Falk Bräuning's Research Page

Working Papers:

• • The Effect of Primary Dealer Constraints on Intermediation in the Treasury Market (with Hillary Stein)

  • Bank Runs and Interest Rates: A Revolving Line Perspective (with Victoria Ivashina) 

  • Dealer Risk Limits and Currency Returns (with Omar Barbiero, Gustavo Joaquim, and Hillary Stein)

  • Cost-Price Relationships in a Concentrated Economy (with José Fillat and Gustavo Joaquim)

  • Corporate Finance and the Transmission of Shocks to the Real Economy (with José Fillat and Gustavo Joaquim)

  • High-Yield Debt Covenants and Their Real Effects (with Victoria Ivashina and Ali Ozdagli)

  • ECB Monetary Policy Transmission During Normal and Negative Interest Rate Periods (with Botao Wu)

Journal Publications:

• • Falk Bräuning and José Fillat (2024), The Impact of Regulatory Stress Tests on Banks' Portfolio Similarity and Implications for Systemic Risk, Journal of Money, Credit and Banking, forthcoming 

  • Falk Bräuning, José Fillat and J. Christina Wang (2024), Did High Leverage Render Small Businesses Vulnerable to the COVID-19 Shock?, Journal of Money, Credit and Banking 56 (6), 1287–1606.

  • Puriya Abbassi and Falk Bräuning (2023), Exchange Rate Risk, Banks' Currency Mismatches, and Credit Supply, Journal of International Economics 141 (2023)

  • Falk Bräuning and Viacheslav Sheremirov (2023), The Transmission Mechanisms of International Business Cycles: Output Spillovers through Trade and Financial Linkages, IMF Economic Review 71 (1), 300–325.

  • Puriya Abbassi, Falk Bräuning, Falko Fecht, and José-Luis Peydró (2022), Cross-Border Interbank Liquidity, Crises, and Monetary Policy, Journal of International Economics 139 (2022).

  • Puriya Abbassi and Falk Bräuning (2021), Demand Effects in the FX Forward Market: Micro Evidence from Banks’ Dollar Hedging, Review of Financial Studies 34 (9), 4177–4215.

  • Puriya Abbassi, Falk Bräuning, and Niels Schulze (2021), Bargaining Power and Outside Options in the Interbank Lending Market, Financial Management 2021 (50), 553–586.

  • Falk Bräuning and Victoria Ivashina (2020), Monetary Policy and Global Banking, Journal of Finance 75 (6), 3055–3095.

  • Falk Bräuning and Siem Jan Koopman (2020), The Dynamic Factor Network Model with an Application to International Trade, Journal of Econometrics 216 (2), 494–515.

  • Falk Bräuning and Victoria Ivashina (2020), U.S. Monetary Policy and Emerging Markets Credit Cycles, Journal of Monetary Economics 112 (June 2020), 57–76.

  • Francisco Blasques, Falk Bräuning, and Iman van Lelyveld (2018), A Dynamic Network Model of the Unsecured Interbank Lending Market, Journal of Economic Dynamics and Control 90 (May 2018), 310–342.

  • Falk Bräuning and Falko Fecht (2017), Relationship Lending in the Interbank Market and the Price of Liquidity, Review of Finance 21 (1), 33–75.

  • Falk Bräuning and Siem Jan Koopman (2014), Forecasting Macroeconomic Variables using Collapsed Dynamic Factor Analysis, International Journal of Forecasting 30 (3), 572–584.

Policy Publications:

• • Falk Bräuning and Hillary Stein (2025), Evidence That Relaxing Dealers’ Risk Constraints Can Make the Treasury Market More Liquid, Federal Reserve Bank of Boston Current Policy Perspectives.

  • Philippe Andrade, Falk Bräuning, José Fillat, and Gustavo Joaquim (2024), Is Post-pandemic Wage Growth Fueling Inflation?, Federal Reserve Bank of Boston Current Policy Perspectives.

  • Falk Bräuning, José Fillat, and Gustavo Joaquim (2023), Firms' Cash Holdings and Monetary Policy, Federal Reserve Bank of Boston Current Policy Perspectives.

  • Falk Bräuning, Gustavo Joaquim, and Hillary Stein (2023), Interest Expenses, Coverage Ratio, and Firm Distress, Federal Reserve Bank of Boston Current Policy Perspectives.

  • Falk Bräuning and Viacheslav Sheremirov (2023), The Historical Effects of Banking Distress on Economic Activity, Federal Reserve Bank of Boston Current Policy Perspectives.

  • Falk Bräuning, José Fillat, and Gustavo Joaquim (2022), Cost-Price Relationships in a Concentrated Economy, Federal Reserve Bank of Boston Current Policy Perspectives.

  • Falk Bräuning, José Fillat, Frankie Lin, and J. Christina Wang (2021), A Helping Hand to Main Street Where and When It Was Needed, Federal Reserve Bank of Boston Current Policy Perspectives.

• • Falk Bräuning and Teodora Paligorova (2021), Uptake of the Main Street Lending Program, Federal Reserve Bank of Boston Current Policy Perspectives.

  • Falk Bräuning, José Fillat, and J. Christina Wang (2020), Corporate Debt Maturity and Monetary Policy, Federal Reserve Bank of Boston Current Policy Perspectives.

  • Falk Bräuning and J. Christina Wang (2020), The Great Leverage 2.0? A Tale of Different Indicators of Corporate Leverage, Federal Reserve Bank of Boston Current Policy Perspectives.

  • Falk Bräuning and José Fillat (2019), Stress Testing Effects on Portfolio Similarities Among Large US Banks, Federal Reserve Bank of Boston Current Policy Perspectives.

  • Falk Bräuning (2017), The Liquidity Effect of the Federal Reserve’s Balance Sheet Reduction on Short-Term Interest Rates, Federal Reserve Bank of Boston Current Policy Perspectives.

  • Falk Bräuning and Kovid Puria (2017), Uncovering Covered Interest Parity: The Role of Bank Regulation and Monetary Policy, Federal Reserve Bank of Boston Current Policy Perspectives.

Contact Details:

Federal Reserve Bank of Boston

Research Department T-9

600 Atlantic Avenue, Boston, MA 02210

Office: +1 (617) 337-3081

Mobile: +1 (857) 319-2982

Email: Falk.Braeuning@bos.frb.org

Disclaimer: The views expressed on this site do not necessarily reflect those of the Federal Reserve Bank of Boston or the Federal Reserve System.