VoxEU columns
Banking on nonbanks, with Eugenio Cerutti, Melih Firat, and Benedikt Kagerer, 1 March 2026.
From banks to nonbanks: Macroprudential and monetary policy effects on corporate lending, with Eugenio Cerutti, Nanyu Chen, and Melih Firat, 16 June 2025.
Not all Housing Cycles are Created Equal: Macroeconomic Consequences of Housing Booms, with Eugenio Cerutti, Yosuke Kido, and Richard Varghese, 30 March 2025.
Corporate Sector Vulnerabilities in a High-Rate World: Growing Risks to Financial Stability, with Nassira Abbas, José M. Garrido, Deepali Gautam, Benjamin Mosk, Thomas Piontek, Anjum Rosha, Thierry Tressel, Aki Yokoyama, 5 March 2025.
The zombie lending channel of monetary policy, with Chenyu Mao, 6 October 2023.
The rise of the walking dead: Zombie firms around the world, with Roshan Iyer, 28 August 2023.
Consumption effects of mortgage payment holidays during the Covid-19 pandemic, with Alex Varadi, 23 May 2022.
Financial concerns and the marginal propensity to consume, with Georgina Green, 23 March 2022.
Weighed down by debt? Revisiting the link between corporate debt overhang and investment, 28 September 2021.
Monetary policy and US housing expansions: what can we expect for the post-COVID-19 housing recovery?, with Martin Iseringhausen and Frédéric Opitz), 23 June 2020.
The declining elasticity of US housing supply, with Knut Are Aastveit and André Anundsen, 25 February 2020.
Has US household deleveraging ended? A model-based estimate of equilibrium debt, with Ursel Baumann and Georgi Krustev, April 2014.
SUERF policy briefs
Banking on nonbanks, with Eugenio Cerutti, Melih Firat, and Benedikt Kagerer, No. 1415, 9 April 2026.
Not all Housing Cycles are Created Equal: Macroeconomic Consequences of Housing Booms, with Eugenio Cerutti, Yosuke Kido, and Richard Varghese), No. 1159, 8 May 2025.
Unveiling the Zombie Lending Channel of Monetary Policy, with Chenyu Mao, No. 1093, 20 February 2025.
Housing in the monetary crosshairs: a tale of regional supply constraints, with Martin Iseringhausen and Frédéric Opitz, No. 820, 14 March 2024.
Bank Underground blog
Consumption effects of mortgage payment holidays during the Covid-19 pandemic, with Alex Varadi, 11 May 2022.
Financial concerns and the marginal propensity to consume, with Georgina Green, 23 March 2022.
Weighed down by debt? Revisiting the link between corporate debt overhang and investment, 28 September 2021.
Monetary policy and US housing expansions: what can we expect for the post-COVID-19 housing recovery?, with Martin Iseringhausen and Frédéric Opitz, 23 June 2020.
The declining elasticity of US housing supply, with Knut Are Aastveit and André Anundsen, 25 February 2020.
Policy papers
Interest rate pass-through in Cabo Verde, with Nombulelo Gumata, Cabo Verde: Selected Issues, Washington, D.C., International Monetary Fund, 2026.
Corporate Sector Vulnerabilities and High Levels of Interest Rates, with Nassira Abbas, José M. Garrido, Deepali Gautam, Benjamin Mosk, Thomas Piontek, Anjum Rosha, Thierry Tressel, Aki Yokoyama, IMF Departmental Paper DP/2025/001, Washington, D.C., International Monetary Fund, 2025.
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Not all investors are the same: lessons for a changing investor base in Indonesia, with Amr Hosny, Indonesia: Selected Issues, Washington, D.C., International Monetary Fund, 2023.
On international policy coordination and the correction of global imbalances, with Cristina Manteu, Banco de Portugal Working Paper Series no.14, July 2012.
IMF country work
Cabo Verde
2025 AIV, 7th review of the ECF and 3rd review of the RSF
Interest rate pass-through in Cabo Verde, with Nombulelo Gumata, Cabo Verde: Selected Issues, Washington, D.C, International Monetary Fund, 2026.
Indonesia
Annex VIII. Non-Financial Corporate Sector Vulnerabilities
Not all investors are the same: lessons for a changing investor base in Indonesia, with Amr Hosny, Indonesia: Selected Issues, Washington, D.C, International Monetary Fund, 2023.
Other policy publications
Assessing US inflation developments using the Phillips curve, with Ursel Baumann, Box 1 in ECB Economic Bulletin, Issue 2, March 2015.
Is the unemployment rate a sound gauge of labour market developments in the United States?, with Ursel Baumann, Box 1 in ECB Monthly Bulletin, April 2014.
Progress with fiscal consolidation: an international comparison, with Maria Grazia Attinasi, Box 7 in ECB Annual Report 2013.
Gauging the macroeconomic impacts of changing financial conditions in emerging market economies, with Alex Al-Haschimi and André Geis, Box 1 in ECB Financial Stability Review, November 2013.
How much progress has been achieved in household deleveraging in the United States?, with Ursel Baumann and Georgi Krustev, Box 1 in ECB Monthly Bulletin, November 2013.
Recent developments in US fiscal policy and their likely impact on economic activity, with Georgi Krustev, Box 1 in ECB Monthly Bulletin, April 2013.
Fiscal institutions and public spending volatility in Europe, Banco de Portugal Economic Bulletin, Spring 2012, 59-74.