Work in progress 


JMP: Monetary policy and the firm-level labor share - A story about capital (with A. R. Matzner) - earlier version available as ECB Working Paper

Abstract: We study the heterogeneous pass-through of monetary policy across firms with different labor shares. The goal is to obtain evidence on a labor-intensity transmission channel that should in fact be operating for other kinds of demand shocks as well. Our basic idea is that labor is special: unlike capital, it cannot be pledged against loans as collateral due to property rights, rendering firms with higher labor shares more financially constrained. Based on a sample of over one million European firms, we document substantial heterogeneity in terms of firms' investment response: when conditions tighten, fixed capital stock of labor-intensive firms decreases relative to capital-intensive production. Concomitant corporate dynamics include a decline in long-term debt and the profitability of labor dependent firms. These findings cannot be explained by other proxies for financial constraints such as age, size or financial leverage. Our results suggest that the impact of monetary policy is driven by asset-based borrowing constraints of high labor share firms and provide evidence for the role of external finance in this relation. Taken together, these findings point to new venues for modeling firms’ borrowing constraints, and suggest that monetary policy is more potent in an economy characterized by a high labor share.
Revision requested @Socio-Economic Review: Inflation from real to nominal (draft available upon request) 
Revision requested @Review of Int'l Political Economy: Gendered dimensions of inflation (draft available upon request) 
Under review: Firms’ heterogeneous (and unintended) investment response to carbon price increases (with A. R. Matzner) - earlier version available here as ECB Working Paper
Awarded the NOeG Dissertation Fellowship Prize
Under review: Monetary policy and market competition: Is Europe different? (with A. A. Popov) 
Under review: Book proposal
Draft coming soon: What Do 3.5 Million Firms Say about the Size-Dependent Effect of Monetary Policy? (with A. Martin & A. A. Popov)