Research

Foreign Demand for Safety and Macroeconomic Instability

(with Madalen Castells, Dmitry Kuvshinov and Victoria Vanasco)

VoxEU column

R&R, Review of Financial Studies

The Shifts and the Shocks: Bank Risk, Leverage, and the Macroeconomy

(with Dmitry Kuvshinov and Kaspar Zimmermann)

The Profit-Credit Cycle 

(with Kaspar Zimmermann)

Concentrating on Bailouts: Government Guarantees and Bank Asset Composition 

(with Christian Eufinger and Juan Pablo J. Gorostiaga )

When  Two Become One: Foreign Capital and Household Credit Expansion

(with Lukas Diebold) 

Review of Financial Studies, Forthcoming 

Monetary Policy, Inflation, and Crises: Evidence From History and Administrative Data

(with Gabriel Jiménez, Dmitry Kuvshinov and José-Luis Peydró)  

VoxEU column, BSE focus

Journal of Finance, Forthcoming

Bank Capital Redux: Solvency, Liquidity, and Crisis 

(with Òscar Jordà, Moritz Schularick and Alan M. Taylor)

VoxEU column

The Review of Economic Studies, Volume 88, Issue 1, January 2021, Pages 260–286 

When to Lean Against the Wind

(with Moritz Schularick and Paul Wachtel)

Journal of Money, Credit and Banking, Volume 53, Issue 1, February 2021, Pages 5-39

The Costs of Macroprudential Policy

(with Moritz Schularick and Ilhyock Shim)

VoxEU column

Journal of International Economics, Volume 118, May 2019, Pages 263-282