Renate, you might want to read through this
factsheet from the UK Natural Environment Research Council.
The researchers conclude: 'Hay and green plant materials should not be used because they can release nutrients which may increase algal growth. Also they rot very rapidly and may cause deoxygenation of the water.'
The factsheet discusses the mechanism of action (it's interesting and complex, the straw degrades and lignin is released, the concentration of long-chain dissolved organic carbon increases in the water, and this interacts with sunlight to eventually create trace amounts of hydrogen peroxide which persist for a few days...an algacide which is continually 'refreshed' as the straw continues to rot).
The researchers believe barley straw to be more effective than other straws.
I wouldn't use hay.
The factsheet also talks about how much straw to add and how frequently. It's an interesting read. I think I'll try some barley straw in the spring. Please let us know how it goes if you try any experiments. cheers.