Welcome! I am a Lead Economist at the ECB's Monetary Policy Strategy division working mainly on macro modelling.  Prior to that I worked at Modelling division at Riksbank.  I completed my PhD at Paris School of Economics with Daniel Cohen and spent time at Banque de France, ECB, and CEPREMAP among other places.

Email: annukka.ristiniemi (at)



Monetary policy strategies for the euro area: optimal rules in the presence of the ELB

with Roberto Motto and Falk Mazelis

2023 ECB Working Paper, 2797

CBDC and business cycle dynamics in a New Monetarist New Keynesian model

with Lea Bitter and Katrin Assenmacher

2023 ECB Working Paper, 2811

A shadow rate without a lower bound constraint

with Rafael Barros de Rezende

2023 Journal of Banking and Finance, Vol 146

Asymmetric monetary policy rules for the euro area and the US

with Junior Maih, Falk Mazelis, and Roberto Motto

2021 Journal of Macroeconomics, Vol 70(C)

A toolkit for computing Constrained Optimal Policy Projections (COPPs)

with Oliver de Groot, Falk Mazelis, and Roberto Motto

2021 ECB Working Paper No. 2555

Download the toolkit

Quantitative easing and the price-liquidity trade-off

with Marien Ferdinandusse, and Maximilian Freier

2020 ECB Working Paper, no. 2399

2017 Sveriges Riksbank Working Paper, no.335

Credit Ratings and Debt Crises

with Matthieu Bussière

2012 Banque de France Working Paper, no.396

Policy publications

The ECB's price stability framework: past experience, and current and future challenges

2021 Occasional papers, ECB, no 269

Employment and the conduct of monetary policy in the euro area

2021 Occasional papers, ECB, no 275

Assessing the efficacy, efficiency and potential side effects of the ECB’s monetary policy instruments since 2014 

2021 Occasional papers, ECB, no 278

Forecasting krona

Emil Askestad, Ana Maria Ceh, Paola Di Casola

2019 Economic Commentaries, Riksbank, No 12 2019