Research Papers
Working Papers
What is the value of retail order flow? (with S. Jank)
Bundesbank Discussion Paper Series
Payments and Privacy in the Digital Economy (with T. Ahnert and C. Monnet)
ECB Working Paper 2662
Central Bank Digital Currency and Financial Stability (with T. Ahnert, A. Leonello, and D. Porcellacchia)
ECB Working Paper 2783
How do banks manage liquidity? Evidence from the ECB’s tiering experiment (with L. Baldo, F. Heider, J.-D. Sigaux, and O. Vergote)
ECB Working Paper 2732
Publications in peer-reviewed journals
The economics of central bank digital currency (with T. Ahnert, K. Assenmacher, A. Leonello, C. Monnet, and D. Porcellacchia)
International Journal of Central Banking, forthcoming
Banning Dark Pools: Venue Selection and Investor Trading Costs (with C. Neumeier, A. Gözlüklü, P. O’Neill, and F. Suntheim)
Journal of Financial Markets (2023), Vol. 65, 100831
Inventory Management, Dealers' Connections, and Prices in OTC Markets (with J.-E. Colliard and T. Foucault)
Journal of Finance (2021), Vol. 76, pp. 2199-2247
Discriminatory pricing of over-the-counter derivatives (with H. Hau, S. Langfield and Y. Timmer)
Management Science (2021), Vol. 67, pp. 6660-6677
Financial intermediation and technology: What’s old, what’s new? (with A. Boot, L. Laeven and L. Ratnovski)
Journal of Financial Stability (2021), Vol. 53, 100836
Determinants of excess reserve holdings (with J.-D. Sigaux)
Economics Letters (2020), Vol. 195, 109439
Mutual Funding (with J. Gil-Bazo and S. Mayordomo)
Review of Financial Studies (2020), Vol. 33, pp. 4883-4915
Financial integration in Europe through the lens of composite indicators (with M. Kremer and S. Zaharia)
Economics Letters (2020), Vol. 194, 109344
Can more public information raise uncertainty? The international evidence on forward guidance (with M. Ehrmann, G. Gaballo, and G. Strasser)
Journal of Monetary Economics (2019), Vol. 108, pp. 93-112
Who bears interest rate risk? (with F. Pierobon, S. Langfield and G. Vuillemey)
Review of Financial Studies (2019), Vol. 32, pp. 2921-2954 (Editor's choice)
Financial Transaction Taxes, Market Composition, and Liquidity (with J.-E. Colliard)
Winner of the 2017 Eurofidai Data Award (Link)
Journal of Finance (2017), Vol. 72, pp. 2685–2716
Adverse Selection, Market Access, and Multi-Market Trading
Winner of the Josseph de la Vega Prize of the Federation of European Securities Exchanges
Journal of Banking and Finance (2016), Vol. 65, pp. 108–119
A dynamic limit order market with fast and slow traders
Journal of Financial Economics (2014), Vol. 113, pp. 156–169
Fragmentation in the Euro overnight unsecured money market (with C. Garcia de Andoain and S. Manganelli)
Economics Letters (2014), Vol. 125, pp. 298–302
Other publications
Non-standard errors (crowd-sourced research project led by A. Menkveld, A. Dreber, F. Holzmeister, J. Huber, M. Johannesson, M. Kirchler, S. Neusüss, M. Razen, U. Weitzel, with a total of 342 co-authors from 207 institutions)
Journal of Finance (2024), Vol. 79(3), pp. 2339-2390
Reproducibility in Management Science (with Fišar, M., Greiner, B., Huber, C., Katok, E., Ozkes, A., and the Management Science Reproducibility Collaboration)
Management Science (2024), Vol. 70(3), pp. 1343-1356
Digitalisation and the economy (with L. Dedola, M. Ehrmann, A. Lamo, G. Paz Pardo, J. Slacalek, and G. Strasser)
ECB Working Paper 2809 (2023)
More, and more forward-looking (with G. Coenen, M. Ehrmann, G. Gaballo, A. Nakov, S. Nardelli, E. Persson, and G. Strasser)
Hawks and Doves: Deeds and Words – Economics and Politics of Monetary Policymaking, S. Eijffinger and D. Masciandaro (eds.), CEPR E-Book
Communication of Monetary Policy in Unconventional Times (with G. Coenen, M. Ehrmann, G. Gaballo, A. Nakov, S. Nardelli, E. Persson, and G. Strasser)
ECB Working Paper 2080 (2016)
Shedding light on dark markets: First insights from the new EU-wide OTC derivatives dataset (with J. Abad, I. Aldasoro, C. Aymanns, M. D'Errico, L. Fache Rousová, S. Langfield, M. Neychev, and T. Roukny)
ESRB Occasional Paper 11 (2016), European Systemic Risk Board
Financial Transaction Taxes: Theory, Evidence, and Design (with J.-E. Colliard)
Opinions & Débats (2014), Vol. 9, Institut Louis Bachelier