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Working papers

Financial Stability Policies and Bank Lending: Quasi-Experimental Evidence from Federal Reserve Interventions in 1920-21

• Download paper: here (under revision)
• Download online appendix: here
• Available as CEPR Discussion Paper 16490/2021 and ESRB Working Paper 113/2020
• Awards: French Finance Association Gallais-Hamonno Research Prize in Historical Finance 2021 (special commendation), Theodor Körner Prize 2019, ESRB Ieke van den Burg Prize 2019 (shortlisted)
• Media: Der Standard – Ökonomieblog (economics blog): “Warum Wirtschaftsgeschichte Sexy Ist” (in German; “Why economic history is sexy”), 21 May 2019.
• Previous version circulated with the title: “Should Monetary Policy Lean Against the Wind? Quasi-Experimental Evidence from Federal Reserve Policies in 1920-21”

Supervision without Regulation: Discount Limits at the Austro-Hungarian Bank, 1909-1913

• With C. Jobst, University of Vienna
• Download paper: here (R & R at The Economic History Review)
• Download online appendix: here
• Available as CEPR Discussion Paper 16841/2021
• Awards: EHA Alexander Gerschenkron Prize 2018 (finalist), Michael Mitterauer Prize 2018
• Summary: The Journal of Economic History 79, no. 2 (2019): 507-542.

Dating the Lender of Last Resort

• With M. Anson, D. Bholat and T. Ryland, all Bank of England
• Download paper (incl. appendix): here (R & R at The Economic Journal)
• Media: VoxEU CEPR Policy Portal: What we may learn from historical financial crises to understand and mitigate COVID-19 panic buying, 20 April 2020.
• An earlier and substantially different version of this paper was published as a Bank of England Staff Working Paper (Staff Working Paper No. 794, 4/2019).
• Previous version circulated with the title: “What You Owe or Who You Know? The Recipients of Central Bank Liquidity during the English Crisis of 1847″

The (Not So) Quiet Period: Communication by ECB Decision-makers during Monetary Policy Blackout Days

• With P. Gnan, WU Vienna
• Available as CEPR Discussion Paper 15735/2021
• Download paper (incl. appendix): here (submitted to journal)
• Previous version circulated with the title: “Who Talks During Monetary Policy Quiet Periods, and Why? Evidence from the European Central Bank’s Governing Council”

A Historic(al) Run on Repo: Causes of Bank Distress during the Austro-Hungarian Gründerkrach of 1873 

• Download dissertation: here
• Awards: EHS New Researcher Prize 2017, EHA Alexander Gerschenkron Prize 2018 (finalist), Michael Mitterauer Prize 2018
• Summary: The Journal of Economic History 79, no. 2 (2019): 507-542.

Haunting the Specter of Credit Rationing: Unconventional Last Resort Lending during the Austro-Hungarian Gründerkrach of 1873

• Download dissertation: here
• Awards: EHA Alexander Gerschenkron Prize 2018 (finalist), Michael Mitterauer Prize 2018
• Summary: The Journal of Economic History 79, no. 2 (2019): 507-542.

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Ongoing Research Projects

Central Bank Communication by ??? 

• With M. Ehrmann, ECB and P. Gnan, WU Vienna

The Impact of Tariff Protection: Evidence from British Colonies in Australia

• With L. Sauerhammer, WU Vienna
• Download slides: here

Designing Effective Gender Quotas: Quasi-experimental Evidence from Austrian Firm-level Data

• With A. Bachleitner, Austrian Fiscal Advisory Council

Financial Network Topology and Historical Market Crashes: Evidence from the Austro-Hungarian Gründerkrach of 1873

• Financial support by the science and research funding arm of the City of Vienna (2020-2021)

The Vienna Real Estate Market, 1868-1990: The First Long-run real estate price index for Austria

• With M. Lampe, WU Vienna, C. Jobst, University of Vienna, and K. Wagner, Oesterreichische Nationalbank, running 2018-2021
• Financial support by the OeNB Anniversary Fund
• Project homepage: link

Was there a Farm Channel to the Great Depression in the United States? New Evidence from County-Level Data on Farm Foreclosures (hibernated)

• With T. E. Messer, UC Berkeley