Current research
Political Economy of Finance
Does Finance Change the Taste for Redistribution?, with M. Korinek and L. Weill
Abstract: Finance reshapes political landscape not by shifting average preferences, but by altering the composition of pro-redistribution coalitions.
Government Ownership of Banks and Income Inequality, with V. Broz and L. Weill
Abstract: Government ownership of banks is common and contributes to greater income inequality—especially in developing, financially advanced, and non-democratic countries.
Wealth Inequality and Liberal Democratic Institutions: International Evidence
Abstract: Rising wealth inequality is associated with subsequent declines in liberal democracy, particularly in less consolidated democracies.
Climate, Risk & Innovation
Wealth Inequality and the Dynamics of Green Innovation, with B. Fisera
Abstract: High wealth inequality systematically suppresses environmental innovation, even under climate policy pressure.
Temperature and the U.S. Economy: From Demand to Supply-Side Effects?, with M. Garcia Rodriquez and C. Pinilla-Torremocha
Abstract: While rising temperatures historically stimulated U.S. economic activity, their effects have reversed in recent decades, now dampening growth.
Earthquake Warning Systems and Insurance Premiums in Chinese Provinces, with F. Yahya and M. Hussain
Abstract: Warning systems lower insurance costs in some regions while raising them in others, revealing how market maturity and spatial effects shape risk pricing.
Macro-Finance
Measuring Financial Uncertainty: New Evidence from 140 Years of US Newspapers, with S. Kapounek
Abstract: Using over a century of newspaper data, we measure the financial market uncertainty and find it relevant for macro-financial dynamics.
Not so active current research:
Government Spending and Term Structure of Interest Rates in a DSGE Model, with L. Kaszab, A. Marsal and K. Rabitsch
Abstract: Fiscal policy uncertainty shapes the yield curve by amplifying bonds’ hedging role and altering risk premia, with monetary policy determining how inflation risk transmits across maturities.
Central Bank Communication, Uncertainty, and Bank Liquidity Creation: US Evidence, with B. Fisera, I. Hasan, S. Kapounek and L. Weill
Abstract: Uncertainty undermines bank liquidity creation, but central bank communication can reduce it.