This is the personal website of
Deputy Division Chief
Regional Studies Division
Western Hemisphere Department
International Monetary Fund
Since Oct. 2005
International Monetary Fund,
Country experience: China, Cyprus, Hong Kong SAR (resident representative 2011-13),
India, Indonesia, Japan, Korea, Mauritania, Norway, Paraguay, Singapore, Turkey, United Kingdom
June – Sept. 2004
Intern in the Office of the Chief Economist at the European Bank for Reconstruction and Development,
June – Sept. 2002
Junior Consultant at the European Investment Bank,
Aug. 1995 – June 1997
Traineeship Program (Ausbildung zum Bankkaufmann) at WestLB Düsseldorf
PAPERS & PUBLICATIONS
“Sovereign Risk and Belief-Driven Fluctuations in the Euro Area”; joint with Giancarlo Corsetti, Keith Kuester, and Gernot Mueller; Journal of
Monetary Economics 61, January 2014; earlier version published as IMF Working Paper 13/227 (November 2013).
“Sovereign Risk, Fiscal Policy, and Macroeconomic Stability”; joint with Giancarlo Corsetti, Keith Kuester, and Gernot Mueller; Economic Journal
123 (566), February 2013; earlier version published as IMF Working Paper 12/33 (January 2012).
“Fiscal Stimulus with Spending Reversals”; joint with Giancarlo Corsetti and Gernot Mueller; Review of Economics and Statistics 94 (4),
November 2012; earlier version published as IMF Working Paper 09/106, May 2009.
“What Determines Government Spending Multipliers?”; joint with Giancarlo Corsetti and Gernot Mueller; Economic Policy 72, October 2012;
earlier version published as IMF Working Paper 12/150 (June 2012).
“Up or Down”; Finance & Development, March 2011.
“Still Minding the Gap—Inflation Dynamics during Episodes of Persistent Large Output Gaps”; IMF Working Paper 10/189, August 2010.
“Debt Consolidation and Fiscal Stabilization of Deep Recessions”; joint with Giancarlo Corsetti, Keith Kuester, and Gernot Mueller; American
Economic Review: Papers and Proceedings 100 (2), May 2010.
“Cross-Border Spillovers from Fiscal Stimulus”; joint with Giancarlo Corsetti and Gernot Mueller; International Journal of Central Banking 6 (1),
March 2010; earlier version published as CEPR Discussion Paper 7535.
“The Three-Hundred-Year Low”; joint with Simon Willson; Finance & Development, September 2009.
“Panacea, Curse, or Nonevent?”; Unconventional Monetary Policy in the
”; IMF Working Paper 09/163, August 2009. United Kingdom
“What Accounts for the Change in U.S. Fiscal Policy Transmission?”; joint with Florin Bilbiie and Gernot Mueller; Journal of Money, Credit
and Banking 40 (7), October 2008; earlier version published as European Central Bank Working Paper 582.
“Safe to save less? Assessing the Recent Decline in Turkey’s Saving Rate”; IMF Selected Issues Paper 07/364.
“Smooth It Like the ‘Joneses’? Estimating Peer-Group Effects in Intertemporal Consumption Choice”; joint with Juergen Maurer; Economic
Journal, 118 (527), March 2008.
“Fleshing out the Monetary Transmission Mechanism: Output Composition and the Role of Financial Frictions”; joint with Gernot Mueller;
Journal of Money, Credit and Banking, 38 (8), December 2006; earlier version published as European Central Bank Working Paper 500.
“Do the ‘Joneses’ Really Matter? Peer-group vs. Correlated Effects in Intertemporal Consumption Choice”; joint with Juergen Maurer; Institute
for Fiscal Studies Working Paper 15/2005.
“How Big is the Bias in Estimated Impulse Responses? A Horse Race between VAR and Local Projection Methods”.
“Private Sector Participation in Infrastructure”; joint with Gordon Hughes, Zbigniew Kominek and Toshiaki Sakatsume); published as Chapter 4
of the EBRD Transition Report 2004.
2001 – 2005
European University Institute, Florence, Ph.D. in Economics
New York University, Visiting Scholar at the Dept. of Economics
1997 – 2001
University of Bonn, Studies of Economics (Diplom-Volkswirt)
1999 – 2000
University of California at Berkeley, Visiting Student, Ph.D. Program in Economics
Last Update: July 23, 2015