Current Research

Military Casualties and Exchange Rates During World War I: Eastern vs. Western Front. Together with Pablo Duarte and Marcel Freidinger.

Ending Financial Repression. Work in Progress. Together with Gunther Schnabl.

The Bundesbank's Use of Reserve Requirements. Work in Progress. Together with Axel Loeffler and Franziska Schobert.

Bankruptcies and Economic Growth. Work in Progress. Together with Tuomas Malinen and Leena Kalliovirta.

Unintended Consequences of ECB Policies in Europe's Periphery. Together with Nicolas Cachanosky.

Journal Articles

Surplus Liquidity, Central Bank Losses and the Use of Reserve Requirements. Accepted for Publication in Review of International Economics. Together with Axel Loeffler.

Two-Population Social Cycle Theories. Accepted for Publication in Research in the History of Economic Thought and Methodology. Together with Eugene Callahan.

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

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

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

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

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

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

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). Together with Axel Loeffler.

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

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). Together with Gunther Schnabl.

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

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

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

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

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

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

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

Book Contributions

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

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

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). Together with Ekkehard Koehler.

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

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). Together with Gunther Schnabl.

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


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