Research

Publications:

Cyclical Investment Behavior across Financial Institutions

Journal of Financial Economics (2018)
Winner of the ECMI Award for the best paper 2016
Media Coverage: Bloomberg

Financial Frictions and the Great Productivity Slowdown

The Review of Financial Studies (2020) (Editor's choice)
with Romain Duval and Gee Hee Hong
Media coverage: Wall Street Journal, Bloomberg, Brookings, The Hill, Central Banking, Bruegel, PIMCO Viewpoints

Discriminatory Pricing of Over-the-Counter Derivatives

Management Science (2021)
with Harald Hau, Peter Hoffmann and Sam Langfield
Media Coverage: VoxEU, Financial Times, Bloomberg

The Importance of Technology in Banking during a Crisis

Journal of Monetary Economics (2022)
with Nicola Pierri
Media coverage: VoxEU, Quartz, FinExtra, Extractable, Central Banking, Yahoo News, The Mortgage Lender
Video: 2020 EBA Policy Research Workshop

IT Shields: Technology Adoption and Economic Resilience during the COVID-19 Pandemic

Labour Economics (2023) (Covid Special Issue)
with Myrto Oikonomou and Nicola Pierri
Video: Short Video (5min), Analytical Corner IMF Annual Meetings 2020 (10 min)

The Wage Phillips Curve under Labor Market Power

AEA Papers & Proceedings (2023)
with Anastastia Burya, Rui Mano and Anke Weber

Does IT help? Information Technology in Banking and Entrepreneurship

Management Science (Accepted)
with Toni Ahnert, Sebastian Doerr and Nicola Pierri

Working Papers:

Intervening against the Fed

with Alexander Rodnyansky and Naoki Yago
Revise and Resubmit at Journal of Financial Economics

Mixing QE and Interest Rate Policies at the Effective Lower Bound: Micro Evidence from the Euro Area

with Christian Bittner, Alexander Rodnyanski and Farzad Saidi
Revise and Resubmit at Review of Finance

Anatomy of Banks' IT Investments: Drivers and Implications

Link, Bank IT Data

with Kosha Modi, Nicola Pierri and María Soledad Martínez Pería
Revise and Resubmit at The Journal of Financial and Quantitative Analysis

Stagflationary Stock Returns

with Ben Knox

The Dominant Currency Financing Channel of External Adjustment

with Camila Casas and Sergii Meleshchuk

Monetary Policy under Multiple Financing Constraints

with Ander Perez-Orive and Alejandro van der Ghote

Monetary Policy under Labor Market Power

with Anastastia Burya, Rui Mano and Anke Weber

Other Publications:

The Price of Capital Goods: A Driver of Investment Under Threat?

IMF Economic Review (2020)
with Weicheng Lian, Natalija Novta, Evgenia Pugacheva and Petia Topalova
Media Coverage: VoxEU, Reuters, IMFBlog, FAZ

Exchange Rate Elasticities of International Tourism and the Role of Dominant Currency Pricing

Journal of International Money and Finance (2023)
with Ding Ding

The Price of Capital Goods, Investment and Labor: Micro-Evidence from a Trade Liberalization

Canadian Journal of Economics (2024)
with Sergii Meleshchuk
Media: Reuters

Emerging Markets Corporate Bond Yields and Monetary Policy

Emerging Markets Review (2018)

The Price of Capital Goods: A Driver of Investment under Threat?

IMF World Economic Outlook, April 2019, Chapter 3
with Weicheng Lian, Natalija Novta, Evgenia Pugacheva and Petia Topalova

Closer Together of Further Apart? Subnational Regional Disparities and Adjustment in Advanced Economics

IMF World Economic Outlook, October 2019, Chapter 2
with John Bluedorn, Zsoka Koczan, Weicheng Lian and Natalija Novta

Wie unterschiedlich Corona die Weltwirtschaft trifft

Capital Magazin Gastbeitrag, July 2020 (in German)
Translation to English here

Dominant Currencies and External Adjustment

IMF Staff Discussion Note, July 2020
with Gustavo Adler, Camila Casas, Luis Cubeddu, Gita Gopinath, Nan Li, Sergii Meleshchuk, Carolina Osorio Buitron and Damien Puy
Media: Bloomberg, Financial Times, Financial Times (2), The Economist

Monetary Policy, Inflation Outlook, and Recession Probabilities

FEDS Note
with Andrea Ajello, Luca Benzoni, Makena Schwinn, and Francisco Vazquez-Grande

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