Research

 Publications

1. "Global Risk and the Dollar", with Gernot J. Müller and Ben Schumann.  Journal of Monetary Economics, 2024, vol. 144.

2. "Making Waves: Monetary Policy and Its Asymmetric Transmission in a Globalized World", with Michele Ca'Zorzi, Luca Dedola, Marek Jarocinski, Livio Stracca and Georg Strasser. International Journal of Central Banking, 2023, vol. 19(2).

3. "What Goes Around Comes Around: How Large Are Spillbacks from US Monetary Policy?", with Max Breitenlechner and Ben Schumann. Journal of Monetary Economics, 2022, vol. 131.

4. "Patterns in Invoicing Currency in Global Trade: New Evidence", with Emine Boz, Camila Casas, Gita Gopinath, Helena Le Mezo, Arnaud Mehl and Tra Nguyen.  Journal of International Economics, 2022, vol. 136. Coverage in The Economist. Winner of the CentralBanking.com 2021 “Economics in Central Banking" Award. 

5. "Dominant-currency Pricing and the Global Output Spillovers from US Dollar Appreciation", with Ben Schumann.  Journal of International Economics, 2021, vol. 133.

6. "Estimation of Impulse Response Functions When Shocks are Observed at a Higher Frequency than Outcome Variables," with Alexander Chudik.  Journal of Business & Economic Statistics, 2021.

7. "Does a Big Bazooka Matter? Central Bank Balance-sheet Policies and Exchange Rates," with Luca Dedola, Johannes Gräb and Arnaud Mehl.  Journal of Monetary Economics, 2021, vol. 117, pp. 489-506.

8. "Foreign-currency Exposures and the Financial Channel of Exchange Rates: Eroding Monetary Policy Autonomy in Small Open Economies?," with Feng Zhu.  Journal of International Money and Finance, 2021, vol. 110. 

9. "Financial Globalisation, Monetary Policy Spillovers and Macro-modelling: Tales from 1001 Shocks," with Martina Jancokova.  Journal of Economic Dynamics and Control, 2020, vol.  121. Shock dataset in quarterly frequency (in Stata 14 format, version 28/08/2017). 

10. "Global Value Chain Participation and Current Account Imbalances," with Johannes Brumm, Johannes Gräb and Fabian Trottner. Journal of International Money and Finance, 2019, vol. 97, pp. 111-124.

11. "To Bi, or not to Bi? Differences in Spillover Estimates from Bilateral and Multilateral Multi-country Models". Journal of International Economics, 2017, vol. 107, pp. 1-18.

12. "Financial Globalisation and Monetary Policy Effectiveness," joint with Arnaud Mehl. Journal of International Economics, 2016, vol. 103, pp. 200-212. Formerly circulated as "Trilemma, not Dilemma: Financial Globalisation and Monetary Policy Effectiveness". Coverage on www.voxeu.org.

13. "Global Financial Market Impact of the Announcement of the ECB's Extended Asset Purchase Programme," joint with Johannes Gräb. Journal of Financial Stability, 2016, vol. 26, pp.  257-265.

14. "Growth, Real Exchange Rates and Trade Protectionism since the Financial Crisis," joint with Johannes Gräb. Review of International Economics, 2016, vol. 24(5), pp. 1050-1080. Coverage on www.centralbanking.com and www.voxeu.org.

15. "The Geography of the Great Re-balancing in Euro Area Bond Markets During the Sovereign Debt Crisis," joint with Roland Beck and Johannes Gräb. Journal of Empirical Finance, 2016, vol. 38(A), pp. 449-460. Coverage on www.centralbanking.com.

16. "Determinants of Global Spillovers from US Monetary Policy." Journal of International Money and Finance, 2016, vol. 67, pp. 41-61. Coverage on www.centralbanking.com.

17. "Examining Asymmetries in Monetary Policy Transmission in the Euro Area: Evidence from a Mixed Cross-section Global VAR Model." European Economic Review, 2015, vol. 75, pp.  195-215.  Important note on using the replication file in Matlab releases higher than 2012b.

18. "The Finance and Growth Nexus Revisited," with Roland Beck and Roland Straub. Economics Letters, 2014, vol. 124, pp. 382-385.

19. "Towards an Explanation of Cross-Country Asymmetries in Monetary Transmission." Journal of Macroeconomics, 2014, vol. 39(PA), pp. 66-84. 

Working Papers

"Global Spillovers from Multi-dimensional US Monetary Policy", Marek Jarocinski. ECB Working Paper 2881. Coverage on www.centralbanking.com. Revision invited at Journal of International Economics.

"Dollar Trinity and the Global Financial Cycle", with Gernot J. Müller and Ben Schumann.  CEPR Discussion Paper 18427, 2023.

"Fundamentals vs. policies: Can the US dollar's dominance in global trade be dented?", with Helena Le Mezo, Arnaud Mehl, and Cédric Tille. CEPR Discussion Paper 16303, 2021.

"Global Value Chain Participation and Exchange Rate Pass-through", with Johannes Gräb and Makram Khalil.  ECB Working Paper 2327, 2019. Revision invited at IMF Economic Review.

 Older Work 

"The Panel Conditionally Homogenous Vectorautoregressive Model," mimeo.  Matlab code version 2.7.2017.

"Determinants of Human Development: Capturing the Role of Institutions," joint with Michael Binder. CESifo Working Paper 3397.

"Has the Preston Curve Broken Down?," joint with José Pineda and Francisco Rodriguez. Revised version of UNDP Human Development Research Paper 2010/32.