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)