Research

Published and Forthcoming Papers

• Wealth of two nations: The U.S. racial wealth gap, 1860-2020 (with Ellora Derenoncourt, Moritz Kuhn, and Moritz Schularick). NBER Working Paper. Forthcoming, Quarterly Journal of Economics.  

• Changes in the distribution of Black and white wealth since the US Civil War (with Ellora Derenoncourt, Moritz Kuhn, and Moritz Schularick). Journal of Economic Perspectives, Fall 2023. 

Working Papers

• Unemployment risk, portfolio choice, and the racial wealth gap (with Ellora Derenoncourt, Moritz Kuhn and Moritz Schularick)

• Optimism gone bad? Persistent effects of traumatic economic experiences on investment decisions

• The term structure of redenomination risk (with Christian Bayer and Alexander Kriwoluzky)

• Is monetary policy gender-neutral? Evidence from the stock market (with Caterina Forti Grazzini)

• The short-run effect of monetary policy shocks on credit risk: An analysis of the euro area (with Lars Other)

Work in Progress

• Historical inflation expectations (with Klaus Adam, Lorenzo Ranaldi, Moritz Schularick, Hannes Twieling)

• Historical inflation and asset returns (with Lorenzo Ranaldi and Moritz Schularick)

• Wealth inequality in Finland (with Stephanie Ettmeier, Timm Prein, Oskari Vähämaa)

• Firm concentration and growth in South Korea (with Joachim Jungherr)

• The impact of macroeconomic shocks on the German earnings distribution (with Stephanie Ettmeier and Frank Schorfheide)

• Fiscal capacity in the euro area (with Stephanie Ettmeier)