Research
Publications:
Evidence on monetary transmission and the role of imperfect information: interest rate versus inflation target shocks, joint with Elizaveta Lukmanova, European Economic Review, Volume 158, September 2023, 104557. July 2023 version available at SSRN.
Asset Pricing with Costly and Delayed Firm Entry with Ales Marsal and Lorant Kaszab, July 2023. Macroeconomic Dynamics, forthcoming. Old version, WU Department of Economics Working Paper Series, WP #325.
Economic forecasting with an agent-based model, with Sebastian Poledna, Michael Gregor Miess, and Cars Hommes, European Economic Review, Volume 151, January 2023, 104306.
Asset pricing with free entry and exit of firms, with Lorant Kaszab and Ales Marsal, Economics Letters, Volume 217, August 2022, 110648.
Determinants of Fiscal Multipliers Revisited, with Roman Horvath, Lorant Kaszab, and Ales Marsal, Journal of Macroeconomics, 63, March 2020, 103162. Final version: September 2019; also WU Department of Economics Working Paper Series, WP #294.
Effectiveness of macroprudential policies under borrower heterogeneity, with Maria Teresa Punzi, Journal of International Money and Finance, 85, July 2018, 251-261. Final version, also WU Department of Economics Working Paper Series, WP # 253.
An Incomplete Markets Explanation of the UIP puzzle, Review of International Economics, 24 (2), May 2016, 422–446. Final version: November 2015, older version available as WU Department of Economics Working Paper Series, WP # 171.
International Portfolios: A Comparison of Solution Methods, joint with Serhiy Stepanchuk and Viktor Tsyrennikov, Journal of International Economics, 97 (2), November 2015, 404-422. Final version: August 2015, online appendix to the paper, earlier version available as WU Department of Economics Working Paper Series, WP # 159.
Investor borrowing heterogeneity in a Kiyotaki-Moore style macro model, joint with Maria Teresa Punzi, Economics Letters, 130, May 2015, 75–79. January 2015 version, earlier version available as WU Department of Economics Working Paper Series, WP # 189.
A Two Period Model with Portfolio Choice: Understanding Results from Different Solution Methods, joint with Serhiy Stepanchuk, Economics Letters, 124 (2), August 2014, 239-242. May 2014 version (with appendix), older version as WU Department of Economics Working Paper Series, WP # 162.
Capital Liberalization and the U.S. External Imbalance, joint with Elvira Prades, Journal of International Economics, 87 (1), May 2012, 36-49. December 2011 version, older version available as MNB Working Paper 2009/04.
The Role of Financial Market Structure and the Trade Elasticity for Monetary Policy in Open Economies, Journal of Money, Credit and Banking, 44 (4), June 2012, 603-629. Technical Appendix to the paper, August 2011 version, older version available as MNB Working Paper 2010/05.
An Estimated Two-Country DSGE Model of Austria and the Euro Area, joint with Fritz Breuss, Empirica 36 (1): 123-158, January 2009. (working paper version, June 2008).
Working Papers:
Re-assessing International Effects of the U.S. Monetary Policy Shocks, joint with Elizaveta Lukmanova, February 2024. Revised & Resubmitted.
From Linear to Nonlinear: Rethinking Inflation Dynamics in the Calvo Pricing Mechanism, with Ales Marsal and Lorant Kaszab, September 2023. Previous (and very different) versions of this work have been circulated under the titles 'Undesired Consequences of Calvo Pricing in a Nonlinear World' and 'Trend inflation meets macro-finance: the puzzling behavior of price dispersion', NBS Working paper 6/2019, or WU Economics Working Paper #304, 2020.
Exchange rate dynamics and monetary policy – Evidence from a non-linear DSGE-VAR approach, with Florian Huber, November 2020. Earlier version: WU Department of Economics Working Paper Series, WP #295.
Borrower heterogeneity within a risky mortgage-lending market, joint with Maria Teresa Punzi, October 2017. Earlier version: WU Department of Economics Working Paper Series, WP # 241.
Buffer stock savings in a New-Keynesian business cycle model, joint with Christian Schoder, August 2016. WU Department of Economics Working Paper Series, WP # 231.