Research
RESEARCH INTERESTS: fiscal policy, monetary policy, climate change, debt management, macro-finance, DSGE modeling, applied macro-econometrics.
ACADEMIC PUBLICATIONS
Macroeconomic Effecs of Carbon Transition Policies: An Assessment Based on the ECB's New Area-Wide Model with Disaggregated Energy with G. Coenen and M. Lozej, European Economic Review
Optimal Quantitative Easing in a Monetary Union (2023 ) with S. Kabaca, R. Maas and K. Mavromatis, European Economic Review, Vol. 152
Sources of Borrowing and Fiscal Multipliers (2021) with Srecko Zimic, The Economic Journal, Vol. 131, Issue 633, pages 498--519 | Chapter 1 of PhD thesis May 2015
The Macroeconomic Effects of Quantitative Easing in the Euro Area: Evidence from an Estimated DSGE Model (2019), with Stefan Hohberger and Lukas Vogel, Journal of Economic Dynamics and Control, Vol. 108 | Replication package
The Distributional Effects of Conventional Monetary Policy and Quantitative Easing: Evidence from an Estimated DSGE Model (2020), with Stefan Hohberger and Lukas Vogel, Journal of Banking and Finance, Vol. 113
Optimal Debt Management in a Liquidity Trap (2018), with Hafedh Bouakez and Rigas Oikonomou, Journal of Economic Dynamics and Control, Vol. 93, pages 5--21 | online appendix
Growth Effects of Corporate Balance Sheet Adjustments in the EU, (2021), with Anastasia Theofilakou, Empirical Economics, Vol. 60, Issue 2, pages 773--801
The Macroeconomic Effects of the ECB's Evolving QE Programme: A Model-based Analysis (2017), with Lukas Vogel, Open Economies Review, Vol. 28, Issue 5, pages 823--845
The Portfolio Balance Mechanism and QE in the Euro Area (2016), with Lukas Vogel, The Manchester School, Vol. 84, Issue S1, pages 84--105 | model appendix | working paper version
WORKING PAPERS
Reallocation, Productivity, and Monetary Policy in an Energy Crisis (with B. Chafwehé and A. Colciago)
The Long and Short of Financing Government Spending (with J. Mankart and R. Oikonomou)
Fiscal Spillovers: The Case of US Corporate and Personal Income Taxes (with M. Hanson and D. Hauser) | Narrative shock series
(Optimal) Monetary Policy with and without Debt (with B. Chafwehé, R. Oikonomou and L. Vogel) | Previously circulated as "Endogenous Forward Guidance"
Sectoral Reallocation: Long-Run Trends and Short-Run Fluctuations of the Last 150 Years (with K. Shakhnov)
WORK-IN-PROGRESS
Projects on: climate change and monetary policy; inflation expectations, supply shocks and monetary policy
SELECTED POLICY WORK
"Gauging The Macroeconomic Effects of Higher Carbon Prices" (2023), SUERF Policy Brief, (with G. Coenen and M. Lozej)
"Complementarities Between Fiscal Policy and Monetary Policy — Literature Review" (2021), Staff Discussion Papers, 2021-4, Bank of Canada (with W. Dong, G. Dunbar, C. Friedrich, D. Matveev, L. Shao)
"Implementation and Effectiveness of Extended Monetary Policy Tools: Lessons from the Literature" (2020), Staff Discussion Papers, 2020-16, Bank of Canada (with G. Johnson, S. Kozicki, L. Suchanek, J. Witmer, J. Yang)
"The Economic Effects of a Tax Shift from Direct to Indirect Taxation in France" (2018), European Economy, Discussion Paper 77, DG ECFIN, European Commission (with F. de Castro Fernández and M. Perelle)
"Growth Effects of Corporate Balance Sheet Adjustments in the EU: An Econometric and Model-based Assessment" (2018), European Economy, Discussion Paper 76, DG ECFIN, European Commission (with A. Theofilakou)
"Bank Lending Constraints in the Euro Area" (2017), European Economy, Discussion Paper 43, DG ECFIN, European Commission (with D. Monteiro)
"The Effects of a Slowdown in TFP Growth and Ageing on GDP Growth, Inflation and Interest Rates" in “Quarterly Report on the Euro Area (QREA)” (2016), Vol. 15, Issue 1, DG ECFIN, European Commission