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 Shocks and the U.S. Economy: A Time-Varying VAR Perspective, 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 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.
Finance and Preferences for Redistribution: Exploring Individual-Level Heterogeneity across Countries, with M. Korinek and L. Weill
Abstract: Socioeconomic characteristics together with the state of the financial sector matter for the preference for redistribution.
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 tame it.
Government Spending and Term Structure of Interest Rates in a DSGE Model, with L. Kaszab, A. Marsal and K. Rabitsch
Abstract: We show that 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.