconomics)”, Munich, Germany: Pearson Education (4th edition, with J. Forster and S. Sauer).

“Foreword”, in: Larsen, Christa, A. Schmid und R. Keil (Eds.), Sustainable Economy and Sustainable Employment: Approaches to Measuring Sustainability in Regional and Local Labour Market Monitoring, Rainer Hampp Verlag, München Merling.


“Demografischer Wandel und Personalentwicklung in der Kreditwirtschaft (Demographic change and human resource management in financial institutions)”, in: Zeitschrift für das gesamte Kreditwesen 20 vom 15.10.2012.

“Paradoxie und Wirtschaftswissenschaften im Kontext der Krise (Paradoxes in economics)”, in: Held, Martin, G. Kubon-Gilke and R. Sturn. Normative und institutionelle Grundfragen der Ökonomik, Metropolis Verlag, Marburg.


“Vielfalt wirkt stabilisierend”, in: Dossier Risikomanagement, Sparkassenzeitung, Sparkassenverlag.


“Reshaping Systemic Risk Regulation in Europe”, The Brown Journal of World Affairs, Spring 2010 (mit Beatrice Weder di Mauro). Reprinted in: Stijn Claessens, M. Keen and C. Pazarbasioglu, Financial Sector Taxation: The IMF’s Report to the G-20 and Background Material, Washington DC, September 2010.

“Reducing Systemic Relevance: A Proposal”, The German Council of Economic Experts, Working Paper 04/2010, Wiesbaden, Germnaz, May 2010 (mit Hasan Doluca, Marco Wagner und Beatrice Weder di Mauro).

“Three birds with one stone: The G20 and Systemic Externalities”, VoxEU, June 26, 2010 (mit Hasan Doluca, Marco Wagner and Beatrice Weder di Mauro).


“Reforming Global Governance: How to make the IMF more independent”, in: Intereconomics, Vol. 44, Number 2, March/April 2009, pages 72-76 (with D. Gros and B. Weder di Mauro).

“Konjunkturprognosen in der Krise? (Economic forecasts and the great recession)”, in: Wirtschaftsdienst, Vol. 89, Number 2, February (with C. Swonke).

“Konjunkturpaket II: Insgesamt richtig (The German fiscal stimulus package: Overall on the right path)”, in: ifo Schnelldienst, Vol. 62, Number 2 (with W. Wiegard)

“Policies to improve the local impact from hydrocarbon extraction: Observations on West Africa and possible lessons for Central Asia”, Energy Policy, Elsevier, vol. 37(3), pages 1128-1144, March (with G. Pastor and A. Segura).


“Central Bank Response to the 2007-08 Financial Market Turbulence: Experiences and Lessons Drawn”, IMF Working Papers 08/210, International Monetary Fund (with S. Gray, A. Chailloux, S. Shimizu and P. Stella).

“Central Bank Financial Strength and Policy Performance: An Econometric Evaluation”, IMF Working Papers 08/176, International Monetary Fund (with P. Stella).

“Market and Funding Liquidity: When Private Risks Become Public”, Global Financial Stability Report (forthcoming, with B. Gonzales, H. Hesse, L. Kodres and P. Mills).

“Value-at-Risk: Risk Mitigant or Amplifier”, Asia Risk Magazine, February 2008 (with J. Danielsson and L. Kodres).


“When countries do not do what they say: Systematic discrepancies between exchange rate regime announcements and de facto policies”, Discussion Papers in Economics 2072, University of Munich, Department of Economics (with J. Bersch).

“Do Market-Risk Management Techniques Amplify Systemic Risks?”, IMF Global Financial Stability Report, October 2007, 52-76 (with P. Mills, L. Kodres, and J. Kiff).

“Inter-sectoral Linkages and Local Content in Extractive Industries and Beyond”, IMF Working Paper No. 07/213, September 2007 (with G. Pastor, A. Segura, and W. Zarate).


“The Design and Implementation of Deposit Insurance Systems”, IMF Occasional Paper No. 251, December 2006 (with D. Hoelscher and, M. Taylor).

“The Hydrocarbon Sector as a Source of Growth”, in: Republic of Equatorial Guinea: Selected Issues and Statistical Appendix, IMF Country Report No. 06/237, June 2006.

“Financial Safety Net Design and Systemic Stability”, Shaker Verlag, Aachen (2006).


“Safety Net Design and Systemic Risk: New Empirical Evidence”, Munich Economic Discussion Papers 2005-06.

“Vermögenspreise und Konsum” (Asset Prices and Consumption: Recent Theories, U.S. Experiences and European Challenges), Perspektiven der Wirtschaftspolitik 6 (1), 1-22 (with G. Illing).


“Spectrum Auctions and Competition in Telecommunications”, Cambridge, MA: The MIT Press (edited, with G. Illing).

Since 2019  

Doctoral Program “Sustainability Science”: Professorial Member

Winter 2019  

Nell Breuning Institute, Frankfurt: Guest Researcher

Since 2018  

European Journal of the History of Economic Thought: Referee

Joint Initiative “Innovative University” of Federal and State Governments, Excellence Cluster “System Innovation for Sustainable Development”: Member.

Yearbook Institutional and Normative Foundations of Economics: Editor

Since 2017  

Keynes Society

Center for Sustainable Economic and Corporate Policy: Founding Member

Since 2016  

Research Center “Sustainable Processes and Methods”: Founding Member

Since 2015  

Stellar Consulting, Washington DC, Associate

Since 2014  

Zukunftsrat des Landes Hessen (Council of the Hessian Minister of the Economy), Member

Since 2013  

IQ-KAP – Private Institute for Quantitative Capital Market Research: Member of scientific advisory board

Since 2012  

Institute for Economics, Labor, and Culture, Goethe University: Advisory Board

Since 2011  

Yearbook Institutional and normative foundations of economics: Member of editorial advisory board

2011 – 2018  

Monetary Workshop e.V.: Member of the executive board and treasurer

2004 – 2005  

Cusanuswerk – Bischöfliche Studienförderung (Episcopal program for intellectually gifted students), Bonn, Germany: PhD Scholarship


Monetary Stability Foundation and German Academic Exchange Service: PhD Scholarship

1997 – 2000  

Cusanuswerk – Bischöfliche Studienförderung, Bonn, Germany: Undergraduate Scholarship, Chairman Social Science Association