Under Review

Putting Countries on the Map? Pastoral Visits of John Paul II and International Trade

A visit by Pope John Paul II to a foreign country was followed by an increase in exports from that country to its trading partners, especially if the country was relatively poorer and had a relatively smaller share Catholics.

Re-submitted to the Economic Journal.

Out with the New, In with the Old? Bank Supervision and the Composition of Firm Investment

(with Miguel Ampudia and Thorsten Beck)

Firms borrowing from centrally supervised banks reduce intangible assets, increase tangible assets and cash, and experience a reduction in labor productivity, suggesting that financial stability may come at the expense of lower long-term growth.

Re-submitted to Management Science.

Quantitative Easing and Corporate Innovation

(with Niklas Grimm and Luc Laeven)

Companies eligible for the ECB's corporate bond purchase program increase significantly their investment in R&D, an effect that is stronger for companies with low leverage and high prior innovation, but not for those with low cash flow or dividend payout ratio.

Revision requested by the American Economic Journal: Macroeconomics.

Monetary Policy and Market Competition: Is Europe Different?

(with Lea Steininger)

Looser monetary policy in the euro area is associated with higher relative growth by smaller firms, an effect underpinned by a relatively higher increase in employment and long-term debt.

I (Don't) Owe You: Sovereign Default and Borrowing Behavior

(with Dimitris Georgarakos)

Immigrants who lived through a sovereign default episode are 7% less likely to hold debt relative to otherwise similar immigrants who reside in the same U.S. state and come from the same foreign country but who did not experience a default.

Temperatures and Trust

(with Karin Hansson)

Within a country, individuals who experienced higher temperatures when growing up exhibit higher trust in people and in institutions, consistent with neoscientific and social psychology theories whereby physical warmth promotes interpersonal trust and a sense of belonging.

In Progress

Walking the Talk? Green Politicians and Pollution Patterns

(with Michael Koetter)

Monetary Policy and Investment

(with Alberto Martin and Lea Steininger)

Financial Markets and Innovation

(with Luc Laeven and Conny Olovsson)

Finance and War

(with Ralph De Haas, Mikhail Mamonov and Iliriana Shala)

Housing Wealth and Inequality

(with Anna Pestova)

Trading with Dictators

(with Claudia Marchini)

Finance and Health

(with Martin Goetz and Iliriana Shala)

Central Bank Innovators

(with Michael Ehrmann and Klodiana Istrefi)

Forever Young

Centralized Supervision and the Structure of Bank Liabilities

(with Francesca Barbiero and Jean Edouard Colliard)