Research

You can also find my research on Google and Semantic Scholar, most past/present working papers are listed in my arXiv profile, and a full publication list is available on RePec.

Working Papers

  1. Are there asymmetries in euro area monetary policy?
    Michael Pfarrhofer, Anna Stelzer
    Working Paper ·2025 ·wp ·bib
  2. A Bayesian Gaussian Process Dynamic Factor Model
    Tony Chernis, Niko Hauzenberger, Haroon Mumtaz, Michael Pfarrhofer
    Working Paper ·2025 ·wp ·bib
  3. Large Bayesian VARs for Binary and Censored Variables
    Joshua C.C. Chan, Michael Pfarrhofer
    Working Paper ·2025 ·wp ·bib
  4. Scenario analysis with multivariate Bayesian machine learning models
    Michael Pfarrhofer, Anna Stelzer
    Working Paper ·2025 ·wp ·bib
  5. Interpretable Bayesian machine learning for assessing the effects of climate news shocks on firm-level returns
    Luca Barbaglia, et al.
    Working Paper ·2025 ·wp ·bib
  6. General Seemingly Unrelated Local Projections
    Florian Huber, Christian Matthes, Michael Pfarrhofer
    Working Paper ·2024 ·wp ·bib
  7. Asymmetries in International Financial Spillovers
    Florian Huber, Karin Klieber, Massimiliano Marcellino, Luca Onorante, Michael Pfarrhofer
    Working Paper ·2024 ·wp ·bib
  8. Direct Gaussian Process Predictive Regressions with Mixed Frequency Data
    Niko Hauzenberger, Massimiliano Marcellino, Michael Pfarrhofer, Anna Stelzer
    Working Paper ·2024 ·wp ·bib
  9. Bayesian inference in high-dimensional time-varying parameter models using integrated rotated Gaussian approximations
    Florian Huber, Gary Koop, Michael Pfarrhofer
    Working Paper ·2020 ·wp ·bib
  10. Implications of macroeconomic volatility in the Euro area
    Maximilian Böck, Niko Hauzenberger, Michael Pfarrhofer, Anna Stelzer, Gregor Zens
    ESRB Working Paper ·2018 ·wp ·bib

Published Papers

  1. Nowcasting economic activity in European regions using a mixed-frequency dynamic factor model
    Luca Barbaglia, et al.
    International Journal of Forecasting 42(2) ·2026 ·doi ·code ·bib
  2. High-frequency and heteroskedasticity identification in multicountry models: Revisiting spillovers of monetary shocks
    Michael Pfarrhofer, Anna Stelzer
    Macroeconomic Dynamics 29 ·2025 ·doi ·wp ·bib
  3. Nonparametric Mixed Frequency Monitoring Macro-at-Risk
    Massimiliano Marcellino, Michael Pfarrhofer
    Economics Letters 255 ·2025 ·doi ·code ·bib
  4. Belief Shocks and Implications of Expectations About Growth-at-Risk
    Maximilian Böck, Michael Pfarrhofer
    Journal of Applied Econometrics 40(3) ·2025 ·doi ·bib
  5. Introducing shrinkage in heavy-tailed state space models to predict equity excess returns
    Florian Huber, Gregor Kastner, Michael Pfarrhofer
    Empirical Economics 68 ·2025 ·doi ·wp ·bib
  6. Sparse time-varying parameter VECMs with an application to modeling electricity prices
    Niko Hauzenberger, Michael Pfarrhofer, Luca Rossini
    International Journal of Forecasting 41(1) ·2025 ·doi ·wp ·code ·bib
  7. Investigating growth-at-risk using a multicountry nonparametric quantile factor model
    Todd E. Clark, Florian Huber, Gary Koop, Massimiliano Marcellino, Michael Pfarrhofer
    Journal of Business & Economic Statistics 42(4) ·2024 ·doi ·wp ·code ·bib
  8. Forecasting euro area inflation using a huge panel of survey expectations
    Florian Huber, Luca Onorante, Michael Pfarrhofer
    International Journal of Forecasting 40(3) ·2024 ·doi ·wp ·bib
  9. Predicting Tail-Risks for the Italian Economy
    Maximilian Böck, Massimiliano Marcellino, Michael Pfarrhofer, Tommaso Tornese
    Journal of Business Cycle Research 20 ·2024 ·doi ·bib
  10. Forecasts with Bayesian vector autoregressions under real time conditions
    Michael Pfarrhofer
    Journal of Forecasting 43(3) ·2024 ·doi ·wp ·bib
  11. Financial markets and legal challenges to unconventional monetary policy
    Stefan Griller, Florian Huber, Michael Pfarrhofer
    European Economic Review 163 ·2024 ·doi ·wp ·code ·bib
  12. Tail forecasting with multivariate Bayesian additive regression trees
    Todd E. Clark, Florian Huber, Gary Koop, Massimiliano Marcellino, Michael Pfarrhofer
    International Economic Review 64(3) ·2023 ·doi ·bib
  13. Measuring international uncertainty using global vector autoregressions with drifting parameters
    Michael Pfarrhofer
    Macroeconomic Dynamics 27(3) ·2023 ·doi ·wp ·code ·bib
  14. A Bayesian panel vector autoregression to analyze the impact of climate shocks on high-income economies
    Florian Huber, Tamas Kristzin, Michael Pfarrhofer
    The Annals of Applied Statistics 17(2) ·2023 ·doi ·wp ·bib
  15. General Bayesian time-varying parameter VARs for predicting government bond yields
    Manfred M. Fischer, Niko Hauzenberger, Florian Huber, Michael Pfarrhofer
    Journal of Applied Econometrics 38(1) ·2023 ·doi ·wp ·bib
  16. Nowcasting in a pandemic using non-parametric mixed frequency VARs
    Florian Huber, Gary Koop, Luca Onorante, Michael Pfarrhofer, Josef Schreiner
    Journal of Econometrics 232(1) ·2023 ·doi ·wp ·code ·bib
  17. Approximate Bayesian inference and forecasting in huge-dimensional panel VARs
    Martin Feldkircher, Florian Huber, Gary Koop, Michael Pfarrhofer
    International Economic Review 63(4) ·2022 ·doi ·wp ·bib
  18. Modeling tail risks of inflation using unobserved component quantile regressions
    Michael Pfarrhofer
    Journal of Economic Dynamics and Control 143 ·2022 ·doi ·wp ·code ·bib
  19. Bayesian state-space modeling for analyzing heterogeneous network effects of US monetary policy
    Niko Hauzenberger, Michael Pfarrhofer
    The Scandinavian Journal of Economics 123(4) ·2021 ·doi ·wp ·code ·bib
  20. The dynamic impact of monetary policy on regional housing prices in the United States
    Manfred M. Fischer, Florian Huber, Michael Pfarrhofer, Petra Staufer-Steinnocher
    Real Estate Economics 49(4) ·2021 ·doi ·wp ·bib
  21. On the effectiveness of the European Central Bank’s conventional and unconventional policies under uncertainty
    Niko Hauzenberger, Michael Pfarrhofer, Anna Stelzer
    Journal of Economic Behavior and Organisation 191 ·2021 ·doi ·wp ·bib
  22. Measuring the effectiveness of US monetary policy during the COVID-19 recession
    Martin Feldkircher, Florian Huber, Michael Pfarrhofer
    Scottish Journal of Political Economy 68(3) ·2021 ·doi ·wp ·bib
  23. Stochastic model specification in Markov switching vector error correction models
    Niko Hauzenberger, Florian Huber, Michael Pfarrhofer, Thomas O. Zörner
    Studies in Nonlinear Dynamics and Econometrics 25(2) ·2021 ·doi ·wp ·code ·bib
  24. Dynamic shrinkage in time-varying parameter stochastic volatility in mean models
    Florian Huber, Michael Pfarrhofer
    Journal of Applied Econometrics 36(2) ·2021 ·doi ·wp ·bib
  25. The regional transmission of uncertainty shocks on income inequality in the United States
    Manfred M. Fischer, Florian Huber, Michael Pfarrhofer
    Journal of Economic Behavior and Organization 183 ·2021 ·doi ·wp ·bib
  26. A multi-country dynamic factor model with stochastic volatility for euro area business cycle analysis
    Florian Huber, Michael Pfarrhofer, Philipp Piribauer
    Journal of Forecasting 39(6) ·2020 ·doi ·wp ·bib
  27. Flexible shrinkage in high-dimensional Bayesian spatial autoregressive models
    Michael Pfarrhofer, Philipp Piribauer
    Spatial Statistics 29 ·2019 ·doi ·wp ·bib

Book Chapters

  1. Bayesian nonparametric methods for macroeconomic forecasting
    Massimiliano Marcellino, Michael Pfarrhofer
    Handbook of Research Methods and Applications in Macroeconomic Forecasting ·2024 ·doi ·bib
  2. Factor Augmented Vector Autoregressions, Panel VARs, and Global VARs
    Martin Feldkircher, Florian Huber, Michael Pfarrhofer
    Macroeconomic Forecasting in the Era of Big Data ·2020 ·doi ·bib

Policy and Media

  1. Monetary Policy under Economic Uncertainty: Evidence from the Euro Area
    Michael Pfarrhofer, Niko Hauzenberger, Anna Stelzer
    SUERF Policy Brief 1248 ·2025 ·link
  2. Was genau ist eigentlich eine Rezession?
    Michael Pfarrhofer
    Die Presse ·2023 ·link
  3. Wie hoch sind die Inflationsrisiken wirklich?
    Michael Pfarrhofer
    Die Presse ·2022 ·link
  4. Wie sich ein zweiter Lockdown auf Österreichs Wirtschaft auswirken würde
    Michael Pfarrhofer, Niko Hauzenberger
    Die Presse ·2020 ·link
  5. Makroökonomische Entwicklungen unter Unsicherheit
    Michael Pfarrhofer
    Der Standard ·2019 ·link
  6. Zur Treffsicherheit von Notenbank-Prognosen nach der Finanzkrise
    Michael Pfarrhofer, Florian Huber
    Die Presse ·2019 ·link
  7. Brexit – Folgen für Österreich und die EU
    Michael Pfarrhofer, Stefan Griller, Florian Huber, Sonja Puntscher-Riekmann
    Die Presse, Der Standard, ORF ·2019 ·link