See also Google Scholar, IdeasSSRN and ResearchGate


Published Papers

Hysteresis and Fiscal Policy

with Juha Tervala (University of Helsinki)

Journal of Economic Dynamics and Control (forthcoming) 

Download DIW Discussion Paper


Welfare Effects of TTIP in a DSGE Model

with Juha Tervala

Economic Modelling, 2018, 70 (April), pp. 230-238

Download FU Discussion Paper Download DIW Discussion Paper


Third Country Effects of Fiscal Devaluations 

with Sandra Pasch (DIW Berlin) and Juha Tervala (University of Helsinki)

Economics Letters2018, 163 (February), pp.13-16 


Fiscal Devaluation in a Monetary Union

with Giovanni Ganelli, Juha Tervala and Simon Voigts

IMF Economic Review, 2017, 65 (2), pp. 241–272

Download IMF Working Paper


Sovereign Risk, Interbank Freezes, and Aggregate Fluctuations

with Christoph Große Steffen

European Economic Review, 2016, 87, pp.34-61

Download ECB Working Paper


Fiscal Risk Sharing and Stabilization in the EMU

with Kerstin Bernoth

in: G. Christodoulakis (Ed.): Managing Risks in the European Periphery Debt Crisis, Palgrave Macmillan, December 2014, pp.148-162


Opposition to capital market opening 

with Alexander Wulff

Applied Economics Letters, 21(6), 2014 pp.425-428


Beggar-Thyself or Beggar-Thy-Neighbour? The Welfare Effects of Monetary Policy 

with Juha Tervala

Economic Modelling, 2011,  28, pp.2034-2040


External Imbalances and the US Current Account: How Supply-Side Changes affect an Exchange Rate Adjustment

with Michael Fidora and Christian Thimann

Review of International Economics, 17(5), 2009, pp.927-941


The Effect of Capital Requirement Regulation on the Transmission of Monetary Policy: Evidence from Austria

with Jokipii, T. , Merkl, C., Rovira Kaltwasser, P., Vinhas de Souza, L.

Empirica, December 2007, 34(5), pp.411-425



Working Papers

Progressive Taxes and Monetary Policy in a Currency Union

with Wolfgang Strehl (FU Berlin)

Download FU Discussion Paper Download DIW Discussion Paper


A Transfer Mechanism for a Monetary Union

with Simon Voigts (HU Berlin)


See also this article in the DIW Economic Bulletin




Book Review

Wickens, Michael: Macroeconomic Theory. A Dynamic General Equilibrium Approach (2nd Ed.)

Journal of Economics, (108, 1) pp. 107-109




Older Papers

Monetary Policy and Unemployment in in Open Economies, Download FU Discussion Paper


Global Rebalancing in a Three-Country Model, Download FU Discussion Paper


Gains from Migration in a New-Keynesian Framework