WORKING PAPERS
International Investment Income: Patterns, Drivers, and Heterogeneous Sensitivities (2024), with Giovanni Donato, CEPR Discussion Paper 19251; Kiel Institute for the World Economy Working Paper 2271; GIIDS Working Paper 13-2024.
Medium and long-term outlook for the Swiss Confederation’s debt: when are adjustments needed, and by how much? (2023), background study for Alliance Sud. Version française, Perspectives pour la dette de la Confédération à moyen et long terme : quels sont les horizon et l’ampleur des ajustements?
What Drives Long-Term Interest Rates? Evidence from the Entire Swiss Franc History 1852-2020 (2022), with Niko Hauzenberger, Daniel Kaufmann, and Rebecca Stuart, University of Neuchâtel IRENE working paper 22-03.
PUBLISHED PAPERS
US digital asset strategy and the European response (2025), with Ignazio Angeloni. Monetary Dialogue Paper of the ECON committee, Economic Governance and EMU Scrutiny Unit (EGOV), European Parliament.
The global financial cycle and capital flows: Taking stock (2025), with Beatrice Scheubel and Livio Stracca, Journal of Economic Survey 39 (3), pp. 777-1324. Working paper version (The global financial cycle and capital flow episodes: a wobbly link? ) European Central Bank Working Paper 2337
Unpredictable Tariffs by the US: Implications for the euro area and its monetary policy (2025), with Cinzia Alcidi and Ignazio Angeloni. Monetary Dialogue Paper of the ECON committee, Economic Governance and EMU Scrutiny Unit (EGOV), European Parliament. Blog post at the Center for Economic Policy Studies. Model appendix.
Evolution des qualifications de la population genevoise : constat d’ensemble et analyse affinée (2024), study for the Chambre de commerce, d’industrie, et des services de Genève (CCIG) and the Banque Cantonale de Genève (BCGE).
Distance(s) and the volatility of international trade(s) (2024), with Arnaud Mehl, Giulia Sabbadini, and Martin Schmitz, European Economic Review 167. Link to Science Direct , and replication files (Zenodo). Working paper version European Central Bank Working Paper 2252; CEPR Discussion Paper 13630; Kiel Institute for the World Economy Working Paper 2125; GIIDS Working Paper 5/2019.
Columns
Global Finance, Swiss Precision: Lessons from U.S. Federal Reserve, Swiss National Bank & Academia, interview to Persuasive Discourse Switzerland, June 4, 2025
Die Schweiz hat ein Schuldenproblem» – aber anders, als du denkst, Watson.ch, August 8, 2024
Columns in l'Agefi newspaper
La Suisse peut-elle investir plus aux Etats-Unis? -- Can Switzerland boost its investment in the USA ? , June 3, 2025.
L’appétit pour le dollar, un poids pour les Etats-Unis? -- The appetite for the dollar, a burden for the United States? , May 6 2025.
La structure changeante des résultats de la BNS -- The changing structure of the SNB’s profits , April 2, 2025.
L’indépendance de la Réserve fédérale en question -- The Fed's independence in question , March 5, 2025.
Qui travaille à temps partiel? -- Who works part-time? , February 5, 2025.
Les taux d’intérêt négatifs, le bilan du cas suisse -- Negative interest rates : the Swiss case , December 17, 2024.
Quel est l’impact des taux négatifs sur les banques et sur l’économie? -- What is the impact of negative interest rates on banks and on the economy? , December 12, 2024.
Elargissement des autoroutes: de l’utilité des bonnes comparaisons -- Freeway widening: the value of good comparisons , November 6, 2024.
Les Etats-Unis ne compensent plus leur déficit commercial par le revenu des capitaux -- The income on US foreign asset no longer offsets its trade deficit , October 10, 2024.
Une croissance forte, mais déséquilibrée -- Swiss growth: strong, but unbalanced , September 17, 2024.
Le portefeuille de la BNS rapporte-t-il moins que celui des investisseurs privés? -- Does the SNB portfolio performs worse that the private one? , August 29, 2024.
Bien évaluer le niveau des dépenses publiques -- A proper assessment of the level of public spending , July 25, 2024.
Le problème avec les dividendes que perçoit la Confédération -- Why does the Swiss Confederation receive dividends? , July 8, 2024.
Pourquoi l’excédent commercial de la Suisse diminue -- The downwards revisions of the Swiss trade surplus , May 9, 2024.
Pourquoi 2023 fut une mauvaise année pour les investissements -- Why 2023 was a bad year for Swiss investment , March 15, 2024.
Le franc est-il si fort face à l’euro ou au dollar? -- Is the Swiss franc that strong? , February 8, 2024.