Current Research

The Bundesbank’s Use of Reserve Requirements. Work in Progress with Axel Löffler and Franziska Schobert.

Unconventional Monetary Policy and Non-Bank Finance. Work in progress.


Beware of Financial Repression: Lessons from History. Intereconomics 54, 4, 259-266 (2019).

Military Casualties and Exchange Rates During World War I: Did the Eastern Front Matter? Forthcoming in The Economic History Review. (with Pablo Duarte and Marcel Freidinger)

Unintended Consequences of ECB Policies in Europe’s Periphery. In Annette Godart-van der Kroon, Patrik Vonlanthen (ed.) Banking and Monetary Policy from the Perspective of Austrian Economics, Springer (2018). (with Nicolas Cachanosky)

Warum der frühe Ausstieg aus der finanziellen Repression lohnt. Wirtschaftsdienst 98, 7, 498-503 (2018). (with Gunther Schnabl)

Surplus Liquidity, Central Bank Losses and the Use of Reserve Requirements. Review of International Economics 25, 5, 990-998 (2017). (with Axel Löffler)

Two-Population Social Cycle Theories. In Luca Fiorito , Scott Scheall , Carlos Eduardo Suprinyak (ed.) Research in the History of Economic Thought and Methodology 35B, 303-321 (2017). (with Eugene Callahan)

Monetary Policy in Large Industrialized Economies, Emerging Market Credit Cycles, and Feedback Effects. Journal of Policy Modeling 38, 5, 855-873 (2016). (with Gunther Schnabl)

Do Carry Trades Show Signs of Long Memory? The Quarterly Review of Economics and Finance 61, 3, 201-208 (2016). (with Benjamin Auer)

The Collateral Effects of Political Integration on Credit Growth in the New Member States of the EU. Economic Systems 40, 4, 658-669 (2016).

Monetary Policy, The Composition of GDP, and Crisis Duration in Europe. Global Economic Review 45, 2, 206-219 (2016). (with Nicolas Cachanosky)

Adverse Effects of Unconventional Monetary Policy. the Cato Journal 36, 3, 449-484 (2016). (with Gunther Schnabl)

Policy Shifts and Financial Instability in Emerging Markets. Review of Development Economics 19, 3, 455-469 (2015). (with Bjoern Urbansky)

Low Interest Rate Policy and the Use of Reserve Requirements in Emerging Markets. The Quarterly Review of Economics and Finance 54, 3, 307-314 (2014). (with Axel Löffler)

Zero-Interest Rate Policy and Unintended Consequences in Emerging Markets. The World Economy 37, 10, 1367-1387 (2014).

Knowledge and Coordination and Business Cycles. Studies in Emergent Order 7, 30-40 (2014). (with Eugene Callahan)

Did the Fed and ECB React Asymmetrically with Respect to Asset Market Developments? Journal of Policy Modeling 35, 2, 197-211 (2013).

The Euro as a Proxy for the Classical Gold Standard? Government Debt Financing and Political Commitment in Historical Perspective. Journal des Économistes et des Études Humaines 19, 1, 41-61 (2013).

Carry Trades and Speculative Manias: Evidence from Central and Eastern Europe. Journal of Post Keynesian Economics 1, 15-30 (2013).

Monetary Nationalism and International Economic Instability. The Quarterly Journal of Austrian Economics 16, 2, 135-164 (2013). (with Gunther Schnabl)

The Euro as a Proxy for the Classical Gold Standard? In: CEVRO Institut Academic Press, Policy Studies Edition 2, 7-27 (2013).

Financial Repression and Debt Liquidation in the USA and the Euro Area. Intereconomics: Review of European Economic Policy 47, 6, 344-351 (2012). (with Holger Zemanek)

Determinants of Carry Trades in Central and Eastern Europe. Applied Financial Economics 22, 18, 1479-1490 (2012).

A Vicious Cycle of Manias, Crises and Asymmetric Policy Responses – An Overinvestment View. The World Economy 34, 3, 382-403 (2011). (with Gunther Schnabl)

The Theory of Optimum Currency Areas and Growth in Emerging Markets. Applied Economics Letters. 18, 6, 513-517 (2011). (with Gunther Schnabl)

Symmetrische Regeln und Asymmetrisches Handeln in der Fiskal- und Geldpolitik. In: T. Theul (ed.): Schriften des Verein fuer Socialpolitik, Duncker und Humblot (2011). (with Gunther Schnabl)

An Overinvestment Cycle in Central and Eastern Europe? Metroeconomica 61, 4, 711-734 (2010).

Causes and Regulatory Consequences of the Financial Markets Crisis. In: Glossner, Chr. and Gregosz, D. (eds.): 60 Years of Social Market Economy: Formation, Development and Perspectives of a Peacemaking Formula. Konrad Adenauer Stiftung (2010). (with Ekkehard Köhler)

Ursachen und ordnungspolitische Konsequenzen der Finanzkrise. In: Altmiks (ed.): Im Schatten der Finanzkrise: Muss das staatliche Zentralbankwesen abgeschafft werden? Olzog Verlag (2010). (with Ekkehard Köhler)

Asymmetric Monetary Policy with Respect to Asset Markets. Oxonomics: Oxford University Economic Studies 4, 2, 26-31 (2009).

Geldpolitik, Finanzmarkthysterie und eine Welle von Wandernden Blasen. In:Bloss, Michael et al. (eds.): Von der Wallstreet zur Mainstreet: Die Weltwirtschaft nach der Finanzkrise. Oldenbourg Wissenschaftsverlag (2009). (with Gunther Schnabl)

Monetary Policy, Vagabonding Liquidity and Bursting Bubbles in New and Emerging Markets – An Overinvestment View. The World Economy 31, 9, 1226-1252 (2008). (with Gunther Schnabl)

Geldpolitik im Zeichen wandernder Blasen. In: Bloss, Michael et al. (eds.): Von der Subprime-Krise zur Finanzkrise. Oldenbourg Wissenschaftsverlag (2008). (with Gunther Schnabl)

Geldpolitik, Vagabundierende Liquidität und Platzende Blasen in Neuen und Aufstrebenden Märkten, Wirtschaftsdienst 87, 4, 220-224 (2007). (with Gunther Schnabl)


Monetary Policies in Large Advanced Economies and Overinvestment in Emerging Markets. Dissertation (2011), Leipzig University.