Category: General

Sovereign Stress, Banking Stress, and the Monetary Transmission Mechanism in the Euro Area

IWH Discussion Paper 3/2018 (together with Jan-Christopher Scherer) Abstract: In this paper, we investigate to what extend sovereign stress and banking stress have contributed to this increase in the level and in the heterogeneity of nonfinancial firms’ refinancing costs in

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Efficiency in the UK Commercial Property Market: A Long-run Perspective

(together with Steven Devaney and Rainer Schulz), IWH Discussion Paper 15/2012 Abstract: Informationally efficient prices are a necessary requirement for optimal resource allocation in the real estate market. Prices are informationally efficient if they reflect buildings’ benefit to marginal buyers,

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