Current research

• Is Patience Malleable via Educational Intervention? The Role of Age in Field Experiments (with Tim Kaiser and Luis Oberrauch). IZA DP 16399, August 2023.

• Earn more Tomorrow: Overconfidence, Income Expectations and Consumer Indebtedness (with Antonia Grohmann, Christoph Merkle and Renke Schmacker), Journal of Money, Credit, and Banking, forthcoming. DIW DP 2065, October 2023.

• The Non-linear Impact of Risk Tolerance on Entrepreneurial Profit and Business Survival (with Melanie Koch). DIW DP 2067, January 2024.

• Determinants of Stock Market Participation (with Jannis Westermann), Journal of Economic Surveys, forthcoming. DIW DP 2078, April 2024.

• Policy Decisions Preparing for FX Intervention (with Tobias Heidland and Sekou Metiki), work in progress.

• The Macroeconomic Effects of FX Interventions (with Karoline Offen and Malte Rieth), work in progress.

Selected policy papers

• Fremde Welt: Nur eine Minderheit teilt Deutschlands „Werte“ [Strange World: Only a Minority Shares Germany’s “Values”], Wirtschaftsdienst 103:8 (2023), 546-552.

• Chinese Loans to African Countries Differ from Western Loans (with Lorenz Meister and Annika Westen), DIW Weekly Report 13:26/27 (2023), 193-200.

• Indien: Eine Alternative zu China? [India: An Alternative to China?](with Christian Wagner), Wirtschaftsdienst 103:1 (2023), 62-67.

• Kleine Welt: Wenn Deutschland nur mit Demokratien handelt [Small World: If Germany only Trades with Democracies], Wirtschaftsdienst 102:7 (2022), 523-528.

Selected journal publications

• Foreign Exchange Intervention: A New Database (with Marcel Fratzscher, Tobias Heidland, Lucio Sarno and Maik Schmeling), IMF Economic Review 71:4 (2023), 852-884. CEPR DP 17558, DP, VoxEU, Dataset.

• The Multifaceted Impact of US Trade Policy on Financial Markets (with Lukas Boer and Malte Rieth), Journal of Applied Econometrics 38:3 (2023), 388-406. Open Access, DIW DP 1956, Policy paper.

• Financial Education Affects Financial Knowledge and Downstream Behaviors (with Tim Kaiser, Annamaria Lusardi and Carly Urban), Journal of Financial Economics 145 (2022), 255-272. NBER WP 27057, CEPR DP 14741, DIW DP 1864, VoxEU, Related policy paper.

• Active Learning Improves Financial Education: Experimental Evidence from Uganda (with Tim Kaiser), Journal of Development Economics 157 (2022), 102870. CESifo WP 9661.   

• The Dynamic Impact of FX Interventions on Financial Markets (with Malte Rieth and Tobias Stöhr), Review of Economics and Statistics 103:5 (2021), 939-953. Open access, DIW DP 1854.

• Tax Evasion in New Disguise? Examining Tax Havens’ International Bank Deposits (with Jakob Miethe), Journal of Public Economics 176 (2019), 53-78. DIW DP 1711, Policy paper.

• When Is Foreign Exchange Intervention Effective? Evidence from 33 Countries (with Marcel Fratzscher, Oliver Gloede, Lucio Sarno and Tobias Stöhr), American Economic Journal: Macroeconomics 11:1 (2019), 132-156. CEPR DP 12510, DIW DP 1518, VoxEU.

• Does Financial Literacy Improve Financial Inclusion? Cross Country Evidence (with Antonia Grohmann and Theres Klühs), World Development 111 (2018), 84-96. DIW DP 1682, Policy paper.

• Currency Value (with Lucio Sarno, Maik Schmeling and Andreas Schrimpf), Review of Financial Studies 30:2 (2017), 416-441. CEPR DP 11324, SSRN, VoxEU.

• Does Financial Education Impact Financial Literacy and Financial Behavior, and If So, When? (with Tim Kaiser), World Bank Economic Review 31:3 (2017), 611-630. DIW DP 1562.

• Information Flows in Foreign Exchange Markets: Dissecting Customer Currency Trades (Lucio Sarno, Maik Schmeling, Andreas Schrimpf), Journal of Finance 71:2 (2016), 601-633. SSRN.

• Currency Momentum Strategies (with Lucio Sarno, Maik Schmeling and Andreas Schrimpf), Journal of Financial Economics 106:3 (2012), 660-684. CEPR DP 8747, BIS WP 366, VoxEU.

• Carry Trades and Global Foreign Exchange Volatility (with Lucio Sarno, Maik Schmeling and Andreas Schrimpf), Journal of Finance 67:2 (2012), 681-718. CEPR DP 8291, SSRN, VoxEU.

• Exchange Rate Management in Emerging Economies: Intervention via an Electronic Limit Order Book (with Michael Melvin and Maik Schmeling), Journal of International Economics 79:1 (2009), 54-63. CESifo WP 2656.

• The Obstinate Passion of Foreign Exchange Professionals: Technical Analysis (with Mark P. Taylor), Journal of Economic Literature 45:4 (2007), 936-972. Warwick Econ Research Papers 679.

• The Impact of Experience on Risk Taking, Overconfidence, and Herding of Fund Managers: Complementary Survey Evidence (with Ulrich Schmidt and Torsten Brozynski), European Economic Review 50:7 (2006), 1753-1766. Univ of Hannover DP 292.