François Koulischer


Assistant Professor, University of Luxembourg, Department of Finance

Affiliated researcher, MFI and MECSD Chair in Sustainable Finance


+352 466644 5618

Kirchberg campus, Building F, office 003

6, rue Richard Coudenhove-Kalergi 

L-1359 Luxembourg 


Working Papers

Regulating ESG Disclosure

with Marina  Emiris and Joanna Harris.

Tax Subsidies and Housing Affordability 

with Anastasia Girshina and Ulf von Lilienfeld-Toal. 

Winner of the Real Estate Market Analysis Manuscript Prize of the American Real Estate Society (ARES).

Bank Competition and Bargaining over Refinancing

with Marina Emiris and Christophe Spaenjers

Low Interest Rates and the Distribution of Household Debt

with Marina Emiris. Summary available here

The Visible Hand when Revenues Stop: Evidence from Loan and Stock Markets during COVID-19 

with Diane Pierret and Roberto Steri


Inspecting the Mechanism of Quantitative Easing in the Euro Area

with Ralph Koijen, Benoît Nguyen and Motohiro Yogo. April 2021. Journal of Financial Economics, 140(1), 1-20. Lead article. Link to working paper version.

The Collateral Channel of Open Market Operations

with Nuno Cassola. April 2019. Journal of Financial Stability, 41, 73–90. Link to working paper version.

Euro-Area Quantitative Easing and Portfolio Rebalancing

with Ralph Koijen, Benoit Nguyen, and Motohiro Yogo. May 2017. American Economic Review (P&P), 107(5).

Central Bank Liquidity Provision and Collateral Quality

with Daan Struyven. December 2014. Journal of Banking and Finance 49, 113–130. Link to working paper version.

Policy Notes, Reports and Other Publications

COVID-19 and the Mortgage Market in Luxembourg

with Pauline Perray and Thi-Thu Huyen Tran. J. Risk Financial Manag. 2022, 15(3), 114 .

Using Bank Loans as Collateral in Europe: The Role of Liquidity and Funding Purposes

with Patrick Van Roy. April 2017. National Bank of Belgium Working Paper 318.

Asymmetric Shocks in a Currency Union: The Role of Central Bank Collateral Policy

May 2015. Banque de France Working Paper 554


Please click here for a short (2 pages) version of my resume. Click here for the long version.

SSRN author page:

Google Scholar author page: