Current research
Measuring Financial Uncertainty: New Evidence from 140 Years of US Newspapers, with S. Kapounek
Abstract: Using over a century of newspaper data, we show that financial market uncertainty amplifies economic downturns, with shocks having stronger and faster effects during recessions.
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.
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.
Is Wealth Inequality a Barrier to Environmental Innovations?, with B. Fisera
Abstract: Wealth inequality represents a barrier to environmental innovations—especially in countries with low institutional quality.
Education, Financial Development and Preferences for Redistribution, with M. Korinek and L. Weill
Abstract: Educated people prefer less redistribution, but financial development can tame it.
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.