Boris Hofmann is a Senior Economist in the Monetary and Economic Department of the Bank for International Settlements (BIS). Previously he worked at the Centre for European Integration Studies of the University of Bonn (1999-2003), the Economics Department of the Deutsche Bundesbank (2003-2006) and the Economics Department of the European Central Bank (2006-2011). He holds a PhD from the University of Bonn. His analytical work covers a broad range of topics in empirical monetary macroeconomics, including monetary policy transmission, monetary policy reaction functions, central bank communication and in particular the interlinkages between monetary policy and financial and economic stability.