Research


Publications in peer-reviewed journals

Dating the Lender of Last Resort
Supervision without Regulation: Discount Limits at the Austro-Hungarian Bank, 1909-1913
The (Not So) Quiet Period: Communication by ECB Decision-makers during Monetary Policy Blackout Days
  • Journal of International Money and Finance, Vol. 130 (forthcoming, February 2023), pp.1-15.
  • Download paper: here (with P. Gnan, WU Vienna)
  • Previous version circulated with the title: “Who Talks During Monetary Policy Quiet Periods, and Why? Evidence from the European Central Bank’s Governing Council”
  • Available as CEPR Discussion Paper 15735/2021
Monetary Policy Decision-Making by Committee: Why, When and How it Can Work
  • European Journal of Political Economy, Vol. 72 (March 2022), pp. 1-30.
  • Download paper: here 
(Un)promising Beginnings – Bagehot in the Land of the Waltz: Financial Crises and Lending of Last Resort in the Austro-Hungarian Empire (1868-1914) 
  • Dissertation summary published in The Journal of Economic History 79(2) (2019), pp. 507-542.
  • Download summary: here 

Working papers

Financial Stability Policies and Bank Lending: Quasi-Experimental Evidence from Federal Reserve Interventions in 1920-21
A Historic(al) Run on Repo: Causes of Bank Distress during the Austro-Hungarian Gründerkrach of 1873 
Haunting the Specter of Credit Rationing: Unconventional Last Resort Lending during the Austro-Hungarian Gründerkrach of 1873

Policy papers

Clear, Consistent and Engaging: ECB Monetary Policy Communication in a Changing World
The Effects of the Monetary Policy Response to the Covid-19 Pandemic: Preliminary Evidence from a Pilot Study using Austrian bank-level Data
  • Monetary Policy and the Economy Q4 (2020) – Q1 (2021), pp. 131-152
  • With C. Kwapil, OeNB
  • Download paper: here
Principles, circumstances and constraints: the Nationalbank as lender of last resort from 1816 to 1931

Ongoing Research Projects

Central Bank Communication by ??? The Economics of Public Policy Leaks
Designing Effective Gender Quotas: Quasi-experimental Evidence from Austrian Firm-level Data
The Impact of Tariff Protection: Evidence from British Colonies in Australia
Financial Network Topology and Historical Market Crashes: Evidence from the Austro-Hungarian Gründerkrach of 1873
The Vienna Real Estate Market, 1868-1990: The First Long-run real estate price index for Austria
Was there a Farm Channel to the Great Depression in the United States? New Evidence from County-Level Data on Farm Foreclosures