Research & Publications

Research Areas

International Macroeconomics and Finance

in particular:

  • international/intranational risk sharing
  • economics of European integration
  • macroeconomic aspects of banking regulation
  • home bias



"Growing Like Germany: Local Public Debt, Local Banks, Low Private Investment, (with Mathias Hoffmann und Michael Stiefel), 2021 CEPR Discussion Papers 15912, C.E.P.R. Discussion Papers.


Holes in the Dikes: the global Savings Glut, U.S. House Prices and the Long Shadow of Banking Deregulation (with Mathias Hoffmann)

Journal of the European Economic Association, forthcoming (Link)

Replication files (Link)

Channels of Risk Sharing in the Eurozone: What Can Banking and Capital Market Union Achieve? (with Mathias Hoffmann, Egor Maslov and Bent Sørensen)

IMF Economic Review, vol. 67(3), pages 443-495, September 2019. (Link)

Consumption Risk Sharing over the Business Cycle: the Role of Small Firms' Access to Credit Markets (with Mathias Hoffmann)

Review of Economics and Statistics, MIT Press, vol. 93(4), pages 1403-1416, November 2011. (Link)

Regional Financial Deregulation, International Portfolios and Risk Sharing -- Three Essays.

Monograph, Zurich 2011.(pdf)


Book Contributions

Shocks and risk sharing in the EMU: Lessons for Banking and Capital Market Union (2018). (with Mathias Hoffmann, Egor Maslov and Bent Sørensen) In N. Campos & J.-E. Sturm (Eds.),

Bretton Woods, Brussels, and Beyond: Redesigning the Institutions of Europe (pp. 85-92). book


Working Papers

Is Real Exchange Rate Hedging Motive Still Important in Determining Equity Home Bias? (earlier circulated as “Determination of Equity Home Bias: An Empirical Analysis”)

US Banking Deregulation and Growth: A Reappraisal

Growing like Germany: Local Public Debt, Local Banks, Low Private Investment with Mathias Hoffmann und Michael Stiefel (current version Growing_Like_Germany_Paper)

Consumption Risk Sharing across Russian Regions: The Effects of Inequality and Oligarchs

Risk Sharing in the Time of Corona with Thomas Nitschka

Trade Shocks and Consumption Risk Sharing with Lilia Ruslanova



Banking integration in the EMU: Let’s get real!, with Mathias Hoffmann, Egor Maslov and  Bent E. Sørensen,, Jan. 2019

How can European banks learn from the US? with Mathias Hoffmann,, Feb. 2012

Growing like Germany: How high local public debt and local public banks crowd out private investment – and what the debt brake has to do with it with Mathias Hoffmann and Michael Stiefel,, May 2021

Link zur Repec-Webseite (link)