When central banks pump money into the banking system during a financial crisis, such a policy is initially very effective, but the...

We study the macroeconomic effects of monetary policy during financial crises using a Bayesian panel vector autoregressive (PVAR)...

Using real-time data, we analyze how the systematic expectation errors of professional forecasters in 19 advanced economies depend on...

Globalization influences inflation and the transmission channels of monetary policy in various ways. The effects of globalization on...

This paper analyzes the costs of housing crises in terms of GDP growth and the economic conditions under which crises are particularly...

This paper analyzes the costs of housing crises in terms of GDP growth and the economic conditions under which crises are particularly...

We document that growth forecasts of professional forecasters in advanced economies exhibit systematic errors and analyze how these...

Housing crises usually go hand in hand with a long lasting recession and a considerable loss in output. We first re-examine the...

I empirically analyze the dynamics of business investment following normal recessions (declines in business investment that are not...

We investigate whether recoveries following normal recessions differ from recoveries following recessions that are associated with...

During the ongoing financial crisis the analysis of similar historical crises has gained more and more attention among economic...

This paper provides empirical evidence suggesting that in industrial countries, recessions that are associated with either banking...

Housing crises usually go hand in hand with a long-lasting recession and a considerable loss in output. By looking at historical...

This paper analyzes the international transmission effects of euro area monetary policy shocks in to other western European countries,...

We investigate whether recoveries following normal recessions differ from recoveries following recessions that are associated with...

In this dissertation, I analyze the business cycle effects of severe economic crises, such as financial crises or housing crises. The...

The ECB has adopted a variety of unconventional monetary policy measures since the Global Financial Crisis. In this paper, we assess...

The effects of monetary policy during financial crises differ substantially from those in normal times. Using a panel VAR for 20...

The recovery from the Global Financial Crisis was characterized by sluggish output growth and by inflation remaining persistently...