Policy
WEALTH OF TWO NATIONS: THE US RACIAL WEALT GAP, 1860-2020 (with Ellora Derenoncourt, Moritz Kuhn, and Moritz Schularick)
VOXEU, July 2022
The European Union has put in place an extraordinary array of policy measures to mitigate the devastating economic consequences of the COVID-19 pandemic. The sheer amount and extent of the support economic lifelines makes a rushed termination of policies potentially subject to dire cliff effects. Avoiding these cliff effects requires a combination of decisive and long-lasting fiscal stimuli with an accommodating monetary stance, as well as a renewed European strategy that presents a unified fiscal policy, growth-enhancing investments, and a green modernisation of the economy.
FROM THE CLIFF TO THE TOP: THE PATH TO A RESILIENT AND SUSTAINABLE EUROPE (with Jan Phillip Fritsche and Anna Gibert)
Monetary Dialogue Papers, March 2021
The European Union has put in place an extraordinary array of policy measures to mitigate the devastating economic consequences of the COVID-19 pandemic. The sheer amount and extent of the support economic lifelines makes a rushed termination of policies potentially subject to dire cliff effects. Avoiding these cliff effects requires a combination of decisive and long-lasting fiscal stimuli with an accommodating monetary stance, as well as a renewed European strategy that presents a unified fiscal policy, growth-enhancing investments, and a green modernisation of the economy.
ECONOMIC POLICY AND FINANCIAL MARKET EXPECTATIONS DURING COVID-19 (with Stephanie Ettmeier and Alexander Kriwoluzky)
VOXEU, 2020
The ongoing COVID-19 pandemic in Europe is severe and spreads economic uncertainty. This column explores the evolution of financial market participants' expectations uring the COVID-19 pandemic, estimating yield curves of bonds in France, Germany, Italy, and Spain. The authors carry out an event study to investigate the potential impcat of European fiscal and monetary policy measures on these yields. The results suggest that policy measures must be large and coordinated on the European level, and that fiscal and monetary policy must act jointly to fight the pandemic's negative economic consequences.
PUBLIC OR PRIVATE? THE FUTURE OF MONEY (with Alexander Kriwoluzky)
Monetary Dialogue Papers, December 2019
Stablecoins issued by large tech companies pose a significant challenge for traditional fiat money. In this study, we highlight the importance of a public-private-cooperation in dealing with this topic, where central banks closely work with stablecoin issuers in issuing synthetic central bank digital currency (sCBDC). This framework minimizes the risks of private money and utilises the technological advantages of stablecoin issuers.