Publications in peer-reviewed journals
Dating the Lender of Last Resort
- The Economic Journal, Vol. 133 (652, May 2023), pp.1657-1676.
- Download paper: here (with M. Anson and T. Ryland, Bank of England, and D. Bholat, Barclays UK)
- To download the online appendix, click here.
- The replication package can be downloaded here.
- 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″
Supervision without Regulation: Discount Limits at the Austro-Hungarian Bank, 1909-1913
- Forthcoming in The Economic History Review (accepted November 2022)
- Download paper: here (with C. Jobst, University of Vienna)
- To download the online appendix, click here.
- The replication package can be downloaded here.
- Available as CEPR Discussion Paper 16841/2021
- Awards: EHA Alexander Gerschenkron Prize 2018 (finalist), Michael Mitterauer Prize 2018
The (Not So) Quiet Period: Communication by ECB Decision-makers during Monetary Policy Blackout Days
- Journal of International Money and Finance, Vol. 130 (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
Central Bank Communication by ??? The Economics of Public Policy Leaks
- With M. Ehrmann, ECB and P. Gnan, WU Vienna
- Dowload working paper: here (CEPR Discussion Paper DP18152)
- Media (selected): ECB Blog: “Anonymous Eurosystem leaks – minor nuisance or major problem?”, 19 May 2023; Financial Times: “ECB urges investors to ignore ‘noise’ from hundreds of media leaks”, 19 May 2023; EuroIntelligence: “Here is a leak, world-exclusive”, 22 May 2023
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”
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.
Policy papers and book chapters
The Lender of Last Resort under the Microscope, c. 1840-1930
- Third edition of the Handbook of Cliometrics (forthcoming)
- Download draft chapter: here
Clear, Consistent and Engaging: ECB Monetary Policy Communication in a Changing World
- ECB Occasional Paper 274/2021
- With colleagues from the ECB Strategy Review Workstream on Monetary Policy Communication
- Download paper: here
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
- Monetary Policy and the Economy Q3-4 (2016), pp.140-162
- With C. Jobst, University of Vienna
- Download paper: here
Ongoing Research Projects
Designing Effective Gender Quotas: Quasi-experimental Evidence from Austrian Firm-level Data
- With A. Bachleitner, Austrian Fiscal Advisory Council
The Impact of Tariff Protection: Evidence from British Colonies in Australia
- With L. Sauerhammer, WU Vienna
- Download slides: here
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