Archive
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Working Paper
Grantee paperFinancial Crises, Political Constraints, and Policy Responses
Aug 2014
We analyze the political environment in the wake of financial crises and try to infer its implications on decision making and economic policies.
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Working Paper
Conference paperIncome Distribution and the Current Account: A Sectoral Perspective
Dec 2013
We analyse the link between income distribution and the current account for the period 1972-2007. We find that rising (top-end) personal inequality leads to a decrease of the current account, ceteris paribus.
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Working Paper
Grantee paperMethod to simultaneously determine stock, flow, and parameter values in large stock flow consistent models
Jun 2012
Stock flow consistent macroeconomic models suffer from the lack of a coherent estimation method due to the complicated nature of the modeling process.
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Working Paper
Conference paperDebt Overhang and Capital Regulation
Apr 2012
We analyze shareholders’ incentives to change the leverage of a firm that has already borrowed substantially. As a result of debt overhang, shareholders have incentives to resist reductions in leverage that make the remaining debt safer.