Research

Current Research

• Dovish Coos and Hawkish Screech: Identifying ECB Communication Shocks and their Macroeconomic Effects 

Revise and resubmit at European Economic Review.

Earlier version: DIW Discussion Paper No. 2137 (September 2025).

• External drivers of US Dollar Exchange Rates and the Convenience Yield

with Helmut Herwartz and Lasse Trienens.

Submitted.

Earlier version: DIW Discussion Paper No. 2100 (December 2024). 

• Taming the Financial Cycle: Effectiveness of Countercyclical Capital Buffer Announcements

with Pia Hüttl.

Work in Progress. 

Peer-Reviewed Publications

• Monetary policy and mispricing in stock markets 

with Benjamin Beckers

Journal of Money, Credit and Banking, 2024, Volume 56(7), pp.1887-1907 

• Selective Bond Purchases - May the ECB Chose Winners and Losers? 

with Sara Dietz

The Economists' Voice, 2023, Volume 20(1), pp. 111-118

• The term structure of currency futures’ risk premia

with Casper G. de Vries and Jürgen von Hagen

Journal of Money, Credit and Banking, 2022, Volume 54(1), pp. 5-38 

• Exchange Rates, Foreign Currency Exposure and Sovereign Risk

with Helmut Herwartz

Journal of International Money and Finance, 2021, Volume 117 

• The cyclicality of automatic and discretionary fiscal policy: What can real time data tell us?

with Andrew Hughes Hallett and John Lewis

Macroeconomic Dynamics, 2015, Volume 19(1), pp. 221-243 

• The macro-determinants of private equity investment

with Roberta Colavecchio

Applied Economics, 2014, Volume 46(11), pp. 1170-1183

• Sovereign risk premiums in the European government bond market

with Jürgen von Hagen and Ludger Schuknecht

Journal of International Money and Finance, 2012, Volume 31(5), pp. 975-995 

• Sovereign bond yield spreads: A time-varying coefficient approach

with Burcu Erdogan

Journal of International Money and Finance, 2012, Volume 31(3), pp. 639-659

• Forecasting the fragility of the banking and insurance sectors

with Andreas Pick

Journal of Banking and Finance, 2011, Volume 35(4), pp. 807-818 

• Fool the markets? Creative accounting, fiscal transparency and sovereign risk premia

with Guntram B. Wolff

Scottish Journal of Political Economy, 2008, Volume 55, pp. 465-487 

• Euribor futures market: Efficiency and the impact of ECB policy announcements

with Jürgen von Hagen

International Finance, 2004, Volume 7, pp. 1-24 

Other Publications 

• Die EZB-Geldpolitik in der Zwickmühle

with Marcel Fratzscher

Wirtschaftsdienst, 2022, Volume 6, pp. 423-425

• Reageren consumenten anders op vermogensverliezen dan op winsten?

with Robert-Paul Berben and Mauro Mastrogiacomo

Tijdschrift voor Politieke Ekonomie, 2006, Volume 27, pp. 114-131 

• Zinsspreads auf europäische Staatsanleihen: Implikationen und Lehren aus der europäischen Schuldenkrise

Vierteljahreshefte zur Wirtschaftsforschung, 2010, 79 (4), pp. 103-118. 

• “Confidence, happiness and the financial situation of households”

DNB Quarterly Bulletin, September 2005, pp. 59-71.